AstraZeneca CEO Considers Moving Stock Listing to US

AstraZeneca’s chief executive, Pascal Soriot, expressed interest in moving the company’s stock market listing from the UK to the US. The Times reported that Soriot discussed shifting the listing to New York and even considered moving the company’s domicile. Following the news, AstraZeneca's share price increased by 2.8% on Tuesday.

A potential move of AstraZeneca’s listing to the US could impact the London Stock Exchange, which has seen other companies leave in search of higher valuations. Notable departures from the FTSE 100 in recent years include Ashtead, Flutter Entertainment, CRH, and Smurfit Westrock.

While the UK government may oppose the move, it lacks the authority to formally prevent it. Labour has identified life sciences as a key sector for growth in its industrial strategy. AstraZeneca declined to comment on the matter.

Soriot has publicly expressed frustration over the rejection of AstraZeneca’s breast cancer drug Enhertu for NHS use due to cost concerns. The company previously withdrew from a vaccine production project in Liverpool, citing financial support issues.

Under Soriot's leadership, AstraZeneca's market value has more than tripled since 2012, surpassing Shell and HSBC with a value of £157bn. Soriot has highlighted the company's plans for growth in the US, aiming to expand significantly in the market over the next decade.

The US pharmaceutical market is the largest globally, with high per capita spending on medicines. UK executives often feel undervalued compared to American counterparts. Soriot's pay has risen in line with AstraZeneca's market value, making him the highest-paid FTSE 100 chief executive for two consecutive years.

According to the source: The Guardian.