Syngene reports Q2 results

Syngene International announced its second quarter and first half results, today. The company reported quarterly revenue from operations growth of 26 per cent year-on-year to Rs 768 crore; Profit After Tax (PAT) for the quarter, before an exceptional item, increased by 11 per cent year-on-year to Rs 102 crore, the company said in a statement.

Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said in the statement, “The quarter saw positive performances across all divisions………..Growth in development services was led by the existing clients renewing contracts and setting up collaborations on additional projects. The highlight in manufacturing services was the successful completion of the process performance qualification batches at a commercial scale for Zoetis. We are on track for the next important regulatory audits which will pave the way for the commercial manufacturing of the drug substance for Librela, a Zoetis product, from the fourth quarter of FY23……..”

The second quarter results reflect positive performances across all divisions. Discovery services experienced sustained demand and development services benefitted from repeat orders by the existing clients, especially in areas of drug substance development and clinical supplies. In manufacturing services, as part of the long-term biologics manufacturing agreement signed with Zoetis in the first quarter, the company completed the process performance qualification batches at a commercial scale. The commercial manufacturing of the drug substance for Librela is likely to begin in the fourth quarter of FY23, subject to successful completion of the required audits, the statement said.

Sibaji Biswas, Chief Financial Officer, Syngene International, also said in the statement, “Forward planning with suppliers prevented supply chain disruption, and, despite the rising global inflation, cost discipline helped us maintain EBITDA margins at similar levels as last year.