Novo Nordisk is open to upgrading its New York listing to boost its profile in the US, CEO Mike Doustdar told the Financial Times. The Ozempic maker, Denmark’s largest company by market value, is currently listed on Nasdaq Copenhagen but generates over half its revenue in the US. Doustdar said he sees advantages in a direct NYSE listing, similar to Astra Zeneca’s move earlier this year, though no active discussions are underway.

Novo’s investor base has increasingly shifted outside Scandinavia, with growing US engagement. The company’s shares fell nearly 8% after Doustdar’s investor day promises and are down over 20% year-to-date, with a market cap of about $176bn. Novo previously peaked above $600bn in 2024 as Europe’s most valuable firm.

The group is under pressure to revive its pipeline and compete with Lilly, having cut 13,000 jobs and rebranded by dropping 'Nordisk' from everyday use. Doustdar emphasized Novo’s Danish roots while affirming the US as a strategic market.