AstraZeneca(US:AZN) Xin Lang Cai Jing·2025-09-30 04:58Core Viewpoint - AstraZeneca plans to directly list its common stock on the New York Stock Exchange starting February 2, 2026, replacing its current American Depositary Receipt (ADR) trading model, aiming to leverage the depth and liquidity of the U.S. capital markets to expand its investor base and enhance stock attractiveness [1][2]. Group 1: Strategic Adjustments - The transition to a direct listing is a significant adjustment that requires approval at the upcoming shareholders' meeting on November 3, 2025 [2]. - AstraZeneca's stock price rose by 0.8% on September 29, with a market capitalization of approximately £171 billion [2]. - The company will maintain its headquarters in the UK and its primary listing in London, alleviating concerns about a potential "exit" from the UK [2]. Group 2: Financial Performance - For the first half of 2025, AstraZeneca reported total revenue of $28.045 billion, an 11% year-over-year increase (at constant exchange rates), with core EPS reaching $4.66, up 17% [2]. - The U.S. market is crucial for AstraZeneca, contributing 43% of the company's revenue last year, with expectations that this will rise to 50% by 2030 [2]. Group 3: Investment and Market Position - The company plans to invest $50 billion in manufacturing and R&D by 2030 to mitigate potential tariff risks and drive revenue growth to $80 billion by that year [3]. - AstraZeneca's shift to a direct listing on the NYSE is expected to improve trading efficiency and market valuation compared to its previous ADR model [3]. - The decision to pause a £200 million R&D project in Cambridge highlights the challenges the UK faces in attracting large multinational investments [3].