Dr Reddy’s Gains Semaglutide Opportunity in Canada

: Canadian demand for generic semaglutide appears to be strong, with Apotex’s product reportedly entering shortage within a few months of launch. A small recall incident involving the product has also been reported. Apotex’s generic semaglutide is priced at around $88–$125 per month across Canada, representing a discount of more than 50% to the branded product, while Costco stores in Quebec reportedly price the generic at around $105 per month. My View: The supply shortage could create an opportunity for additional generic suppliers as Canadian demand builds. Dr. Reddy’s is expected to relaunch its semaglutide product in November 2026, based on its stated timeline. In addition, two of Dr. Reddy’s clients have received approval for their own semaglutide generics, which could expand the company’s ability to supply larger volumes into Canada. The key question is how quickly Dr. Reddy’s can scale supply after the November relaunch and capture demand without significant pricing pressure. What to watch: Watch the November 2026 relaunch, Canadian regulatory developments, supply volumes, pricing and demand for generic semaglutide. Stance: DRREDDY – POSITIVE