Eris Lifesciences Ltd reported a growth of 16.16 per cent in its consolidated profit after tax (PAT) for the quarter ended September 30, 2020. The drug maker saw its consolidated net profit for Q2FY21 rise to Rs 107.7 crore as compared to Rs 92.71 crore in the same quarter last year.]
The company's consolidated total income, on the other hand, grew 14.52 per cent to Rs 332.07 crore as compared to Rs 289.96 crore in corresponding period of the last year.
The company informed the exchanges that during the second quarter its continued to focus on super-specialty and execution led to a ninth straight quarter of outperformance in the core cardio metabolic and vitamin-mineral-nutrients (VMN) segment, which formed 80 per cent of sales. The company was also ranked fifth in the oral diabetes market with a share of 5.7 per cent in Q2FY21 as compared to 5.1 per cent in Q2FY20.
Eris continued to demonstrate strong focus on its top 15 power brands, most of which rank among the top five brands in their respective categories, even as the acute therapies segment showed green shoots with its de-growth being arrested during the second quarter.
During the last six months, the company has seen prescriber preference shifting towards established incumbent brands which bodes well for Eris with 11 of its top 15 mother brands raking among top five in their respective categories. In the second quarter, the company saw 7 of its top 15 mother brands gain market share as a result.
Going forward, Eris's significantly high contribution from chronic and sub-chronic therapies positions it well for long-term sustainable growth, given that increased awareness, higher detection, and improved patient compliance have led to chronic segments consistently outperforming acute segments, the company told exchanges.
Over the next 6 months, Eris has planned 7 key product launches, while large high growth molecules in diabetes and cardiac therapies are set to go off patent in the near future, it stated. "Eris is positioned strategically among top 10 players in these therapies to gain significant leverage from these expirations," the company informed the exchanges.
Eris Lifesciences Ltd saw its share price on BSE rise by 1.42 per cent or Rs 7.25 per share to close at Rs 518.20 per share on Tuesday.
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