Novo Nordisk Explores NYSE Listing as CagriSema Data and Analyst Downgrade Pull Shares in Opposite Directions
Published on 09/23/2026 at 20:30 | Editorial boerse-global.de
Novo Nordisk is weighing a direct listing on the New York Stock Exchange that would replace its current American Depositary Receipts, CEO Mike Doustdar told the Financial Times in an interview published Wednesday. The Danish drugmaker's shares rose 0.8% to EUR 34.73 in premarket trading on the news.
Doustdar pointed to the growing weight of the US capital market for the company, noting that its shareholder base has steadily shifted away from Scandinavia over the past two decades. More than half of Novo Nordisk's total revenue is now generated in the United States, where the bulk of sales for diabetes and obesity treatments Wegovy and Ozempic are booked. Swapping ADRs for directly traded ordinary shares on Wall Street could ease access for US institutional investors in particular, mirroring a move that British rival AstraZeneca made earlier this year.
The chief executive tempered expectations of a quick transition, however. While he sees clear advantages in a direct US listing, he said the company is not actively pursuing the option in its day-to-day operations. The NYSE debate has simmered inside the group for years, but since he took the helm last year there have been no active talks with exchange representatives. Copenhagen remains Novo Nordisk's primary trading venue for the time being.
Pipeline Momentum Meets Market Skepticism
The listing discussion unfolds against a backdrop of intensifying competition in the obesity drug market. According to LSEG data, sales of Eli Lilly's rival Zepbound are expected to outpace Wegovy by more than USD 7 billion this year. The stock is currently trading 37% below its 52-week high.
Should investors sell immediately? Or is it worth buying Novo Nordisk?
On the clinical front, Novo Nordisk released new late-stage data for its lead pipeline candidate CagriSema, a combination of cagrilintide and semaglutide. In diabetes patients, a 1-milligram dose achieved average weight loss of 12.4%, beating Eli Lilly's tirzepatide, which reached 9.1% at a 5-milligram dose. A separate obesity trial showed CagriSema delivering 21% weight loss at the same dose compared with placebo.
BMO analyst Evan Seigerman called the low-dose results encouraging but cautioned that they say little about higher doses. The FDA is expected to decide in the fourth quarter on approval of CagriSema for weight management, with an early market launch targeted for next year.
CFRA Downgrade Weighs on the Shares
Despite the clinical progress, skepticism on the capital markets remains palpable. CFRA downgraded its rating on Novo Nordisk's US-listed shares from "Hold" to "Sell" today, citing an unfavorable risk profile during the transition phase following peak profits for GLP-1 drugs. The analysts also pointed to management's guidance, which suggests moderate earnings growth alongside sharper competition in the obesity segment.
The stock fell 2.2% to EUR 34.73 in today's session, bringing its year-to-date decline to 23%.
Beyond Wegovy and Ozempic
To reduce reliance on its established blockbusters, management is exploring additional therapeutic areas. Chief Scientific Officer Martin Lange said at a panel discussion that Novo Nordisk is evaluating an entry into the hair loss treatment market. The scientific rationale rests on endocrinology, the company's core competency, and the field offers a concrete option for expanding direct-to-consumer sales.
Strategic pressure is driving the broader push. Patents on the key active ingredient semaglutide expire in Europe and the US at the start of the next decade. Alongside indications such as hair loss, Novo Nordisk is therefore eyeing treatments for addiction as well as liver and heart disease. The company is also expanding its pipeline through external partnerships, including a research collaboration with Danish biotech Orbis Medicines announced on September 17 that carries payments of up to USD 1.4 billion.
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