Pharmaceuticals

Published on
29/09/2025 – 11:58 GMT+2

ADVERTISEMENT

In order to attract global investors, AstraZeneca said it will directly list its ordinary shares on the New York Stock Exchange, in addition to its shares trading in the UK and Sweden.

To do so, the Anglo-Swedish pharmaceutical giant needs to replace its existing US listing of AstraZeneca American Depositary Receipts (ADRs) on the Nasdaq.

The company said that the move aims to harmonise its listing structure “while remaining headquartered in the UK”.

“The Board of AstraZeneca is recommending to shareholders a Harmonised Listing Structure for the Company’s ordinary shares across the London Stock Exchange (LSE), Nasdaq Stockholm (STO) and the New York Stock Exchange (NYSE),” the company said in a statement.

The announcement follows increased speculation that the pharma company may move its shares entirely from the London Stock Exchange, where it is one of the largest companies traded. And according to analysts, the current announcement doesn’t exclude this possibility in the future.

“While there is logic to shifting to a direct listing in the US rather than American Depositary Receipts beyond setting up for any longer-term moves, it does at least hint at the possibility of a more dramatic shift at some point in the future,” said AJ Bell investment director Russ Mould.  

The US has the world’s largest and most liquid public markets by capitalisation. A direct listing makes it easier for US investors to buy AstraZeneca shares directly without going through ADRs.

Compared to ordinary shares, American Depositary Receipts come with additional costs and extra steps. ADR investors may be subject to fees and double taxation, and ADRs come through a custodian bank.

“Enabling a global listing structure will allow us to reach a broader mix of global investors and will make it even more attractive for all our shareholders to have the opportunity to participate in AstraZeneca’s exciting future,” said Michel Demaré, Chair of AstraZeneca.

In response to the announcement, AstraZeneca’s shares listed on the FTSE 100 rose 0.71% at around 11.30 CEST.

Published on
29/07/2025 – 16:24 GMT+2

ADVERTISEMENT

Novo Nordisk shares fell by over 20% on Tuesday after the firm slashed its full-year guidance, blaming weaker US sales expectations for its obesity drug Wegovy and Ozempic diabetes treatment.

In the wake of the sell-off, the pharma giant said long-time employee Maziar Mike Doustdar would take over as president and CEO, replacing Lars Fruergaard Jørgensen — who unexpectedly stepped down in May.

Doustdar, the first non-Dane to lead the company, will take over on 7 August.

Novo cut its financial guidance for the year on Tuesday, expecting yearly sales to grow by 8% to 14%, compared to a previous forecast of up to 21%. Operating profit is now expected to grow 10% to 16%, compared to a previously predicted upper limit of 24%.

Depressed sales expectations for Wegovy and Ozempic are linked to rival products from drug maker Eli Lilly, as well as other, cheaper dupes of the pharmaceuticals.

“For Wegovy in the US, the sales outlook reflects the persistent use of compounded (drugs), slower-than-expected market expansion and competition,” said Novo.

The firm’s sales rose 18% in constant currencies in the first six months of the year, while operating profit was up 29%.

In 2024, Wegovy’s popularity helped Novo to become Europe’s most valuable listed company, but its value has since plummeted. 

The company previously downgraded its outlook in May due to intensifying competition in the weight-loss drug markets.

Novo is due to report its full second-quarter sales on 6 August.