Eris expects to launch insulin glargine in 3FY23. Biocon’s insulin glargine is approved in the US and Europe.
The launch of long acting insulin glargine will help Eris to fill the gap in its insulin portfolio.
Eris derives more than half of its revenues from cardio-metabolic therapeutic segment, and has adopted a “Full Service” approach to diabetes management with a comprehensive range of oral anti-diabetics, insulins, and glucose testing devices.
The company on Friday reported a net profit of Rs 93.1 crore during Q1FY23, a 12.7% year-on-year (YoY) drop.
The company reported Rs 105.7 crore in the corresponding quarter of previous year.
Revenues rose 14.1% YoY to Rs 399 crore in Q1FY23, compared to Rs 349 crore in Q1FY22.
The EBITDA rose 2.1% YoY Rs 129.2 crore. The EBITDA margin contracted 381 basis points YoY to 32.4%.
Eris said the drop in net profit was driven by Oaknet acquisition related impact on treasury income and finance cost, along with higher employee expenses.
“The Oaknet business which we acquired in May 2022 is off to a strong start with Rs. 55 crore of revenue and Rs. 10 crore of EBIDTA in Q1 FY23. This looks like a sustainable run-rate through this year. We are looking at an exciting year ahead with a massive pipeline of new product launches in Q2 and Q3 of this year,” said Amit Bakshi, CMD of Eris.
“We continue to be among the top-10 fastest growing companies in the market. We are targeting a consolidated revenue growth of 30% and EBIDTA growth of 16-17% in FY 23. This will be driven by a combination of growth in our power brands and new product launches in cardio-metabolic, dermatology and women’s health,” said Krishnakumar V, executive director & COO of Eris .