The US Revenue Share of Indian Pharma Companies: A Comprehensive Market Analysis

1) Dr. Reddy’s Laboratories (45.90% of Revenue from the US)

Market Position

Dr. Reddy’s has long established itself as a US leader in the generic and biosimilar segments. With 45.90% of its revenue coming from the US, it’s one of the most US-dependent pharma companies in India.

Growth Strategy

• Complex Generics & Biosimilars: Dr. Reddy’s has a strong pipeline focused on biosimilars (e.g., Abatacept and Denosumab) and complex generics like Semaglutide (used for diabetes and obesity). These products are critical to the company’s long-term US growth.
• First-to-Market Advantage: The company has 79 products awaiting approval, many of which hold first-to-market potential, positioning it well for future revenue growth.
  
  

2) Sun Pharma (33.30% of Revenue from the US)

Market Position

Sun Pharma’s 33.30% exposure to the US market is significant but slightly lower compared to competitors like Dr. Reddy’s. However, its specialty medicines portfolio helps it sustain revenue growth.

Growth Strategy

• Specialty Portfolio: Sun Pharma’s emphasis on specialty drugs, including Ilumya and Winlevi, gives it a unique edge in the competitive US market.
• Pipeline:  The company has a 109-product pipeline, including biosimilars and complex generics, with Semaglutide and Leqselvi expected to drive future growth.
  
  

3) Cipla (13% of Revenue from the US)

Market Position

Cipla’s relatively low US revenue exposure (13%) sets it apart. Instead of focusing predominantly on the US, Cipla has made strategic moves to tap into emerging markets.

Growth Strategy

• Complex Generics & Respiratory Portfolio:  Cipla’s growth is driven by complex generics and respiratory products like Generic Advair and Albuterol.
• Strategic Launches:  The company is looking to expand its presence in the US with new launches, particularly in the inhalation market.
  
  

4) Aurobindo Pharma (45.30% of Revenue from the US)

Market Position

Aurobindo Pharma, with 45.30% of its revenue from the US, is strongly positioned in the injectable and biosimilars segments, where growth potential is significant.

Growth Strategy

• Injectables & Biosimilars:  The company’s growth strategy includes injectables and biosimilars, such as Xgeva, Xolair, and Bevacizumab.
• Expansion:  Aurobindo is expanding its manufacturing base in the US, with new plants in Dayton, Raleigh, and potentially Puerto Rico to meet increasing demand for injectable products.
  
  

5) Gland Pharma (52.70% of Revenue from the US)

Market Position

Gland Pharma stands out for its high dependence on the US market, with over 52.70% of its revenue derived from there. This positions it as one of the most US-centric companies in the Indian pharma sector.

Growth Strategy

• Complex Injectables:  Gland Pharma is focusing on complex injectables and biosimilars, both of which have high margins.
• Ready-to-Use Products:  The company is developing ready-to-use infusion bags, targeting a $530 million market opportunity in the US.
  
  

6) Biocon Ltd. (43.70% of Revenue from the US)

Market Position

Biocon has become one of the leading biosimilar and biologics players from India, with 43.70% of its revenue coming from the US. Through its subsidiary Biocon Biologics, it has carved out a strong position in the biosimilar insulin and oncology space.

Growth Strategy

• Biosimilar Portfolio Expansion:  Biocon’s focus is heavily on biosimilars such as Insulin Glargine (Semglee), Bevacizumab, and Trastuzumab, targeting chronic diseases in the US like diabetes and cancer.
• Viartis Deal:  In a major strategic move, Biocon acquired Viatris’ biosimilar business, giving it direct access to commercial operations in the US and strengthening its distribution and margins.
• Product Pipeline:  With over 20 biosimilars in development, Biocon is aggressively expanding its presence in regulated markets, with the US being the key revenue engine.
  
  

7) Glenmark Pharmaceuticals (46.50% of Revenue from the US)

Market Position

With nearly half of its revenue (46.50%) coming from the US, Glenmark is heavily invested in the generic drugs space, with particular strength in dermatology and respiratory segments.

Growth Strategy

• ANDA Pipeline: Glenmark has filed over 180 Abbreviated New Drug Applications (ANDAs) with the US FDA, giving it a large arsenal for continued growth in generics.
• High-Value Generics:  It focuses on high-value, complex generics like topical creams, inhalers, and injectables, which offer higher margins and face less price competition.
• Innovation Spin-Off:  Glenmark has demerged its innovative R&D arm into a separate entity, Ichnos Sciences, allowing it to streamline generic-focused operations for the US and other markets.

The United States continues to be the most important export market for Indian pharmaceutical companies. For many players like Dr. Reddy’s, Glenmark, Gland Pharma, and Biocon, nearly 45–50% of their revenue comes from the US. Even companies like Sun Pharma and Lupin, while more diversified, rely on the US for a significant chunk of sales. However, this also means these companies are exposed to challenges in the US such as price erosion, FDA scrutiny, and geopolitical risks (like tariffs). To manage this, most companies are:

• Shifting towards complex generics, biosimilars, and specialty medicines (higher margins, lower competition),
• Expanding R&D and manufacturing capabilities in the US and India,
• And preparing for next-gen launches (GLP-1s, injectables, respiratory, oncology, etc.) over the next 2–3 years.

In short, the US will remain the growth engine for Indian pharma but success will depend on how well companies innovate, diversify, and navigate regulatory and pricing pressures.

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