The US formulations business of the Vadodara-based drugmaker grew 77 per cent in the September quarter. The base business grew 23 per cent and new launches accounted for the rest. Bosutinib, an oncology drug, was a “standout contributor” but its exclusivity ends this month.
Alembic has given guidance for about 40 per cent US growth in FY27. “We still have a decent portfolio,” Amin said in a video interview, adding that about a quarter of the planned launches carry New Chemical Entity minus one (NCE-1) shared exclusivity or first-to-file status. He conceded that FY27 sets a high base but the company is confident of growing from next year.
To reduce its reliance on commoditised generics, Alembic is shifting research and development towards complex therapeutics such as injectables, oncology and Day-1 and NCE-1 filings. The company recently signed an agreement with DifGen to in-license roughly 20 complex products, including injectables and transdermal patches.
Alembic’s domestic India business grew 14 per cent during the September quarter, while its active pharmaceutical ingredient segment jumped 39 per cent, boosted by contract manufacturing deals. However, growth in rest-of-world markets came in at 12 per cent — a figure Amin admitted was below expectations, though he projected full-year international growth to recover to the mid-teens.
Alembic has lagged the Indian pharmaceutical market for three to four years, and Amin said the goal is simply to match it, guiding for market-rate, low-teens growth in FY27. Chronic therapies now make up about 55 per cent of the company’s portfolio and grew faster than the market last quarter, led by cardiac, gynaecology, ophthalmic and diabetes products. By contrast, acute therapies, including anti-infectives and cough-and-cold products, lagged.
Amin said the company is not expanding its field staff for now and is focusing on productivity from existing representatives. “I don’t see any external risks per se,” he said of the second half. “It’s more to work on and strengthen ourselves.” The company ranks 20th to 22nd in India’s pharma industry, and a higher slot depends on acquisitions and on how peers grow, he said.
Alembic has semaglutide ready for India but has held off on launching, waiting for channel stock and competition to settle. Having missed the first wave of international semaglutide patent expiries in markets such as Canada and Brazil, the company is now targeting Europe. Meanwhile, it has filed an NCE-1 application in the US for tirzepatide.
Freight, fuel, and solvent costs have risen amid tensions in West Asia, Amin said, though rupee depreciation has so far offset much of the pressure. Capital expenditure guidance remains steady at about ₹400 crore.
