AstraZeneca CEO Pascal Soriot said the U.K.-listed company had many reasons to be in the U.S., adding that it was “rapidly transferring manufacturing” across the Atlantic.
1. Speculation Over Listing Shift
A recent Times report suggests that AstraZeneca CEO Sir Pascal Soriot has privately expressed interest in relocating the company’s primary stock listing from the London Stock Exchange to the U.S., and even considered shifting its legal domicile to the U.S. Financial Times+15Reuters+15The Times+15.
Though AstraZeneca has declined to confirm these discussions, its American Depositary Receipts (ADRs) already trade on Nasdaq, and recent market responses indicate investor optimism, with London shares surging about 2.7–2.9% after the news emerged ReutersTradingViewYahoo Finance.
2. What’s Driving the Push Toward U.S.
Sources indicate frustration from Soriot over several UK-specific challenges:
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Drug approval and pricing constraints, particularly through NHS‑backed NICE, which has rejected some AstraZeneca treatments, notably Enhertu, over cost-effectiveness issues Wikipedia+8pharmaphorum+8The Times+8.
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Limited government support, evidenced by the scrapped vaccine plant project in Liverpool due to insufficient financial backing—despite AstraZeneca investing heavily in UK R&D hubs like Cambridge The Times+1The Times+1.
3. U.S. Expansion as Strategic Direction
AstraZeneca has already announced a monumental $50 billion investment to expand its U.S. manufacturing and R&D footprint through 2030, including a major facility in Virginia and expansion in several states. This reflects its ambition to derive 50% of global revenue from the U.S. by decade-end, up from approximately 40% in 2024 Reuters+4Reuters+4Financial Times+4.
The company also delivered strong Q2 2025 results—revenue rose 11% to $14.46 billion, with U.S. sales and oncology drug growth powering performance. Drugs like Tagrisso and Lynparza were major contributors, and its pipeline remains robust with multiple late-stage trials ongoing Reuters+5Reuters+5Reuters+5.
4. Market and Political Implications
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UK investor concerns: Analysts warn that a move could undercut London’s financial market reputation and diminish investor confidence in UK-listed multinationals The Guardian+1//www.investmentweek.co.uk/+1.
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Policy alarm: Former Chancellor Lord Lamont described a delisting as a “devastating blow,” highlighting job losses, tax revenue erosion, and the broader economic message sent by such a shift The Times.
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Regulatory leverage: Some commentators suggest the listing talks may have been leaked deliberately to pressure UK ministers and NICE, as AstraZeneca had done with its Liverpool vaccine investment pull-out ION AnalyticspharmaphorumFierce Pharma.
5. What’s at Stake for AstraZeneca
| Area | U.S. Listing Potential Benefits | U.K. Listing Advantages |
|---|---|---|
| Valuation | Potential uplift, access to broader capital markets | Prominent presence in FTSE 100, domestic investor support |
| Regulatory Environment | Potentially smoother for R&D & pricing in U.S. markets | Established base in home market, stronger government ties |
| Governance | Possible move toward U.S.-aligned executive compensation norms | Maintains UK domicile, strategic relationships |
| Political Risk | Aligns with U.S. influence in pharma | May face U.K. backlash, loss of goodwill if shifting domicile |
6. Conclusion: Strategic Reinforcement of U.S. Focus
Rather than a sudden shift, the push toward the U.S. is consistent with AstraZeneca’s broader growth strategy: capturing a larger share of the world’s largest pharmaceuticals market, safeguarding against import tariffs, and aligning with innovation-friendly regulatory frameworks.
While the board and U.K. government may resist formal relocation, the strategic messaging underscores the company’s intent: to strengthen its position in the American market—from investment to listing.
