Conference Call with Syngene International Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
Pharmaceuticals company Syngene International announced Q2FY24 & H1FY24 results:<br><br>Financial Results:<br>- Revenue from operations for Q2FY24 increased by 18.5% to Rs 910 crore.<br>- PAT (before exceptional items) for Q2FY24 increased by 20% to Rs 122 crore.<br>- For H1FY24, revenue from operations increased by 22% to Rs 1,718 crore.<br>- PAT (before exceptional items) for H1FY24 increased by 23% to Rs 215 crore.<br><br>Business Updates:<br>- Development and Manufacturing Services performed strongly during the quarter.<br>- Syngene added a new non-GMP capability center to meet market demand for early-phase development and scale-up services.<br>- In Manufacturing, good progress was made on the biologics partnership with Zoetis.<br>- A state-of-the-art Quality Control laboratory was commissioned to support biologics operations.<br>- The acquisition of a multi-modal facility from Stelis Biopharma Ltd is progressing.<br>- Dedicated Centers and Discovery Services made steady contributions to growth.<br>- The US-based biotech segment showed signs of slowed growth.<br><br>Commenting on the quarter, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said, “I am pleased to report a strong set of results for the second quarter and first half of the financial year, particularly in our Development and Manufacturing Services. In Development Services, we also added a new non-GMP capability center to meet market demand for agile, cost-efficient, early-phase development and scale-up services. In Manufacturing, we made good progress on our long-term biologics partnership with Zoetis, as well as commissioning a state-of-the-art, digitally-enabled Quality Control laboratory to support our growing biologics operations. The acquisition of a multi-modal facility from Stelis Biopharma Ltd, announced last quarter, is progressing.<br><br>Within research services, our Dedicated Centers made a steady contribution to growth and in Discovery Services, while global demand remained generally healthy, we saw the US-based biotech segment showing signs of slowed growth year-on-year as companies adjust to a new funding environment.<br><br>Long-term sector fundamentals remain strong and we expect continued growth but at a lower level in the second half of the year, this short-term slowing in the US biotech segment is reflected in our latest outlook.<br><br>Overall, we reported a strong first half to the year and I am pleased with the good progress made on our strategic priorities in both our research services and our development and manufacturing divisions.”<br><br><br><br>Result PDF