Novo Nordisk (NYSE:NVO) would be open to considering a direct listing of its shares on the New York Stock Exchange, Chief Executive Mike Doustdar told the Financial Times in an interview published Wednesday.
Doustdar said he could see advantages to such a move when asked about the possibility, although he clarified that the Danish pharmaceutical company is not currently exploring a change to its U.S. listing structure.
Novo Nordisk currently has its primary listing on Nasdaq Copenhagen, while U.S. investors can trade the company’s American depositary receipts in New York.
A direct share listing would replace the ADR structure and give U.S. investors direct access to Novo Nordisk shares through the NYSE.
U.S. Accounts for More Than Half of Revenue
The possibility of changing the listing structure comes as the U.S. represents an increasingly important market for Novo Nordisk.
More than half of the company’s revenue comes from the U.S., with American customers accounting for a substantial portion of sales of its diabetes and weight-management medicines.
Novo Nordisk manufactures treatments including Ozempic, which is approved for type 2 diabetes and has also attracted attention because of the weight loss associated with its active ingredient, semaglutide.
The U.S. also accounts for a growing portion of Novo Nordisk’s investor base.
Novo Nordisk Not Currently Exploring Listing Change
Doustdar’s comments indicate that Novo Nordisk is open to considering a direct NYSE listing but has not begun a formal process to make the change.
A similar change in listing structure was pursued earlier this year by UK pharmaceutical company AstraZeneca.
Novo Nordisk remains primarily listed in Copenhagen, and no timetable or formal proposal for a direct U.S. share listing has been announced.
Novo Nordisk stock price
