AstraZeneca Chief Executive Eyes US Stock Market Move as UK Frustrations Mount

Sir Pascal Soriot, the chief executive of AstraZeneca, Britain’s most valuable public company, has privately expressed his desire to relocate the pharmaceutical giant’s stock market listing to the United States, according to multiple sources close to the matter.

The 66-year-old executive, who has steered AstraZeneca since 2012, has reportedly discussed the possibility of moving both the listing and the company’s domicile. These discussions reflect growing frustrations with the UK’s operating environment, particularly regarding restrictions imposed by the National Institute for Health and Care Excellence (Nice) on new medicine approvals and NHS pricing structures.

The potential move would mark a significant blow to London’s financial markets and the UK’s life sciences sector, which remains a crucial component of the Labour government’s industrial strategy. AstraZeneca, valued at approximately £157 billion, currently stands as the most valuable company on the FTSE 100, surpassing both HSBC and Shell.

Under Soriot’s leadership, AstraZeneca has undergone a remarkable transformation, with substantial investments in research and development, including a £1.1 billion global R&D centre in Cambridge. The company’s ambitious plans target doubling group revenues to $80 billion by decade’s end, yet recent decisions suggest a cooling towards UK investment.

The pharmaceutical giant recently abandoned plans for a £450 million flu vaccines plant expansion in Liverpool, citing delayed government support. The company has instead focused on expanding its presence in the US and China, with significant investments including a $2.5 billion commitment in Beijing and plans for a new strategic R&D centre in the Chinese capital.

Sources indicate that while Soriot’s relocation preferences may face resistance from board members and the British government, the move would align with a broader trend of London-listed companies shifting to US markets. This pattern includes recent relocations by major firms such as Ashtead, Flutter, CRH, and Ferguson.