The brokerage wrote in its note that Novo Nordisk is pursuing a dual-brand strategy to retain market share for semaglutide as generic competition looms in 2026.
In December 2025, Novo Nordisk secured Canadian approval for Poviztra and Plosbrio, which are equivalents of Wegovy and Ozempic. It is expected to launch lower-priced branded versions, directly competing with upcoming generics.
This is a negative for Dr Reddy’s, which received a complete response letter for its generic semgalutide filing in November 2025. Citi said it is cautious on Dr Reddy’s semgalutide opportunity. The brokerage has estimated $50 million in sales for financial year 2027-2028, which is well below Street expectations.
Of the 40 stocks who have coverage on the stock, 14 each have “buy” and “sell” ratings while 12 have a “hold” recommendation.
Shares of Dr. Reddy’s Laboratories are trading 1.1% lower on Thursday at ₹1,228.9. The stock is down from its 52-week high of ₹1,405.9.
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