In manufacturing, the highlight of the quarter was the successful inspection of biologics facilities by the US FDA, EMA and MHRA
Syngene International announced its third quarter results. Quarterly revenue was up to Rs 803 crores, while profit after tax for the quarter increased to Rs 110 crores.
Jonathan Hunt, MD and CEO, Syngene International, said, “We continue to see good demand in the main client markets of the US and Europe which – combined with strong execution and forward planning – has helped us deliver solid revenue growth in the third quarter.
We are pleased to report positive performances from all divisions this quarter. Growth in our research divisions, Discovery Services and the Dedicated Centres, was solid. In Development Services, repeat orders from existing clients, as well as an increase in the number of collaborations with emerging biopharma companies drove a robust performance. In manufacturing, the highlight of the quarter was the successful inspection of our biologics facilities by the US FDA, EMA and MHRA. With Good Manufacturing Practice (cGMP) certifications from the regulatory agencies in place, the company is well positioned to fulfil its long-term contract with Zoetis and progress its biologics growth strategy. Based on our strong performance to date, we are confident of meeting the upgraded annual revenue growth guidance of high teens.”
Sibaji Biswas, Chief Financial Officer, Syngene International added, “Overall financial performance for the nine months ending December 31, 2022 was in line with our upgraded guidance and, with strong underlying revenue growth and stable margin delivery, we are on track to achieve our guidance for the year. In line with the global trend, we are also facing inflationary pressures, but we have been largely successful in navigating such issues to date and we remain confident about the positive future potential for our business.”
