Syngene posts Rs 77.3 net profit in Q1FY22, gets boost from sales of COVID drug remdesivir

#Results, Syngene International

Syngene International on July 21 reported a year-on-year profit after tax of Rs 77.3 crore, a jump of 33 percent in Q1FY22 helped by COVID-19 antiviral medication Remdesivir.

The company reported Rs 58 crore profit in Q1FY21. Revenues rose 39 percent YoY to Rs 607 crore in Q1FY22 compared to Rs 437 crore in the corresponding period of the previous year.

The earnings before interest, tax, depreciation and amortisation (EBITDA) margins stood at 29 percent.

“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,” said Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene.

“We also made headway with the expansion of our dedicated R&D centre for Bristol Myers Squibb following the contract extension announced last quarter,” Hunt added.

He said that the overall first-quarter performance was in line with its expectations and puts the company on track to meet its full-year growth guidance in the coming quarters.

Business Updates

During the quarter, the biologics business signed a five-year agreement with IAVI, a USA-based, non-profit, scientific research organisation, to develop and manufacture three recombinant, monoclonal antibodies (mAbs) for HIV.

“The mAbs will be used for phase I and II 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,” the company said.

Syngene said its 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.

John Shaw retires

John Shaw, non-independent director on the Board, and husband of Biocon’s Executive Chairperson Kiran Mazumdar-Shaw will retire due to health reasons, at the end of the 28th Annual General Meeting of the Company, scheduled on July 21.

“John was appointed to the Board in 2000 and has made significant contributions in helping the company cross many significant milestones. His strong management and financial experience helped Syngene establish the strong corporate governance that the company is recognized for,” Syngene said.

Dr Kush Parmar was appointed as a non-executive independent director on the Board effective June 22, 2021, subject to the approval of the shareholders at the AGM scheduled on July 21.

Dr Parmar, a Ph.D. in experimental pathology from Harvard University and an MD from Harvard Medical School, is currently the managing partner at 5AM Ventures, a life sciences venture capital firm headquartered in San Francisco.

Dr Parmar serves on the advisory boards of Harvard Medical School, Penn Medicine, Princeton University’s Department of Molecular Biology and the Grace Science Foundation. At Princeton University, Dr Parmar worked on developmental genetics with Nobel Laureate Eric F. Wieschaus. A founding member of the COVID-19 R&D alliance, Dr Parmar also serves on the Boards of Akouos, Entrada, Homology, Rallybio and Vor Biopharma.

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