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Novo and Orsted Made Denmark Rich. Are The Boom Times Now Over?

At their heights, Denmark’s corporate champions seemed untouchable. Novo Nordisk A/S, long known mostly as an insulin maker, was Europe’s most valuable company last year, after riding a surge of demand for Ozempic and Wegovy. That followed the success of Orsted A/S, the world’s largest offshore wind developer, which in 2021 was celebrating record valuations and racing to expand internationally as governments poured money into green energy.


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