Top 20 Generics Pharma Companies Based on 2022 Revenue

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Safe, reliable, efficacious, and most importantly cost-effective, it won’t be wrong to ascribe generic drugs as the advocate for health equity. Generic drugs have indispensably aided the healthcare needs of developing and under-developed countries
In 2022, the global market size of generic drugs was valued at $411.99B and is envisioned to reach $613.34B by 2030 with a CAGR of 5.10%. This year (2022) Teva holds the first position with a revenue of $8.6B followed by Sandoz, prior a Novartis subsidiary and Sun Pharma with revenues of $6.78B and $5.34B
PharmaShots brings a concise report on the Top 20 Generics Pharma Companies based on 2022 revenue

20. Hikma

Generic Segment Revenue: $672M

Founded Year: 1978

Market Cap: $5.51B

Total Employees: ~8,800

Headquarters: London, United Kingdom

Stock Exchange: LON

A multinational UK-based biopharma company, Hikma develops, and commercializes therapeutic entities. The company functions under its three major business segments, including Injectables, Branded Products, and Generics
Cardiology, Neurology, Oncology, Respiratory, and Anti-infectives are the therapy areas as the primary targets of Hikma. Under its Generic business, the company provides oral and other non-injectable generic and specialty products to the US retail market
Its total Generic segment revenue in 2022 decreased by 18.05% as compared to 2021. The fall in the company’s generic business was attributed to the impact of intense competition in the US market leading to a low double-digit price erosion and mid-single-digit volume erosion

19. Sawai

Generic Segment Revenue: $1.23B

Founded Year: 1929

Market Cap: $1.33B

Total Employees: ~2,600

Headquarters: Osaka, Japan

Stock Exchange: TYO

A Japan-based healthcare company, Sawai develops, manufactures, and commercializes various pharmaceutical entities. The company dedicatedly develops generic and proprietary products
Cardiology, Diabetes, Antihyperlipidemic, Oncology, and OTC drugs are the key focus areas of Sawai. The company is also indulged in Medical Devices, Digital Therapy, Health Food, and New Drug Business
In 2022, Sawai’s Generic segment revenue decreased by 22.78% as compared to 2021. The decline in overall sales was attributed to the change in the currency exchange rate

18. Towa

Generic Segment Revenue: $1.25B

Founded Year: 1951

Market Cap: $958M

Total Employees: ~4,300

Headquarters: Osaka, Japan

Stock Exchange: TYO

Towa Pharmaceutical Co. is a Japan-based pharmaceutical company that produces generic drugs for the pharmaceutical industry
The company mainly focuses on research and development of innovative initiatives to develop generics for the betterment of human health
In 2022, Towa’s total revenue dropped by 2.25% as compared to 2021. The decline in the company’s sales was led by the change in the currency exchange rate

17. Amneal

Generic Segment Revenue: $1.43B

Founded Year: 2002

Market Cap: $1.23B

Total Employees: ~7,600

Headquarters: Ahmedabad, India

Stock Exchange: NYSE

A multinational pharmaceutical company, Amneal develops, manufactures, markets, and commercializes various pharmaceutical products
The company produces essential medicines, including Generics, Injectables, Biosimilars, and Specialty Branded Pharmaceuticals. Amneal majorly targets therapy areas, including Cardiology, Neurology, Oncology, Inflammation, Anti-infectives, Dermatology, Endocrinology, Diabetes, and Urology
The company’s 2022 Generic segment revenue spiked by 4.81% vs. 2021. The rise in the Generic segment sales was led primarily by new product launches by the company in 2022 and 2021

16. Stada

Generic Segment Revenue: $1.54B

Founded Year: 1895

Market Cap: N/A

Total Employees: ~13,000

Headquarters: Bad Vilbel, Germany

Stock Exchange: N/A

Stada, a Germany-based pharma company, develops, manufactures, and commercializes therapeutic entities for the betterment of human health
The company delivers products under its business segments, including Generics, Consumer Healthcare, and Specialty. Stada's 2022 Generic segment revenue rose by 0.4% as compared to 2021
The rise in revenue was attributed to the recent launch of new products, including Abiraterone, Lenalidomide, Pirfenidone, and Sitagliptin, that helped reinstate the company’s position in the European market

