Generic pharmaceuticals manufacturer Dr. Reddy’s Labs reported third quarter revenues that expanded by 7.1% year over year despite U.S. revenues that were down by 0.3% in reporting currency terms, S&P Global Market Intelligence data shows. The decline in U.S. revenues was the result in part of lower pricing.

That’s been a common factor for exporters of pharmaceuticals to America with a 13.6% fall in average import values per gram (AIVG) in the three months to Aug. 31 on a year earlier, as outlined in Panjiva research of Oct. 29.

CFO Saumen Chakraborty also blamed the slowdown on the lack of volumes of generic Suboxone (buprenorphine, an opioid treatment) due to a patent dispute.

Chart shows average import value per gram for all packaged pharmaceuticals coming into the United States on a monthly (bar) and trailing annual average (solid) basis.   Source: Panjiva

Yet, there may be room for a significant upturn in the coming two quarters. The company has four product releases during October, according to an Economic Times interview with Mr. Chakraborty.

Panjiva data shows a marked rebound in Dr. Reddy’s seaborne imports to the U.S. with a 117% surge in September and October vs. a year earlier on a preliminary basis. The actual delivery of sales on an ongoing basis, however, will depend on the company gaining FDA approval to reopen two of its factories

Chart shows U.S. seaborne imports associated with Dr. Reddy’s.   Source: Panjiva

The rapid growth seen by Dr. Reddy’s is not unusual across the generic pharmaceutical suppliers. Indeed total seaborne shipments across 13 large pharma companies increased by 52.8% on a year earlier in the third quarter, led by a 72.7% from Aurobindo, the largest supplier by volume. Not all manufacturers are being as aggressive, however, with decreased shipments from Teva (down 16.0%), Amneal (14.8% lower) and Cipla (off 19.5%).

Chart segments U.S. seaborne imports by shipper name.   Source: Panjiva