AstraZeneca has laid out plans to directly list its shares in the US, as the drugmaker seeks to maximise gains from its biggest market and investor pool, even as it said that it was not exiting London.
The decision to remain UK-based will be of some relief to British investors after media reports suggested the Anglo-Swedish drugmaker - London's most valuable company - was considering ditching its UK listing in favour of the US.
London's stock market has been shrinking due to companies moving away for higher valuations and access to deeper capital markets elsewhere, particularly the U.S., prompting several listing reforms from British regulators.
AstraZeneca said it would list its shares on the New York Stock Exchange and move away from the current depositary receipts structure, with a US listing expected on February 2, 2026.
However, the company will remain headquartered in the UK and be listed in London, Stockholm and New York, and will put the plan to a vote on November 3.
Its London-listed shares rose roughly 1% today, taking the company's gains for the year to about 6%.
Still, they have underperformed domestic rival GSK, which is up 13.6%, and the UK's broader FTSE 100 index which has gained 14.2%.
Nearly 22% of AstraZeneca's shareholder base is from North America, according to LSEG data, in line with other top UK-based blue-chip companies.
Iain Pyle at Aberdeen Group, a shareholder, said the main takeaway from the announcement was AstraZeneca's "re-commitment" to the primary listing in the UK.
"From our point of view, (AstraZeneca) remains an attractive investment on a fundamental basis, with a broad pipeline still undervalued by the market - the listing location doesn't alter that view," he said.
AstraZeneca Chair Michel Demare said the proposed "harmonised listing structure" would support the company's long-term growth strategy.
"Enabling a global listing structure will allow us to reach a broader mix of global investors," he said.
Trading in fully listed stocks is generally more liquid than in American Depositary Receipts, attracting more investors.
Peel Hunt analysts viewed the move as positive in the short term, but cautioned that success might prompt others to follow suit.
In another rare win for the UK though, miner Glencore in August said it would keep its primary listing in London, rejecting a move to the US for the time being.
US investment
AstraZeneca has pledged to invest $50 billion by 2030 in manufacturing in the US, its biggest market by sales and key to its long-term revenue ambitions, amid threats of hefty tariffs.
It has also said it will cut some direct-to-patient US drug prices as drugmakers face pressure from President Donald Trump's administration to reduce prices.
The US accounted for more than 40% of AstraZeneca's revenue in 2024. The company had prioritised the US market - the world's largest, worth $635 billion - even before Trump's return to office.
Earlier this month, AstraZeneca paused a planned £200m investment in its research site in Cambridge, becoming the latest drugmaker to pull back from the UK, citing a tough business environment.
