Novo Nordisk CEO Considering Direct NYSE Listing for U.S. Investors
In an interview with the Financial Times, Novo Nordisk CEO Mike Doustdar indicated that the company is open to exploring a direct listing on the New York Stock Exchange (NYSE) as an alternative to its current American Depositary Receipts (ADR). The move could reduce trading friction for U.S. investors and align better with the fact that more than half of Novo Nordisk’s revenue now comes from the United States, particularly in diabetes and obesity drug sales. The discussion about a NYSE listing is occurring amid competitive pressures as Eli Lilly's Zepbound outpaces Wegovy in projected sales by over $7 billion this year. Additionally, recent developments like Viking Therapeutics' trial data for VK2735 pose further challenges to Novo Nordisk’s market position. Despite the CEO acknowledging potential benefits of a direct listing, no active discussions have taken place since Doustdar became CEO in July 2025. The company's Q2 fiscal results showed adjusted sales growth and progress on its Wegovy pipeline, but recent investor sentiment has been dampened by revised mid-single-digit growth targets through 2030.
