Novo Nordisk Chief Floats Direct NYSE Listing While Pipeline Wins Offset Analyst Doubts

Novo Nordisk's CEO says a direct NYSE listing is possible in principle, though no filing is imminent and Copenhagen stays its main venue.

Mike Doustdar has left the door ajar for a fundamental shift in how Novo Nordisk is traded on American soil. In remarks reported by Reuters and in an interview with the Financial Times published Wednesday, the Danish group's chief executive said the company would in principle be open to pursuing a direct listing on the New York Stock Exchange — a move that would retire its long-standing American Depositary Receipts.

The rationale is straightforward: the US capital market now matters more to Novo Nordisk than ever. Over the past two decades, its shareholder base has steadily migrated away from Scandinavia, and more than half of group revenue is now generated in the United States, where the bulk of Wegovy and Ozempic sales are booked. Swapping ADRs for directly traded ordinary shares could smooth access for institutional American investors. AstraZeneca, Novo's British rival, took a comparable step on US exchanges earlier this year.

Doustdar was quick, however, to temper any expectations of an imminent filing. While he sees clear merits in a direct US quotation, the company is not actively pursuing the option in day-to-day operations, and no dialogue with exchange representatives has taken place since he took the helm last year. Copenhagen therefore remains Novo Nordisk's primary trading venue for the foreseeable future. The idea itself is hardly new — it has been discussed inside the group for years.

Shares Edge Lower as Investors Weigh Competing Signals

The market's response was muted. The stock slipped 0.2% to EUR 34.40 on the day, having earlier traded up 0.8% at EUR 34.73 in pre-market activity. The muted reaction reflects a broader malaise: Novo Nordisk shares are down 22% since the start of the year and currently sit 37% below their 52-week high.

Sentiment took a fresh hit on 11 September, when Morgan Stanley downgraded the stock from Equal-weight to Underweight while keeping its price target at USD 40. The US investment bank pointed to subdued medium-term growth prospects, flagging in particular concerns about future patent expirations surrounding the key active ingredient semaglutide.

Competitive Heat in the GLP-1 Arena

Those worries are compounded by intensifying competition in the weight-loss market. According to LSEG data, sales of Eli Lilly's rival drug Zepbound are expected to outpace Wegovy by more than USD 7 billion this year. Against that pressure, Novo Nordisk is looking beyond acquisitions and placing growing emphasis on oral tablet therapies, which are expected to capture an expanding share of the global obesity treatment market in the years ahead.

Pipeline Momentum Offers a Counterweight

Not everything points in the same direction. The company recently reported progress on a separate therapeutic front: the European Medicines Agency's Committee for Medicinal Products for Human Use issued a positive opinion recommending marketing authorization for FREHEMGO (denecimig). The treatment is intended for hemophilia A in adults and children, with or without inhibitors.

Novo Nordisk also renewed its partnership with UNICEF, the United Nations children's agency, targeting the prevention of childhood obesity.