Alembic US revenue rose 77% to Rs 1,003 crore in Q2 FY27

Alembic Pharmaceuticals Limited reported US business revenue of Rs 1,003 crore in Q2 FY27, up 77% from Rs 566 crore a year earlier, according to its dedicated US Business disclosure. Alembic launched 10 products in H1 FY27, had 245 approved abbreviated new drug applications, and identified US formulations as 39% of its Q2 revenue mix.

How fast did Alembic's US business grow in Q2 FY27?

Alembic's dedicated US Business page reports 77% year-on-year growth to Rs 1,003 crore in Q2 FY27 from Rs 566 crore in Q2 FY26. The increase was Rs 437 crore, while the presentation's five-year US revenue series shows growth from Rs 1,666 crore in FY22 to Rs 2,206 crore in FY26, a stated compound annual growth rate of 7%.

The US Business page makes the US the fastest-growing disclosed geography in Q2 FY27. India Branded Business grew 14% to Rs 725 crore, Ex-US formulations rose 12% to Rs 440 crore, and active pharmaceutical ingredients, or API, revenue increased 39% to Rs 436 crore. Total revenue increased 36% to Rs 2,603 crore from Rs 1,910 crore.

Alembic's presentation contains a difference in its US revenue disclosures. The business-level table lists US formulations revenue of Rs 910 crore in Q2 FY27, compared with Rs 566 crore in Q2 FY26, while the dedicated US Business page lists Rs 1,003 crore and 77% growth using the same prior-year base. Alembic does not reconcile the Rs 93 crore difference in the presentation.

What drove Alembic's US expansion in H1 FY27?

Alembic attributes its US activity to product launches, a diversified pipeline, and a sharper focus on complex platforms and specialty segments. It launched 10 products in H1 FY27, taking its cumulative number of commercialised products to 188, and said commercial traction was building at Alembic Therapeutics, its branded platform.

The H1 FY27 research and development disclosure records 11 abbreviated new drug application, or ANDA, approvals, including two tentative approvals, and 10 product launches. Oral solid dosage products accounted for five launches, oral-solid oncology for two, injectables for two and dermatology for one. The approval and launch activity therefore extended across four dosage-form categories.

Alembic does not disclose revenue generated by individual launches, complex platforms, specialty products or Alembic Therapeutics. The presentation supports that these initiatives coincided with the 77% US revenue growth, but it does not assign a specific share of the revenue increase to any product, dosage form or branded-business activity.

How large is Alembic's US approval and launch portfolio?

Alembic had 245 approved ANDAs, including 20 tentative approvals, from 283 cumulative ANDA filings as of Q2 FY27. Oral solids represented 165 approvals, followed by dermatology with 33, ophthalmics with 23, injectables with 22 and inhalation with two. The approval portfolio exceeds the 188 products commercialised by 57.

During Q2 FY27, Alembic filed five ANDAs and received one approval, according to the US Business page. The separate H1 FY27 research and development table records 11 approvals, including two tentative approvals, across dosage forms. Alembic provides both figures but does not identify the timing of each H1 approval in the quarterly US update.

Oral solids accounted for 165 of 245 approved ANDAs, or the largest component of the portfolio, while the four other dosage-form categories represented 80 approvals. Management said it was focusing more sharply on complex platforms and specialty segments, but the presentation gives no numerical target for future US approvals, launches or revenue from those areas.

How important was the US market to Alembic's Q2 FY27 revenue?

Alembic identifies US formulations as 39% of Q2 FY27 revenue, ahead of India Branded Business at 28%, Ex-US formulations at 17% and API at 16%. This makes the US the largest displayed business contributor by sales mix in the quarter. The 39% share aligns more closely with the dedicated US Business page's Rs 1,003 crore figure than with the Rs 910 crore figure in the business-level table.

The business-level table reports US formulations revenue of Rs 778 crore in Q1 FY27 and Rs 910 crore in Q2 FY27, while labelling the quarter-on-quarter increase as 29%. For H1 FY27, that same table reports US revenue of Rs 1,781 crore, up 64% from Rs 1,089 crore in H1 FY26. Company total revenue rose 31% over that half-year period, from Rs 3,621 crore to Rs 4,753 crore.

At the company level, Alembic reported earnings before interest, tax, depreciation and amortisation of Rs 578 crore in Q2 FY27, up 78% year on year, and profit after tax of Rs 335 crore, up 81%. Gross margin increased 70 basis points to 73.7%, while research and development spending was 8% of revenue. The presentation says margin expansion in the base portfolio is funding research and development for specialty portfolios and the US branded platform.

Conclusion

Alembic's Q2 FY27 presentation shows the US as its largest disclosed business by revenue mix, with the dedicated US page reporting Rs 1,003 crore of revenue and 77% annual growth. The increase accompanied 10 H1 product launches, 11 H1 approvals and a cumulative base of 245 approved ANDAs, while India Branded Business, Ex-US formulations and API also delivered double-digit growth.

The next disclosures to watch are further ANDA filings and approvals, launches from the 245-approval portfolio, and management's stated push into complex platforms, specialty segments and the US branded platform. Alembic's next presentation may also clarify the difference between the Rs 910 crore US formulations figure in its business-level table and the Rs 1,003 crore amount on its dedicated US Business page.