Syngene International gains after decent Q3 earnings

Syngene International rose 1.51% to Rs 603.20 after the company's consolidated net profit rose 2% to Rs 104 crore on a 10% rise in revenue from operations to Rs 641.4 crore in Q3 FY22 over Q3 FY21.

EBITDA increased by 12% to Rs 216.3 crore in Q3 FY22 from Rs 193.3 crore in Q3 FY21.

Jonathan Hunt, managing director and chief executive officer, Syngene International, said, "Syngene's performance across all divisions has been positive through the year, and we expect a busy fourth quarter. As a result, we have raised our revenue growth guidance for the full year to high teens.

A highlight for the quarter was the extension of our long-standing collaboration with Amgen Inc until 2026. Since 2012, Syngene has been partnering with Amgen on research and development to address some of the most serious diseases in the world. We are delighted with our joint commitment to not only extend the term of this partnership but also add a new stateof-the-art dedicated laboratory to accelerate the advancement of Amgen's R&D projects.

The 5-year renewal of the long-standing contract with Amgen, coming on the heels of the 10-year contract extension signed with BMS last year, confirms the stability of both relationships and provides a clear perspective on the future of our Dedicated Centers."

Syngene International is an integrated research, development and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods and specialty chemical sectors.

Powered by Capital Market - Live News