ERIS Lifesciences Ltd - Potential Buy

ERIS Lifesciences Ltd is engaged in the business of manufacture and marketing of pharmaceutical products. Investment Rationale: Ÿ Eris Lifesciences Limited has Strong presence in Specialty and Super-Specialty therapies accounting for over 80% of revenue. It has over 10% market share in the Insulins (RHI and Glargine) and enjoy leadership in Anti- Diabetes with 6% market share it is well-positioned to leverage the GLP-1 market opportunity. It has manufacturing capabilities across a wide range of dosage forms and specialties, two WHO-GMP plants for Oral Solid Dose, two EU-EGMP and PIC/s accredited Injectable units and one WHO-GMP Biosimilars fill-finish unit. Ÿ• The company has entered into a strategic partnership for the launch of Semaglutide to leverage the market opportunity in GLP1. The company is expected to be among the first to launch in India and given the capabilities that Swiss Parenterals has in the Form-FillFinish of synthetic peptides in cartridges, it is doing the necessary prework to initiate dosage-form manufacturing in due course. Ÿ• The new product launches from its own R&D pipeline have started driving growth. Liraglutide, its first GLP1 which it launched in September, has scaled up to nearly Rs. 1 crore per month sale. According to the company 3 first-inmarket combinations of Dapagliflozin were launched in Q3FY25 and it plans to launch 3 more interesting FDCs soon. Ÿ• According to the management, in Bhopal the company is on track to operationalizing the Form-Fill-Finish of Insulin vials from the Q1FY2026. The validation of Insulin and glargine vials has already commenced and the margin benefits in vials because of insourcing will start accruing from Q1FY2026. It plans to target EU-GMP and RoW market approvals from this unit. Its Eris Ahmedabad unit has been inspected by two RoW regulatory agencies in Q3FY2025 and Brazilian ANVISA inspection is scheduled for the first week of May.