Pharma

Eris Plans In-House Insulin, Eyes Semaglutide Day-One Launch

Eris Lifesciences is aiming to capture a substantial share of India’s human insulin market in the wake of Novo Nordisk’s exit from the pen cartridge segment. The Ahmedabad-based pharmaceutical company, which recently acquired Biocon’s insulin portfolio, is working to bring insulin manufacturing in-house—a key pillar of its long-term strategy that has faced some regulatory delays.

“We expect this opportunity to start materializing from November–December,” said V. Krishnakumar, Executive Director and COO of Eris. “This year, we’ll likely see four to five months of revenue contribution, with the full-year impact expected in FY27.”

Competing with players like Lupin and Wockhardt in the human insulin segment, Eris currently sources its supply from Biocon and MJ Biopharm, with plans to internalize formulation manufacturing by year-end. According to IMARC Group, the Indian insulin market was valued at $635.70 million in 2024, growing at 3.9% annually.

Eris has also entered drug substance manufacturing through its investment in Levim Lifetech, which is developing recombinant products such as the GLP-1 drug semaglutide for weight loss and diabetes. In 2024, Eris acquired a 30% stake in Levim for ₹54 crore, valuing the company at ₹180 crore—part of its broader strategy to strengthen its biotechnology and biologics portfolio.

The company is preparing for a “day-one” launch of semaglutide in India once the patent expires in March 2026. Validation work is underway at its Swiss Parenterals unit, with in-house production expected to start later this year. This expansion builds on Eris’ injectable portfolio and follows its September 2024 launch of liraglutide, which has already surpassed ₹7 crore in quarterly sales.

Eris has strategically shifted 30% of its portfolio toward high-growth therapies—biologics, injectables, dermatology, and loss-of-exclusivity (LOE) opportunities—segments with annual volume growth above 3–4%. This move, along with strong execution, has helped its domestic branded formulations business outperform the Indian Pharmaceutical Market (IPM).

Financially, Eris aims to reduce net debt to ₹1,800 crore by FY26, or 1.5x EBITDA, entirely through internal cash flows. The company maintains robust EBITDA margins of 35–36% and cash conversion rates of 75–80%. In Q1 FY26, it reported a 41% YoY rise in consolidated net profit to ₹125 crore, driven by domestic branded formulations growth and margin expansion, while revenue grew 7.4% to ₹773 crore and EBITDA rose 11% to ₹277 crore.

Following the Biocon acquisition, Eris is pausing large M&A activity to focus on deepening its presence in oncology, critical care, injectables, and women’s health. Unlike many Indian pharma firms expanding into trade generics, Eris is scaling back in that space, with Krishnakumar emphasizing, “Our DNA is top of the pyramid.” The company has expanded its covered market from ₹70,000 crore to ₹1,20,000 crore without entering acute therapies.

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