Syngene International, belonging to Biocon, has posted small growth of 3.7 per cent in net profit during first quarter ended June 2017 to Rs.62 crore as compared to Rs.59.8 crore in the corresponding period of last year. Its net sales reached at Rs.291 crore as against Rs.275 crore, a growth of 5.8 per cent. Its EPS worked out to Rs.3.16 as compared to Rs.3.08 in the last period.
Jonathan Hunt, CEO, said, “Syngene's Q1 FY18 revenue, at Rs.308 crore, returned to solid growth, up by 6 per cent as we continue to recover from the fire incident of Q3 FY17. Both profit delivery and margins for the quarter continued to be solid, with EBIDTA growing from the 105 crore to Rs.113 crore and PAT growing from Rs.60 crore to Rs.62 crore.”
“During the quarter, we signed a further expansion of our research collaboration with Amgen Inc. This will expand the size and scope of services of the Syngene Amgen R&D centre and is a validation of the excellent scientific work that Syngene is doing for Amgen and their high level of confidence in our capabilities. We remain confident that the impact of the fire incident o last year will taper off in the coming quarters and maintain our expectation that growth rates will continue to pick up in the latter half of the financial year.”
The company delivers service to its clients through three business verticals – dedicated R&D centres, discovery services and development & manufacturing services. It announced the expansion of its ongoing research collaboration with Amgen Inc. During the quarter, it also entered into a multi-year manufacturing contract with a Japanese specialty pharma company for supply of novel chemical entity (NCE) for commercial launch in the Japanese market. The NCE, used in the gastrointestinal therapeutic segment, will be manufactured at its Bengaluru facility.
Vinita Bali, former MD and CEO of Britannia, has been appointed a non-executive independent director on the board effective July 31, 2017 for a period of 3 years.