Towards Healthcare

Branded Generics Companies and Corporate Growth

Date : 05 November 2025

Leading Innovators in the Branded Generics Market

  • Sun Pharmaceutical Industries Ltd.
  • Sandoz (Novartis)
  • Teva Pharmaceutical Industries Ltd.
  • Viatris (Mylan/Upjohn)
  • Cipla Ltd.
  • Dr. Reddy’s Laboratories Ltd.
  • Lupin Ltd.
  • Aurobindo Pharma Ltd.
  • Zydus Cadila (Cadila Healthcare Ltd.)
  • Glenmark Pharmaceuticals Ltd.
  • Torrent Pharmaceuticals Ltd.
  • Mankind Pharma Pvt. Ltd.
  • Abbott Laboratories
  • Pfizer Inc.
  • Hikma Pharmaceuticals plc
  • Jubilant Life Sciences / Jubilant Pharma
  • Alembic Pharmaceuticals Ltd.
  • Emcure Pharmaceuticals Ltd.
  • Natco Pharma Ltd.
  • Aspen Pharmacare Holdings Ltd.

Company Profile with Statistical Data

Company Headquarters Established Year Annual Revenue (Recent)
Sun Pharmaceutical Industries Ltd. Mumbai, India 1983 ₹525.78 billion (FY2025)
Sandoz Group AG Basel, Switzerland 1886 (spun off 2023) USD 10 billion+ (FY2024)
Teva Pharmaceutical Industries Ltd. Petah Tikva, Israel 1901 USD 16.5 billion (FY2024)
Cipla Ltd. Mumbai, India 1935 ₹27,547 crore (FY2025)

Sun Pharmaceutical Industries Ltd.

Overview

  • Headquartered in Mumbai, India; established in 1983 by Dilip Shanghvi.

  • India’s largest pharmaceutical company and a global leader in specialty generics.

  • Operates in over 100 countries across therapeutic areas like dermatology, oncology, and cardiology.

Role & Responsibilities

  • Develops, manufactures, and markets formulations and APIs.

  • Ensures compliance, quality, and innovation across its R&D and manufacturing facilities.

  • Focuses on specialty drugs, global expansion, and healthcare access.

Annual Revenue (Recent)

  • FY2025 revenue: approximately ₹525.78 billion with 8.4% growth.

  • Specialty segment contributed over 18% of total sales.

  • R&D investment stood at around 6.7% of total revenue.

Recent Updates

  • Reported strong quarterly profit with robust demand in rare-disease portfolio.

  • Expanding specialty medicine business in dermatology and ophthalmology.

  • Strengthening global footprint through new product launches and partnerships.

Sandoz Group AG

Overview

  • Headquartered in Basel, Switzerland; originally founded in 1886, spun off from Novartis in 2023.

  • A global leader in generics and biosimilars, operating in over 100 countries.

  • Focuses on making high-quality medicines accessible worldwide.

Role & Responsibilities

  • Develops and distributes generic medicines, biosimilars, and APIs.

  • Drives sustainable access through efficient production and regulatory excellence.

  • Prioritizes affordability, innovation, and environmental responsibility.

Annual Revenue (Recent)

  • FY2024 revenue exceeded USD 10 billion.

  • Core EBITDA reached USD 2.1 billion with a 20% margin.

  • Over 900 million patient treatments delivered annually.

Recent Updates

  • Completed separation from Novartis, becoming a standalone company.

  • Expanding biosimilar pipeline and global market share.

  • Strengthened portfolio through strategic R&D and digital initiatives.

Teva Pharmaceutical Industries Ltd.

Overview

  • Headquartered in Petah Tikva, Israel; founded in 1901.

  • Among the world’s largest generic drug manufacturers.

  • Operates across over 60 countries with both generic and branded portfolios.

Role & Responsibilities

  • Manufactures and markets generics, specialty drugs, and APIs.

  • Focuses on neuroscience, respiratory, oncology, and chronic disease therapies.

  • Committed to innovation, efficiency, and sustainable healthcare solutions.

Annual Revenue (Recent)

  • FY2024 revenue: around USD 16.5 billion, up 4.4% year-over-year.

  • Continued strong growth in generics and key brands like Austedo® and Ajovy®.

  • Improved margins through cost optimization and restructuring.

Recent Updates

  • Achieved second consecutive year of growth in 2024.

  • Strengthened global leadership in complex generics.

  • Enhanced operational efficiency and reduced long-term debt.

Cipla Ltd.

Overview

  • Headquartered in Mumbai, India; founded in 1935.

  • Global pharmaceutical firm with presence in 80+ countries.

  • Known for respiratory, antiviral, and chronic therapy innovations.

Role & Responsibilities

  • Manufactures and markets a wide range of generics and APIs.

  • Invests in innovation, inhalation technology, and complex generics.

  • Focuses on patient accessibility, sustainability, and digital transformation.

Annual Revenue (Recent)

  • FY2025 revenue: approximately ₹27,547 crore with ~7% growth.

  • PAT growth of 28% and EBITDA margin around 25.9%.

  • Strong domestic and export performance driving profitability.

Recent Updates

  • Posted record quarterly profit in FY25.

  • Announced long-term growth targets and sustainability goals.

  • Expanding AI-driven drug development and digital healthcare initiatives.

Market Growth

The global branded generics market size is calculated at US$ 383.1 billion in 2025, grew to US$ 415.54 billion in 2026, and is projected to reach around US$ 867.21 billion by 2035. The market is expanding at a CAGR of 8.47% between 2026 and 2035.

Branded Generics Market Size 2024 to 2035

Branded Generics Market – Value Chain Analysis

R&D

The R&D process for branded generics is a strategic, reverse-engineering strategy that develops a bioequivalent, cost-effective form of an innovator drug once its patent expires.

Key Players: Teva and Viatris

Clinical Trials

Clinical trials for branded generics mostly involve bioequivalence research, which is a type of clinical trial intended to prove that the generic drug is substitutable with the original branded drug.

Key Players: Sun Pharma and Dr. Reddy's Laboratories

Patient Services

Patient services for branded generics are intended to build brand recognition, improve patient confidence, and enhance treatment adherence, which is specifically important since branded generics carry a brand name but not the innovator's premium price.

Key players: Lupin Limited and Zydus Lifesciences

Recent Developments in the Branded Generics Market

  • In October 2025, Biocon Biologics Ltd. (BBL), a fully integrated global biosimilars company and subsidiary of Biocon Ltd., announced expansion of its strategic collaboration with Civica, Inc. to include a new Insulin Glargine medicine that will benefit patients in the United States by increasing the supply of high-quality, affordable insulins.
  • In October 2025, Viatris Inc., a global healthcare company, announced it had acquired Aculys Pharma, Inc., a clinical-stage biopharmaceutical company focused on commercializing innovative treatments for neurological conditions. Viatris received rights to develop and commercialize pitolisant and Spydia®, two assets in the Central Nervous System (CNS) therapy area, further expanding Viatris' portfolio of innovative products in Japan. 
  • In September 2025, ITOCHU Corporation announced that it had agreed with AND PHARMA Co., Ltd., a pharmaceutical industry group focused on pharmaceutical manufacturing, to acquire shares in AND PHARMA and make it one of its equity-method affiliates.
  • In August 2025, Teva Pharmaceuticals, Inc., a U.S. affiliate of Teva Pharmaceutical Industries Ltd., announced the FDA approval and U.S. launch of a generic version of Saxenda (liraglutide injection). This approval and launch add to Teva’s continued commitment to its complex generic medicine portfolio as part of its Pivot to Growth Strategy.

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