ECONOMIC OVERVIEW
GLOBAL
Over the past four years, the resilience of the global economy has been severely tested. A once-in-a-century pandemic, escalating geopolitical conflicts, and extreme weather events have disrupted supply chains, and forced governments to take extraordinary measures to safeguard lives and livelihoods.
In response to post-pandemic inflationary pressures, major central banks aggressively raised interest rates in the last few years resulting in inflation taping downwards. With inflation approaching central bank targets and governments striving to manage debt dynamics, global headline inflation is projected to decrease from an average of 6.7 percent in 2023 to 4.3 percent in 2025.
WEO report. The blocks in the middle of the boxes are the medians, and the upper (lower) limits of the boxes are the third (first) quartile. The whiskers show the maximum and minimum within a boundary of 1.5 times the interquartile range from upper and lower quartiles, respectively. AEs = Advanced Economies; EMDEs = Emerging Market and Developing Economies; WEO = World Economic Outlook.
Sources: Central bank websites; Haver Analytics; and IMF staff calculations.
According to the World Bank Group Flagship Report, in the next couple of years, slow down in the growth rate of US and China is expected to be offset by firming growth including in many emerging market and developing economies. In all, the post-pandemic global economic expansion is forecast to remain on a steady path with faster progress on disinflation and stronger demand in key economies could result in greater-than-expected global activity. However, heightened policy uncertainty and adverse trade policy shifts represent key downside risks to the outlook.
Contribution to global growth
Note: AEs = Advanced Economies; avg. = average; e = estimate; EMDEs = Emerging Market and Developing Economies; f = forecast; RHS = right-hand scale. Unless otherwise indicated, aggregates are calculated using real U.S. dollar GDP weights at average 2010-19 prices and market exchange rates. Sources: Bloomberg; Consensus Economics; Global Trade Alert (database); Haver Analytics; International Energy Agency (IEA); World Bank.
INDIA
Following a robust real GDP growth of 8.2% in the previous fiscal year, economic expansion moderated in the first half of the last calendar year. However, activity remained strong, supported by rising rural demand, increasing incomes, and accommodative macroeconomic policies. GDP is projected to grow by 6.8% in FY24-25, with this momentum expected to be maintained at similar levels through FY25-26 and FY26-27 with strong investment, particularly in public infrastructure, as a key driver of growth.
Inflation, which had eased below 4% in the middle of 2024 eventually rebounded above 6% due to rising food prices. However, favourable sowing conditions and a heavier-than- normal monsoon are expected to alleviate food-price pressures, helping inflation return closer to the Reserve Banks 4% target.
PHARMACEUTICAL MARKET GLOBAL
Pharmaceutical spending has increased in parallel with overall healthcare expenditures, driven by the rising prevalence of chronic diseases, an aging population, growing self-medication trends, the availability of cost- effective generics, and the relative affordability of pharmaceuticals compared to other clinical treatments.
The global pharmaceutical market was valued at USD 1,635 billion in 2023 and is projected to reach USD 2,251 billion by 2028, reflecting a CAGR of 6.6% during this period. This growth is primarily fuelled by factors such as the demographic shift towards an aging population, a rising incidence of chronic diseases among younger individuals due to lifestyle changes, increasing demand for pharmaceuticals in developing nations—driven by both chronic and infectious diseases—and growing investments in research and development, which are expanding the range of available therapeutic options.
Global Pharmaceutical Market (US$ Bn)
REST OF THE WORLD
The Rest of the World (RoW) pharmaceutical market (Global pharmaceutical markets excluding Europe, the United States, and Canada) has demonstrated steady growth between 2018 and 2023, recording a CAGR of ~4% during this period. This growth momentum is expected to continue, driven primarily by fast-growing emerging economies. From 2023 to 2028, the RoW market is projected to expand at a CAGR of ~5-6%, reaching an estimated value of US$ 600-625 billion by 2028. Emerging markets such as Brazil, Mexico, and India are leading this growth trajectory, supported by favourable demographic dynamics, and the expansion of a more affluent and health-conscious middle class.
Rest of the World Pharmaceutical Market (US$ Bn)
Note: Rest of the World market: Global pharmaceutical market excluding Europe, Canada and USA P-Projected Source: CRISIL MI&A Research
INDIA
The Indian domestic formulations market has experienced robust growth in recent years, expanding at a CAGR of 8.5% between FY19 and FY24. Looking ahead, the market is projected to grow at a CAGR of 8-9% from FY24 to FY29, reaching an estimated size of Rs. 2.9-3.0 trillion by FY29. This growth will be driven by rising demand stemming from the increasing prevalence of chronic diseases, greater awareness, and improved access to quality healthcare.
A significant growth catalyst for the Indian pharmaceutical sector is the rising burden of noncommunicable diseases such as cardiovascular conditions, stroke, cancer, diabetes, and chronic respiratory ailments. The chronic segment, in particular, is anticipated to grow at a CAGR of 8.5-9.5% over FY24-FY29. Furthermore, Indias growing population and the corresponding rise in demand for medicines are expected to further propel industry expansion. In addition to these factors, supportive government initiatives and schemes aimed at promoting domestic manufacturing of pharmaceutical ingredients will also contribute positively to the growth of the domestic pharmaceutical landscape.
Indian Domestic Formulations Market (INR Tn)
TECHNOLOGY AND INNOVATION
Our Research & Development (R&D) program lies at the cornerstone of our growth strategy, which is centered around complex specialty products, recombinant biologics, and "first in market" combinations/ NDDS formulations. During the year, we launched three first-in-market fixed dose combinations of Dapagliflozin; a differentiated play in the fast-growing SGLT2 space. We continue to invest to strengthen our product pipeline and step up our technology initiatives.
R&D Centre Housed at Our Gujarat Manufacturing Facility
Our R&D Centre with a dedicated team of over 40 qualified scientists is based at our flagship Ahmedabad manufacturing site. Based in a 11,000 sq. ft. facility, the Centre has fully equipped labs for Formulation Development, Analytical Development, Technology Transfer, Stability Studies, and Research Quality Assurance, enabling end-to-end development and scale-up under a single roof.
SUPPORTED CORE TECHNOLOGIES/ DOSAGE FORMS INCLUDE:
• Sterile Injectables: Development of a wide range of sterile formats including solutions, suspensions, emulsions, dry powder, lyophilized products, and pen devices with cartridges.
• Complex Injectables: Such as long-acting injectables (e.g., microspheres, liposomal formulations) and lipid- based complexes.
• Topical Semi-solids: Formulation of gels, ointments, and creams for dermatological applications.
• Ophthalmic Preparations: Capability in developing drops, solutions, suspensions, gels, and ointments tailored for ocular delivery.
• Oral Solid Dosage Forms (OSDs): Proficiency in tablet and capsule formulations addressing a variety of therapeutic needs.
• Oral Liquid Dosage Forms: Expertise in solutions, suspensions, and syrups.
Our development pipeline in recombinant Biologics - Insulins, Analogs and GLP1
The Evolution of our Oral Solids R&D Program since FY23
Active Oral Solids R&D Pipeline of 25 candidates across Therapies
MANUFACTURING -
Building Sustainable Competitive Advantage
Gujarat Ahmedabad
Eris Therapeutics Limited (1 unit) Swiss Parenterals Limited (2 units)
Assam Guwahati
Eris Lifesciences Limited (1 unit)
Madhya Pradesh Raisen
Eris BioNxt Private Limited (1 unit)
Tamil Nadu Chennai
Levim Lifetech Private Limited (1 unit)
Starting with an Oral Solids unit at Guwahati, we now have manufacturing operations across 6 globally accredited/ compliant units in India, deploying a diverse suite of technologies to manufacture a range of products - small as well as large molecules. Each facility is designed to ensure precision, efficiency, and compliance with stringent global quality and safety protocols.
TECHNOLOGICAL EVOLUTION AND MANUFACTURING EXPANSION
• Till FY 22 -
WHO-GMP-certified unit at Guwahati for oral solids, liquids, powders, and nutraceuticals
• 2023 - Greenfield expansion at Ahmedabad
Commissioned a greenfield campus in Ahmedabad (WHO-GMP approved), adding manufacturing facilities for medical dermatology creams, gels, and ointments in addition to oral-solids and oral liquids. An injectables facility-encompassing vials, ampoules, dry-powder, lyophilised products, and pre-filled syringes-is under construction. The site has been inspected by several Rest-of-World agencies and Brazils ANVISA (May 2025). We are targeting several more international inspections in the months to come.
• February 2024 - Expansion into Sterile Injectables
Integrated two injectable units from Swiss Parenterals (Ahmedabad), delivering one of the industrys broadest portfolios. Unit-I is capable of manufacturing the widest range of general liquid-injectable formats: ampoules,
vials, lyophilised and dry-powder injections, pre-filled syringes, and cartridges. Unit-II is dedicated to the manufacture of Cephalosporins, Penicillins, Penems and Monobactams. Both facilities hold EU-GMP and PIC/S certifications and are approved by Mexico COFEPRIS. Both sites were inspected by Brazils ANVISA in April 2025.
