India's Dr Reddy's falls after Brazil denies approval for generic semaglutide, Citi maintains 'sell'

Dr. Reddy's Laboratories

15/04/2026 10:18

** Shares of Dr. Reddy's Laboratories REDY.NS fall 1.7% to 1,214 rupees

** Brazilian drug regulator ANVISA denies approval for the company's generic semaglutide after application failed to meet all regulatory requirements

** The rejection likely prevents Dr. Reddy's from participating in the initial wave of semaglutide generic launches in Brazil, Citi says

     ** Brokerage says Canadian drug manufacturer Apotex's tentative approval in the U.S. suggests it may gain lead over Dr. Reddy's in Canada

** "We maintain our cautious stance on Dr. Reddy's generic semaglutide potential with regulatory hurdles in key markets and Novo Nordisk's aggressive pricing strategy," - Citi

** Brokerage maintains its "sell" rating on REDY, with PT of 1,070 rupees, a 13.3% downside to stock's last close

** YTD, REDY down 4.4%

 (Reporting by Abhinav Parmar in Bengaluru)

 ((Abhinav.Parmar@thomsonreuters.com;))