The first quarter performance reflects growth across all its business divisions as the company continued to operate at normal levels
Syngene International Limited reported Q1 FY22 revenue from operations growth of 41% year-on-year to Rs. 594.5 crore, profit after tax for the quarter increased by 33% year-on-year to Rs. 77.3 crore.
Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited said, "We made a strong start to the financial year. Besides continuing progress across all our business divisions, growth for the quarter was strongly boosted by the manufacturing of COVID-19 treatment, Remdesivir, as we increased production to meet the needs of the second wave of COVID-19 in India. We also made headway with the expansion of our dedicated R&D center for Bristol Myers Squibb following the contract extension announced last quarter."
"Overall, first quarter performance was in line with our expectations and puts us on track to meet our full year growth guidance in the coming quarters," added Hunt.
Syngene’s first quarter performance reflects growth across all its business divisions as the company continued to operate at normal levels. The growth in the Dedicated R&D Center business is due in part to the expansion of the Bristol Myers Squibb R&D center.
Revenue performance in the first quarter was also boosted by the manufacturing of Remdesivir to fulfil high demand for the drug from Indian healthcare providers.
During the quarter, the biologics business signed a five-year agreement with IAVI, a USA-based, non-profit, scientific research organization, to develop and manufacture three recombinant, monoclonal antibodies (mAbs) for HIV. The mAbs will be used for phase 1 and phase 2 human clinical studies. Under the agreement, Syngene will provide an integrated solution including clone selection, analytical methods development, manufacturing process development, scale-up and cGMP manufacturing of drug substance, viral clearance studies, cGMP manufacturing of drug product, and stability studies.
Syngene scientists continued to work on the coronavirus and have generated several variants of the SARS-CoV2 spike S1 protein including the Alpha and Beta variants. These variants are used to determine the efficacy of different vaccines to cross-protect people from these strains.
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