Indian pharmaceutical companies are navigating a dynamic landscape marked by robust specialty drug growth, shifting generic market shares, and evolving regulatory challenges. According to Nomura’s latest analysis for June 2025, leading players like Sun Pharma, Dr. Reddy’s, Cipla, Lupin, and Zydus are showing varied performances across specialty and generic portfolios. While specialty medicines and exclusive launches are driving sales momentum, competitive pressures and regulatory scrutiny continue to shape their strategies.Here is a look at their sales growth.
Sun Pharma’s specialty business posts strong 21 per cent sales growth
Nomura has noted strong year-on-year growth in Sun Pharmaceutical’s specialty business, with sales up about 21 per cent in June 2025. The surge was led by psoriasis drug Ilumya, which saw a 23 per cent rise in three-month sales. Gains in Cequa and Odomzo, supported by market share expansion, also boosted performance.
However, the company lost share in certain generics, including gCiprodex and gPentasa. Sun Pharma’s Halol facility remains under USFDA scrutiny after inspectors issued eight observations in June.
Nomura Forecasts Stable US Business for Dr. Reddy’s
Dr. Reddy’s Laboratories has faced competitive pressure in key generics like gSuboxone and gVascepa over the past year but has now stabilised its share. The company saw a sales boost in gSprycel, with market share rising to around 11 per cent in June 2025. However, Nomura expects steady US business and product pipeline.
Cipla’s Albuterol market share rebounds to nearly 19 per cent
Cipla’s Albuterol, generic version of a bronchodilator medication, market share recovered to nearly 19 per cent in June after falling earlier this year. Sales of Lanreotide injection also improved quarter-on-quarter following supply restoration. Nomura expects Cipla to maintain momentum, although upcoming competition could impact sales in future quarters.
Lupin benefiting from exclusive launches
Lupin reported stable market share in gSpiriva and gains from exclusive launches such as gPredForte and gXarelto, which contributed significantly to sales in the three months to June. The launch of gJynarque in May 2025 added to the momentum, with strong export volumes to the US.
Zydus sees mixed trends
Zydus Lifesciences gained share in gMyrbetriq and gOrthoEvra but faced erosion in gAsacol HD due to new entrants. The company ramped up gSprycel sales to $17 million in June’s three-month period. Nomura retains a positive outlook on Zydus given its expanding portfolio.
ANDA filings slow but approvals remain strong
The industry filed only 357 Abbreviated New Drug Applications (ANDAs) between October 2024 and May 2025, down from 471 a year ago, reflecting a more selective approach focused on complex products. However, approvals stayed strong at 483 during the same period, with 18 per cent being first-cycle clearances.
Biosimilars gaining ground
Nomura highlighted higher penetration for physician-administered biosimilars compared to self-administered ones. The recently genericised Stelara saw penetration rise to 9.4 per cent by June 2025, up from just 0.6 per cent in March.
Nomura’s overall stance suggests Indian pharma companies are balancing competitive headwinds with specialty product growth, strategic launches, and operational efficiencies in the US market.