The chief executive of Novo Nordisk has expressed a willingness to consider a direct listing on the New York Stock Exchange as a potential alternative to the American depositary receipts currently used by US investors to trade the company's shares. Mike Doustdar, who leads the Danish pharmaceutical firm, shared these remarks in an interview published on Wednesday.

The US market accounts for more than half of Novo Nordisk's revenue and serves as the primary sales region for its diabetes and obesity treatments. However, the company is under pressure to regain growth momentum in the weight-loss drug segment as it contends with rival Eli Lilly and Company in this highly competitive space.

When asked whether Novo Nordisk would contemplate a direct listing on the NYSE, Doustdar stated: "I do see some advantages in that." He added, "Over the past 20 years, our investor base has expanded significantly beyond Scandinavia; beyond our long-term shareholders, we are also engaging more and more with American investors."

Doustdar noted that the idea of listing directly in the United States has been discussed over the past decade, though he has not engaged in any "substantive conversations or explorations" on the matter since assuming the CEO role last year. "I don't usually start with a 'no'; I tend to lean toward 'maybe.' I would ask: 'Can you lay out the pros and cons? Let's have that conversation and discussion,'" he said, while emphasizing that the company is not currently undertaking any work on this initiative.

Novo Nordisk is primarily listed in Copenhagen. Following the 2021 launch of its weight-loss drug Wegovy, the company capitalized on a surge in market demand and became Europe's most valuable listed company in 2023, with a market capitalization exceeding $600 billion. Since then, however, Novo Nordisk's share price has fallen more than 70% from its peak, while Eli Lilly's stock has climbed during the same period. According to LSEG data, Eli Lilly's competing weight-loss medication Zepbound is projected to surpass Wegovy in sales this year, with a lead of more than $7 billion.