Patent for Semaglutide, the active ingredient in Ozempic and Wegovy expired in India on March 20

NVO's key patent for semaglutide has expired in India, with $14 generics hitting the market, and China's patent is expiring soon. The introduction of ultra-cheap generics in the world's two most populous countries will severely undercut NVO's pricing power and capture international market share. The international patent cliff for NVO's blockbuster drugs creates a bearish headwind for the stock's global growth narrative. NVO's primary revenue and profit centers are the US and Europe, where patents remain intact and demand still vastly outstrips supply.