India pharmaceuticals: Sales, prescription and ANDA filing trends

Research evidence excerpt

India pharmaceuticals: Sales, prescription and ANDA filing trends

Global Markets Research

2 July 2026India pharmaceuticals

EQUITY: HEALTH CARE & PHARMACEUTICALS

Sales, prescription and ANDA filing trends Research Analysts

India Pharmaceuticals

T3M sales ex gRevlimid in May 2026 rose the most m-m Saion Mukherjee - NFASL

saion.mukherjee@nomura.comfor Zydus and declined for Dr Reddy’s, Lupin and Sun

+91 22 403 74184

In this report, we highlight the key sales and prescription trends in May-26, based on IQVIA

Kushal Chovatia - NFASLdata. We assess the data primarily to understand the broader trend and why the actual kushal.chovatia@nomura.com

reported sales for companies tend to differ materially from IQVIA data. Ex gRevlimid, T3M +91 22 403 74013

sales for May 2026 rose the most for Zydus m-m, by USD10mn, while it declined the most

for Dr Reddy’s/Lupin/Sun, by USD13/10/7mn.

• Sun Pharma’s (SUNP IN, Buy) specialty segment growth was weak at -2.7% y-y in

T3M May-26 vs 17.2% in the year-ago period. The volume growth across most key

specialty products were strong, and the decline in sales was due to lower list prices. We

think SUNP’s reported primary specialty segment is sustaining its sales growth in the

mid-teens. T3M (May-26) TRx volumes for Cequa and Winlevi grew 18.7% y-y and

87.6% y-y, respectively. For Ilumya, (~50% of specialty) T3M (May-26) sales growth

was at -4.7% y-y but volume (unit) growth was at 11% y-y. SUNP launched Leqselvi in

July 2025, with modest traction so far. Eleven months after the launch, TRx and sales

traction are slower than competing products Litfulo and Olumiant. The TRx and sales of

Leqselvi were 14.8% and 19.5%, respectively, of Litfulo’s during similar-stage post-

launch. As per IQVIA for T3M May 2026, Unloxyct launched in Jan-26, recorded