Novo Nordisk weighs direct New York listing as US revenue grows

Novo Nordisk CEO Mike Doustdar told the Financial Times he sees advantages in replacing American depositary receipts with a direct New York Stock Exchange listing, as the United States accounts for more than half of group revenue. Novo is listed on Nasdaq Copenhagen; U.S. investors access shares via ADRs. Doustdar said the topic has come up over the past decade but there has been no active dialogue since he became CEO just over a year ago, and the company is not actively pursuing the move. Shares fell almost 8% on Monday after an investor day at which Doustdar promised to revive growth with new multi-blockbuster medicines. Shares are down more than 20% year-to-date, leaving a market capitalization of about $176 billion, down from over $600 billion in 2024, per Bloomberg data. Pressure includes competition from Eli Lilly in weight-loss drugs. Novo has cut 13,000 jobs over the past year, unveiled a consumer-focused rebrand last week, and plans more than five new multi-blockbuster drugs by 2030. No listing decision has been announced.