GxMeter: Zydus Momentum Continues; Cipla Gains, Lupin share erodes

研报英文原文证据摘录

GxMeter: Zydus Momentum Continues; Cipla Gains, Lupin share erodes

India | Pharmaceuticals EquityJuneResearch17, 2026

GxMeter: Zydus Momentum Continues; Cipla Mar-Q Pharma Review: More Hits than

Gains, Lupin share erodes Misses

Our KTs for US Gx for the month: 1) slew of launches in gFarxiga cap

exclusivity opportunity; 2) Zydus gaining across molecules (gCopaxone,

gRytary, gRevlimid) and maintaining gPromacta; 3) Cipla leads in gOfev and

improves Albuterol/gAbraxane share while Lanreotide remains nil; 4) Lupin

loses share in gRavicti/gRespidal Consta on add'l. competition; 6) Biocon

continued to gain bStelara share.

Crowded entry limits upside in gFarxiga: Despite the 180-day exclusivity, a slew of launches

is likely to reduce the opportunity size from this product (10+ players) and cap the exclusivity

opportunity. Generic launched in Apr'26 and has gained substantial share so far. In our

coverage, Zydus leads with 7% market share (ms), followed by Cipla (4%), Alkem (3%), and

Ajanta (2%).

Zydus gains 4% share in gCopaxone: Post launch in Jan'26, Zydus has gained 4% share in the

limited competition product (5 players).

Cipla gains 50% share in gOfev: Cipla leads generic entry in gOfev (six-player market currently)

with 50% share. 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 maintains share in gPromacta: After a strong launch, Zydus has now largely maintained

its share (now at 17%) 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. This period is now complete, and there is additional competition in the

product.