Eris Lifesciences Ltd is the only publicly listed Indian pharmaceutical company with a pure-play domestic branded formulations business model. Established in 2007, Eris is by far the youngest company in the IPM Top-25. Our business ethos is based on two pillars – harnessing the power of cutting-edge science to bring evidence-based therapies to the market, and enabling our patients to take charge of their diagnoses and their lives through our patient care initiatives. Since inception, we have been focused on chronic and sub chronic lifestyle related therapies. We are a fully-integrated pan-India business with a strong focus on high-end super-specialist doctors and consulting physicians. Our revenues exceeded INR 1,200 crore for the year ended March 2021.
We continue to pioneer the generation of actionable medical evidence through initiatives such as the India Heart Study (IHS) and India Diabetes Study (IDS); these studies are helping create bodies of knowledge hitherto unknown and are paving the way for better management of health and treatment outcomes. The IHS, the only study of its kind on hypertension based on the Indian population has been jointly accepted by the European Society of Hypertension and the International Society of Hypertension.
We made a seamless transition to the digital era in FY21, with the conduction of more than 2,500 digital interactions in FY21 covering over 36,000 medical practitioners, both in the nature of Advisory meetings and Continuous Medical Education (CMEs).
We are very passionate about our unique Patient Care Initiatives (PCI) platform, which enables us to bring cutting-edge healthcare solutions to our patients through the involvement and cooperation of Key Opinion Leaders in our specialty businesses. Our initiatives are focused on bringing state-of-the-art diagnostic facilities and subsequent treatment options to our patients. What started as a small initiative has turned into a mammoth programme over the years whereby we have helped tens of thousands of patients towards healthier lives through initiatives such as the ABPM, HBPM, CGM, Sleep Studies, and Holter on Call.
We have a fully integrated business model with our WHO GMP compliant manufacturing facility in Guwahati catering to 74% of our revenue. Our pan-India distribution network of over 2,200 stockists and 5,00,000+ chemists gives us a seamless presence across the nation. Over 4000 employees work out of our corporate offices in Ahmedabad and Mumbai, the field and our Guwahati facility.
Revenues have grown 6x in the last 10 years (since FY11) and 2x in the last 5 years (since FY16). Net profits have grown ~ 17x in the last 10 years and 2.6x in the last 5 years. The company has maintained an ROIC in excess of ~ 30% over the last 12 years. Fourteen years into the business, the company retains its fundamental strengths in terms of a chronic-focused portfolio (91% of sales) with low (7%) NLEM exposure, high mind-share and prescription ranks with super-specialists (#3 among Diabetologists and #4 among Cardiologists), strong cash generation (87% operating cashflow to EBIDTA) and a debt-free balance sheet.
FY21 has been a game changer for the company in terms of getting us on to the next leg of growth. We look forward to exciting years ahead where we would be able to create value for all our stakeholders and society at large.