&w=3840&q=100)
Eris Lifesciences to tap Rs 5,000-cr insulin and semaglutide market in FY26
'We expect that Novo's cartridge inventory in the market will run out by October 2025. So this market opportunity is something that one can start monetising from the November–December time frame,' the company's executive director and chief executive officer (CEO), Krishnakumar Vaidyanathan, told Business Standard.
He added that the timing fits Eris' plans, as the cartridge filling capability of its Bhopal unit will start becoming operational from January. Vial manufacturing has already been commissioned at the unit, with the company creating a strategic stock of insulins.
This comes at a time when Eris is already the largest domestic player in insulins. The company had acquired the India formulations business of Biocon Biologics last year — including established insulin brands Basalog and Insugen.
'Before the Biocon deal, we had a couple of homegrown insulin brands in the market, which did a combined Rs 60 crore in revenue last year. Basalog and Insugen had combined revenues of Rs 200 crore at the time of acquisition,' he said.
He added that, with this, the company's insulin franchise has become significantly larger, with a 10 per cent market share. Eris is also among the prominent drugmakers looking to roll out generic versions of the blockbuster molecule semaglutide once its patent expires around March next year.
Semaglutide is a GLP-1 (glucagon-like peptide-1) receptor agonist used as an active pharmaceutical ingredient in medications for obesity management and Type-II diabetes.
According to Eris' investor presentation for the June quarter of 2025–26 (Q1FY26), the company is on track to be among the first launches in India in March 2026.
The company has initiated validation of synthetic semaglutide cartridges at its European Union (EU)-approved AMD injectables site. 'We are also planning the validation of the recombinant semaglutide in our Bhopal plant later this year,' he added.
As far as the go-to-market strategy is concerned, the company said it is already in a strong position because of its dominant presence in insulins and prior presence in the GLP market with the launch of liraglutide in September last year.
For Q1FY26, Eris Lifesciences recorded a 40 per cent year-on-year (Y-o-Y) rise in consolidated profit after tax (PAT) to Rs 125 crore. Revenue rose to Rs 773 crore during the June quarter against Rs 720 crore in the year-ago period.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
25 minutes ago
- Hindustan Times
SC upholds environment ministry notification, junks exemption clause for big projects
New Delhi, Aug 5 (PTI) The Supreme Court on Tuesday upheld the January 29 notification of the Ministry of Environment, Forests and Climate Change, but struck down the contentious clause exempting certain large building and construction projects from prior environmental clearance. The Supreme Court order said it would not be possible for the union ministry to consider projects across the country and therefore the issue could be considered on a state-to-state basis(Vipin Kumar/Hindustan Times) A bench comprising Chief Justice B R Gavai and Justice K Vinod Chandran held projects with a built-up area above 20,000 square meter, whether industrial, educational, or otherwise, cannot be exempted from the environment impact assessment (EIA) 2006 regime. The court clarified that the notification would also apply to Kerala. Dictating the order, the CJI said, 'It has been consistently held that natural resources are to be held in trust for the next generation. At the same time, courts have always taken note of development activities and the country cannot progress without it.' Observing the apex court had always focused on sustainable development, the CJI said, 'The court while ensuring that development is permitted has also required precaution to be taken so that least damage is caused to the environment and has even ordered costs to be paid for such development activities.' Also Read: Over 70,000 housing units stalled across MMR amid green clearance hurdle The order said it would not be possible for the union ministry to consider projects across the country and therefore the issue could be considered on a state-to-state basis. 'If any construction activity in any area more than 20,000 sq km is carried out it will have environmental impact even if it's for industrial or educational purposes and discrimination cannot be made with similar such institutes,' it said. It also said that no exemption can be granted to the education sector in this regard. Also Read: Mumbai sees redevelopment projects worth ₹18,000 crore amid signs of softening sales: Here's what you need to know 'Nowadays education has also become a flourishing industry and thus no reason to exempt such projects from the 2006 notification,' the CJI said. The bench upheld the notification except clause 8 of the January 29 notification which grants exemptions to industrial sheds, schools, colleges, and hostels with built-up areas up to 150,000 square meter. The bench said it was impractical for the MoEFCC to appraise every project nationwide, noting the Central Expert Appraisal Committee (CEA) could handle state-wise evaluations. On February 25, the top court stayed the notification on a PIL filed by Mumbai-based NGO Vanashakti, which argued that the exemption diluted the EIA's safeguards and threatened eco-sensitive zones. Senior advocate Gopal Sankaranarayanan, appearing for the NGO, said similar attempts in 2014, 2016, and 2018 had been struck down or stayed by courts, including the Kerala High Court, the National Green Tribunal, and the Delhi High Court. The petition claimed that bypassing EC for projects of such magnitude, exceeding 1.6 million square feet, would cause irreversible damage to land, water, and air quality, violating the precautionary principle entrenched in Indian environmental law. Also Read: Over 25,000 buildings in Mumbai Metropolitan Region eligible for redevelopment with ₹30,000 cr value: CREDAI-MCHI Before the January 29 amendment, EIA 2006 required EC for all construction projects above 20,000 sq m The impugned notification raised the threshold to 150,000 sq m for certain categories and also removed 'general conditions' applicable in eco-sensitive and polluted areas. A follow-up office memorandum on January 30 expanded the scope of exemptions to include private universities, warehouses, and industrial sheds housing machinery or raw material.
