AstraZeneca to overhaul US listing but remain on London market and keep UK HQ

Drugs giant AstraZeneca has revealed plans to overhaul its US listing, but stressed it will keep its headquarters in the UK and remain on the London market.

Cambridge-based AstraZeneca is set to directly list its ordinary shares on the New York Stock Exchange (NYSE) from February next year in a move designed to help the group “reach a broader mix of global investors”.

Until now, the Anglo-Swedish group has traded in the US through so-called American depositary receipts (ADRs) on Nasdaq, but ordinary shares are typically easier to trade than ADRs.

The FTSE 100 firm said the plans would not affect its primary listing on the London market and its UK corporate headquarters, allowing investors to trade ordinary shares in the firm across the London Stock Exchange and in Stockholm and New York.

It is thought to be the largest ever company transfer of its kind to the NYSE.

The move comes during an increased focus by the company on the US amid efforts to lessen the impact of US president Donald Trump’s trade tariffs, with AstraZeneca recently announcing plans to invest 50 billion dollars (£37.2 billion) in the US over the next five years.

This will include a new state-of-the-art manufacturing facility in Virginia – set to be its largest single manufacturing investment in the world – and expansion of its research and development (R&D) and cell therapy manufacturing operations in Maryland, Massachusetts, California, Indiana and Texas.

Despite being headquartered in the UK, America is AstraZeneca’s largest market, where it employs more than 18,000 staff and makes 42% of total group sales and there has been increasing speculation that the firm may look to shift its main listing to the US.

It already has 19 R&D, manufacturing and commercial sites across the country.

Michel Demare, chair of AstraZeneca, said: “Today, we set out our proposed harmonised listing structure which will support our long-term strategy for sustainable growth, while remaining headquartered in the UK and listed in London, Stockholm and New York.

“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.”

Shareholders will vote on the planned US listing changes at a general meeting on November 3.

Lynn Martin, president of the NYSE, said: “We are proud to welcome AstraZeneca back home to the NYSE, where our prestigious community has shaped the global economy for centuries.

“We look forward to the company joining us in 2026.”

Russ Mould, investment director at AJ Bell, said there may be some “nervousness” around AstraZeneca’s US listing change.

“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.

“Big investors could well end up asking questions about AstraZeneca’s ultimate intentions ahead of a vote on the change later this year.”