Torrent Pharmaceuticals Ltd aims to be in the first wave of generic launches of Novo Nordisk's weight-loss drugs Wegovy and Ozempic in Brazil starting next year, the company’s management said on Monday, without sharing exact timelines.
Semaglutide, the GLP-1 (glucagon-like peptide-1) compound which is sold under brand names Wegovy and Ozempic, is set to go off patent in key markets, including India and Brazil, in March 2026. Indian generic players are gearing up to cash in on the blockbuster opportunity.
While declining to share the company’s specific plans, Sanjay Gupta, Torrent Pharma’s head of international business, told investors in a post-earnings call that the Ahmedabad-based drugmaker is planning generic launches for both Ozempic and Wegovy in Brazil.
“...we are working on both the products without giving you more specificities. And we are trying to be in the wave-one of launches,” Gupta said, adding that the company is working with partners for both the drugs.
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In Brazil, Ozempic’s market size has declined since 2024 following the launch of Wegovy, said Gupta. “The current size of Ozempic has come down a lot…by the time it goes off-patent, it would be smaller,” he said, adding that due to changes in regulations, it is losing share to Wegovy.
“Wegovy should come to the market a little later because people have not started filing yet…I would be much more gung-ho about Wegovy because of where the market is going and the fact that we have better chances of being on day one,” he said.
As of 2024, Brazil's Semaglutide market was estimated at $581 million. The global market size for GLP-1 is expected to grow to $100 billion by 2030, according to Goldman Sachs, a bank.
India, Brazil drive growth
Torrent Pharma reported a 20% year-on-year increase in net profit in the June quarter to ₹548 crore, on the back of double-digit growth in its largest branded markets, India and Brazil.
The company's revenue rose 11% year-on-year to ₹3,178 crore in the June quarter, in line with estimates. Its Ebitda (earnings before interest, taxes, depreciation, and amortisation) increased 14% to ₹1,032 crore, with an operating Ebitda margin of 32.5%.
The company’s management expects the margin to remain stable through FY26.
Its India business grew 11% YoY to ₹1,811 crore, led by outperformance in key therapies.
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“We expect the India business to continue outperforming the market growth. Our focus during the year will be to continue to improve the market share in focus therapies, new launch performance, improve teamforce productivity in expanded divisions and regions and continue the investments and scale-up of the consumer health portfolios,” Aman Mehta, managing director-designate, told investors.
Mehta is set to take the role of managing director at Torrent Pharmaceuticals starting 1 August. He has been involved mainly with Torrent Pharma’s India business, the company’s largest revenue contributor, and has played an instrumental role in the integration of Unichem Laboratories Ltd, acquired in 2017, and the acquistion of Curatio Healthcare Pvt. Ltd. in 2022.
The company’s Brazil business saw its revenues rise 11% to ₹218 crore.
JB Pharma acquisition to boost India play
Torrent is currently in the process of acquiring a controlling stake in drugmaker JB Chemicals and Pharmaceuticals (JB Pharma) from global investment firm KKR. The deal, announced in late June, values JB Chemicals at an equity valuation of ₹25,689 crore. The deal will be followed by a merger of the two entities.
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The deal will strengthen Torrent’s presence in the Indian market, catapulting it to the fifth-largest pharma company in the country, from seventh position. It will also facilitate its entry into the fast-growing contract development and manufacturing (CDMO) segment.
The company is currently awaiting a decision from the Competition Commission of India (CCI) on the deal, the management said.