Conference Call with Syngene International Management and Analysts on Q2FY23 Performance and Outlook. Listen to the full earnings transcript.
Pharmaceutical company Syngene International announced Q2FY23 results: Syngene reports second quarter results from revenue from operations up 26% to Rs. 768 crores PAT increased 11% to Rs. 102 crore Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, "The quarter saw positive performances across all divisions. Our research divisions: Discovery Services, including Synvent, our integrated drug discovery platform, and the Dedicated Centres showed sustained growth. Discovery Chemistry in particular saw buoyant customer demand. Growth in Development Services was led by 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. With a strong first half of the year behind us we are on track to achieve our guidance, including the upgraded revenue growth target announced in July.” Result PDF
Pharmaceuticals firm Syngene International Announced Q1FY23 Result : Syngene reports revenue from operations up 8% in the first quarter Company raises the annual revenue guidance from mid-teens to high teens. The Company reported quarterly revenue from operations up 8% year-on-year to Rs. 644 Cr; profit after tax for the quarter declined by 4% year-on-year to Rs 74 Cr. The first quarter results were against a strong quarter last year due to sales of COVID treatment, Remdesivir. Excluding the impact of Remdesivir, the underlying revenue from operations growth in the quarter was around 30% year-on-year. Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, "A recent highlight was the signing of a 10- year agreement with Zoetis. The new agreement initially focuses on the commercial manufacturing of Librela®, a first-of-its-kind injectable monoclonal antibody used for the alleviation of pain associated with osteoarthritis in dogs. This is a major strategic step for our biologics business and gives us a pathway towards FDA and EMA regulatory approvals anticipated later this year These first quarter results were in line with our expectations and reflect strong underlying performance across all our business divisions. The contribution from the Development and Manufacturing Services divisions drove the growth momentum against a low base in the previous year. The Dedicated Centers and Discovery Services divisions delivered continued growth. The decline in profit in the quarter compared to the same period last year was as expected given the strong sales of Remdesivir last year when India was in the midst of the second wave of the pandemic. No sales of Remdesivir were recorded in the first quarter this year.” Result PDF