AstraZeneca bids farewell to Nasdaq: Unified listing structure, maintaining listings in London, Stockholm, and New York

Source: Era Weekly, Author: Yan Xiaohan

British pharmaceutical giant AstraZeneca (AZN.NASDAQ) is about to leave the Nasdaq.

On January 20, reporters from the Times Weekly learned from AstraZeneca that the company announced a major adjustment to its listing structure on the same day, declaring its voluntary delisting of American Depositary Shares (ADSs) and debt securities from Nasdaq. The delisting will take effect at the close of trading on January 30. Starting February 2, AstraZeneca will directly list its common shares and debt securities on the New York Stock Exchange (NYSE), with the stock code remaining as 'AZN'.

This is the implementation of AstraZeneca's 'unified listing structure' plan, which was announced in September 2025. 'The aim is to provide global investors with a unified global listing platform in this globalized company,' AstraZeneca stated in the announcement.

After implementing the unified listing structure, AstraZeneca’s common shares will be listed on the London Stock Exchange, Nasdaq Stockholm, and the New York Stock Exchange, allowing shareholders to trade their AstraZeneca common shares across these three markets without needing to convert them through depositary receipts.

AstraZeneca announced that its headquarters will remain in the UK, while maintaining its listings in London, Stockholm, and New York. Establishing a globalized listing structure will enable it to reach a broader range of global investors.

Source: Tuchong Creatives

Transitioning to a more mature market

There are two key aspects to AstraZeneca’s adjustment: one is the shift in trading mode from ADSs to common shares; the other is the change in listing venue.

ADS refers to American Depositary Shares, negotiable securities issued by U.S. depositary banks to U.S. investors representing shares of non-U.S. companies. This provides a cross-border investment channel for U.S. investors who want to invest in foreign enterprises but prefer not to trade directly in overseas markets.

Previously, during AstraZeneca’s trading on Nasdaq, U.S. investors held AstraZeneca shares via ADSs. According to the aforementioned announcement, every 2 ADSs represented one share of AstraZeneca common stock.

Following this adjustment, AstraZeneca will terminate the previous ADS trading model and directly list common shares with a par value of $0.25 per share. One clear effect of this change is an increase in AstraZeneca's trading efficiency in the U.S. capital market.

AstraZeneca’s shift in listing venue from Nasdaq, known for tech stocks and growth companies, to the NYSE, home to historically established multinational firms, may signify a change in AstraZeneca’s global market positioning.

In recent years, AstraZeneca's revenue scale has grown rapidly, increasing from USD 26.62 billion in 2020 to USD 54.07 billion in 2024. Among many multinational pharmaceutical giants worldwide, AstraZeneca also ranks among the top in terms of revenue scale.

Pharmaceutical companies including Eli Lilly and Co (LLY.NYSE), Pfizer (PFE.NYSE), Merck & Co (MRK.NYSE), Bristol-Myers Squibb (BMY.NYSE), and Johnson & Johnson (JNJ.NYSE) are all listed on the NYSE, with these companies' total revenue in 2024 exceeding USD 40 billion each; whereas multinational pharmaceutical enterprises such as Amgen (AMGN.NASDAQ), Gilead Sciences (GILD.NASDAQ), and Regeneron Pharmaceuticals (REGN.NASDAQ), whose annual revenue did not exceed USD 40 billion, are currently listed on Nasdaq.

A key reason for AstraZeneca's decision to transfer its listing to the NYSE might be to expand its investor base and enhance its influence in the U.S. capital market. 'The U.S. has the largest market capitalization, strongest liquidity in public markets globally, as well as the largest group of innovative biopharmaceutical companies and investors. The board is determined to ensure that AstraZeneca can flexibly access the broadest available pool of capital, including the U.S. market,' AstraZeneca stated in its September 2025 announcement.

Regarding the change in listing location from Nasdaq to NYSE, Shen Meng, Executive Director of Chanson & Co., told reporters from the Times Weekly that aside from differences in trading details, Nasdaq's liquidity is more concentrated towards large local technology companies, while the NYSE is friendlier to large non-tech enterprises, meaning the NYSE’s funds are not concentrated in a few tech companies, and investor preferences are more dispersed.

By 2030, half of the revenue is expected to come from the U.S. market.

AstraZeneca's adjustment to its listing structure may not directly impact the company's fundamentals.

From a business perspective, AstraZeneca is gradually increasing its focus on the U.S. market, which contributes the most to its revenue. According to AstraZeneca's Q3 2025 report, its total revenue for the first three quarters was USD 43.236 billion, of which revenue from the U.S. market was USD 18.517 billion, accounting for 43% of total revenue, far surpassing 21% from Europe and 12% from the Chinese market.

Reporters from the Times Weekly learned from AstraZeneca's official website that the U.S. is AstraZeneca's largest market, where it owns 19 R&D, manufacturing, and commercial bases. In July 2025, AstraZeneca announced plans for significant investments in the U.S., committing USD 50 billion by 2030 for drug production and R&D in the country.

According to the plan, over the next five years, AstraZeneca's above-mentioned investment will be used for expanding R&D centers, establishing next-generation cell therapy manufacturing plants, adding new bases for clinical trials, and investing in new drug R&D. Driven by capacity expansion and new product launches, AstraZeneca aims to reach USD 80 billion in revenue by 2030, with 50% coming from the U.S. market.

It's not just AstraZeneca; since 2025, many multinational pharmaceutical companies, including Eli Lilly and Co, Johnson & Johnson, Novartis, and AbbVie, have announced increased investments in the U.S.

In February 2025, the US pharmaceutical giant Eli Lilly and Co announced that it would invest at least 27 billion USD in building four new production facilities in the United States; in March, the US healthcare giant Johnson & Johnson announced that its manufacturing, R&D, and technology investments in the United States over the next four years would exceed 55 billion USD; in April, the Swiss pharmaceutical giant Novartis announced that it would spend 23 billion USD over the next five years to build and expand factories in the United States; AbbVie also announced plans in April to invest 10 billion USD in the United States over the next decade.

A significant factor behind many multinational pharmaceutical companies ramping up their investments in the United States is that since President Trump took office in 2025, he has been continuously pressuring multinational pharmaceutical firms to cut drug prices and demanding that pharmaceutical manufacturers shift production to the United States.

According to the official website of China's Ministry of Commerce, Trump posted on social media that starting from October 1, 2025, a 100% tariff will be imposed on all branded or patented pharmaceutical products unless related companies build pharmaceutical factories in the United States.

On October 10, 2025, local time, Trump announced that his administration had reached an agreement with AstraZeneca, under which AstraZeneca will significantly reduce drug prices in exchange for a three-year tariff exemption for the pharmaceutical industry. According to previous reports by Cailian Press, this agreement includes that all new drug prices launched by AstraZeneca in the United States will be aligned with the lowest levels in comparable countries. Additionally, AstraZeneca will supply drugs to the Medicaid program, targeting low-income and disabled individuals, at a significantly discounted price.

Prior to AstraZeneca, Pfizer also reached a similar agreement with the US government and received a three-year drug tariff exemption, on the condition that Pfizer continues to invest in US manufacturing.

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