Strong Q1 Results and Strategic Expansion Moves: Syngene’s Double Delight
Syngene marks a significant Q1 performance in 2023.
Syngene International Limited has kick-started the fiscal year on a triumphant note. The healthcare heavyweight announced a 26% YoY increase in both revenues and profit after tax for Q1, reaching Rs. 832 crores and Rs.93 crores, respectively. This robust financial performance demonstrates the company’s steady operational delivery and financial management.
In a significant development, Syngene enhanced its biologics production capacity with the acquisition of a manufacturing facility from Stelis Biopharma Ltd. This strategic move fortifies Syngene’s position as a premier provider in the biologics contract development and manufacturing space.
Keeping pace with its expansion in biologics, Syngene also made noteworthy strides in its small molecule commercial manufacturing strategy. The FDA’s approval of its Mangalore-based API manufacturing facility attests to the company’s adherence to the highest quality standards.
Beyond boosting manufacturing, Syngene is bolstering its research services. The acquisition of additional land in Hyderabad signals Syngene’s readiness to invest in the future growth of its Research Services division.
