As of 2025, the global generic drug industry is dominated by a handful of major players, primarily measured by annual revenue from their pharmaceutical operations (based on FY2024 figures, as these inform 2025 rankings). Generic producers focus on affordable alternatives to branded drugs, with many companies headquartered in India, the U.S., Europe, and Israel. The market is driven by patent expirations, rising demand for cost-effective medications, and expansions in biosimilars and complex generics.
Key trends in 2025 include increased competition from Indian firms in emerging markets, regulatory approvals for biosimilars, and supply chain shifts toward U.S. and European manufacturing. Total global generic drug market size is estimated at over $500 billion, with growth projected at 6-8% CAGR through 2030.
Also See
(1) Key Investments By Indian Pharmaceutical Companies In The U.S. In 2025
(2) Acquisitions By Pharmaceutical Companies Of India In United States In 2025
(3) Increase In Generic Drug Manufacturing Capacity Of US In 2025
Below is a ranked list of the top 10 largest generic drug producers by FY2024 revenue. Rankings prioritise companies where generics form the core business (excluding diversified pharma giants like Pfizer or J&J, which have generic segments but focus on innovators). Revenues are approximate and converted to USD where needed; some include biosimilars and APIs as part of generic operations.
| Rank | Company | Headquarters | FY2024 Revenue (USD) | Key Notes |
|---|---|---|---|---|
| 1 | Teva Pharmaceutical Industries | Israel | $16.54 billion | World’s largest generic maker by volume; portfolio of ~3,500 products across 60 markets; strong in U.S. with recent approvals for complex generics like Tofacitinib. |
| 2 | Viatris | United States | $15.43 billion | Formed from Mylan-Upjohn merger; serves 1 billion patients annually; key approvals for generics of Restasis and Symbicort; focuses on complex products like injectables. |
| 3 | Sandoz Group | Switzerland | $10.40 billion | Novartis spin-off; leader in biosimilars and antibiotics; ~1,500 products delivering $18 billion in savings; expanded penicillin production in 2023. |
| 4 | Fresenius Kabi | Germany | ~$9 billion (est. from segment) | Specializes in IV generics, oncology, and critical care; part of Fresenius SE; launched Zinc Sulfate and Vasopressin in 2023; strong in Europe and U.S. injectables. |
| 5 | Sun Pharmaceutical Industries | India | $6.06 billion | Fourth-largest specialty generic firm; 43 facilities, >1,000 products in 100+ countries; U.S. approvals for lenalidomide and mesalamine; invested 6.7% of revenue in R&D. |
| 6 | Aurobindo Pharma | India | $3.62 billion | Focus on APIs and complex formulations; top in Europe generics; approvals for saxagliptin and injectable suspensions; strong U.S./EU presence with peptide APIs. |
| 7 | Perrigo | Ireland (U.S. ops) | $4.37 billion | Consumer healthcare and Rx generics; emphasis on OTC and store-brand generics; diversified into self-care products. |
| 8 | STADA Arzneimittel | Germany | $4.04 billion | European leader in generics and OTC; focus on biosimilars and consumer health; acquired brands in emerging markets. |
| 9 | Dr. Reddy’s Laboratories | India | $3.35 billion | APIs, generics, and biosimilars; North America generics hit $1B+; launched Revlimid generic; billion-dollar branded generics in India/emerging markets. |
| 10 | Cipla | India | $3.16 billion | Complex generics in respiratory and HIV; 47 facilities, >1,500 products in 85 markets; U.S. growth in differentiated assets like lanreotide. |
Other notable players include Lupin ($2.55 billion, cardiovascular/respiratory focus), Hikma (~$3 billion, injectables/Middle East), and Alkem Laboratories (~$1.5 billion, strong Indian market share). Rankings can vary by metric (e.g., market share vs. revenue), with Indian firms leading in volume but trailing in revenue due to lower pricing in domestic markets. For instance, a 2025 market share analysis highlights Alkem (6.9%), Teva (6.4%), and Cipla (5.8%) as leaders in certain segments.