AstraZeneca chief executive Pascal Soriot isn’t confirming or denying reports that the UK’s largest listed company is considering moving its primary stock market listing from London to New York.
Yet recent remarks reveal where the company’s future may lie. At AstraZeneca’s half-year results press conference, Soriot gushed about the US, “the country in our industry where innovation is taking place”.
AstraZeneca is “a very American company”. Soriot “always believed in the great future of America” and, just to be sure no one missed the message, added: “I definitely love America.”
It plans to invest $50 billion in the US over five years, including building its largest-ever manufacturing facility in Virginia, and expects half its sales to come from the US by 2030.
While reaffirming its commitment to UK research sites such as Cambridge, Soriot stopped short of endorsing the London listing.
His critique of Europe’s low pharmaceutical investment and NHS pricing controls hints at wider tensions.
The UK market has seen multiple major departures: CRH, Flutter, Arm and BHP. Pharmaceutical company Indivior left in July. Payment firm Wise is also saying farewell.
In the past year 88 companies left the UK market, with another 70 already exiting in 2025, seeking higher valuations and liquidity in the US.
AstraZeneca’s exit would deal the biggest blow yet to the London Stock Exchange, so expect renewed calls for tax reform – especially 0.5 per cent stamp duty on shares – and regulatory easing.
Otherwise, the argument goes, the Square Mile risks losing more ground to Wall Street.