Syngene reports full-year revenue from operations up 19 percent to Rs. 2604 Crore
Prashant Chauhan
Syngene International Limited announced on that its revenue from operations up 15 percent to Rs. 758 Crore for the fourth quarter and up 19 percent to Rs. 2604 Crore for the full year ending 31 March 2022.
“I am pleased with the strong finish we had to the year and that we delivered results at the high end of our upgraded guidance range. Reflecting on the pandemic period, we created more than 1000 new jobs in the last two years and gained more than 100 new clients in the last year. We also extended and expanded our long-term partnership with Amgen Inc. and continued to invest in new capacity and technology to underpin future growth. Looking ahead, we see growing demand for research, development, and manufacturing services around the world and we are well-positioned to take advantage of these new opportunities,” Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited said in a statement.
The fourth-quarter growth was driven by solid delivery across all divisions. Meanwhile, the company also maintained that development services had a particularly strong quarter as it caught up on projects postponed due to supply chain delays and other Covid-related disruption other than the planned work.
“The research-based divisions, Discovery Services, and the Dedicated Centres have delivered sustained growth throughout the year. SynVent, Syngene’s Integrated Drug Discovery (IDD) platform, continued to expand business from existing clients and attract new clients, particularly from the emerging biopharma segment. It made a positive contribution to Discovery Services during the year as the number of IDD projects increased by ~40% compared to the previous year,” the company said in a statement.
Moreover, the Company also signed an extension of the long-standing, multi-discipline research collaboration with Amgen Inc. to the end of 2026. Additionally, under the new contract, the Company will also build and operate a dedicated laboratory to accelerate the scale-up of small molecule projects.
The company in its statement claims that throughout the year, Syngene worked with clients on diagnostics, treatments, and vaccines related to the coronavirus. The Company manufactured Remdesivir under a voluntary license from Gilead. This manufacturing will continue for as long as the pandemic persists, it stated.
