AstraZeneca shifts focus to US with New York Stock Exchange listing

AstraZeneca, one of Britain’s leading pharmaceutical giants, has announced its intention to secure a direct listing on the New York Stock Exchange in a strategic move aimed at strengthening its presence in the world’s largest public market. This development comes as the FTSE 100 firm seeks to harmonise its share listing structure across the London, Stockholm, and New York exchanges, enabling access to a broader and more liquid pool of international capital.

Executives at AstraZeneca emphasised that the company will maintain its headquarters and tax residence in the United Kingdom, continuing to feature on the London Stock Exchange, a detail that has been welcomed in the City of London as preserving the firm’s status as a cornerstone of the UK markets. However, analysts note this represents a notable pivot toward the United States, where the company is seeking to capitalise on investor appetite and a dynamic biopharma sector.

The timing of this move reflects ongoing frustrations with the regulatory climate in Britain, particularly regarding the National Institute for Health and Care Excellence and NHS pricing dynamics. AstraZeneca recently paused a £200 million expansion of its Cambridge base and had earlier abandoned a substantial investment in Liverpool, citing bureaucratic delays in securing government support for its flu vaccines plant. These setbacks coincide with rising incentives from the Trump administration to encourage life sciences investment and manufacturing within the United States.

AstraZeneca confirmed plans to invest $50 billion in American manufacturing and research facilities by the close of the decade as part of its drive towards its ambitious sales goal of $80 billion by 2030. Half of that revenue is projected to originate in the US, reflecting its increasing strategic significance. The company highlighted the US as the richest source of innovative biopharmaceutical companies and investors, reinforcing its rationale for the listing.

London market participants, while relieved by AstraZeneca’s ongoing UK commitment, point out the competitive challenge posed by UK stamp duty and the risk of further trading flow shifting to US exchanges. Calls are mounting for the government to ensure the City of London remains a compelling destination for major global companies seeking access to capital.

Shares in AstraZeneca closed up by 88p, setting the company’s valuation at a robust £171 billion. The firm’s decision is seen as providing clarity to its future direction, supporting British jobs and growth while underlining the pressures faced by domestic markets in retaining flagship corporations amid global competition.