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Time of India
6 days ago
- Business
- Time of India
Eris Lifesciences reports 41% year-on-year rise in net profit in Q1
Eris Lifesciences , a leading branded formulations manufacturing company, reported a 41% year-on-year increase in net profit for the first quarter to Rs 125 crore, while revenue for the period stood at Rs 773 crore, an increase of 7.4% from the corresponding period last year. EBITDA for the first quarter stood at Rs 277 crore, up 11% YoY, with 36% EBITDA margin, the company said in a statement. 'Our domestic branded formulations (DBF) business has delivered a yoy growth of 11% which is over 40% ahead of market growth,' said Amit Bakshi, Chairman & Managing Director of Eris Lifesciences. 'Our thesis of reorienting our DBF portfolio to high-growth segments has started delivering results. We are well positioned to ensure continuity of supply in the RHI penfill segment given the exit of the innovator,' he said. The company created value in its acquired Biocon business which posted a Q1 operating margin of 30%, up from 19% at the time of acquisition. 'Our international CDMO business is well on track to scale up in Western Europe with several marquee customers already signed up,' said Krishnakumar Vaidyanathan, Executive Director & Chief Operating Officer. Speaking to ET, he said: 'We have outlined an aspiration that we would like to double our international business in the next three years. So, if that happens, then I think in three years from now, we will probably be getting about 15% of revenues from international. So, it will still be 85% domestic.' The company's net debt stood at Rs 2,317 crore as on June end. 'We have guided to a target net debt of Rs 1,800 crores by the end of this year,' said Vaidyanathan. 'Right now, we are well on track to get there.' 'The next three years will be very noteworthy from an EPS acceleration and ROCE improvement standpoint as well,' he added.
Time of India
22-04-2025
- Business
- Time of India
Novo Nordisk to phase out key drug, insulin cos spot big biz opportunity
As Novo Nordisk prepares to phase out some forms of its human premix insulin brand Mixtard-a move seen overlapping with its planned launch of weight-loss drug Wegovy in India-other top insulin makers are rushing to ramp up production capacity to bridge the potential demand-supply gap the move is expected to create, said top company executives. The Danish pharma major, the maker of semaglutide blockbusters Ozempic and Wegovy, is planning to retire a range of insulin formulations available in easy-to-use disposable pen and cartridge forms by the end of this year. This would include human insulin in penfill and flexpen, including Mixtard 30 Penfill and Flexpen, Actrapid Penfill and Flexpen, Insulatard Penfill and Flexpen, and Mixtard 50 Penfill over the next six months. It will also phase out insulin brand Levemir in FlexPen and Xultophy FlexTouch (Insulin + GLP1). The company recently informed Abbott India about this planned phase-out, according to a document accessed by ET. Abbott is the marketing partner for Novo's insulin. Confirming the development, a Novo Nordisk spokesperson said, "In order to meet increasing patient demand and ensure a stable supply of our medicines, we have decided to consolidate our insulin portfolio, as this will create space needed in our global manufacturing network. Hence, in this process, we are phasing out the penfill." However, the company said it is not discontinuing Mixtard in India and "it will continue to be available in vials". The company did not provide any details on specific brands. "Along with it, other forms of insulins, including human insulins from Novo Nordisk, will continue to be available in vials and devices for patients across India," the spokesperson said. "With the decision, we strive not to leave any patients without alternative treatment options, either from Novo Nordisk or other companies. It is important to us that the transition to other devices or treatment options is as smooth as possible for patients." The phasing out of the penfill Mixtard creates an opportunity for other human premix insulin makers such as Lupin , Eris, Eli Lilly, Wockhardt and Cadila , said industry insiders. Amit Bakshi, MD, Eris Lifesciences , which is ramping up capacity to produce penfill insulin said, "Our strategy is to make sure how we are available through and through and how we can ramp up manufacturing." However, according to him the transition phase may be a "small level of emergency", as a lot of hoarding has been happening in the last couple of months after the news has been out, with several large stockists and patients increasing their stock. "We may not be able to take on all of the demand immediately but are planning to take 60-70% of it."