• 2024 - Entry into Biologics Drug Products
Acquired a biologics facility in Bhopal with fill-finish capability for insulins, GLP-1 analoges, monoclonal antibodies (mAbs), and rDNA products. The facility is built to Biocon quality standards and is approvable by EU-GMP, PIC/s and Latin American regulatory agencies.
• FY 25 - Biologics Drug Substance Capability
Acquired a 30 % stake in Levim Lifetech, and the capability for development, scale-up and commercial manufacturing of recombinant biological products.
Gujarat Campus of Facilities
The Eris Ahmedabad Campus is undergoing a strategic transformation to focus on higher-value dosage forms, particularly in the area of medical dermatology, including creams, gels, and ointments. This pivot aligns with our broader objective of enhancing our specialty product portfolio. An additional manufacturing block is under development to support a wide range of Injectable formats, including Vials, Ampoules, Dry Powder, Lyophilized products, and Prefilled Syringes.
Regulatory and Market Approvals
The facility is WHO-GMP approved and has undergone inspections by several regulatory authorities from Rest of World (RoW) markets. In May 2025, it was inspected by ANVISA, Brazils health regulatory agency. To further support our international expansion strategy, the plant is actively working towards obtaining EU-GMP and PIC/S approvals, which will enable entry into additional export markets.
The facility is eligible for tax benefits under Section 115BAB of the Income Tax Act, enhancing the facilitys long-term competitiveness.
Installed Capacity and Utilization in FY25
| Products | Capacity (mn units p.a.)* | Output (mn units) | Capacity Utilisation |
| Tablets | 1,080 | 777 | 72% |
| Capsules | 120 | 24 | 20% |
| Oral Liquid | 9 | 2 | 22% |
| Injectable | 18 | 11 | 61% |
| Ointment | 42 | 25 | 60% |
*Installed capacity based on single shift per day
Sterile Injectable Facilities - Unit-I and Unit-II
Two of our Injectable manufacturing facilities located in Ahmedabad offer one of the most extensive ranges of dosage forms in the industry. The first facility manufactures a wide range of general injectable products across multiple presentations including Liquid Ampoules, Liquid Vials, Lyophilized Injections, General Dry Powder Injections, Prefilled Syringes, Cartridges and Inhalation Anaesthetics. The second facility manufactures a broad spectrum of Betalactam Injectables, encompassing Cephalosporins, Penicillins, Penems and Monobactams.
These facilities hold approvals from the EU-GMP, PIC/S, and Mexicos COFEPRIS. They were inspected by Brazils ANVISA in April 2025.
Installed Capacity and Utilization in FY25 - Unit-I
| Products | Capacity (mn units p.a.)* | Output (mn units) | Capacity Utilisation |
| Liquid Ampoules | 50 | 40 | 80% |
| Liquid Vials | 22 | 6 | 28% |
| Dry Powder Vials | 16 | 23 | 145%A |
| Prefilled Syringes | 8 | 0.9 | 11% |
| Lyophilised Vials | 5 | 0.3 | 7% |
| Ophthalmic Products | 17 | 1.1 | 6% |
| Inhalation Anesthetics | 1.3 | 0.1 | 4% |
*Installed capacity based on single shift per day aOperated in the second shift
Installed Capacity and Utilization in FY25 - Unit-II
| Products | Capacity (mn units p.a.)* | Output (mn units) | Capacity Utilisation |
| Cephalosporins | 25 | 16 | 63% |
| Penicillins | 16 | 9 | 60% |
| Carbapenems | 9 | 1.2 | 13% |
*Installed capacity based on single shift per day
Bhopal Manufacturing Facility - Our Biologics Unit
Our state-of-the-art Biologics manufacturing facility in Bhopal is designed to support the production of a wide range of complex biologics, including Insulins, GLP-1s, Monoclonal Antibodies, and recombinant DNA (rDNA) products. Built to Biocon-equivalent quality standards, the facility is aligned with global regulatory expectations and is approvable by the EU-GMP, PIC/S, and leading Latin American authorities.
The plant is currently operational for Insulin Vials, with commissioning of Insulin Cartridge production targeted for Q3 FY26. We have identified Monoclonal Antibodies and Hormones as key areas for future expansion.
The facility qualifies for tax benefits under Section 115BAB of the Income Tax Act, enhancing its long-term competitiveness.
Biologics Bulk Manufacturing Plant in Chennai (Levim Lifetech)
The facility spans approximately 5 acres, offering significant scope for future expansion. It is purpose-built to manufacture recombinant biological drug substances, with the capability to support complex conjugation processes.
The plant is well-suited for the production of advanced biologics, including peptides such as GLP-1 and Insulin Analogs, recombinant proteins, PEGylated proteins, and antibody-drug conjugates. It has been designed in alignment with the regulatory standards of EU-GMP, PIC/S, and Latin American agencies, ensuring readiness for approvals in several markets.
Guwahati Manufacturing Facility
Our Guwahati facility has manufacturing capabilities for prescription products, including tablets, capsules, sachets, and softgels. In addition, it also supports the production of nutraceuticals in tablet, capsule, and sachet formats.
The facility is WHO-GMP approved and plays an important role in catering to the Indian market, supporting our strategy of supplying high-quality products across the country.
Capacity Utilization for Prescription Products
| Products | Capacity (mn units p.a.)* | Output (mn units) | Capacity Utilisation |
| Tablets | 720 | 456 | 63% |
| Capsules | 75 | 46 | 61% |
| Sachets | 1 | 0.5 | 42% |
| Soft Gel Tablets | 108 | 60 | 56% |
Capacity Utilization for Supplements and Nutraceuticals
| Products | Capacity (mn units p.a.)* | Output (mn units) | Capacity Utilisation |
| Tablets | 13 | 10 | 80% |
| Capsules | 13 | 10 | 80% |
| Sachets | 1 | 0.8 | 133%A |
*Installed capacity based on single shift per day aOperated in the second shift
Creating the Foundation for our International Expansion
Our manufacturing investments, which were made in the context of driving our transition to complex specialty products provide a good segue for our international market entry. All our newer facilities have been designed and built to be in compliance with the stringent requirements of regulatory authorities such as EU-GMP, PIC/s and Latin
American authorities like ANVISA and COFEPRIS. We are looking at these facilities to play a key role in enabling on transition from an India-focused business to a geographically diversified business with a dominant Indian leg.
ERIS AT A GLANCE -
Who we are
Eris Lifesciences Ltd is a publicly listed Indian Pharmaceutical company and a leading player in the Domestic Branded Formulations market. Ranked 20th in the IPM, it is the youngest among the Top-20 companies with a strong presence in major specialties such as Oral Anti-Diabetes, Insulins, Cardiovascular, Vitamins/ Minerals and Dermatology and rapidly expanding its presence in super specialties like Nephrology, Critical Care, Womens Health and Oncology.
As we complete 18 years of focused growth and impact, we take pride in what we have built — and even more in where we are headed. Since inception, we set out to be a company that is pivoted around specialty and super-specialty therapies and remains committed to science-led, outcome-driven healthcare.
FY25 marks a pivotal year in our evolution as we laid the foundation for a robust presence in the Indian Specialty Injectables and Biologics segments. Our acquisition of Biocons India Branded Formulations business complemented our Insulins portfolio and enabled us to enter the Nephrology, Psoriasis, Oncology and Critical Care spaces. Our bolt-on acquisition of Eris BioNxt (formerly
Chemman Labs) , an EU-GMP approvable facility built for a wide spectrum of biological drug products, is an important building block of our biotechnology play. Our strategic 30% equity investment in Levim Lifetech, a company with proven capabilities in developing and commercializing recombinant biological products including GLP-1s, completes our vertically integrated footprint in the space of biologics.
We have a focused portfolio of brands with our Top-25 mother brands accounting for 63% of our Domestic Branded Formulations revenue. Fifteen out of Top-25 mother brands are ranked among Top-5 in their respective segments. We have 5 mother brands with revenues of Rs. 100+ crore, 6 mother brands with revenues of Rs. 70-100 crore and 4 mother brands with revenues of Rs. 50-70 crore.
Starting from scratch in FY23, our pipeline of innovative Oral Solid Dose combinations has grown to 25-plus candidates across a wide range of therapies. Through our vertically integrated Biologics footprint spanning Levim Lifetech and our Biosimilar facility in Bhopal, we have built an exciting pipeline of Insulin Analogs, GLP-1 and combinations for launch overFY26-FY28.
Swiss Parenterals, our international arm, recorded good growth during the year. We expanded our customer-facing and R&D teams, while significantly strengthening systems, processes, and compliance frameworks. Both manufacturing facilities underwent inspections by EU-GMP and PIC/S authorities and Brazils ANVISA. We see ourselves on the threshold of a large international opportunity, driven by strategic synergies between our existing sites/ capabilities and the global market access of Swiss. We are building up OSD exports from the Eris-AMD site as well as a Specialty CDMO business focused on the European market. We will start harnessing the potential of our Biologics facilities in Levim and at Bhopal for our international business. We will also consider seeding select high-potential markets for a B2C/ Private Market play.
Starting with an Oral Solids unit at Guwahati, we now have manufacturing operations across 6 globally accredited/ compliant units in India, deploying a diverse suite of technologies to manufacture a range of products - small as well as large molecules.
