It's shaping up to be a great quarter for Europe's biggest companies — no thanks to Europe.

Fourth-quarter earnings season in Europe is still in its early days, but the largest companies on the Continent are mostly hitting their stride. Novo Nordisk NVO, -1.80%, the maker of wildly popular weight-loss drugs, on Wednesday beat estimates and gave an outlook that suggested analysts will have to hike their outlooks further. LVMH Moet Hennessy MC, -0.48%, the luxury giant, reported faster-than-expected sales growth and surprising cost control. ASML Holding ASML, +0.01%, the maker of microchip-making ...