15. Glenmark

Generic Segment Revenue: $1.58B

Founded Year: 1977

Market Cap:  $2647M

Total Employees: ~15,560

Headquarters: Mumbai, India

Stock Exchange: NSE

A research-based global pharmaceutical company, Glenmark is accredited to produce various pharmaceutical entities. The company holds a renowned position in the Branded Generic, Generic, Specialty, and OTC business. Oncology, Respiratory, and Dermatology are the key therapy areas that the company targets
Under its generic segment, the company develops multiple double and triple combination products for anti-diabetic, respiratory, and cardiac portfolio

In 2022, Glenmark’s Generic segment revenue decreased by 2.42% as compared to 2021. The drop in the total revenue was attributed to the change in the currency exchange rate

14. KRKA

Generic Segment Revenue: $1.84B

Founded Year: 1954

Market Cap:  $4148M

Total Employees: ~11,600

Headquarters: Novo Mesto, Slovenia

Stock Exchange: WSE

Krka is a multinational pharma company that develops and markets generic healthcare products

The company is in the business of producing prescription and non-prescription pharmaceutical products along with animal healthcare products. Therapy areas upon which the company focuses are Cardiology, Respiratory, Neurology, and Urinary Tract Infections
In 2022, Krka’s total Generic segment revenue increased by 3.47% as compared to 2021. The increase in the sales of the company’s Generic segment was accredited to the increased product sales volume

13. Zydus

Generic Segment Revenue: $1.85B

Founded Year: 1952

Market Cap: $1.71B

Total Employees: ~12,000

Headquarters: Ahmedabad, India

Stock Exchange: NSE

A multinational life science company, Zydus discovers and develops pharmaceutical products. The company has been an integral part of the healthcare sector and is involved in the business of providing formulations, active pharmaceutical ingredients (APIs), and animal healthcare products
Anti-infectives, Cardiology, Dermatology, Gastrointestinal, Gynecology, Respiratory, and Pain Management, among others, are the key therapy areas at the company’s target. Moreover, Biologics, Vaccines, and Specialty and Complex Generics are the three business segments under which Zydus operates
As compared to 2021, in 2022, Zydus noted a decline in its Generic segment revenue by 2.03%. The drop in the company’s revenue was attributed to the decreased sales of its Generic products

12. Mallinckrodt

Generic Segment Revenue: $1.91B

Founded Year: 1867

Market Cap: $0.771M

Total Employees: ~2,700

Headquarters: Dublin, Ireland

Stock Exchange: OTCMKTS

Mallinckrodt is a global biopharma company that develops, manufactures, markets, and distributes pharmaceutical products and therapies
The company mainly focuses on therapy areas, including Autoimmune, Rare Diseases, Neurology, Rheumatology, Hepatology, Nephrology, Pulmonary, Ophthalmology, and Oncology. Mallinckrodt operates under two business segments, i.e., Specialty Brands and Specialty Generics. Under its Generic business, the company provides specialty generic drugs and active pharmaceutical ingredients (APIs)
Mallinckrodt’s 2022 Generic segment revenue decreased by 13.33% as compared to the year 2021. This decline can be attributed to the decrease in the combined net sales of API and generics

11. Lupin

Generic Segment Revenue: $2.03B

Founded Year: 1968

Market Cap: $6.31B

Total Employees: ~20,900

Headquarters: Mumbai, India

Stock Exchange: NSE

An Indian multinational pharma company, Lupin develops and delivers a wide range of pharmaceutical products. The company provides Branded and Generic Formulations, Biosimilars, and Active Pharmaceutical Ingredients (APIs)
Anti-tuberculosis, Respiratory, Diabetes, Cardiology, CNS, Gynecology, and Gastrointestinal are the major therapy areas upon which the company focuses
In 2022, Lupin's revenue decreased by 6.37% as compared to 2021. This decline in sales was attributed to the change in the currency rate exchange

10. Aspen

Generic Segment Revenue: $2.49B

Founded Year: 1997

Market Cap: $3.98B

Total Employees: ~8,900

Headquarters: Durban, South Africa

Stock Exchange: JSE

Aspen is a multinational biopharma company that develops and commercializes post-patent, branded medicines, and domestic brands, covering both the hospitals and consumer markets through its key business segments
The company functions under the business segments, including Manufacturing and Commercial Pharmaceuticals, which contain Regional Brands and Sterile Focus Brands. It provides sterile injections, oral solid doses, liquids, semi-solids, biologicals, and APIs to the pharmaceutical market
In 2022, the total Generic segment revenue of Aspen went up by 5.45% as compared to 2021. The rise in the segment revenue was led by the increase in the company’s sales in 2022 as compared to the previous year

