Syngene International has posted net profit growth of 10.1 per cent during the third quarter ended December 2017 to Rs. 81.9 crore from Rs. 74.4 crore in the corresponding period of last year. Its net sales moved up by 16.7 per cent to Rs. 388 crore from Rs. 332 crore. EPS improved to Rs. 4.14 from Rs. 3.80 in the last period.
Jonathan Hunt, CEO, said “We are happy to report an increase in revenue growth of 15 per cent to Rs. 399 crore, primarily driven by our chemical development and discovery services businesses. The quarter also saw two significant events with the expansion and extension of our strategic collaboration with BMS and the coming on stream of our state-of-the-art biologics manufacturing facility. Overall, we re making good progress on our strategic priorities.”
The chemical development business continued to drive growth reflecting good underlying performance. The discovery services business also saw good traction especially in discovery biology. It entered into a multi-year development and manufacturing relationship with Zoetis, a leader in animal health, during the quarter. It also expanded its ongoing collaboration with Bristol-Myers Squibb till 2026 that will see the addition of a new facility to support its future research and development operations.
The company commissioned its biologics manufacturing plant. The facility has three single use bioreactors with a capacity of 2,000 liter each. The company also started construction activities of API manufacturing facility in Mangalore and new facility is likely to be operational in 2019.
The company has incorporated its wholly owned overseas subsidiary, Syngene USA, Inc., during the quarter and operational from November 1, 2017.
For the nine months ended December 2017, Syngene's net sales increased by 11.5 per cent to Rs. 1,014 crore from Rs. 910 crore in the similar period of last year. Its net profit improved only by 5.7 per cent to Rs. 221 crore from Rs. 209 crore. EPS went up to Rs. 11.19 from Rs. 10.70.
Jonathan Hunt, CEO, said “We are happy to report an increase in revenue growth of 15 per cent to Rs. 399 crore, primarily driven by our chemical development and discovery services businesses. The quarter also saw two significant events with the expansion and extension of our strategic collaboration with BMS and the coming on stream of our state-of-the-art biologics manufacturing facility. Overall, we re making good progress on our strategic priorities.”
The chemical development business continued to drive growth reflecting good underlying performance. The discovery services business also saw good traction especially in discovery biology. It entered into a multi-year development and manufacturing relationship with Zoetis, a leader in animal health, during the quarter. It also expanded its ongoing collaboration with Bristol-Myers Squibb till 2026 that will see the addition of a new facility to support its future research and development operations.
The company commissioned its biologics manufacturing plant. The facility has three single use bioreactors with a capacity of 2,000 liter each. The company also started construction activities of API manufacturing facility in Mangalore and new facility is likely to be operational in 2019.
The company has incorporated its wholly owned overseas subsidiary, Syngene USA, Inc., during the quarter and operational from November 1, 2017.
For the nine months ended December 2017, Syngene's net sales increased by 11.5 per cent to Rs. 1,014 crore from Rs. 910 crore in the similar period of last year. Its net profit improved only by 5.7 per cent to Rs. 221 crore from Rs. 209 crore. EPS went up to Rs. 11.19 from Rs. 10.70.