Morgan Stanley: Mounjaro sales slowdown in Brazil due to supply issues

LootboxPhobia · 2026-03-09T22:29:01+00:00

Morgan Stanley pointed out that the recent slowdown in Mounjaro sales is mainly due to supply constraints rather than weak demand. Weak GLP-1 imports in the U.S. have limited sales, but the rebound in February suggests a potential sales turning point. Although import trends are improving, Raia Drogasil still needs to confirm data to eliminate risks. Additionally, semaglutide faces structural challenges and is expected to face increased pressure after patent expiration. Pricing remains stable, with no evidence of widespread price cuts yet.

LootboxPhobia

2026-03-09 22:29:01

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Investing.com - Morgan Stanley states that supply restrictions may be the main reason for the recent slowdown in Mounjaro sales, rather than weak demand, as retailers continue to report strong potential customer demand but limited product supply.

The company says that weak GLP-1 imports in the U.S. during December and January may have limited sales. The sharp rebound in imports in February suggests a potential turning point in IQVIA data.

For Raia Drogasil, improved import trends have eased immediate concerns, but the company says confirmation in IQVIA data is still needed to fully eliminate risks to sales momentum.

Morgan Stanley states that semaglutide faces structural challenges, with Danish data stagnating as patients shift to Mounjaro. The product is expected to face greater pressure after losing patent protection.

The company notes that overall pricing remains stable, with only early signs of selective discounts for Mounjaro. There is no clear evidence yet of Novo Nordisk announcing price cuts across the entire product line.

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