9. Dr.Reddy

Generic Segment Revenue: $2.6B

Founded Year: 1984

Market Cap: $10.97B

Total Employees: ~24,800

Headquarters: Hyderabad, India

Stock Exchange: NSE

An India-based multinational healthcare firm, Dr. Reddy’s Laboratories develops and commercializes generic formulations and proprietary products to treat various health conditions
The company mainly focuses on Oncology, Cardiology, Dermatology, Gastroenterology, Neurology, and Pain Management. The company functions under three business segments which are, Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Others

In 2022, the company’s Generic segment revenue boosted by 19.31% as compared to 2021. The rise in the company’s generic sales was attributed to the launch of new products and a strong performance seen across North America, India, and Europe

8. Cipla

Generic Segment Revenue: $2.77B

Founded Year: 1935

Market Cap: $11.2B

Total Employees: ~25,000

Headquarters: Mumbai, India

Stock Exchange: NSE

Cipla is a biopharma company that develops and delivers complex generic products across a wide range of therapy areas
The company primarily focuses on Respiratory, Urology, Cardiology, Neurology, Anti-infectives, and Anti-retroviral diseases. Generics, Over the Counter (OTC), Specialty, and Digital and Diagnostics are the business segments under which the company functions

Cipla’s 2022 generic segment revenue dropped by 3.36% as compared to 2021. This decrease in Generic sales was attributed to the change in the currency exchange rate

7. Fresenius Kabi

Generic Segment Revenue: $2.88B

Founded Year: 1999

Market Cap: $16.53B

Total Employees: ~316,900

Headquarters: Bad Homburg, Germany

Stock Exchange: ETR

A German multinational healthcare firm, Fresenius Kabi develops various pharmaceutical products. The company manufactures and delivers Generic Drugs, Infusion Therapies, and Clinical Nutrition Products

Oncology and Autoimmune Diseases, among others, are the major therapy areas that the company targets. The company functions under the business segments, including Fresenius Medical Care, Fresenius Kabi, Fresenius Helios, and Fresenius Vamed. Generics are sold under its business segment, Fresenius Kabi.
In 2022, Fresenius’ total Generic segment revenue dropped by 9.67% as compared to 2021

6. Aurobindo Pharma

Generic Segment Revenue: $3.03B

Founded Year: 1986

Market Cap: $6.34B

Total Employees: ~33,000

Headquarters: Hyderabad, India

Stock Exchange: NSE

Aurobindo Pharma, an Indian pharmaceutical company with a global presence develops and commercializes advanced medicines across a wide range of therapeutic areas
The company focuses on Neurology, Cardiology, Gastroenterology, Immunology, Oncology, Anti-retroviral Diseases, and Diabetes
In 2022, Aurobindo Pharma reported a decline in its overall generic segment revenue by 2.05% vs 2021. The drop in the company’s sales could be attributed to the change in the currency exchange rate

5. Biocon

Generic Segment Revenue: $3.21B

Founded Year: 1978

Market Cap: $3.7B

Total Employees: ~16,500

Headquarters: Bengaluru, India

Stock Exchange: NSE

An Indian biopharma company, Biocon develops and commercializes various chemical entities, including generic APIs across many therapy areas. Cardiology, Oncology, Immunology, and Autoimmune indications are the therapy areas that the company majorly targets
Biocon runs its business across over 75 countries, including the United States and Europe. Under its generic segment, the company provides complex APIs integrated in the form of finished dosage forms, including solid dosage forms, vials, pre-filled syringes, auto-injectors, etc.
In 2022, Biocon’s generic business increased by 4.12% as compared to 2021. API sales, primarily those for immunosuppressants, specialty APIs, and new launches were responsible for the rise in the company’s generic sales

