Syngene International Limited has announced third quarterly revenue of Rs. 803 crore while profit after tax for the quarter increased to Rs. 110 crore.

Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited said, "We continue to see good demand in the main client markets of 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," commented Hunt.

"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,” added Hunt.

Sibaji Biswas, Chief Financial Officer, Syngene International Limited said, “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.

Development Services benefitted from repeat orders from 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.

In Manufacturing Services, the company successfully completed the US Food and Drug Administration (USFDA), European Medicines Agency (EMA) and Medicines and Healthcare products Regulatory Agency (MHRA) regulatory audits for its biologics manufacturing facility. With the Good Manufacturing Practice (cGMP) certifications from the regulatory agencies in place, the company is on track to execute manufacturing of drug substances at a commercial scale and progress its Biologics manufacturing services growth strategy.