UltraGreen.ai faces new competition in US market, possible pricing pressure
It previously had no competition for its ICG dye after Akorn Pharma filed for bankruptcy in February 2023
UltraGreen.ai has been facing increased competition in the US market, which may put pressure on its pricing. Akorn Pharma's bankruptcy filing in February 2023 has left the company vulnerable to new entrants. Zydus Lifesciences, a pharmaceutical company, has now secured regulatory approval for its indocyanine green (ICG) dye, entering the market that UltraGreen.ai has dominated.
In its H1 2026 results, UltraGreen.ai reported that the Americas contributed to 75% of its total revenue, amounting to US$65.4 million out of US$87.2 million. This significant presence in the US market, where the company holds about 83% of the ICG market share, makes the emergence of new competition particularly impactful. Analyst Jamal Aliyen has highlighted the company's historical pricing power in the US, which has been a key factor in its success.
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