We delivered a consolidated operating revenue of INR 2,894 crores in FY 25, registering a growth of 44% with an EBTIDA of INR 1,017 crores and PAT of INR 375 crore. We continue to maintain industry leading margins with average Gross margin of 81%, EBITDA margin of 35% and Operating cash conversion ratio of 78% over the last 8 years.
The last three years have been transformative for us. We remain committed to consolidating and effectively executing our strategic priorities in the years ahead, while upholding the core pillars of our business and delivering sustained value to all our stakeholders.
INDIA HEAD AND NECK CANCER STUDY
Long Term Results of A Randomized Phase III Study of Nimotuzumab
INDIA CENTRIC STUDIES
This study aims to determine the prevalence of Microalbuminuria (MAU) and identify clinical predictors in type 2 diabetes mellitus (T2DM) patients
This study aims to determine the prevalence of ^ Microalbuminuria (MAU) and identify clinical ^ predictors in type 2 diabetes mellitus (T2DM) patients
Participants screened: 63,570 (T2DM patients screened using Micral? test for MAU were analysed)
MAU prevalence was 36.9% (n = 17,275). Key predictors included hemoglobin A1c (odds ratio [OR] = 1.18, P < 0.001), diabetes duration (OR = 1.04, P < 0.001), hypertension duration (OR = 1.03,
P < 0.001), and diastolic BP (OR = 1.01, P < 0.001). Four out of ten patients with type 2 diabetes suffered from MAU in our study. Hence, strongly recommended to screen every diabetes patient in clinical practice to detect early signs of kidney damage.
Published in the International Journal of Diabetes and Technology 2025; 4:1-4
Identifying Drug Prescription in Newly Diagnosed Hypertension Patients in India
The study evaluated initial anti-hypertensive drug prescription patterns in Indian healthcare settings and investigated the extent to which physicians adhered to either European or Indian hypertension guidelines.
m Participants screened: 4942
Angiotensin Receptor Blocker (ARB) i.e. Telmisartan was the preferred initial therapy, followed by calcium channel blockers (cilnidipine and amlodipine). The combination of ARBs with CCBs was the most frequently prescribed regimen. Beta blockers were prescribed as a first line treatment in 15% of 5 patients without a clear indication. This suggests that most physicians follow the ESH guidelines; however, the high initial monotherapy prescription of ARB and CCB suggests adherence to the Indian guidelines. However, a significant number of patients did not receive appropriate treatment, highlighting areas for improvement in prescription practices.
Published in the The Journal of Clinical Hypertension, 2025; 27:e14963
Prevalence of Atrial Fibrillation on a 24- hour Holter in adult Indians
To evaluate paroxysmal Atrial Fibrillation (AF)
& prevalence in Indian adults who completed 24-Hour Holter monitoring.
m Participants screened: 23,847
Atrial Fibrillation (AF) was diagnosed in 4153 (17.4 %) patients with a median AF duration of 13 min and 55 seconds indicates high prevalence of AF ^ and largely untreated. The short duration of AF ^ episodes indicates a low likelihood of detection during clinical visits, highlighting its potential underestimation with standard electrocardiogram and the potential of Holter monitoring to enhance AF detection in the Indian healthcare system.
Published in the Indian Heart Journal 2024;
I 76: 218-220.
Comparative Analysis of Ambulatory Blood Pressure Characteristics in Acute Stroke and Non-stroke Indian Patients
Study aims at identifying 24-H Blood Pressure , (BP) characteristics after acute stroke in India ^ Hospitalized patients by undergoing Ambulatory Blood Pressure Measurement (ABPM)
m Participants screened: 769
Several ABPM characteristics were strongly associated with stroke in Indian hospitalised patients. 5 Minimum nighttime and average morning SBP may be considered as important and practical parameters for its relationship with stroke.
Published in the Blood Pressure Monitoring I Journal 2023;28:295-302
Cardiovascular Risk Factors of Airport Visitors in India: Results from A NationWide Campaign
Study was undertaken to set up health care screening booths at eight airports and one hospital throughout India to increase awareness and determine cardiovascular risk factors. Participants were screened for Hypertension, Diabetes and BMI
m Participants screened: 100,107
Prevalence of diabetes was 12,571, Hypertension: 30,345 and Overweight: 61,219 among the participants screened. Hypertension and diabetes ^ prevalence values were relatively high in young l obese adults.
Among obese women aged 60 years and older the hypertension prevalence was higher than 40% and a similar hypertension prevalence was observed in obese men as well.
I Published in the Journal of Clinical Hypertension I 2022;24: 74-82
Clinical Relevance of Double-Arm Blood Pressure Measurement and Prevalence of Clinically Important Inter-Arm Blood Pressure Differences in Indian Primary Care
Study was aimed to provide insight into the ^ prevalence of clinically important Inter-Arm Difference (IAD) in BP measurement in a large Indian primary care cohort
m Participants screened: 134,678
BP is above the diagnostic threshold for i„ hypertension in one arm only for 6% of participants. ^ Study emphasizes the importance of undertaking bilateral BP measurement in routine clinical practice.
I Published in the Journal of Clinical Hypertension
I 2022;1-10
Usefulness of ABPM for Hypertension Management in India: The India ABPM Study
Study reports differences between Office Blood Pressure Measurement (OBPM) and Ambulatory Blood Pressure Measurement (ABPM) in a large multi-centre Indian all comers population visiting primary care physicians
m Participants screened: 27,472
Contradiction between OBPM and ABPM in BP ^ diagnosis in approximately one-third of all patients, l and a substantial number of patients had Isolated Night-time Hypertension (INH)
@ Using ABPM in routine hypertension management can lead to a reduction in burden and associated costs for Indian healthcare
Published in the Journal of Human Hypertension I 2020;34:457-467
Blood Pressure and Heart Rate Related to Sex in Untreated Subjects: The India ABPM Study
Study aims at investigating sex-related differences in Blood Pressure (BP) and Heart Rate (HR) pattern in an Indian all comers population visiting primary care physicians and who were assigned to undergo ABPM by their physician
m Participants screened: 14,977
Women had more often Isolated Night-time Hypertension (INH), a lower BP and HR dip than ^ men. As night-time BP is a significant cardiovascular risk predictor, 24-h ABPM is especially important for women
¦ Published in the Journal of Clinical Hypertension I 2020;22:1154-1162
Blood Pressure Related to Age: The India ABPM Study
Study reports trends in Office Blood Pressure Measurement (OBPM) and Ambulatory Blood & Pressure Measurement (ABPM) with age in a large multi-centre Indian all comers population visiting primary care physicians.
m Participants screened: 27,472 (Age: 51 ? 14 years)
OBPM is higher than all three types of ABPM (24 hours, day, night) for all ages and that there are age related differences in circadian BP pattern.
? Night-time BP increased more with age than daytime so that there is higher prevalence of nondippers and Isolated Night-time Hypertension (INH) with older age as compared to younger subjects
Published in the Journal of Clinical Hypertension 2019;21:1784-1794
PATIENT CARE INITIATIVES
The significance of effective patient care in improving clinical outcomes has never been more evident. At Eris, our Patient Care Initiatives (PCI) platform is dedicated to integrating world-class, cutting-edge technology for screening, monitoring, and diagnosis. We recognize that educating and raising awareness among patients is essential in reducing the national burden of disease management.
As a key player in the healthcare ecosystem, we are committed to empowering patients to take a proactive role in managing their health. Our initiatives, driven by a strong foundation in scientific data, not only enhance patient outcomes but also strengthen our collaboration with healthcare professionals. Through these efforts, we reaffirm our dedication to making a meaningful impact on individuals lives while solidifying our position as a trusted partner in the healthcare industry.
ABPM on Call
Our flagship initiative, Ambulatory Blood Pressure Monitoring (ABPM) on Call, is designed to raise awareness about 24-hour blood pressure management. This advanced device enables continuous blood pressure monitoring over a full day, offering a more comprehensive assessment than conventional clinic-based measurements.
Non-invasive and portable, the device allows individuals to go about their daily routines without disruption while capturing a holistic view of their blood pressure regime in a real-world setting. To date, this initiative has successfully screened over 170,000 patients, contributing to better clinical insights and improved patient care.
Holter on Call
This initiative focuses on raising awareness about the significance of Ambulatory Electrocardiogram (AECG) monitoring, which enables continuous recording of heart activity over an extended period—typically 24 to 48 hours or longer. By offering prolonged monitoring, AECG enhances the chances of detecting intermittent arrhythmias that might go unnoticed in a standard clinical electrocardiogram, ultimately leading to better patient outcomes and an improved quality of life.
To date, this initiative has successfully screened over 90,000 patients, reinforcing its impact on early detection and effective cardiac care.
CGM on Call
Continuous Glucose Monitoring (CGM) on Call is an advanced method for tracking glucose levels in individuals with diabetes, providing near real-time data on glucose trends and recording valuable insights. This technology empowers clinicians to make informed adjustments to medication dosages, administration timings, diet, and physical activity, ultimately enhancing glycemic control.
