The exports of the Indian pharmaceutical sector have witnessed a solid performance in the January to March quarter (Q4) of the 2024-25 fiscal year (FY25), with Contract Development and Manufacturing Organisations (CDMO) emerging as key growth drivers.

According to Phillip Capital, the latest export data highlights robust momentum, particularly for companies engaged in producing generic versions of high-demand drugs such as Revlimid and Mirabegron.

Zydus Life

has reported an exceptional quarter, driven primarily by its exports of the generic version of Revlimid. The company recorded exports worth ₹1,240 crore in February 2025 alone, marking the highest single-month sales since it began supplying the drug.

CDMO-focused companies have outperformed in Q4, with Laurus Labs and Syngene International delivering remarkable growth figures. Laurus Labs registered a quarter-on-quarter growth of approximately 62%, bolstered by its new CDMO compound supply to Pfizer, valued at around $17 million. Additionally, its anti-retroviral (ARV) formulations have shown unexpected strength in export markets, adding to the company’s overall strong performance.

Syngene International also posted impressive growth, with exports surging by 65% in Q4.

Despite strong CDMO growth, the generic drug segment remains under pressure. The sluggishness observed in Q2 and Q3 persisted in Q4, impacting overall performance in this category.

Cipla and Lupin have recorded significant gains in their inhalation product, Albuterol. Cipla reported a 103% year-on-year increase in Albuterol exports, while Lupin posted a 41% rise. However, despite this success, Lupin has experienced some overall softness in its export numbers for the quarter.

Sun Pharma and Zydus Life delivered robust numbers on both a quarter-on-quarter and year-on-year basis, however, Aurobindo Pharma, IPCA Laboratories, Unichem Laboratories, and Divi’s Laboratories reported relatively lacklustre export growth, failing to generate much excitement among investors.