OneSource Specialty Pharma is gearing up to support the global launch of a generic anti-diabetes and obesity medication in early 2026, which, chief executive officer Neeraj Sharma says, will be a pivotal moment in the Bengaluru-based CDMO firm’s growth trajectory.
The patent for semaglutide, the active ingredient in Danish drugmaker Novo Nordisk's blockbuster weight-loss and diabetes drugs Ozempic and Wegovy, is set to expire in more than 100 countries, including key markets like India, Canada (January) and Brazil (March). It will allow generic drugmakers to produce cheaper versions of the drugs, which are in huge demand despite the price tag.
“The semaglutide launch is not just another product in our pipeline; it is a strategic imperative that will redefine our growth trajectory for the next five years,” Sharma said in an interview to Moneycontrol.
The company is positioning itself as a fully integrated contract development and manufacturing organisation capable of delivering end-to-end GLP-1 solutions, looking to double its revenue to $400 million over the next three years.
The company’s customers include large generic pharmaceutical companies, which have already filed for regulatory approvals in key markets to enable Day 1 launches, Sharma said.
It is channelling a significant portion of a $100 million capital expenditure into preparing for the launch.
“We are preparing to be a Day 1 launcher. All our efforts, from manufacturing to supply chain, are aligned to ensure we have a significant market presence from the outset,” Sharma said.
OneSource is investing in drug-device combination capabilities, especially for GLP-1 therapies like semaglutide.
Glucagon-like peptide-1 (GLP-1) is a peptide hormone that plays a crucial role in regulating blood sugar levels and food intake.
It is expanding cartridge filling capacity by 5x, anticipating high demand after the patent expires.
Currently, it has 40 million cartridges, with plans to scale to 200 million over the next 18–24 months.
“We are an end-to-end supplier,” Sharma said. “We procure API, do pre-finish, full assembly, packing, and the product that leaves our factory gate is the one opened by the patient.”
The market for these GLP-1 agonist drugs is projected to exceed $100 billion globally by the end of the decade and the entry of generics is expected to reshape the landscape for diabetes and obesity treatment.
OneSource is among a handful of Indian companies poised to compete for a piece of this multi-billion dollar market from day one.
Revenue Outlook and Expansion Plans
OneSource, which doubled its revenue from $85 million to $170 million in the past two years, is now targeting $400 million in the next three years.
Sharma attributes the growth to rising demand for GLP-1 therapies, drug-device combinations and expanded soft gelatin capacity.
“Semaglutide will be a big part of it,” Sharma said. “Once generics come into play, access will drive demand. Canada, Brazil, India, and Saudi Arabia are among the biggest markets.”
The company is guiding for revenue growth of 20-25 percent in FY26 against 14 percent in FY25. Management expects Semaglutide to contribute at least 10-12 percent to revenue in its first full year of sales.
This growth is expected to be accompanied by a healthy boost to margins. OneSource is projecting its EBITDA margin to expand to 25-27 percent in FY26, up from 22.4 percent in the year gone by. High-margin profile of complex injectable products such as Semaglutide, a departure from the company's traditional oral solids business, will play a big role in it.
“Our focus on complex generics is a conscious strategy to move up the value chain,” Sharma said. “Products like Semaglutide and other peptides in our pipeline will be the key drivers of margin expansion moving forward”.
A major part of the $100 million capex will go towards the company’s new injectable facility in Visakhapatnam, critical for manufacturing Semaglutide and other peptide-based products.
The company is also investing in lyophilization (freeze-drying) capabilities and dedicated peptide synthesis lines.
While the opportunity is significant, Sharma acknowledged the impending competition.
“We are not naive; the competition will be intense from both domestic and international players,” he said. “Our strategy is twofold: secure long-term contracts with large pharmacy benefit managers in the U.S. and Europe, and establish ourselves as a reliable B2B supplier of the finished product to other pharmaceutical companies who may not have the specialized manufacturing capability”.
The semaglutide launch is central to OneSource’s strategy to have its specialty and complex generics portfolio contribute over 30 percent towards total revenue by FY28, up from 18 percent currently.
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