As a vital tool for both individuals with diabetes and healthcare professionals, CGM plays a crucial role in personalized diabetes management. To date, this initiative has successfully screened over 54,000 patients, contributing to more effective and proactive diabetes care.
Sleep device on Call
The medical community is increasingly recognizing the critical link between Cardiac diseases and sleep disorders. Eris supports clinicians in diagnosing sleep apnoea, interpreting results, developing treatment plans, and facilitating essential patient counselling. To date, this initiative has successfully screened over 32,000 patients for sleep-related issues, enhancing the understanding and management of cardiac conditions for improved patient care.
Montana ANC Associate
Experts now acknowledge that certain adult diseases, such as hypertension and diabetes, can originate during fetal development—a concept known as Fetal Origin of Adult Diseases (FOAD). The fetal origins of adult disease (FOAD) hypothesis suggests that events during early development, particularly in utero, can increase the risk of developing chronic diseases in adulthood, with pregnancy complications and poor fetal nutrition playing a crucial role.
Montana ANC Associate, a FOGSI-Eris Patient Care Initiative, is dedicated to bridging diagnostic gaps in conditions like Anemia, Pregnancy-Induced Hypertension (PIH), and Gestational Diabetes Mellitus (GDM).
By offering point-of-care diagnostic support, this initiative strengthens Anti-Natal care and helps prevent the onset of FOAD. To date, Montana ANC Associate has successfully screened over 200,000 patients, reinforcing its impact on maternal and fetal health.
DOMESTIC BRANDED FORMULATIONS BUSINESS
Eris derives 87% of its revenues from the domestic branded formulations market. Chronic and sub-chronic therapies account for 82% of our business (vs 55% for I PM).
Our flagship therapies of Oral Anti-Diabetes, CVD and VMN account for 53% of our revenue and our Emerging therapies consisting of Dermatology, Insulins, Womens Health, CNS, Critical Care, Nephrology and Oncology account for 40% of our revenue.
The evolution in therapeutic mix resulting from acquisitions undertaken during the last three fiscal years has been instrumental in shaping our business profile and growth prospects. Through strategic acquisitions, we have expanded our product offerings, entered new markets, and strengthened our competitive position.
KEY MOTHER BRANDS
We have a focused portfolio with our Top 20 mother brands accounting for 58% of our domestic branded formulations revenue. 12 of these brands rank among the Top-5 in their respective segments.
PRESCRIPTION
RANKING
Our strong prescription rankings across various doctor specialties reflect our strategic focus on meaningful doctor engagements, deepening doctor relationships, and delivering value-driven healthcare solutions consistently aimed at enhancing patient outcomes. By prioritizing patient-centric approaches and broadening our reach within the medical community, we have reinforced our position as a trusted partner in healthcare. As we continue this growth trajectory, our commitment remains steadfast in improving patient outcomes and further elevating our prescription leadership. As a result of these sustained efforts, Eris now ranks among the top five corporates in several doctor specialties.
KEY DOMESTIC THERAPIES
DIABETES CARE
Diabetes Care, encompassing both oral and injectable therapies, remains our flagship therapeutic segment, contributing 31% to our revenue in FY25. Within our addressable market, valued at ~INR 18,000 crore, we hold the 5,hA position both in terms of revenue and Rx rankings. In the OHA* covered market, we are currently ranked 7thA by revenue.
(Source: AWACS MAT Mar25 SMSRC MAT Feb25) ARank in represented market
Over the past three years, we have significantly broadened our Anti-Diabetes portfolio with the introduction of next- generation OHAs such as Dapagliflozin, Sitagliptin, Linagliptin, and Empagliflozin. Concurrently, we have expanded our footprint in the Insulin segment with the brands Xsulin and Xglar and further solidified our position with marquee brands such as Basalog and Insugen into our portfolio making Eris the 5th largest Diabetes franchise in India.
Our legacy diabetes brands continue to maintain strong market positions, underscoring our long-standing commitment to building robust and enduring brands. Glimisave ranks 6th, while Cyblex and Tendia each hold the 4th position in their respective markets. Importantly, all three brands command market shares exceeding 5%.
In the emerging segments of DPP4 and SGLT2 inhibitors, our brands have demonstrated exceptional performance despite intense competition. Zomelis, our Vildagliptin brand maintains its position as the leading generic in its category. Gluxit, our Dapagliflozin brand, ranks 4th among generics. Besides, Glura, our Sitagliptin brand and Linares, our Linagliptin brand continue to make deeper inroads in their respective segments and continue to rank among Top-5 players among the generics. Also, out of the Top-10 mother brands of the Anti-Diabetes franchise, mother brands which were launched in the last 5 years, have clocked a growth of ~40% in FY25.
In a significant strategic move, we entered the GLP-1 segment with the launch of our Liraglutide brand, Erly. The introduction of Liraglutide marks our foray into this high- potential segment and further strengthens our presence across the Diabetes care continuum. With this launch, Eris expands its portfolio into a differentiated therapeutic space that complements our existing leadership in both Oral and Injectable Anti-Diabetes treatments. Besides, Empagliflozin a key molecule in the SGLT2 inhibitor class went off patent. Leveraging our established presence and expertise in this therapy area, we capitalized on this opportunity by launching Jardix and several of its FDCs.
*OHA: Orally Administered Anti-Hyperglycaemic Agents
Injectable Diabetes portfolio account for ~9% of our overall revenue. The inclusion of Insugen and Basalog and the launch of Liraglutide during the year has significantly strengthened our presence in this segment, providing us with a comprehensive and competitive injectable Diabetes Care offering.
In FY25, Eris Anti-Diabetes Care segment recorded a growth of 6%. Over the decade from FY15 to FY25, our Anti-Diabetes franchise has grown at a pace 1.6 times faster than the overall market, reflecting our focused strategy and execution excellence in this high-priority therapeutic area.
CARDIAC CARE
Cardiac Care is Eris second-largest therapeutic area, contributing 16% to our overall business in FY25. Our portfolio spans all major segments within this therapy, underscoring our comprehensive presence in the cardiovascular space. Over the ten-year period from FY15 to FY25, our Cardiac Care franchise has delivered a CAGR of 9%, closely tracking the growth trajectory of the overall market.
During the year, we introduced two first-in-market FDCs from our in-house R&D platform — Natribeta a FDC of Dapagliflozin and Metoprolol and Gluxit Beta, a FDC of Dapagliflozin and Bisoprolol. These differentiated offerings reflect our continued focus on innovation-led growth and the development of clinically relevant products.
Backed by robust engagement with cardiovascular specialists, Eris has a strong presence in the prescription market — ranking 7th in terms of prescriptions among cardiologists and 12,hA by revenue in the Cardiac Care segment.
Five of our Top-20 flagship brands—Eritel, LNBloc, Olmin, Crevast, and Atorsave—belong to the Cardiac Care portfolio with Eritel being a INR 1,500+ Mn mother brand, demonstrating the strategic importance and strong performance of this therapeutic area within our overall business.
(Source: AWACS MAT Mar25 SMSRC MAT Feb25) ARank in represented market VMN (Vitamins, Minerals & Nutrients)
Vitamins, Minerals and Nutrients (VMN) is Eris third-largest therapeutic area, contributing INR 4,264 million — accounting for 14% of our total revenue in FY25. Over the past decade (FY15-FY25), our VMN franchise has delivered a CAGR of 7%.
In FY25, the VMN portfolio grew by 9.2%, surpassing the market growth of 7.6% and reaffirming our strong competitive positioning. Renerve, our flagship brand in this category, registered a growth of 5% and has emerged as the second-largest brand in our overall portfolio. Remylin continued its impressive upward trajectory, posting a strong year-on-year growth of 12%.
Our performance in the VMN segment reflects the success of our focused brand strategies, doctor engagement efforts, and a deep understanding of evolving patient needs in preventive and supportive healthcare.
DERMATOLOGY
Dermatology has emerged as Eris fourth-largest therapeutic area, contributing INR 3,756 million and accounting for 12% of our total revenue in FY25. Our presence in this therapy began with the strategic acquisition of Oaknet Healthcare in 2022, followed by the addition of select dermatology brands from Glenmark and Dr. Reddys, and further strengthened through the acquisition of Biocons dermatology business.
These targeted acquisitions have enabled us to rapidly scale our presence in this high-growth segment. As a result, Eris now ranks 2nd in terms of prescription among Dermatologists and 5th by revenue in the Dermatology space, commanding a market share of 6%A.
In FY25, while the overall dermatology market registered 11% year-on-year growth, Eris dermatology portfolio grew by a strong 23%, significantly outperforming the market and marking another year of exceptional growth in this strategic therapy area. (Source:AWACSMATMar25 SMSRCMATFeb25) ARankin represented market
WOMENS HEALTH
The Womens Health segment contributed INR 1,922 million in FY25, accounting for 6% of Eris overall revenue. Over the decade from FY15 to FY25, our Womens Health franchise has demonstrated good growth, registering a CAGR of 14%— outperforming the market CAGR of 12% over the same period.
In FY25, while the Womens Health market grew by 7% year- on-year, Eris continued its strong growth momentum with a 24% increase in revenue, reinforcing our leadership and execution strength in this high-potential therapeutic area. Our performance in Womens Health reflects a focused strategy, effective portfolio expansion, and strong engagement with specialists in gynaecology and related disciplines.