Mint
25 minutes ago
- Mint
No proposal to stop ₹500 notes, ATMs to dispense more lower denominations: MoS Finance Pankaj Chaudhary
The government has no plans to discontinue the supply of ₹ 500 denomination banknotes and ATMs will continue to disburse ₹ 500 alongside ₹ 100 or ₹ 200 notes, Minister of State for Finance Pankaj Chaudhary informed Parliament on Tuesday. Additionally, the Reserve Bank of India (RBI) in a circular titled 'Dispensation of ₹ 100 and ₹ 200 denomination banknotes through ATMs' issued on April 28, 2025, directed banks and ATM operators to ensure their machines are regularly disbursing ₹ 100 and ₹ 200 notes. In a written response to the Rajya Sabha, the minister said that the RBI has directed the disbursal of more lower denomination notes to enhance public access to frequently used denominations of banknotes. He also mentioned the timeline set by the RBI for this initiative: By September 30, 2025, 75 per cent of all ATMs would dispense either ₹ 100 or ₹ 200 denomination banknotes from at least one cassette. 100 or 200 denomination banknotes from at least one cassette. By March 31, 2026, this number will increase by 90 per cent as all ATMs will continue to dispense either ₹ 100 or ₹ 200 denomination banknotes from at least one cassette. Replying to another question, Chaudhary said the Securities and Exchange Board of India (Sebi) has been actively pursuing around 76 cases during the period from April 2020 to March 2025. During the last financial year, Sebi received ₹ 949.43 crore from disgorgement, which refers to the act of legally binding a person or entity to surrender any illegal gains obtained through unethical practices in the securities market. "Fraud and cheating are punishable offences as per Indian laws. Several central government, enforcement, and regulatory agencies have been taking action to prevent, detect, and act against investment related frauds," he said. Other government agencies are also involved in combating financial crimes, including: The Central Board of Direct Taxes (CBDT) has identified nine cases of multi-level marketing (MLM) scams in the last five years. The Directorate of Enforcement (ED) has investigated around 220 cases of money-laundering , related to investment frauds under PMLA between January 2020 and July 2025. Crypto assets are currently not regulated in India, he said, adding that the RBI-SACHET portal receives multiple complaints about unauthorized deposit taking activities from unregistered entities. He also mentioned some figures around the number of complaints received so far. From April 1, 2020 to March 31, 2025, the portal received around 3,454 complaints related to the "non-repayment of money collected from various kinds of investment schemes.' Another 1,531 complaints were received related to collection of money through MLM, direct selling, and Ponzi schemes, he said.
Mint
25 minutes ago
- Mint
Moscow backs Delhi as Trump warns of higher tariffs in 24 hours
In a sharp escalation of trade tensions, US president Donald Trump on Tuesday warned that he would impose higher tariffs on Indian goods within 24 hours, citing India's continued purchases of Russian oil. In an interview with CNBC, Trump accused India of fuelling Russia's war in Ukraine and labelled it the 'highest tariff nation," claiming that India benefits from US trade while not offering reciprocal access. 'With India… what people don't like to say is they have the highest tariff of anybody. We do very little business with them because their tariffs are so high," Trump said, adding, 'We settled on 25%, but I think I'm going to raise that very substantially over the next 24 hours, because they're buying Russian oil. They're fueling the war machine." Russia swiftly stepped up to India's support, denouncing the US stance as part of a 'neo-colonial agenda" aimed at arm-twisting sovereign nations. The spat comes amid ongoing trade negotiations between India and the US, and growing friction over Washington's tariff actions. Steel duty Earlier in the day, India's minister of state for commerce Jitin Prasada told Parliament that New Delhi has not received any response from Washington to its request for consultations under a WTO agreement regarding the steep 50% duty imposed by the US on Indian steel, aluminium, and related products. The US has cited national security concerns, a claim India disputes. 'India has accordingly reserved its right to suspend substantially equivalent concessions (right to impose equal trade measures in response) as the US has not complied with its obligations under the AoS," Prasada said, referring to the WTO's Agreement on Safeguards (AoS). While Prasada's statement was in the context of US tariffs on metals, it reflects a wider hardening of India's position as the US now threatens additional duties tied to geopolitical differences. India and the US have held five rounds of talks on a Bilateral Trade Agreement since March this year, the most recent in Washington from 14-18 July. Prasada also said, 'To safeguard the interests of farmers and domestic industry, international trade negotiations allow for inclusion of sensitive, negative or exclusion lists—categories of goods on which limited or no tariff concessions are granted." 'Intentional targeting' Trade analyst Ajay Srivastava, founder of the think tank Global Trade Research Initiative (GTRI), said the US is intentionally targeting India because New Delhi has refused to bring non-negotiable issues such as agriculture and dairy to the discussion table. 