Jefferies’ latest GxMeter update tracks how Indian drugmakers performed in the US generics market during the four weeks ending November 28, 2025. The report shows a mix of gains, stability, and a few early signs of pressure. A Buy rating in the report signals that Jefferies expects at least 15-20% total return over the next year.
Below is a detailed look at how the Buy-rated Indian companies fared in key US drugs.
Jefferies on Alkem Laboratories: ‘Buy’
Alkem continued to lead the pack in the generic version of Entresto, holding a 12% market share. This leadership comes soon after the drug opened to generic competition in August, making it an important category to watch. The report notes that Alkem’s early position here strengthens its footing in a molecule expected to draw more players over time.
The company also gained ground in gAptiom, reaching a 12.5% market share. Jefferies sees this as further proof of Alkem’s growing reach across multiple neurology and cardiovascular products in the US market.
Jefferies on Lupin: ‘Buy’
Lupin gained market share in gAptiom, moving up to 14.8%, which places it close to the market leaders in this space. It held steady in Albuterol with a 14.7% market share, maintaining its position in an inhaler category known for pricing swings and shifting prescription trends.
The company also kept its strong 32.2% market share in Tiotropium Bromide, a key drug for long-term respiratory care. Lupin holds 4% in gEntresto, 18% in Rivaroxaban 2.5mg, and 5% in Varenicline. Jefferies said the company’s presence across multiple large products shows steady execution rather than isolated gains.
Jefferies on Sun Pharma: ‘Buy’
Sun Pharma saw a 4% year-on-year (YoY) drop in Ilumya volumes in October, the first such decline since May 2022. Its other branded product, Cequa, continued to grow but at a slower pace, 15% YoY, compared with 31% in the previous month. Jefferies noted that while both products softened, these shifts do not change Sun’s broader trajectory.
On the generic side, Sun gained market share in gCiprodex, rising to 12.9%, and holds 8.5% in gLialda. The brokerage said these gains help offset the softness in Ilumya and support its Buy view based on Sun’s mix of branded and generic therapies.
Jefferies on Torrent Pharmaceuticals: ‘Buy’
Torrent continues to lead the gAptiom market with a 16.9% market share, the highest among the companies tracked. This leadership matters because gAptiom remains one of the more competitive neurology drugs, and holding the top position gives Torrent an advantage in future pricing and volumes.
The company also has a 5% market share in gEntresto. Jefferies said Torrent’s strength in epilepsy medicines, combined with steady performance in heart-related drugs, supports its inclusion among the Buy-rated names.
Jefferies on Zydus Lifesciences: ‘Buy’
Zydus remained dominant in bowel-care drugs. It held 44.7% in gLialda and 43.4% in gAsacol HD, with only a slight month-to-month dip in the latter. These are long-running molecules where consistency matters more than quick jumps, and Zydus continues to deliver that stability.
The company also maintained 7% in gEntresto and stayed unchanged at 3% in gRevlimid. market shares in other categories include 21.7% in Mirabegron, 33% in Topiramate ER, 1.2% in gVascepa, and 11.7% in Dasatinib. Jefferies said Zydus’ spread across multiple therapies reinforces its long-term reliability in the US market.
Jefferies on Ajanta Pharma: ‘Buy’
Ajanta holds 9% market share in Varenicline, the smoking-cessation drug. Though the market is smaller than others covered in the report, Jefferies said Ajanta’s steady presence points to disciplined execution in products with fewer competitors.
Jefferies on Mankind Pharma: ‘Buy’
Mankind holds a 26% market share in Arformoterol, used for chronic lung conditions. This gives the company a strong position in an important respiratory category where prescriptions have remained stable.
Jefferies said the company’s steady market share in Arformoterol highlights its ability to compete effectively in the US market even with a limited number of launched products.
