Syngene reports strong third quarter results

Syngene recently announced its third quarter results. The quarterly revenue was up to Rs 803 crore, while Profit After Tax (PAT) for the quarter increased to Rs 110 crore, a company statement said.

It also noted that in development services, repeat orders from the 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 Syngene’s biologics facilities by the United States Food and Drug Administration (USFDA), European Medicines Agency (EMA), and Medical and Healthcare Products Regulatory Agency (MHRA). With Good Manufacturing Practice (GMP) 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.

Sibaji Biswas, Chief Financial Officer, Syngene, said in the statement, “Overall, financial performance for the nine months ending 31st December, 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.”

The third quarter results reflect positive performances across all divisions. Syngene’s research divisions, discovery services and the dedicated centres delivered solid results, the statement further mentioned.

Development Services benefitted from repeat orders from the existing clients and a growing number of collaborations with emerging biopharma companies. The company completed the construction of a state-of-the-art, sterile fill-finish facility which successfully cleared an inspection by the Central Drugs Standard Control Organization (CDSCO), making it compliant for GMP production from the fourth quarter onwards. With the commissioning of this facility, the company will offer end-to-end solutions in drug product development and manufacturing for clinical supplies of small and large molecule injectables, it added.

In manufacturing services, the company successfully completed the USFDA, EMA and MHRA regulatory audits for its biologics manufacturing facility. With the cGMP certifications from the regulatory agencies in place, the company is on track to execute manufacturing of drug substance at a commercial scale and progress its biologics manufacturing services growth strategy, the statement concluded.