GxMeter: Cipla Steady, Zydus/Lupin Mixed

Research evidence excerpt

GxMeter: Cipla Steady, Zydus/Lupin Mixed

India | Pharmaceuticals EquityJulyResearch14, 2026

Our KTs for US Gx for the month: 1) Generics continue to gain in gFarxiga; 2)

Zydus gains in gRytary/gAsacol HD, rangebound in gCopaxone/gRevlimid

and declined in gPromacta; 3) Cipla continues to lead in gOfev, improves in

gAbraxane and maintains in albuterol while Lanreotide remains nil; 4) Lupin

regains share in gRavicti, loses in gRespidal Consta.

Generics continue to gain in gFarxiga: Generics launched in Apr'26 and have gained

substantial share so far. In our coverage, Zydus leads with 7% market share (ms), followed by

Cipla and Alkem - ~4% each - and Ajanta (2%).

Zydus rangebound in gCopaxone : Zydus share in the molecule has hovered in the 3-4% range

over the past two months (3% in Jun'26). The product remains low-competition (5 players).

Cipla maintains share in gOfev: Cipla continues to lead generic entry in gOfev (six-player

market currently) with 51% share in Jun'26. While the TAM is sizable, with sales of ~USD3.7b

(IQVIA MAT Apr'26), mgt. doesn't expect this to become a large product for the company.

Zydus share in gPromacta declines: After a strong launch, Zydus has lost 110bps share MoM

- Jun'26 ms is 16.2% in gPromacta, a large TAM product with sales of ~USD1.3b (per IQVIA).

Lupin's share in gRespidal Consta falls: Lupin launched gRespidal Consta in Nov-25 with

a 180-day exclusivity. Post completion of this period, Lupin's market share (ms) has fallen,

Jun'26 ms at ~3% (-26ppt from peak ms).

Zydus gains share in gRytary: Zydus share in gRytary - a two-player molecule with ~USD 280m

+ sales (per IQVIA) - has increased to 40.4% in Jun'26 (+150bps MoM).

Lupin regains ms in gRavicti: Lupin has regained lost share in gRavicti, standing at 23.6% in

Jun'26 (+400bps MoM).