New York, January 20, 2026, 11:21 EST — Regular session
AstraZeneca PLC’s U.S.-listed shares fell Tuesday after the company revealed plans to pull its American depositary shares from Nasdaq and directly list ordinary shares on the New York Stock Exchange. The stock slid 4.4%, dropping to $90.23 in late morning trading.
The switch swaps depositary-share wrappers for ordinary shares in U.S. trading. Mostly a technical tweak, it can still shake up flows as brokers, index trackers, and arbitrage desks adjust positions before the change.
AstraZeneca revealed in a U.S. regulatory filing that it will voluntarily delist its American depositary shares and certain debt securities from Nasdaq after the market closes on January 30. Starting February 2, the company’s ordinary shares and debt will trade on the NYSE under the ticker “AZN.” 1
The company calls this a shareholder-supported effort to “harmonise” its listing structure, enabling investors to buy and sell shares on the London Stock Exchange, Nasdaq Stockholm, and the NYSE. Its depositary shares represent ordinary shares on a two-for-one ratio. 2
The venue change happened against a backdrop of risk aversion in European assets, triggered by U.S. President Donald Trump’s tariff threats targeting Europe over Greenland, which dragged London shares lower. AstraZeneca’s shares dropped 2.6%, dragging down the pharma sector, Reuters reported. “What happens next for financial markets will ultimately depend on Trump’s actions,” said Kathleen Brooks of XTB. 3
Reuters reported that AstraZeneca intends to switch from trading its ADSs on Nasdaq to a direct listing of its $0.25 ordinary shares on the NYSE. The company will keep its listings in London and Stockholm unchanged. 4
On January 19, Daiichi Sankyo revealed the European Medicines Agency has validated its application for Enhertu combined with pertuzumab as a first-line treatment for select HER2-positive metastatic breast cancer patients. Ken Takeshita, the company’s global head of R&D, described the EU’s validation as “an important step in moving us closer.” 5
A “Type II variation” is a request to change the marketing authorisation of a medicine that’s already approved. Validation means regulators have accepted the filing and kicked off a scientific review. It’s just the first step and doesn’t guarantee the change will be approved.
The listing reshuffle doesn’t change AstraZeneca’s fundamentals, but it could spark short-term swings if some investors have to change custody arrangements or cut positions ahead of the exchange switch. A wider sell-off or hiccups during the transition could make things worse.
Investors are gearing up for AstraZeneca’s full-year and Q4 results set for February 10, looking for updates on sales momentum and pipeline progress. Management is also likely to tackle practical issues related to the changes affecting U.S. shareholders. 6
