AstraZeneca to Pursue Direct NYSE Listing
AstraZeneca, the Anglo-Swedish pharmaceutical giant, announced on Monday, plans to harmonise its share listing structure across the London Stock Exchange (LSE), Nasdaq Stockholm (STO) and the New York Stock Exchange (NYSE). The change will see the company replace its current American Depositary Receipts (ADRs) on Nasdaq with a direct listing of ordinary shares on the NYSE, while maintaining its UK headquarters, main listing on the LSE, and tax residency.
The move is designed to deliver a “global listing for global investors in a global company,” the company said, allowing shareholders to trade AstraZeneca ordinary shares seamlessly across London, Stockholm and New York.
Michel Demaré, Chair of AstraZeneca, commented:
“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.”
The company noted that the harmonisation will not affect its status as a UK listed, headquartered and tax resident company. AstraZeneca will remain included in the FTSE 100 index and the OMX Stockholm 30 index, and will continue to follow UK governance principles and standards, including the Companies Act 2006 and the UK Corporate Governance Code.
AstraZeneca cited the US as “the world’s largest and most liquid public markets by capitalisation, and the largest pool of innovative biopharma companies and investors,” highlighting the strategic rationale for upgrading its US listing. The company said the direct NYSE listing will simplify access for U.S. investors and reduce the costs and complexities associated with ADRs.
The harmonisation follows the publication of a Circular containing a notice of the General Meeting, detailed proposals, and documents including the Company’s existing and proposed articles of association. Shareholders will vote on the proposal at a General Meeting scheduled for Monday, 3 November 2025 at 2:30 p.m. (GMT). Full details and joining instructions are set out in the Circular, available on AstraZeneca’s investor relations website. Copies of relevant documents have also been submitted to the UK Financial Conduct Authority’s National Storage Mechanism.
Industry analysts have noted that the change will also have fiscal implications. AstraZeneca’s move away from ADRs could reduce the UK stamp duty collected on share trading. The move comes as AstraZeneca navigates a broader slowdown in the U.K. biopharma sector, with major manufacturing and R&D projects currently on hold. Analysts have interpreted the step as an effort to strengthen access to international capital markets while responding to investor interest in U.S. equities.
AstraZeneca emphasised that, while the harmonised listing structure is expected to benefit shareholders, it also carries standard forward-looking risks. The company’s cautionary statement highlighted risks such as delays in drug pipelines, regulatory challenges, pricing pressures, supply chain risks, cybersecurity threats, and geopolitical or macroeconomic volatility, among others.
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