Eris Lifesciences is positioning itself to capture a significant share of India’s human insulin market following Novo Nordisk’s exit from the pen cartridge segment. The Ahmedabad-based drugmaker, which acquired Biocon’s insulin portfolio, is now working to bring insulin manufacturing in-house—a plan that has faced regulatory delays but remains central to its long-term strategy.
“We expect this opportunity to start playing out from November–December,” said V. Krishnakumar, Executive Director and COO of Eris. “This financial year we’ll probably get four to five months of revenue, but the full-year impact will be seen in FY27,” Krishnakumar said.
Eris competes against Lupin and Wockhardt in human insulin segment. According to market research firm IMARC Group, the Indian insulin market was valued at $635.70 million in 2024 and is growing at 3.9% annually..
Eris currently sources human insulin from both Biocon and MJ Biopharm, with plans to internalize formulation manufacturing by year-end. The company has also made its first foray into drug substance manufacturing through an investment in Levim Lifetech, which is developing recombinant products including weight loss and anti-diabetes GLP-1 drug semaglutide.
Eris last year acquired a 30% stake in Levim for ₹54 crore, valuing the latter at ₹180 crore. This investment is part of Eris's strategy to expand its biotechnology footprint, particularly in areas like biologics.
Gearing up for "day-one" Semaglutide launch in India
Eris is preparing for a “day-one” launch of semaglutide in India once the patent expires in March 2026. “Everything looks to be in good shape,” Krishnakumar said. The company is validating cartridges at its Swiss Parenterals unit and expects to begin in-house production of the drug product later this year.
The move builds on Eris’ growing injectable platform and its September 2024 launch of liraglutide, which has already crossed ₹7 crore in quarterly sales. “The fact that we have a very strong insulin platform gives us a significant tailwind in selling GLPs,” he added.
Targeting high-growth therapies
Eris has reoriented 30% of its portfolio toward high-growth therapies—segments with volume growth above 3–4% annually. These include biologics, injectables, dermatology, and loss-of-exclusivity (LOE) opportunities. “This change in portfolio gives us a big tailwind,” Krishnakumar said.
The company’s domestic branded formulations business grew ahead of the Indian Pharmaceutical Market (IPM), aided by this strategic shift and strong field execution.
Debt reduction and M&A pause
Eris is also on track to reduce its net debt to ₹1,800 crore by FY26, or 1.5x EBITDA, funded entirely through internal cash flows. “Two things I never worry about at Eris are EBITDA margin and cash flow,” Krishnakumar said, citing consistent 35–36% margins and 75–80% cash conversion.
Eris reported a 41 percent on-year (YoY) increase in its consolidated net profit for the first quarter of fiscal year 2026 at Rs 125 crore driven by strong performance in its domestic branded formulations (DBF) business and improved operating margins. The company’s consolidated revenue rose 7.4% YoY to ₹773 crore, while EBITDA grew 11% YoY to ₹277 crore, with margins expanding by 106 basis points to 35.8%.
Following the Biocon acquisition, Eris is taking a pause on large M&A. “We’re not in a rush,” he said. “Our journey over the next three years will be about going deeper into what we already have—oncology, critical care, injectables, women’s health.”
While many Indian pharma companies are expanding into trade generics, Eris is scaling down its presence in that segment. “Our DNA is top of the pyramid,” Krishnakumar said. “We’ve expanded our covered market from ₹70,000 crore to ₹120,000 crore without getting into acute therapies,” he said.
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