(Source: AWACS MAT Mar25)
CNS (Central Nervous System)
The Central Nervous System (CNS) segment is Eris sixth- largest therapeutic area, contributing INR 1,571 million in FY25, which represents 5% of our overall business. During the year, our CNS portfolio recorded a growth of ~6%.
Within our covered market, Eris holds the 4th position in terms of prescription rankings, reflecting strong engagement with neurologists. From FY18 to FY25, our CNS franchise has delivered a CAGR of 9%.
(Source: SMSRC MAT Feb25)
Our sustained performance in this segment underscores our commitment to addressing the growing burden of neurological disorders with a focused and evolving portfolio.
CRITICAL CARE
Critical Care emerged as our seventh-largest therapy area, contributing ~INR 1,192 million to our overall business in FY25. The strategic acquisition of Biocons India-branded formulations business provided a strong foundation for our entry and accelerated growth in this segment. Key brands such as Biopiper, Prolop, and Cegava have demonstrated robust performance, achieving growth in excess of 50% during the year.
The therapy recorded a remarkable 37% year-on-year growth in FY25, significantly outperforming the market growth rate of 12%.
NEPHROLOGY
Nephrology, our eighth-largest therapy area, contributed ~INR 1,079 million, accounting for 3% of our total revenues in FY25. Our entry into this segment was strategically driven by the acquisition of Biocons Nephrology portfolio—an extension aligned with our strong presence in the Cardiometabolic space, given the high correlation between Diabetes, Hypertension, and Chronic Kidney Disease (CKD).
The acquisition brought with it marquee brands such as Renodapt and Tacrograf, enabling a strong foothold in the Organ Transplant segment. This well-established base positions us to further strengthen our presence in Nephrology through the introduction of new products.
In FY25, the Nephrology business recorded a robust year-on- year growth of 45%, significantly outpacing the market growth of 15% during the same period.
ONCOLOGY
Oncology has emerged as Eris ninth-largest therapeutic area, contributing approximately INR 349 million or 1% to our overall revenue in FY25.
The oncology portfolio comprises three strategically significant molecules and includes several established power brands. Biomab (Nimotuzumab), Indias first novel monoclonal antibody (MAB) for the treatment of head and neck cancer, leads the portfolio. Other key brands include Canmab and Hertraz, the worlds first approved biosimilars of Trastuzumab, and Krabeva and Abevmy, biosimilars of Bevacizumab, indicated for the treatment of multiple forms of cancer. With this portfolio, Eris has positioned itself as a small yet credible player in the high-impact oncology space, with a differentiated portfolio that addresses critical needs in cancer care through proven, science-driven products.
INDIA DISTRIBUTION NETWORK
Our robust distribution network is the backbone of our pharmaceutical operations, ensuring seamless and timely delivery of medicines to healthcare providers nationwide. By leveraging efficient logistics, we enhance inventory management and reduce lead times, enabling us to respond swiftly to market demands and maintain a consistent supply for healthcare providers.
As we continue to expand our operations, we remain committed to further optimizing our distribution network, ensuring agility in adapting to shifting market dynamics and evolving healthcare requirements. Our focus is on enhancing efficiency and scalability to meet growing demands while maintaining the highest standards of service and reliability.
INTERNATIONAL
BUSINESS
Swiss Parenterals, our international arm has performed well in its first year with us. It brings us a competitive front-end presence in several large and growing regions. In the Latin American continent, Swiss counts Mexico, Argentina, Chile and Peru among its large markets. We believe that the inspection of its facilities by ANVISA in April 2025 will soon pave the way for its Brazil market entry. Swiss also has a key presence in major South East Asian markets including Thailand, Philippines, Vietnam, and also key regions of Africa including North Africa, French West Africa and East Africa. With a bank of over 2,000 injectable product dossiers (approved and filed), it has a strong growth pipeline going ahead.
Taking our International Business to the next level
We are looking to replicate our domestic strategy of focusing on top-end complex specialty products in the international arena as well. Accordingly, the key elements of our international strategy are: •
• Establishing a global footprint (excluding the USA and Japan to begin with)
• Achieving global scale in select product categories
• Focusing on niche and complex technologies
• Prioritizing specialty products across therapeutic segments
• Engaging in both small and large molecule development
• Expanding our CDMO (Contract Development and Manufacturing) offerings in regulated markets
• Pursuing B2C opportunities in high-potential geographies
Several growth-enabling investments have been made and we expect the full impact of these to be realised starting FY27. We see ourselves on the threshold of a large international opportunity, driven by strategic synergies between our existing sites/ capabilities and the global market access of Swiss.
Synergies Driven by Our Technology Investments
1. Eris (Ahmedabad) and Swiss Parenterals
• Export of Oral Solid, Oral Liquid and Dermatological formulations to RoW markets via Swisss commercial channels
• CDMO services (Injectables and OSD) targeting the EU market, with a focus on large generic companies and innovators (generic arms)
• Initiation of B2C operations in select international markets with a comprehensive portfolio spanning OSD, Dermatology, and Injectables
2. Eris (Bhopal) and Levim Facilities along with Swiss Parenterals
• Export of GLP products from the Swiss and Bhopal sites
• Export of Insulin and Insulin Analogs from Levim and Bhopal facilities
• Export of other Recombinant Biologics from the Levim and Bhopal units
Building additional Growth Engines in the International Arena
We are actively building the foundation to scale up our International Business to Rs. 1,000 crores by FY30. Our strategy focuses on expanding across high-growth markets and leveraging our integrated capabilities in manufacturing, R&D, and regulatory compliance. We are focused on building three key SBUs at this time:
1. RoW Injectables (Existing Business Unit) - key elements of strategy
• Large Products: Scale globally in selected high- potential injectable products by FY28
• Large Markets: Strengthen our presence in existing key markets such as Mexico and the Philippines, while entering large new markets like Brazil
• Expanded Business Development, Regulatory Affairs, and R&D teams to support accelerated growth
2. RoW Oral Solid Dosage with a B2C focus (New Business
Unit #1) - key elements of strategy
• Export of Oral Solid, Oral Liquid and Dermatological formulations to RoW markets via Swisss commercial channels
• Targeting both government tenders and private market (B2C) segments
• Representative offices already established in the Philippines and Vietnam to hold Marketing Authorisations, with additional markets in the pipeline
• Eris Ahmedabad site is undergoing inspections by leading global regulatory authorities
3. EU CDMO (New Business Unit #2) - key elements of strategy
• Focused on CDMO services for both Injectables and OSD products targeting the European Union
• Targeting clients include mid-to-large generic companies and innovator firms (via their generics divisions)
• Pursuing long-term, exclusive contracts for specialty generics
• A dedicated business unit team has been established to drive this initiative
INFORMATION TECHNOLOGY
Technology and Digital Transformation:
Eris has reached a pivotal stage in its IT Transformative journey that began in FY22.
The fiscal year 2024-2025, has been a year of strategic consolidation, technological enhancement, and continuous innovation. FY24 was distinguished by the groundbreaking implementation of SAP S/4HANA RISE on AWS, laying a robust digital infrastructure that propelled this years initiatives.
In FY 2024-2025, we sustained our momentum, focusing on stabilizing these transformational projects while further advancing cybersecurity, digital innovation, and team capabilities.
Stabilization of SAP RISE Implementation:
Following FY 24s transformative deployment of SAP S/4HANA RISE, our primary objective this year was to stabilize and optimize the platform. Rigorous fine-tuning and system optimizations were carried out, ensuring seamless integration and enhanced performance. These improvements facilitated faster transaction processing, and empowered real-time, data-driven decision-making.
Expansion and Empowerment of Digital Teams:
Building on FY 24s robust recruitment and team formation, this year we strategically enhanced our digital workforce. Targeted recruitment campaigns and comprehensive training initiatives were rolled out, significantly strengthening our expertise in SAP, and digital innovations. This emphasis ensured our digital teams were well-equipped to sustain and accelerate our ambitious technological objectives.
Enhancing Cybersecurity and Dark Web Analysis:
This year saw focused efforts on augmenting our cybersecurity posture, underscoring the foundations set in FY 24. Notably, we initiated a pilot / proof of concept (PoC) on dark web monitoring and analysis, significantly elevating our capability to proactively identify and mitigate potential threats.
Additionally, we established the Information Security Steering Committee (ISSC), dedicated to identifying and mitigating cybersecurity risks at an early stage. These measures, coupled with continuous evolution of our robust Information Security Management System (ISMS), have ensured protection of critical assets and compliance with global cybersecurity standards.
Digital Initiatives and Operational Enhancements:
Our migration to a lean, cloud-first data centre architecture has successfully driven substantial cost efficiencies, enhanced data processing capabilities, and significantly improved system reliability.
Outlook:
Anchored firmly in the transformative groundwork laid in FY 24, the forthcoming year promises sustained innovation and operational excellence. With our robust digital infrastructure, skilled and dedicated teams, and proactive
approach to emerging technological opportunities, we remain well-positioned to continue driving sustainable growth and delivering enduring value to our stakeholders.
