Zydus, Glenmark lead pharma growth in August; semaglutide generics sales rise 2%: Nomura

As per the latest business developments, Zydus Lifesciences and Glenmark Pharma recorded the highest expansion among Nomura's coverage universe in August 2026, while semaglutide generics sales rose 2% month-on-month, the brokerage stated in its September 8 note. The India pharmaceuticals market (IPM) grew 10.7% year-on-year in August, fuelled by price increases of 6.1%, new product launches of 3.5% and volume expansion of 1.1%.

"After a lull in CY24 and CY25, IPM expansion has picked up in CY26 and has been trending in double-digits in CY26, to date," Nomura stated. It attributed the recovery to "the low volume in the base, a pick-up in new launch contribution like GLP-1 (~60bp), a pick-up in chronic therapies such as cardiac and oncology, and firm expansion in VMNs (Vitamins, Minerals and Nutrients) and gynaecology".

In terms of value, Zydus and Glenmark recorded the highest expansion among Nomura's coverage universe. For MAT August 2026, Glenmark grew 14.9% y-o-y, followed by Torrent Pharma at 14.8% and Zydus at 14.1%.

GLP-1 drives anti-diabetes expansion

Among large therapies, VMNs grew the fastest in August, followed by cardiac and anti-diabetes. While VMN and cardiac expansion was largely fuelled by price, anti-diabetes expansion was largely fuelled by new product launches, with GLP-1 contributing around 53% to the segment's expansion.

"Overall price gain has remained steady at 5-6%," Nomura stated. It further noted that while the cyclical expansion recovery is positive, "the structural threat to market expansion from trade generics and private-label medicines stays".

Sun Pharma leads prefilled semaglutide devices

Semaglutide sales, including generics and innovator products, grew 1% m-m in August, with generics rising 2%. Injectables grew 4%, while oral solid sales declined 6%.

Seventeen generic firms have rolled out semaglutide in India since patent expiry on March 20, 2026, with 15 rolling out the drug in prefilled devices. Sun Pharma maintained its leadership in the prefilled-device segment with a 21% market share in August.

Eris' share rose to 13% from 10% in July, while Hetero's increased to 6% from 3% following its manufacturing partnership with Dr Reddy's.

In the reusable cartridge segment, Torrent surpassed Zydus to become the market leader with a 34% share. "That stated, Torrent in-licenses this product from Zydus," Nomura stated. Zydus led in terms of manufacturers' share at 20%.

Torrent additionally remained the leader in oral solids, with a 90% market share. Nomura estimates around 299,000 patients, up 3% m-m, were using generic semaglutide in August, with around 80% using injectables and 20% oral solids.