Novo Nordisk is considering a direct listing in New York. It wants to win back the New York Stock Exchange.

Novo Nordisk CEO $NVO Mike Doustdar said in an interview with the Financial Times that the company is open to a direct listing on the New York Stock Exchange (NYSE). It would significantly raise its profile among American investors. When asked directly, he replied that he "clearly sees certain advantages" in such a step. However, active negotiations about it are not yet underway, according to him.

Novo is primarily listed in Copenhagen. American investors currently buy the shares through ADRs, i.e., American depositary receipts. This is a "wrapper" that represents a foreign share on the American exchange. A direct listing would make Novo a full-fledged American stock. That could open the door to larger funds and better liquidity. According to Doustdar, the company's shareholder structure has changed significantly over the past 20 years. Alongside traditional Scandinavian investors, the weight of American ones is growing.

The US accounts for more than half of Novo's revenue, mainly from diabetes and obesity drugs. The company is losing the battle with Eli Lilly $LLY. Zepbound from Eli Lilly is expected to sell more than $7 billion more than Wegovy this year, according to estimates.

In 2023, Novo was Europe's most valuable company with a valuation of over $600 billion. Since then, the shares have lost more than 70%, while Lilly has significantly strengthened.