Syngene reports revenue from operations up eight per cent in Q1
The first quarter results were against a strong quarter last year due to sales of COVID treatment, Remdesivir
Syngene yesterday announced its first quarter results for FY23. The company reported quarterly revenue from operations up eight per cent year-on-year to Rs 644 crores Profit After Tax (PAT) for the quarter declined by four per cent year-on-year to Rs 74 crores.
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 per cent year-on-year, according to a company statement.
Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said in the statement, “A recent highlight was the signing of a 10-year agreement with Zoetis. The new agreement initially focusses 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.”
The statement also said that 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, the statement concluded.