External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Eris Lifesciences (Eris) is set to enter an execution phase after multiple M&amp;As over FY23–25, with an investment of INR 38–40 bn to create multiple levers of growth, such as: (1) strengthening the diabetes portfolio, (2) foraying into the insulin business, critical care and oncology through the acquisition of Biocon Biologics India’s business, (3) increasing focus on injectable and foraying into exports through the acquisition of Swiss Parenteral, (4) developing a new engine of growth by creating capabilities for the GLP-1 opportunity in India and EMs (through the acquisition of Levim), and (5) investing in new launches to drive organic growth (plant and field force expansions)</li><li>We note that GLP-1 is a large but competitive opportunity</li><li>Moreover, rh-insulin represents a sizable opportunity for the company over the next few years, with the exit of innovator Novo Nordisk (which will be present only in vials).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Eris Lifesciences (Eris) is set to enter an execution phase after multiple M&amp;As over FY23–25, with an investment of INR 38–40 bn to create multiple levers of growth, such as: (1) strengthening the diabetes portfolio, (2) foraying into the insulin business, critical care and oncology through the acquisition of Biocon Biologics India’s business, (3) increasing focus on injectable and foraying into exports through the acquisition of Swiss Parenteral, (4) developing a new engine of growth by creating capabilities for the GLP-1 opportunity in India and EMs (through the acquisition of Levim), and (5) investing in new launches to drive organic growth (plant and field force expansions)We note that GLP-1 is a large but competitive opportunityMoreover, rh-insulin represents a sizable opportunity for the company over the next few years, with the exit of innovator Novo Nordisk (which will be present only in vials).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eris Lifesciences: Execution Phase Is Key, Downgrade to ADD

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Eris Lifesciences’(ERIS) Q3FY25 EBITDA was in line with our estimate (Rs2.5bn; 43% YoY).</li><li>Eris has opted for inorganic route to diversify and scale up existing portfolio.</li><li>This has been implemented without diluting margins.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Eris Lifesciences’(ERIS) Q3FY25 EBITDA was in line with our estimate (Rs2.5bn; 43% YoY).Eris has opted for inorganic route to diversify and scale up existing portfolio.This has been implemented without diluting margins.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eris Lifesciences - In-Line Quarter; Debt Reduction Ahead of Guidance

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><ul><li>Promising start for Drolute and Xsulin - T<span style="font-size: var(--content-font-size);">he Dydrogesterone market is at an interesting phase, with an improvement in </span><span style="font-size: var(--content-font-size);">demand due to better access, affordability, and technical superiority over </span><span style="font-size: var(--content-font-size);">Progesterone.</span></li></ul><div><ul><li>Favorable demand-supply and marketing efforts to drive ‘Drolute’ sales for ERIS</li></ul><div><ul><li>Well-positioned to gain market share in the Insulin market - <span style="font-size: var(--content-font-size);">ERIS has expanded its Anti-Diabetic offering, with the recent launch of human/premix Insulin</span></li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Promising start for Drolute and Xsulin - The Dydrogesterone market is at an interesting phase, with an improvement in demand due to better access, affordability, and technical superiority over Progesterone.Favorable demand-supply and marketing efforts to drive ‘Drolute’ sales for ERISWell-positioned to gain market share in the Insulin market - ERIS has expanded its Anti-Diabetic offering, with the recent launch of human/premix InsulinContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eris Lifesciences - Niche Launches to Aid Growth over the Medium Term

<div><ul><li>Specialty segment gets a boost from the Oaknet acquisition</li></ul><div><ul><li>Oaknet acquisition – New space addition at decent valuation</li></ul><div><div><div><ul><li>Promotional efforts for launches lowers margin in 4QFY22 -<span style="font-size: var(--content-font-size);"> Revenue grew 10% YoY to INR3.1b in 4QFY22 (est. INR2.9b).</span></li></ul></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Specialty segment gets a boost from the Oaknet acquisitionOaknet acquisition – New space addition at decent valuationPromotional efforts for launches lowers margin in 4QFY22 - Revenue grew 10% YoY to INR3.1b in 4QFY22 (est. INR2.9b).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eris Lifesciences - In Line 4QFY22 at the Operational Level; Geared up for Launches in FY23

<p></p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mix of Chronic portfolio, rising coverage, and better operating leverage to drive earnings growth

India

Eris Lifesciences is an Indian pharmaceutical company that develops, manufactures, and markets branded formulations. The company focuses on chronic and sub-chronic therapies, including products for cardiovascular disorders, diabetes, pain management, gastroenterology, and dermatology. Eris Lifesciences was founded in 2007 and is headquartered in Ahmedabad, Gujarat, India.

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Eris Lifesciences (ERIS IN)

Eris Lifesciences: Execution Phase Is Key, Downgrade to ADD

Moreover, rh-insulin represents a sizable opportunity for the company over the next few years, with the exit of innovator Novo Nordisk (which will...

HDFC Securities

Eris Lifesciences - In-Line Quarter; Debt Reduction Ahead of Guidance

Eris Lifesciences’(ERIS) Q3FY25 EBITDA was in line with our estimate (Rs2.5bn; 43% YoY). Eris has opted for inorganic route to diversify and scale...

Prabhudas Lilladhar

Eris Lifesciences - Niche Launches to Aid Growth over the Medium Term

The Dydrogesterone market is at an interesting phase, with an improvement in demand due to better access, affordability, and technical superiority...

Motilal Oswal

Eris Lifesciences - In Line 4QFY22 at the Operational Level; Geared up for Launches in FY23

ERIS delivered an operationally inline 4QFY22. It ended the second consecutive year with earnings growth in the a healthy teens compared to stable...

Motilal Oswal

Mix of Chronic portfolio, rising coverage, and better operating leverage to drive earnings growth

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

Motilal Oswal

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