Latest news with #ErezIsraeli
CNBC
5 days ago
- Business
- CNBC
Big Indian pharma is coming for Ozempic and Wegovy
Dr. Reddy's CEO Erez Israeli talks about the Indian pharma's plans to introduce a low-cost generic version of semaglutide - the active ingredient used in blockbuster weight-loss drugs Wegovy and Ozempic - in 87 countries next year, starting with Canada, India, Brazil, and Turkey. Israeli expects the move to generate hundreds of millions in sales and disrupt the global weight-loss drug market.
Mint
6 days ago
- Business
- Mint
Dr. Reddy's US generics business drags Q1 earnings, eyes weight-loss drug launch in 87 countries
Dr Reddy's Laboratories Ltd's US generics business slumped in the June quarter as it faced price erosion in key products like gRevlimid used to treat cancer. US generics revenue declined 11% year-on-year and 4% sequentially to ₹ 3,412 crore in the first quarter of FY26, according to earnings announced on Wednesday. The business accounts for 40%, the highest among all segments, of its top line. The base business remains stable despite the price erosion, the company's management said in a post-earnings press conference. 'This time, as we knew, we are in the last year of lenalidomide or Revlimid [exclusivity], so this actually was very predictable,' said chief executive officer Erez Israeli. He added that the timing of procurement of key products, as well as the lack of new launches during the quarter, added to the drag in US earnings. The company posted an overall revenue from operations of ₹ 8,545 crore in Q1, up 11% over a year earlier. Its profit after tax rose 2% year-on-year to ₹ 1,418 crore. Both the metrics missed estimates. A Bloomberg poll had pegged its revenue to be ₹ 8,690 crore and profit after tax at ₹ 1,513 crore. The company posted an Ebitda of ₹ 2,278 crore, up 5% on-year, with its margins contracting to 26.7% in Q1 from 28.2% a year earlier. Ebitda is earnings before interest, tax, depreciation and amortization, a measure of operational profitability. The company's revenues in other key markets recorded healthy growth. Its Europe business grew 142% on-year to ₹ 1,274 crore, driven by its nicotine replacement therapy (NRT) portfolio acquired from Haleon last year. The India business grew 11% on-year to ₹ 1,471 crore on the back of new product launches and price increases. The company plans to launch weight-loss drug semaglutide in 87 countries next year, including those where patents are expiring and emerging markets where there are no patents, Israeli said. The drug goes off patent in several countries starting 2026. Semaglutide is a GLP-1 (Glucagon-like peptide-1), a class of medications indicated for the treatment of type-2 diabetes and obesity. 'We have some countries where there is no patent. And in others, we need to wait for the patent expiration…We are absolutely planning to launch day one in each one of these markets,' Israeli said. 'The biggest markets that will be ready for a launch will be Canada, India, Brazil, and Turkey.' The drugmaker is currently embroiled in a patent dispute with innovator Novo Nordisk in India. Semaglutide goes off patent in India in March 2026. Dr Reddy's has completed submissions of relevant regulatory filings in each of the countries where it plans to launch and is 'expecting approvals prior to the launch date', said Israeli. The company expects sales of semaglutide and other GLP-1s to be huge growth drivers. 'The sales of the product itself is big and can come to hundreds of millions of dollars…it depends on the price and market share we are getting [but] the beauty of this product is that we believe that once the price will go down, significantly more patients will use this product for both type-2 diabetes as well as weight loss,' he said. 'We believe this is a group (GLP-1s) with a lot of potential, and again, the sizes can be hundreds of millions of dollars; and therefore significant in the growth of the company in the next year,' he added. Through the next decade, the company plans to roll out 26 GLP-1 products including semaglutide, tirzepatide and others as they go off patent. Dr Reddy's shares closed 0.65% higher at ₹ 1,248.00 on Wednesday on NSE, compared with a 0.63% rise in Nifty 50, before the company announced its results.
Reuters
6 days ago
- Business
- Reuters
India's Dr Reddy's plans to launch generic obesity drugs in 87 countries next year, CEO says
HYDERABAD July 23 (Reuters) - Dr Reddy's Laboratories ( opens new tab plans to launch a cheaper copycat version of Novo Nordisk's ( opens new tab blockbuster weight-loss drug Wegovy in 87 countries next year, the Indian drugmaker's CEO, Erez Israeli, said on Wednesday. Drugmakers are racing to get a share of the global obesity drug market, expected to generate around $150 billion in sales by the early 2030s, after Denmark-based Novo and its U.S. rival Eli Lilly (LLY.N), opens new tab saw extraordinary demand for their medicines. Dr Reddy's initially plans to launch the generic version of semaglutide - the active ingredient of Novo's Wegovy and diabetes medicine Ozempic - in Canada, India, Brazil, Turkey and other emerging markets, subject to patent expiry, Israeli said. "U.S. and Europe will open later... (and) all the other Western markets will be open between 2029 to 2033," Israeli said a press conference to discuss the company's earnings. He expects the generic drug to generate 'hundreds of millions of dollars' in sales for the company. Semaglutide's patent is expected to expire in several countries next year, including in India in March. Novo Nordisk had sued Dr Reddy's in May alleging patent infringement of semaglutide, according to documents seen by Reuters. Dr Reddy's has filed relevant regulatory applications in all the countries it is planning to launch the generic version in, Israeli said. Other Indian drugmakers, including Cipla ( opens new tab, Lupin ( opens new tab, Biocon ( opens new tab, Sun Pharma ( opens new tab, also plan to launch these generic weight-loss drugs after Novo's and Lilly's success. Novo launched Wegovy in India last month, following Lilly's Mounjaro launch for weight-loss and diabetes management. The drugs belong to a class called GLP-1 receptor agonists that help control blood sugar and slow digestion, making people feel fuller for longer. Dr Reddy's also aims to launch 26 GLP-1 drugs within the next decade, Israeli said.
Reuters
6 days ago
- Business
- Reuters
India's Dr Reddy's to launch generic obesity drugs in 87 countries next year, CEO says
HYDERABAD July 23 (Reuters) - Dr Reddy's Laboratories ( opens new tab plans to launch a cheaper copycat version of Novo Nordisk's ( opens new tab blockbuster weight-loss drug Wegovy in 87 countries next year, the Indian drugmaker's CEO, Erez Israeli, said on Wednesday. The plan for launch of generic semaglutide, active ingredient of Novo's Wegovy and Ozempic, comes as drugmakers race to grab a share of the global obesity drug market which is expected to generate around $150 billion in sales by the early 2030s. The company initially plans to launch the generic version in Canada, India, Brazil, Turkey and other emerging markets, subject to patent expiry, Israeli said at a press conference. "U.S. and Europe will open later," he added. Dr Reddy's has filed relevant regulatory applications in all the countries it is planning to launch the generic version in, Israeli said. Semaglutide will go off patent in India in March next year.
Time of India
6 days ago
- Business
- Time of India
Dr Reddy's plans to launch generic of Novo's weight-loss drug next year, CEO says
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Drugmaker Dr Reddy's Laboratories plans to launch a cheaper copycat version of Novo Nordisk 's blockbuster weight-loss drug Wegovy in 87 countries next year, CEO Erez Israeli said in a press briefing on launch plans for the generic version of semaglutide, which is the active ingredient of Novo's Wegovy and Ozempic , comes at a time when drugmakers are racing to grab a share of the global obesity drugs market that is expected to be valued at $150 billion by early 2030s.
