The European Patent Office’s (EPO) Board of Appeal revoked Novo Nordisk’s patent EP 3 448 416, which covered its semaglutide products Wegovy and Ozempic. The patent could have protected the products until 2037.
Following the ruling, market exclusivity could end as early as 2031. The decision may allow generic manufacturers to enter the market several years sooner than expected and could have significant financial implications for Novo Nordisk, given the drugs’ substantial revenue.
Separately, Citi Research lowered its price target for Novo Nordisk, citing company guidance for “broadly stable” margins through 2030. Citi said the outlook suggests limited room for margin growth and maintained its “neutral” rating on the stock.