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Ahmedabad-based Eris Lifesciences is looking to target opportunities in the nearly ₹5,000-crore Indian insulin market after Danish drugmaker Novo Nordisk announced a withdrawal of its insulin products in April this year.
For Q1FY26, Eris Lifesciences recorded a 40 per cent year-on-year (Y-o-Y) rise in consolidated profit after tax (PAT) to ₹125 crore. Revenue rose to ₹773 crore during the June quarter against ₹720 crore in the year-ago period.
“We expect that Novo’s cartridge inventory in the market will run out by October. 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 its Bhopal unit’s cartridge filling capability will start getting operational from January. Vial manufacturing has already been commissioned at the Bhopal unit, with the company creating a strategic stock of insulins.
This comes at a time when Eris already is the largest domestic player in insulin. The company had last year 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 ₹60 crore in revenue last year. Basalog and Insugen had combined revenues of ₹200 crore at the time of acquisition,” he said.
He added that with this, the company's insulin franchise has become really large with a 10 per cent market share. Eris is also among the prominent drugmakers looking to roll out generic versions of blockbuster molecule semaglutide once its patent expires around March next year.
Semaglutide is a GLP-1 (glucagon-like peptide 1) receptor agonist that is 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 the financial year 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 is concerned, the company said it is already in a strong position because of its dominant position in insulins and prior presence in the GLP market with the launch of Liraglutide in September last year.
