OneSource Pharma-Hikma get regulatory approval to sell generic Ozempic in Saudi Arabia

Core Insights - OneSource Specialty Pharma has received approval for its generic version of Ozempic in Saudi Arabia, allowing it to enter a significant market for type-2 diabetes and weight-loss drugs [1][2] - The partnership with Hikma Pharmaceuticals PLC aims to meet the rising demand for affordable generic drug alternatives in the Middle East and North Africa (MENA) region [3][4] Company Strategy - OneSource will manufacture semaglutide at its Bengaluru facility, while Hikma will leverage its commercial reach to enhance the drug's availability [3] - The collaboration with Hikma, the largest pharmaceutical company in the MENA region by sales, is expected to provide a strong platform for scaling access to this therapy [4] Market Dynamics - OneSource is preparing for a significant increase in demand for generic semaglutide as Novo Nordisk is set to lose patent exclusivity in over 80 countries this year [5] - The company is fast-tracking a $100 million capacity expansion to capitalize on the global boom in weight-loss drugs [5] Financial Performance - In Q3, OneSource's revenue fell 26% year-over-year to ₹290.3 crore ($33.1 million) due to delays in semaglutide approvals in Canada [6] - The company's EBITDA dropped 88%, with the EBITDA margin contracting to 6% from 36% a year earlier [6] - OneSource aims to achieve $500 million in revenue by FY28 [6]