Dr Reddy’s shares gain after Canada nod for semaglutide; marking first G7 approval

Shares of Dr. Reddy’s Laboratories Ltd. opened higher on Thursday, April 29, after the company received approval from Health Canada for its semaglutide product.The approval makes Canada the first G7 market to clear a generic version of Semaglutide, with the company receiving a Drug Identification Number on April 22, 2026, in line with its guided timeline.

The Canadian semaglutide market is estimated to be over $1.5 billion, and analysts expect Dr. Reddy’s to benefit from a limited competition window of about six to nine months.
During this period, the Street is factoring in potential revenue of $80 million to $100 million from Canada in FY27.Health Canada is currently reviewing eight additional applications for semaglutide and is expected to take decisions over the coming weeks to months.

Among likely entrants, Sandoz and Apotex are seen launching within the first year, while the total number of players in the market could eventually rise to seven or eight.

The stock has gained momentum ahead of the development, rising 11% over the past five sessions and 7% over the last month.

It ended the previous session 0.97% higher at ₹1,347.40 and is up 8% so far this year.