MS · News · 20260912N

Semaglutide Competition and Patent Cliff

MORGAN STANLEY · 2026-09-12 · Importance 14 · Surprise 24

Morgan Stanley downgraded Novo Nordisk to Sell, citing potential market-share losses to Eli Lilly’s competing offerings over the next 18 months. The research highlighted significant patent expirations for Novo Nordisk’s semaglutide products in the early-to-mid 2030s. Semaglutide is expected to represent a large portion of Novo Nordisk’s sales, increasing the potential impact of future generic or competing-product pressure.

Key facts

• Morgan Stanley analyst Thibault Boutherin highlighted significant patent expirations for Novo Nordisk's semaglutide in the early-to-mid 2030s which is expected to account for a large portion of the company's sales. source
• Morgan Stanley downgraded Novo Nordisk to a Sell, citing potential market share losses to Eli Lilly's rival offerings over the next 18 months. source