Q2FY24 results
Press Release
Syngene reports strong second quarter results:
Revenue from operations up 18.5% to Rs 910 crores,
PAT (before exceptional items) up 20% to Rs 122 crores
First half FY24 revenue from operations was up 22% to Rs 1,718 crores;
Profit after tax (before exceptional items) up 23% to Rs 215 crores
EBIDTA and PAT margins Flat
Jonathan Hunt, MD and CEO, 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.
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 USbased biotech segment showing signs of slowed growth year-on-year as companies adjust
to a new funding environment.
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.
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.”
Guidance
While the Company delivered strong performance in the first half, with the temporary
slowdown in US biotech funding, we expect continued growth at a lower level in the second
half of the year. Adjusting for this, against our previous guidance of high teens constant
currency growth, we now expect the revenue to grow at mid-teens on constant currency
basis.
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