Teva: Marks First Entry Into GLP-1 Space With Generic Victoza but Not Likely to Move the Needle

No-moat Teva announced on June 24 that it launched an authorized generic version of Victoza (liraglutide 1.8mg) in the US. Victoza, made by Novo Nordisk, brought in a little over $500 million in annual sales in fiscal-year 2023 in the US, and Teva’s version marks the first entry into the GLP-1 (diabetes drug) space by a generic drug. Victoza is a once-daily subcutaneous injection used to treat type 2 diabetes for patients 10 years or older, and its compound patent expired in 2023. Teva filed its application back in February 2017. Despite the market craze that surrounds GLP-1s, we don’t expect this launch to be a major needle mover for Teva and maintain our fair value estimate of $14.50 per share.