Eris Lifesciences (ERIS) reported in-line revenue/EBITDA for the quarter. However, there was a slight miss on earnings due to higher interest costs and tax rate for the quarter. Eris outperformed the industry in the domestic formulation (DF) segment, driven by steady growth across diabetes, cardiac, and dermatology. The company continued to leverage Biocon’s acquired portfolio, which supported overall YoY growth in the DF segment. ERIS has decided not to pursue further work on g-Saxenda, given the delay in regulatory approval.
OutlookWe value ERIS at 30x 12M forward earnings to arrive at a TP of INR1,530. While ERIS is making efforts to build capacities and capabilities to support 13%/15%/34% revenue/EBITDA/PAT CAGR over FY25-28, we believe the earnings upside is adequately factored in current valuations. Reiterate Neutral on the stock.
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