Novo Nordisk Weighs Direct NYSE Listing as Oral Obesity Bet Takes Shape
Published on 10/01/2026 at 18:41 | Editorial boerse-global.de
Novo Nordisk is leaving the door open to a direct listing on the New York Stock Exchange, a move that would replace its current American Depositary Receipts and give the Danish drugmaker a more direct line to US investors. CEO Mike Doustdar told the Financial Times that the company is open to exploring such a step, though Reuters noted that no active talks on the matter have taken place since he took the helm.
The strategic musings have yet to translate into share gains. At EUR 33.41, the stock sits 39% below its 52-week high of EUR 54.86, with investor caution driven largely by intensifying competition in obesity treatments. Novo Nordisk's response has been to accelerate its pipeline through both in-house development and outside partnerships.
Oral Therapies at the Center of the Strategy
Management sees particular promise in pills. Doustdar told Reuters that oral obesity drugs could capture half of the global market for obesity medicines by 2030, and the company is currently running five oral candidates through clinical development. The industry-wide shift from injections to tablets is viewed as a decisive factor for future growth, since oral formulations are far easier for patients to use day to day and could bring in entirely new patient groups.
To shore up its tablet position, Novo Nordisk secured rights to the experimental weight-loss pill HRS-1596 from Jiangsu Hengrui Pharmaceuticals. The license covers territories outside mainland China, Hong Kong, Macau and Taiwan, and carries a USD 300 million upfront payment plus up to USD 2.3 billion in milestone payments. The deal underscores the company's intent to broaden its oral obesity portfolio through externally sourced compounds.
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Cardiovascular Edge in the Rivalry With Eli Lilly
Fresh comparative data handed Novo Nordisk a key argument in its head-to-head battle with Eli Lilly. A study presented yesterday at the European Association for the Study of Diabetes (EASD) annual meeting in Milan supports its flagship Ozempic over Lilly's Mounjaro. Adults with type 2 diabetes who increased their dose of the Danish product suffered serious cardiovascular events less often than patients who switched to the US rival.
The findings come from the retrospective observational COMPETE SWITCH CV study, which analyzed US billing data from 636,525 diabetes patients. When the dose was raised to two milligrams of semaglutide, the risk of cardiovascular events such as heart attacks and strokes was 6% lower than with a switch to tirzepatide. Because the analysis relies on real-world practice data, it does not establish causality, and safety aspects were not examined.
Novo Nordisk is also working to widen access to existing therapies. At the Milan conference, executive Larsen floated plans to introduce an oral semaglutide formulation in Italy, aiming to reach patients who are reluctant to take regular injections. Beyond Europe's core markets, management is eyeing regions such as India, where it is preparing steps to launch oral treatments.
Long-Term Targets and the Near-Term Catalyst
At its capital markets day, Novo Nordisk laid out longer-range ambitions: launching several blockbuster products by 2030 and targeting pipeline revenue above DKK 150 billion by 2035. For investors, those goals signal how management intends to counter looming patent expirations on established drugs and defend its position against rivals such as Eli Lilly.
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Near term, attention turns to the US Food and Drug Administration, which is due to decide in the fourth quarter on the combination treatment CagriSema for weight management. In a late-stage trial in diabetes patients, the candidate achieved an estimated average weight reduction of 12.4%.
The company has acknowledged that part of its shareholder base has lost confidence and that trust now needs to be rebuilt. The stock closed yesterday at EUR 33.52, leaving it down 24% since the start of the year. Whether the latest comparative data give the shares fresh support will depend heavily on how successfully Novo Nordisk defends its market share against mounting competition, even as global medical demand remains immense.
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