Fostering Innovation with AWS:
Leveraging the successful partnership with AWS, we are intensifying our focus on fostering a culture of innovation. This year will see structured ideation programs and AWS-led workshops, that would result in the incubation and implementation of multiple innovative digital projects. These initiatives aimed at enhancing customer experiences, optimizing operational efficiencies, and securing competitive advantages will cement our position at the cutting edge of technological innovation.
HUMAN RESOURCES
Unleashing Potential, Delivering Results
At Eris, our people are our greatest asset, and our Human Resource function plays a pivotal role in driving organizational success. By implementing effective employee development programs and performance management systems, our Human Resources team has been instrumental in shaping a workforce that not only embraces change but also drives Eris toward greater success.
As we continue to evolve, we remain focused on empowering our employees to reach their full potential, driving both personal and organizational success. We are committed to fostering an inclusive, dynamic, and supportive work environment where every individual has the opportunity to thrive, grow, and make meaningful contributions.
PRATHAM
Our one-day virtual corporate induction program provides a seamless onboarding experience to the new employees in a digital environment. The program includes concise training sessions and a structured onboarding process, with a carefully designed agenda that maximizes engagement and covers essential topics on the first day of joining. This streamlined yet comprehensive induction reinforces our commitment to leveraging technology for effective onboarding, ensuring that new employees feel informed, supported, and aligned with our organizational objectives from day one. The platform is used to train new joinees on important HR policies including Pharmacovigilance & POSH training.
AAGMAN
A corporate induction program, designed to seamlessly integrate new employees into Eris culture and operations
and to acquaint new hires with the organizations ethos, policies, and procedures. Through a structured process of presentations and medical, marketing & detailing sessions, the program aims to expedite the assimilation of new team members, fostering a sense of belonging and understanding of their roles within the company. New joinees are taken through factory tour to visualize product quality, innovative ways of learning are used to prepare them to have high quality scientific & patient-centric discussions with doctors.
SAKSHAM
Over the years, Eris has demonstrated a strong commitment to employee development through targeted skill enhancement initiatives. Saksham, our dedicated managerial skill development program, is designed to equip first-line managers with industry-relevant expertise while fostering a culture of continuous learning. This structured three-day workshop covers key aspects of sales management and People management, integrating interactive elements such as case study discussions and rapid-fire quizzes on scientific and strategic skills. Through Saksham, we continue to empower our managers with the knowledge and tools needed to drive performance and excellence in a dynamic healthcare landscape. Training also focuses on managers capability to build positive work culture & people development.
LEAD - LEADERSHIP EXCELLENCE & DEVELOPMENT PROGRAM
The Leadership Excellence & Development Program is designed to enhance the capabilities of senior leaders across the organization. The program focuses on strengthening leadership competencies and fostering a people-centric work culture. Leveraging best-in-class psychometric tools, individual and group training needs are systematically identified. Customized content is then delivered through interactive, workshop-based sessions to ensure maximum impact and practical application.
EMPLOYEE WELL-BEING
In todays fast-paced corporate world of tight work deadlines and blurred boundaries between professional and personal life, prioritizing mental well-being in the workplace has never been more essential. Acknowledging the importance of holistic wellness, we periodically organize mental health programs led by experienced doctors, focusing on stress and anxiety management. This initiative aims to foster a healthier, more resilient, and well-balanced workforce, reinforcing our commitment to employee well-being and a supportive work environment.
EMPLOYEE ENGAGEMENT
At Eris, throughout the year, we have actively introduced initiatives that enhance employee engagement, satisfaction, and overall well-being. Our commitment to fostering a positive and collaborative workplace is reflected in a variety of activities, including Patient Care Champions, team sports events, and the Eris Medical Premier League, along with celebrations of key milestones such as promotions and festive occasions. During the year, we launched a "Culture Club", an initiative aimed at fostering a vibrant and inclusive work culture and serving as a platform for employees to come together, share ideas and organize events. By continuously investing in our people, we ensure they feel valued, motivated, and aligned with our organizational goals, making them an integral part of our journey toward excellence.
CULTURECLUB
Eris believes in fostering an inclusive workplace which is full of fun. An enthusiastic team of employees from different functions & offices have formed Culture club which plans for various activities throughout the year. The club seeks ideas from employees & is financially empowered to take decisions to conduct various cultural events across all facilities of Eris. Celebrations during Womens Day, Diwali, Christmas, Diwali, Walkathons, Cyber awareness weeks are to name a few.
ACADEMIC PARTNERSHIPS
In order to nurture young talent and contribute to youth employment of the country, Eris actively collaborates with over 20 universities across the country. Through these collaborations, we offer career opportunities to students in various roles across the organization, enabling us to infuse fresh perspectives and energy into the company while supporting their professional growth
LOOKING FORWARD
This year, we are excited to build upon our initiatives and further enhance our employee development programs. Our Human Resources team remains a vital pillar of Eris success, committed to cultivating talent, fostering growth, and creating a workplace where every employee can excel. As we move forward, we do so with confidence in our collective resilience, striving to overcome challenges and shape a future where our people remain our greatest asset.
ESG AT ERIS
Commitment to Sustainable and Responsible Growth
At Eris Lifesciences, Environmental, Social, and Governance (ESG) principles are not just compliance imperatives—they form the core of our value creation strategy. Our commitment is underscored by the philosophy that sustained business growth and positive impacts are achieved when balanced with environmental responsibility, social progress, and sound governance. In the reporting year, we have created a framework to guide our performance on those ESG principles that are most impactful for our business.
MATERIALITY ASSESSMENT
In the reporting year, we carried out a structured Materiality Assessment with the help of a specialist ESG consulting firm. A 5-step process was followed as per global sustainability frameworks such as SASB and GRI and aligned to sector peers across levels of ESG maturity as per global independent benchmarks.
1. Stakeholder Engagement and Analysis:
Prioritization of stakeholders based on their influence, impact, and relevance to Eriss business and sustainability agenda.
2. Universe of ESG Topics
Long list of Material Topics based on sector-specific ESG challenges, risks and opportunities an alignment with Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI).
3. Peer Benchmarking
Benchmarking with peers with similar business models, operational footprints, and therapeutic areas across levels of ESG maturity as per global independent benchmarks for a comprehensive coverage of topics and understanding of sectoral priorities.
4. Evaluation of Eriss Business Priorities
Survey of department and functional leaders followed by interactions to define sector and company-specific challenges, risks, opportunities and growth ambitions.
5. Analysis of Material ESG Priorities
An analysis of qualitative and quantitative inputs to identify key trends and concerns.
The process culminated in a multi-stakeholder workshop with executive and functional leadership across the organisation to finalise the relative priorities between material ESG issues. These were aligned with industry best practices and emerging sustainability trends, risks and opportunities to refine the material ESG priorities in the context of Eriss business.
GOVERNANCE OF ESG MATTERS
Effective execution of the ESG strategy is enabled through a robust ESG governance framework. The Boards Executive Committee oversees the strategic and operational aspects of implementing the ESG roadmap, ensuring the integration of business and ESG priorities. This Committee ensures alignment between the long-term growth strategy, stakeholder expectations, and regulatory requirements. It monitors progress on material ESG issues, while ensuring compliance with global and local ESG reporting frameworks and sets the agenda for reviews by the entire Board as may be deemed appropriate from time to time. The Risk Management Committee of the Board is responsible for a half-yearly review of ESG risks and opportunities based on the ESG performance and changes in the macro environment and evolving sectoral and competitive dynamics.
Our ESG governance model emphasises transparency and data-driven decision-making, which is being integrated with the broader Enterprise Risk Management and Corporate Governance structure. Currently, Eris reports its ESG performance as per SEBIs BRSR framework and aligns with international standards such as SASB and GRI, reinforcing its commitment to responsible business conduct.
ENVIRONMENT AND OCCUPATIONAL SAFETY
Environmental Responsibility is a material ESG topic for Eris and is a focus area. The company ensures that it meets all environmental compliance criteria as per the applicable regulatory and statutory requirements. This is supported by an empowered governance structure (as described in section B of the BRSR report) across levels to drive the necessary performance on these parameters. The performance of the company on a standalone basis is disclosed in greater detail in Principle 6 of the BRSR (Business Responsibility and Sustainability Report).
Occupational Health and Safety is an integral part of the Companys Human Capital Management strategy. Eris recognizes the detrimental impact of safety incidents on employee and worker well-being and takes proactive measures to ensure that the highest standards are being adhered to. Safety processes and practices are horizontally deployed across our locations and the Company aspires to obtain additional certification for its facilities over the near term in addition to its WHO-GMP status for all of its facilities.
ENERGY SAVINGS INITIATIVES
Throughout the year, we have actively undertaken a range of initiatives at our Guwahati manufacturing facility focused on improving energy efficiency. Key energy-saving measures implemented include:
• Continuous Energy Monitoring: Ongoing tracking of energy consumption against operational requirements allows for real-time adjustments, ensuring efficient energy use.
• Real-Time Power Factor Monitoring with Audible Alerts: This system ensures that any failure triggers an immediate audible alert, enabling prompt preventive action to avoid inefficiencies or equipment damage.
