How Ozempic Maker Novo Nordisk’s Very Danish Capitalism Fueled Its Success, and Its Stumbles

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By Sune Engel Rasmussen

(The Wall Street Journal) — Every rank-and-file employee at drugmaker Novo Nordisk calls the chief executive by his first name, Lars. Hallways and offices fall silent around 5 p.m., when workers leave to pick up their children or commute home, many by bicycle. Once a year, the employees gather for a daylong company music party. 

Fueled by blockbuster sales of drugs used for obesity, this very Danish company is now one of the world’s most valuable. As of Friday, the company’s market capitalization was roughly $439 billion — more than Pfizer, Lockheed Martin and Starbucks combined. In September, it overtook LVMH, the French luxury-goods firm, as Europe’s biggest company by market capitalization. 

Part of the secret to Novo’s success, its executives and employees say, is the warm and communal Danish work culture, and a decadeslong focus on one area, diabetes, which created room for scientific breakthroughs to take root and thrive — rather than a narrow focus on short-term wins.