1. Semaglutide franchise - Alkem launched semaglutide injection in India on day one of patent expiry in March 2026, priced from ₹1,800 per month, and has already captured \~11% unit market share. Management calls this a top FY27 priority that will propel chronic and overall India growth, with U.S. filing expected in \~1.5 years.
2. Occlutech acquisition - The \~₹1,100 crore acquisition of Occlutech, the world's #3 in cardiac occluders with 23% European share, closed mid-July 2026, funded entirely from internal accruals. FY27 target is \~₹400 crore sales with breakeven EBITDA, rising to 23-24% EBITDA in 3 years, plus a PFO occluder U.S. launch expected June 2027 at \~$9,500 ASP.
3. U.S. generics momentum - U.S. sales grew 20.3% in FY26 to ₹2,984.5 crore, with FY27 guidance of high single-digit growth on a dollar basis excluding CDMO. Five ANDA approvals came in Q1 FY27 alone, and the portfolio is shifting toward complex generics in injectables and oncology.
4. Tolvaptan generic launch - U.S. approval is in hand for tolvaptan, with launch expected this quarter in a limited-competition market. Contribution lands in H2 FY27, adding a high-value product to the U.S. launch calendar.
5. Enzene U.S. CDMO ramp - The Pennington, New Jersey biologic CDMO plant is commissioned and running at ₹15-20 crore quarterly revenue, with an asset-turnover target of \~1 implying ₹300 crore annual run rate in 12-18 months. Management targets FY28 for meaningful revenue of ₹200-300 crore, in a higher-gross-margin business than the corporate average.
6. Denosumab biosimilar U.S. entry - U.S. filings are made for both Prolia and Xgeva biosimilars, with possible launch by Q1 FY27 and a streamlined FDA pathway that eliminates Phase 3 requirements. The U.S. market is the high-value opportunity; Europe approval is already received with a partner in place.
7. Non-U.S. international expansion - Non-U.S. international sales grew 34.5% YoY in Q1 FY27 to ₹478.5 crore, with Germany growing 35-40% and double-digit growth across key markets. Management expects sustained double-digit growth, supported by a new Dubai trading subsidiary incorporated March 2026 to export to Africa and Southeast Asia.
8. Chronic portfolio shift - Chronic business is now \~22% of branded generics, growing 17.9% in Q1 FY27 versus IPM's 15.4%, with \~1,200 medical representatives added recently. The anti-diabetic segment, where Alkem ranks top-four post-loss-of-exclusivity with revenues exceeding ₹25 crore, is a key driver.
9. Alkem MedTech orthopaedics - The ortho business is growing 50% quarter-on-quarter with 150+ repeat customers, targeting \~₹1,000 crore revenue with 20-25% EBITDA in 3-5 years. Knee implants launch in Q2 FY27 and hip implants in Q4 FY27, with the business expected to break even in the next 12 months.