• Hot Water Tank Insulation: Insulating hot water tanks has significantly reduced heat loss, contributing to overall energy conservation.
• Installation of Automatic Moisture Separators:
Installed at all air receivers, these have effectively eliminated water layer formation on cartridge filters, thereby enhancing the operational efficiency of air compressors.
• Preventive Maintenance Programs: Regularly scheduled maintenance of HVAC systems, plant machinery, and utility equipment has been instrumental in maintaining optimal energy efficiency.
Similar energy management and efficiency improvement opportunities are being identified at all our manufacturing locations. At Eriss Ahmedabad facility, energy audits have been conducted to pinpoint specific process improvements which can positively impact energy consumption. Hot spots for energy consumption have been identified to help direct the efforts.
GHG EMISSIONS
Eris recognizes that reducing GHG Emissions and working on reduction of emissions intensity is an important part of its environmental responsibility and climate change response efforts. As the first essential step in this direction, the Company has undertaken a GHG inventory across its Scope 1 and 2 emissions. This has been undertaken across Eris Guwahati plant and Eris and Swiss plants located in Ahmedabad.
| FY 2024-25 | FY 2023-24 | |||
| Metric tonnes of Co2 equivalent | Scope 1 Emissions | Scope 2 Emissions | Scope 1 Emissions | Scope 2 Emissions |
| Eris Guwahati | 343 | 1664 | 529 | 1927 |
| Eris Ahmedabad | 315 | 1966 | 287 | 3144 |
| Swiss Ahmedabad | 425 | 4324 | 429 | 3601 |
Note: Figures are rounded off to zero decimal and GHG emissions are only for the specific facilities mentioned and excludes offices
The Company has undertaken initiatives to adopt cleaner fuels as part of these initiatives which include the replacement of LVFO (Low Viscosity Fuel Oil), a fossil fuel, with biomass (wooden pellets) for use in the boiler. The new biomass boiler has been operational over Q4 FY25 and has helped reduce the carbon footprint at the Guwahati plant. We also use biomass briquettes in the Eris Ahmedabad facility as well as in both of the Swiss Parenterals facilities.
Additionally, Eris has made significant investments in its state-of-the-art Ahmedabad facility for utilizing solar energy. Nearly 80% of the total energy (53% of total electrical energy) at this facility is comprised of Renewable Energy and similarly, our operations at Swiss Parenterals also utilize solar energy.
| Renewable Electrical Energy Mix | As % of total energy | As % of total electrical energy |
| Eris Guwahati | 6% | 0% |
| Eris Ahmedabad | 80% | 53% |
| Swiss Ahmedabad | 32% | 8% |
Note: Figures are rounded off to zero decimal
WATER MANAGEMENT INITIATIVES
At our Guwahati manufacturing facility, we operate an Effluent Treatment Plant (ETP) incorporating a Zero Liquid Discharge (ZLD) process. This system is meticulously engineered to eliminate liquid waste, with the primary objective of minimizing wastewater generation while enabling the recovery of clean water for reuse in applications such as gardening, cooling towers, and other utility processes. We have also deployed flow meters to enable continuous monitoring and effective control of water consumption across the supply lines.
During the financial year, the ETP treated 28,845 kilolitres of effluent and in addition, we also have rainwater harvesting systems.
| Kilolitres of Effluent Treated | |
| Eris Guwahati | 1,524 Kl |
| Eris Ahmedabad | 16,066 Kl |
| Swiss Ahmedabad | 11,255 Kl |
Note: Figures are rounded off to zero decimal
We have also ensured that robust water management systems are implemented at the facility in Ahmedabad. These initiatives underscore our commitment to responsible water stewardship and environmental sustainability.
OCCUPATIONAL HEALTH AND SAFETY INITIATIVES
We remain committed to continually strengthening our occupational health and safety (OHS) management systems. This involves the systematic identification of potential hazards and risks associated with site operations, followed by the implementation of regular risk control and mitigation measures. Comprehensive safety protocols are in place to support timely and proactive actions, ensuring a safe work environment. As a result of these sustained efforts, all our manufacturing facilities has maintained an exemplary safety record, with zero casualties or accidents since inception.
Key health and safety initiatives undertaken at the plant include:
• Regular Risk Assessments: Frequent evaluations and inspections are conducted to identify and mitigate safety risks, ensuring employee well-being.
• Employee Health Monitoring: Periodic medical checkups are organized for all employees to promote proactive health management.
• Safety Week Observance: An annual Safety Week is conducted, focusing on awareness and reinforcement of safety practices. This initiative intends to create awareness among employees about the importance of safety protocols and best practices, ensuring a secure and hazard-free work environment.
• Specialized Safety Training: Periodic training sessions on fire safety and first aid are conducted by certified experts to equip employees with critical emergency response skills.
FINANCIAL REVIEW
Financial Highlights
Summary Consolidated Income statement
| Particulars (INR million) | FY 24 | FY 25 | Growth % |
| Revenue from Operations | 20,092 | 28,936 | 44.0% |
| Gross Profit | 16,291 | 21,797 | 33.8% |
| EBITDA | 6,748 | 10,172 | 50.7% |
| EBIT | 4,923 | 7,017 | 42.5% |
| Profit Before Tax | 4,313 | 4,889 | 13.3% |
| Profit After Tax | 3,971 | 3,747 | -5.7% |
| Earnings per share (INR) | 28.82 | 25.85 | -10.3% |
Summary Standalone Income statement
| Particulars (INR million) | FY 24 | FY 25 | Growth % |
| Revenue from Operations | 14,867 | 16,978 | 14.2% |
| Gross Profit | 12,066 | 11,985 | -0.7% |
| EBITDA | 4,538 | 4,866 | 7.2% |
| EBIT | 3,514 | 3,048 | -13.3% |
| Profit Before Tax | 3,288 | 1,201 | -63.5% |
| Profit After Tax | 2,997 | 774 | -74.2% |
Revenue from Operations:
For the year under review, the Companys consolidated Revenue from Operations grew by 44% to INR 28,936 mn from INR 20,092 mn in FY 24. The Domestic Branded Formulations revenue grew by 32% to INR 25,130 mn.
Gross Profit:
The consolidated gross margin stood at 75% in FY25 representing a 34% growth yoy and a margin compression of 576 bps on account of significant changes in product/ business mix. With a gradual uptick in the scale of insourcing manufacturing operations (of the portfolios acquired in FY23, FY24 and FY25), we expect further upside in gross margins going forward.
Employee Expenses:
Employee Expenses were up by 25%.
OtherExpenses:
The consolidated other expenses in FY25 were INR 6,574 mn, up 19% yoy in FY25. However, as a % of sales it is down by 468 bps.
Depreciation and Amortisation:
Consolidated Depreciation increased from INR 550 mn in FY24 to INR 890 mn in FY25. Amortisation increased from INR 1,270 mn in FY24 to INR 2,270 mn in FY25, owing to addition of acquisition related intangible expenses during the year.
Finance Expenses and Other Income:
Consolidated Finance Cost increased from INR 848 mn in FY24 to INR 2,313 mn in FY25 on account of increased borrowing pertaining to the deals consummated in the last three financial years. We expect the finance cost to decrease on account of debt reduction during the year. Consolidated Other Income decreased from INR 238 mn in FY24 to INR 184 mn in FY25.
Earnings before Depreciation, Amortisation, Interest and Taxes (EBITDA):
Consolidated EBITDA stood at INR 10,172 mn, representing a 35% margin and expansion of ~157 bps over last year. Domestic Branded Formulations EBITDA margin expanded from 34.5% in FY24 to 36.5% in FY25; an increase of ~200 bps driven by synergies from business integration.
Tax Expenses:
Our effective tax rate increased to 23.4% in FY25 from 7.9% in FY24
Profit After Tax (PAT):
Consolidated Profit after Tax for the year at INR 3,747 mn with PAT margin of 13%.
Debt:
During the year we undertook financial closure of Biocons India Formulations Business and additional stake of 19% in Swiss Parenterals. Additionally, we completed two acquisitions in FY25 with a combined deal value of ~INR 1060 mn. In September 2024, we acquired Eris BioNxt (Earlier Chemman Labs) for INR 1,050 mn and in February 2025 we acquired a 30% equity stake in Levim Lifetech for INR 540 mn. Our net debt as on 31st Mar 2025 stood at ~INR
22,200 mn and we are targeting significant prepayment of debt in FY26 and FY27.
Operating Cashflow:
Our consolidated Operating cashflow (OCF) to EBITDA ratio in FY 25 stood at 105%. We have maintained an average OCF to EBITDA ratio of 78% from FY17 through to FY25.
Working Capital:
Our core working capital (inventory, debtors and payables) on a consolidated basis stood at 58 days of operating revenue. Our Debtor turnover days in the consolidated operations decreased from 77 days of operating revenue in FY24 to 58 days of operating revenue in FY25.
