24 Jul, 16:14 - Indian

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companylogoERIS Lifesciences Ltd

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BSE Code : 540596 | NSE Symbol : ERIS | ISIN : INE406M01024 | Industry : Pharmaceuticals - Indian - Formulations |


Chairman's Speech

to Shareholders

Dear Shareholders,

As your Company turns eighteen this year, I am happy to share with you that we are in a different growth orbit now. Alongside becoming a Top-20 company in the domestic pharma market, we also crossed a significant milestone of Rs. 1,000+ crore of EBIDTA this year. Your Company is well on course to evolve into a superspecialty business with higher share of revenue coming from segments with significant entry barriers and backed by strong technology platforms. Your Company is also on the threshold of evolving from an "India-only" business to an "India + RoW Exports" business. This journey will be accompanied by superior growth and return outcomes for all stakeholders.

We undertook a series of strategic diversification initiatives over FY23 to FY25 with an investment of nearly Rs. 4,000 crore. I am happy to share that all these investments have been successfully integrated with substantial synergies and margin expansion having been realised in all acquired businesses. Now over 30% of our Domestic Branded Formulations portfolio is in "high-growth and defensible" therapies, up from 9% in FY22.

The upcoming disruptions and LOE opportunities in the Injectable Anti-Diabetes therapy undoubtedly make it the most exciting growth story in the industry and your company is ideally positioned to make the most of it.

• A market-leading Anti-Diabetes franchise with a Top-5 rank and a formidable commercial engine; the only Top-5 Diabetes company with leading positions in Oral as well as Injectable anti-diabetes products

• An exciting Diabesity pipeline consisting of Insulin Analogs, GLPs and Analog-GLP combinations; well positioned to leverage the democratisation of a Rs. 3,700+ cr. p.a. market hitherto dominated by Innovators

• Clear "right to win" in Diabesity/ GLPs on the back of our Insulin franchise and Patient Care/ Service Platform

• Vertically integrated manufacturing with the combination of our Bhopal and Chennai (Levim) facilities

We have made transformational investments in our R&D, Technology and Manufacturing platforms over the last two years. Starting with one manufacturing facility in Guwahati, we now have manufacturing operations across six globally accredited/ compliant units, deploying a diverse suite of technologies to manufacture a wide range of products - small as well as large molecules - across a range of high-value presentations like Biologics, Sterile Injectables, Topical Formulations and Oral NDDS formulations.

We have also invested significantly in expanding our leadership cadre in FY25. Our Domestic Formulations business has been realigned into 3 SBUs (Strategic Business Units) and we have strengthened the SBU Leadership team. We have also enhanced the leadership in our Sales & Marketing teams. Our technology investments have been accompanied by several new hires in the disciplines of R&D, Quality, Regulatory and Operations.

While our R&D, Manufacturing and Technology investments were undertaken to step up our game in the Domestic Formulations business, these investments have now placed us on the threshold of a large international opportunity. While it is too early to quantify what share of this opportunity we will eventually take, we have several initiatives underway to harness the synergies between our manufacturing assets and Swiss' global distribution reach. We are also building an EU-focused CDMO business focused on exclusive contracts for specialty generics. On the back of these initiatives, we believe that we have the opportunity to double our International revenues by FY28.

While we continue pushing for growth, we always remain true to our financial discipline and key operating metrics.

• Operating margin of 35% over the last 8 years - the highest in the industry

• Cash conversion ratio of ~ 80% of EBIDTA over the last 8 years - and 105% in FY25

• Average acquisition multiple of 10-12x EBIDTA (one- year forward) for all deals done so far

As we look ahead, your Company stands stronger than ever, with a robust product portfolio, a sharp focus on high-growth therapies, and a strategic roadmap that blends domestic leadership with global aspirations. With strong execution, differentiated capabilities, and a patient-centric approach, we are confident of delivering sustainable growth and superior returns to all stakeholders in the years to come.

With Warm Regards,

Amit Bakshi
Chairman and Managing Director

   

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