Analysts upbeat on semaglutide opportunity as patent expiry triggers India generics

Natco Pharma

23/03/2026 06:19

** Analysts highlight strong semaglutide opportunity as ~10 Indian firms roll out generics

** Novo Nordisk's semaglutide patent expires this week

** Nomura says Zydus Lifesciences ZYDU.NS, Alkem Laboratories ALKE.NS, Sun Pharmaceutical Industries SUN.NS among most differentiated launches

** Adds Zydus's adjustable-dose reusable pen key differentiator

** Note Alkem "aggressive on pricing", with disposable pens at 2,000 rupees/month vs peers at 4,200-5,200 rupees

** Sees India's semaglutide market exceeding 120 bln rupees  ($1.28 bln) in five years; India's obesity drug market at ~15 bln rupees as of March, per Pharmarack estimates

** Macquarie says Torrent Pharmaceuticals TORP.NS gains first-mover advantage in oral semaglutide

** Flags steep discounts of 50%-80% on pens, up to 85% on vials from Eris Lifesciences ERIS.NS, Glenmark Pharmaceuticals GLEN.NS, Natco Pharma NATP.NS

** Sees near-term price erosion before volume-driven expansion

($1 = 93.9125 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)

 ((Yagnoseni.Das@thomsonreuters.com;))