Novo Nordisk stock falls 2.53 percent as listing debate grows

Novo Nordisk stock stood at DKK 252.25 on Nasdaq Copenhagen on September 23, 2026, down 2.53 percent on the session and 22.44 percent since the start of the year. The latest catalyst is a possible shift in how US investors access the Danish drugmaker, as Reuters reported on September 23, 2026.

New York listing enters view

CEO Mike Doustdar told the Financial Times that Novo Nordisk is open to considering a direct New York Stock Exchange listing. That would replace the American depositary receipts currently used by US investors, although the primary listing remains Nasdaq Copenhagen, according to PharmExec.

The proposal is strategic rather than operational. A direct US listing could improve visibility in the company market that is central to the obesity-drug race, but it would not by itself change revenue, pricing pressure, or competition.

Second quarter sets the baseline

Novo Nordisk reported DKK 78.488 billion in revenue and DKK 20.989 billion in net income for Q2 2026, according to Beancount. Revenue in the quarter was lower than the DKK 96.823 billion reported for Q1 2026, while net income fell from DKK 48.557 billion.

That sequential comparison matters because the stock decline is not only a valuation story. The company is also navigating changing growth expectations for its obesity portfolio, making execution in the next reported periods more important than a listing decision alone.

Stock remains under pressure

Novo Nordisk stock was priced at DKK 252.25 on Nasdaq Copenhagen on September 23, 2026. The 2.53 percent daily decline and 22.44 percent year-to-date loss show that the market is measuring the company against a higher growth bar than the latest quarterly numbers currently provide.