4. Viatris

Generic Segment Revenue: $5.01B

Founded Year: 2020

Market Cap: $11.59B

Total Employees: ~38,000

Headquarters: Pennsylvania, United States

Stock Exchange: NASDAQ

A global healthcare company based out of America, Viatris develops and delivers Branded Generics, and Complex Generics across multiple therapeutic areas
The company provides therapeutic entities to treat acute and chronic diseases. Under its Complex Generic Drugs section, the company provides a wide range of products, including Wixela Inhub (the generic version of Advair Diskus) and Glatiramer acetate injections (the generic version of Copaxone)
As compared to 2021, Viatris faced a recession in its global generic sales by 10.92% in 2022. The dip in overall generic segment revenue was attributed to the decreased sales of the company’s generic products along with the unfavorable impact of foreign currency translations as compared to the previous year

3. Sun Pharma

Generic Segment Revenue: $5.34B

Founded Year: 1983

Market Cap: $32.44B

Total Employees: ~41,000

Headquarters: NSE

Stock Exchange: Mumbai, India

An Indian multinational pharmaceutical company, Sun Pharma develops and commercializes Generics, Branded Generics, Specialty, Complex or Difficult-to-make Technology-Intensive Products OTC, ARVs, APIs, and Intermediates for chronic and acute therapies
Sun Pharma produces a broad range of dosage forms, including pills, capsules, injectables, sprays, ointments, creams, liquids, and drug delivery systems. The company mainly focuses on therapy areas, including Dermatology, Ophthalmology, and Onco-Dermatology
In 2022, Sun Pharma noted an increase in its total generic business by 4.94% vs 2021. The rise in sales was attributed to the growth in the US and Indian markets

2. Sandoz

Generic Segment Revenue: $6.78M

Founded Year: 2003

Market Cap: $222.6B

Total Employees: ~10,000

Headquarters: Basel, Switzerland

Stock Exchange: SWX

Sandoz, earlier a part of Novartis till Oct 4, 2023, is now a standalone organization focused on generics and biosimilars. With Sandoz, Novartis dedicatedly developed generic pharmaceuticals and biosimilars under three business segments, including Retail Generics, Anti-Infectives, and Biopharmaceuticals
The company develops, manufactures, and markets finished dosage forms of small-molecule pharmaceuticals for third parties under Retail Generics for a wide range of therapy areas, including Anti-Infectives. Amoxicillin/clavulanic acid, Zoledronic acid, Acetylcysteine, and Tacrolimus are the products developed by the company under Retail Generics

As compared to 2021, Sandoz reported a decline in its 2022 generic business by 4.45%. The decreased revenue was led by the falling sales of the company’s Retail Generics across the globe except in the United States

1. Teva

Generic Segment Revenue: $8.6B

Founded Year: 1976

Market Cap: $9.41B

Total Employees: ~36,830

Headquarters: Petah Tikva, Israel

Stock Exchange: NYSE

A multinational pharmaceutical company based in Israel, Teva Pharmaceutical develops and commercializes Specialty Medicines, OTC, Biopharma, and Generic products. The company operates through three business segments viz North America, Europe, and International Markets
Teva provides active ingredients (API) to third parties, certain contract manufacturing services, and an out-licensing platform. It manufactures and sells medicines in a variety of dosage forms, including tablets, capsules, injectables, inhalants, liquids, transdermal patches, ointments, and creams

The company’s 2022 revenue dropped by 4.29% as compared to 2021. The decrease in the company’s overall sales was attributed to the decline in its US sales led by increased competition to parts of its portfolio along with supply disruptions

Sources:

Annual reports
SEC Filings

Press Releases
Company Websites

Market Cap Source: Google Finance (10th Oct 2023)

Currency Conversion: X-Rates (10th Oct 2022)

Note:

All revenues are reported in $B
The revenue for Fresenius Kabi was marked based on its CAGR value for its Generic business
The revenue for Sawai Increased in JPY but Decreased in USD (Due to Currency Rate Drop)
The revenue for Towa Pharmaceutical Co. Increased in JPY but Decreased in USD (Due to Currency Rate Drop)
The revenue for Glenmark Increased in INR but Decreased in USD (Due to Currency Rate Drop)

The revenue for Lupin Increased in INR but Decreased in USD (Due to Currency Rate Drop)
The revenue for Cipla Increased in INR but Decreased in USD (Due to Currency Rate Drop)
The revenue for Aurobindo Pharma Increased in INR but Decreased in USD (Due to Currency Rate Drop)