Key Financial Ratios - Consolidated
| Ratio | FY 24 | FY 25 | Variance |
| Profitability Margin ratios | |||
| Gross Margin | 81.1% | 75.3% | -576 bps |
| EBITDA Margin | 33.6% | 35.2% | 157 bps |
| EBIT Margin | 24.5% | 24.3% | -25 bps |
| PAT Margin | 19.8% | 12.9% | -682 bps |
| Return ratios | |||
| Return on Capital Employed (ex treasury investments and cash & cash equivalents) | 11.0% | 15.0% | 400 bps |
| Return on Net Worth (RoE) (ex treasury investments and cash & cash equivalents) | 19.9% | 14.6% | -537 bps |
| Working capital ratios | |||
| Net Working Capital days | -296 | -49 | -84% |
| Debtors days | 77 | 58 | -25% |
| Inventory days | 34 | 42 | 23% |
| Gearing ratios | |||
| Interest coverage ratio | 6 | 3 | -48% |
| Debt/Equity ratio | 1.2 | 1.2 | -3% |
| Liquidity ratios | |||
| Current ratio | 0.9 | 0.9 | -3% |
| Current Assets | 23,020 | 12,230 | -47% |
| Current Liabilities | 25,321 | 13,814 | -45% |
Key Financial Ratios - Standalone
| Ratio | FY 24 | FY 25 | Variance |
| Profitability Margin ratios | |||
| Gross Margin | 81.2% | 70.6% | -1056 bps |
| EBITDA Margin | 30.5% | 28.7% | -187 bps |
| EBIT Margin | 23.6% | 18.0% | -569 bps |
| PAT Margin | 20.2% | 4.6% | -1560 bps |
| Return ratio | |||
| Return on Capital Employed (ex treasury investments and cash & cash equivalents) | 19.3% | 10.5% | -881 bps |
| Working capital ratios | |||
| Net Working Capital days | -413 | -99 | -76% |
| Debtors days | 59 | 51 | -14% |
| Inventory days | 22 | 41 | 83% |
| Gearing ratios | |||
| Interest coverage ratio | 6 | 1 | -77% |
| Debt/Equity ratio | 1.1 | 1.1 | -4% |
| Liquidity ratios | |||
| Current ratio | 0.8 | 0.6 | -24% |
| Current Assets | 18,765 | 6,275 | -67% |
| Current Liabilities | 22,618 | 9,939 | -56% |
Internal Financial Control
At Eris Lifesciences Ltd, we view robust internal controls as foundational to effective governance, ensuring that actions align with our business plans within a structured framework of checks and balances. Our commitment is to maintain an internal controls environment tailored to the size and complexity of our operations, ensuring compliance with internal policies, laws, and regulations, while ensuring the reliability and accuracy of our records.
We prioritize operational efficiency, resource protection, and risk minimization through a comprehensive framework of policies, procedures, and systems. This framework enhances the efficiency and effectiveness of our operations, reduces risks and costs, and improves decision-making and accountability. Our internal financial controls framework, integrated within this system, ensures the reliability and accuracy of our financial reporting and preparation of financial statements in accordance with generally accepted accounting principles.
The recent transition to SAP S4HANA underscores our commitment to continuously enhance our internal controls for long-term process maturity and business success. Stakeholder trust is pivotal, and ongoing evaluations reaffirm the effectiveness of our controls. Overall, our internal controls provide a significant level of assurance, mitigating operational risks and ensuring efficient processes.
Risk and Risk Mitigation
In recognition of the complex challenges inherent in the pharmaceutical sector, Eris Lifesciences Ltd has instituted a dedicated Risk Management Committee. This committee rigorously assesses and mitigates strategic, operational, compliance, and financial risks. Through comprehensive risk assessments, tailored mitigation plans, and ongoing monitoring mechanisms, we ensure proactive risk management across the organization. Internal auditors provide valuable insights, while strategic initiatives and prudent investments bolster our proactive stance. Continuous monitoring and assessment, coupled with comprehensive insurance coverage, safeguard shareholder value, and uphold our reputation for long-term success.
Outlook
STRENGTHS AND OPPORTUNITIES
Strong brands: The Company continues to focus on maintaining the strength of its brand portfolio; the Top 25 Mother Brands contribute ~ 65% of its Branded Formulations revenue. With 15 out of these 25 brands being ranked among the Top-5 in their respective segments, they are well poised for strong future growth. The Company has 5 mother brands with revenues of Rs. 100+ crore p.a. and 10 mother brands with revenues of Rs. 50 - 100 crore p.a. The Companys strong portfolio of Mother Brands enjoys leading prescription ranks with their respective doctor specialties. The Company holds a dominant position in key specialty areas such as Diabetologists, Cardiologists, Neurologists, Gynecologists, Dermatologists and Consulting Physicians.
Prescription ranking among super specialists:
| Diabetologists | 5th |
| Cardiologists | 7th |
| Dermatologists | 2nd |
| Neurologists | 4th |
| Gynecologists | 7th |
| Consulting Physicians | 7th |
(Source: SMSRC MAT Feb25)
Expansion in Emerging Specialties: The company derives 40% of Branded Formulations revenue from seven emerging specialties of Dermatology, Insulins, Womens Health, CNS, Oncology, Critical Care and Nephrology, giving us significant headroom for disruptive growth in these segments
Patent expiration opportunities: A number of major molecules will lose exclusivity in the cardio metabolic segment in the next 3-5 years. On the back of its established position in this market, Eris is well positioned to leverage these opportunities as has been demonstrated over the last 4 years with Top-5 market positions in several molecules.
New business segments: The acquisition of Swiss Parenterals Ltd. and Biocons domestic branded formulations business will provide a strong launch platform to make deeper inroads in the Indian Injectables market. Leveraging Swiss Parenterals distribution presence in the semi-regulated markets will enable Eris to launch and build Oral Solid Dosage business in these markets thereby expanding our presence in new addressable markets.
Patient care initiatives: Our unique Patient care initiatives approach to doctor engagement leads to a professional and science backed customer relationship which apart from helping the healthcare community manage the disease burden, create immense brand equity for the Company.
Strong balance sheet and cashflows: The Company has consistently generated profits and maintained strong cash flows. The Company follows strong return discipline in capital allocation decisions which has helped in having a strong balance sheet with superior returns on invested capital and net worth for the benefit of shareholders.
Operating efficiency: The yield per man (YPM) for the Company has potential of scaling up to industry leading numbers. With improvement in the YPM metric margin efficiency also improves.
Manufacturing footprint: The addition of manufacturing facilities of Eris BioNxt and Levim along with manufacturing facilities in Guwahati, Assam and Ahmedabad, Gujarat will provide significant operating leverage benefit to the Company going ahead as sales of the products manufactured from the facility increases and new products are brought in-house for manufacturing.
Demographic tailwinds: Overall healthcare spending in India is expected to rise due to rise in population, consistent economic development and rapid urbanisation, improved affordability, high real GDP growth rate and improving GDP per capita rising healthcare awareness among the masses and greater demand for insurance coverage, boosted by government and private insurer initiatives.
Increased lifestyle related diseases: Increasingly sedentary lifestyle, changing consumption patterns and rapid urbanization has led to a widespread rise in chronic ailments. As the market and economy mature, India is expected to see a higher share of chronic diseases in line with other emerging and most developed nations.
Health Insurance coverage: Greater demand for insurance coverage, boosted by government and private insurer initiatives will help drive the expansion of healthcare services and pharmaceuticals market in India.
Rising healthcare awareness: Enabled by rising medical information portals and healthcare start-ups, patients are becoming more aware of diseases and preventive therapies/ medicines.
Increase in government health expenditure: The government has plans of increasing focus on healthcare, doubling its share of expenditure as a % of GDP by 2025.
THREATS, RISKS AND CONCERNS
Pandemic-like Situation: The outbreak of the COVID-19 like pandemic across the world and subsequent disruption in economic activities apart from impacting GDP across countries also causes various disruptions which impacts demand of pharmaceutical products.
Regulatory Overhang: The Drug Price Control (Amendment) Order limits price increases in schedule drugs mentioned in the National List of Essential Medicines (NLEM). While it has been observed that competitive forces in the market have been more effective in controlling prices, amendments in the list will continue to pose challenges for the industry. As on 31st March 2025, 14% of the Companys revenue were from drugs scheduled in the NLEM (vs. 19% for the Indian Pharma Market).
GOING AHEAD
Eriss strong current portfolio will further reap benefits of investments in products, promotions, processes and people in last couple of years. While the existing business remains the main engine of growth for the Company, in-licensing, exploring newer therapeutic areas and future patent expiries are some areas that it will leverage for future growth. Productivity is also expected to improve further with further expansion in doctor reach.
The Company is confident to continue to outperform in core therapies as a result of super speciality focus, strong power brands, presence in fast growing molecules and adaptability and resilience of the business model.
Safe Harbour and Cautionary Statement
Statement in this "Management Discussion and Analysis" describing the Companys objectives, projections, estimates or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied.
Important factors that could make a difference to the Companys operations include our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, allocations of funds by the Governments in the healthcare sector, increasing competition and the conditions of our customers, suppliers and the pharmaceutical industry, global and Indian demand-supply conditions, finished goods prices, cyclical demand and pricing in the Companys principal markets, changes in government laws and regulations, tax regimes, our provisioning policies, economic and political developments within India and the countries within which the Company conducts businesses and other factors such as litigation and labour negotiations. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events or otherwise.
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