In a significant move highlighting the explosive potential of the weight-loss drug market, Bengaluru-based OneSource Specialty Pharma has dramatically upgraded its financial outlook for the coming years. The company's CEO, Neeraj Sharma, announced a revised revenue forecast, signaling strong confidence in its strategic positioning.
Bullish Financial Outlook and Expansion Plans
Backed by robust demand across its key business verticals, OneSource has raised its revenue guidance for the fiscal year 2028. The company now projects revenues of over $500 million, a substantial increase from its previous forecast of $400 million. This ambitious target is coupled with a goal to achieve an EBITDA margin of 40%, a significant jump from the 28% reported in the September quarter.
To capitalize on this anticipated growth, the contract development and manufacturing organization (CDMO) is fast-tracking a major $100 million capacity expansion. CEO Neeraj Sharma revealed that the company is accelerating this expansion by six to twelve months, with completion now expected in 2026. This aggressive timeline is designed to strengthen OneSource's position as a key global player.
Riding the Wave of GLP-1 and Weight-Loss Drugs
The core of OneSource's optimism lies in the impending patent expiry for semaglutide, the active ingredient in popular weight-loss drugs like Ozempic. Patents are set to expire next year in key markets such as Canada, Brazil, and India, opening the door for generic versions.
OneSource is uniquely positioned to benefit from this shift. The company is one of the few global players with end-to-end capabilities in drug-device combinations, such as the pens used for GLP-1 injections. “In the short to medium term, the biggest opportunity is indeed in drug-device combinations,” Sharma stated, emphasizing the company's readiness for the market boom.
He also outlined a long-term view, noting that while some markets open soon, “Europe starts opening in 2028 and then the US opens in 2032. So I see GLP-1s as near term as well as medium to long term opportunities.”
Biologics and Core Business Strengthen Growth Pillars
Beyond weight-loss drugs, OneSource is experiencing strong momentum in its biologics business. Sharma reported a four-fold increase in its biologics funnel this quarter compared to FY25, driven by strong customer outreach and industry tailwinds.
External factors are also playing in the company's favor. The revived US Biosecure Act, which restricts collaborations with certain Chinese firms, is expected to drive more business toward compliant Indian CDMOs like OneSource. Furthermore, recent US FDA draft guidelines aimed at easing biosimilar development are seen as a major positive, potentially lowering development costs and benefiting agile manufacturers.
The company continues to bolster its core operations. Recent acquisitions, including a multi-dose fill-finish site in Poland and an integrated antibiotic facility in India, are set to scale up its injectables business and provide a strategic footprint in Europe.
This bullish strategy appears to be resonating with investors. Since its listing on 24 January 2025, OneSource's share price has risen 2.3% to ₹1,750, even as the Nifty Pharma index has declined by 3.7% in the same period.