'It's a known fact that China imports far more oil from Russia than India does; yet, the US is silent on Beijing. This selective pressure on India reflects strategic targeting, not just trade concern," Srivastava said. In 2024, China imported $62.6 billion worth of Russian oil, compared to India's $52.7 billion, as per GTRI data. 'Even the US continues to import uranium hexafluoride for its nuclear sector, palladium for EVs, fertilizers and chemicals from Russia, and the European Union remains a key buyer of Russian crude oil, LNG, and petroleum products. Then why is India being singled out?", he asked. Russia's foreign ministry spokesperson Maria Zakharova rebuked the US over the tariff measures, accusing Washington of 'pursuing a neocolonial agenda" and interfering in the internal affairs of sovereign nations. On the US raising tariff barriers against key Global South partners, Zakharova said such actions 'cannot halt the natural course of history." She added that sanctions and restrictions have become a defining feature of the current global order. 'Unable to accept the erosion of its dominance in an emerging multipolar world, Washington continues to impose politically motivated economic pressure on those choosing an independent path," she said. Indian action A day earlier, New Delhi had called the targeting of India 'unjustified and unreasonable." In a statement issued on late Monday, the Ministry of External Affairs had said that like any major economy, India would take all necessary measures to safeguard its national interests and economic security. 'The US itself continues to import uranium hexafluoride for its nuclear sector, palladium for EVs, fertilizers and chemicals from Russia," the ministry had said. The statement noted that India's Russian oil purchases were driven by a need to secure affordable and reliable energy after traditional suppliers shifted exports to Europe at the start of the Ukraine conflict. 'At the time, the US had actively encouraged India's oil imports from Russia to help stabilize global markets," it added. India's energy imports are aimed at ensuring price stability for domestic consumers, the ministry said, contrasting this with continuing trade between Russia and its critics. 'Unlike India, such trade is not a national compulsion for them," it said. The European Union, it said, recorded €67.5 billion worth of goods trade with Russia in 2024, while services trade stood at €17.2 billion in 2023. Europe's LNG imports from Russia also hit a record 16.5 million tonnes in 2024, surpassing the previous peak of 15.21 million tonnes in 2022. EU-Russia trade also spans fertilizers, mining goods, chemicals, metals and machinery. Russian oil India's oil imports from Russia have declined recently. In May 2025, purchases fell 9.8% to $9.2 billion compared to a year ago, official data shows. In FY24, India exported about $70.1 billion worth of refined petroleum products globally. Europe emerged as the largest regional destination, with exports to the continent valued at $18.4 billion, according to data from the Ministry of Commerce. The Netherlands alone accounted for about $10.9 billion, representing nearly 25% of India's total petroleum product exports during this period—the highest share among European countries—highlighting its role as a key transit hub for Indian refined fuel entering the EU market. This trend has triggered concerns among Western nations that India's trade route could be serving as a backdoor for Russian oil entering the European market. In FY25, the value of India's crude oil imports from Russia stood at about $50.3 billion, making it the largest supplier of crude to India, surpassing traditional sources like Iraq and Saudi Arabia. India imported around 1.75 million barrels per day (bpd) of Russian oil between January and June 2025, making it the top supplier in that period. Mint reported on 2 August that India will continue to buy oil from Russia, notwithstanding the penal threat and public criticism from the US earlier this week. In fact, India is even reaping a bigger discount on these purchases. Crude cargoes State-owned refiners—Indian Oil Corp. Ltd (IOC), Bharat Petroleum Corp. Ltd (BPCL), and Hindustan Petroleum Corp. Ltd (HPCL)—are continuing to procure oil from Russian suppliers. Negotiations are also underway for fresh spot deals, as reported by Mint. The last two or three cargoes have been booked at a discount of up to $3 a barrel, compared to about $1.7 in the earlier purchases, and it is likely to rise further, even if not significantly, after Trump's censure of India for its Russian energy purchases, Mint reported. The discounts on Russian oil have narrowed down to single-digit from the high of around $30 per barrel in 2022. India's state-run oil marketers are also in joint discussions with US firms to secure cooking gas supplies starting next year, signalling a potential deepening of energy ties. The companies are exploring long-term arrangements with American exporters. India traditionally imports most of its LPG from West Asian countries including Qatar, the UAE and Saudi Arabia through long-term contracts, while other major LPG importing countries source it from the US. The US so far has been supplying India LPG in small volumes through spot deals, and this is the first time the Indian companies may have a term deal with US suppliers. On the other hand, China has been a major buyer of LPG from the US.
