Torrent Pharma walks back US growth targets to single digits

Torrent Pharmaceuticals used its post-results conference call to reset expectations for its US business. Management pulled back from its prior goal of crossing $200 million in annual US revenue, guiding instead for single-digit growth over the next two years. The shift marks a slowdown in international expectations. Domestic operations provide a counter-narrative. The Semaglutide launch generated ₹17 crore in April, capturing 38% of the generic market. The JB Pharma acquisition is tracking ahead of schedule, with management now targeting ₹400-450 crore in cost savings over a three-year period. Domestic business targets mid-teens organic growth, provided no external demand shocks arise. With the US engine cooling, the company relies on domestic product launches and cost efficiencies. The open question is how effectively these domestic gains cover the lost US momentum.