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Syngene International Results: Latest Quarterly Results & Analysis

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Syngene International Ltd. 06 Nov 2025 11:52 AM
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Q2FY26 Quarterly Result Announced for Syngene International Ltd.

Pharmaceuticals company Syngene International announced Q2FY26 results

  • Revenue from Operations: Rs 911 crore compared to Rs 891 crore during Q2FY25, change 2%.
  • EBITDA: Rs 215 crore compared to Rs 261 crore during Q2FY25, change -18%.
  • EBITDA Margin: 23.2% for Q2FY26.
  • PAT: Rs 67 crore compared to Rs 106 crore during Q2FY25, change -37%.

Peter Bains, Managing Director and CEO, Syngene International, said: “Our Q2 performance was driven by underlying revenue growth from research services which compensated for the anticipated inventory correction in biologics manufacturing. We are maintaining our annual guidance for revenue for FY26.

This quarter, we won our first contract for a global phase III clinical trial from a U.S.-based biotech company which will recruit patients across clinical sites in U.S. and India. In line with our plans to strengthen our capabilities in new modalities, we are building a new GMP bioconjugation suite in the biologics facility in Bengaluru. This will enable end-to-end manufacturing of Antibody Drug Conjugates(ADCs), placing us amongst a select group of CRDMOs with full-service ADC capabilities.

From a broader perspective, the U.S. biotech funding environment is showing early signs of improvement. We continue to monitor trends and maintain agile strategies to adapt quickly as the funding environment evolves.”

Deepak Jain, Chief Financial Officer, Syngene International, said: “Our strong balance sheet and net cash position provide the financial flexibility to invest in key strategic priorities to support our growth. The Company is investing in dedicated facilities for peptides and ADCs augmenting our platforms in the fast-growing new biologics modalities.

With diversified service offerings across the value chain and available biologics manufacturing capacity, we are well-placed to capitalize on opportunities that will drive medium to long-term growth.

We are maintaining our EBITDA and PAT margin guidance for the full year.”

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Pharmaceuticals company Syngene International announced Q1FY26 results

  • Revenue from Operations: Rs 875 crore compared to Rs 790 crore during Q1FY25, change 11%.
  • Revenue: Rs 892 crore compared to Rs 808 crore during Q1FY25, change 10%.
  • EBITDA: Rs 224 crore compared to Rs 188 crore during Q1FY25, change 19%.
  • EBITDA Margin: 23% for Q1FY26.
  • PAT: Rs 87 crore compared to Rs 54 crore during Q1FY25, change 59%.
  • PAT Margin: 7% for Q1FY26.

Peter Bains, Managing Director and CEO, Syngene International, said: “We are pleased with the growth performance in the first quarter, which is aligned with our expectations. Continued conversion of pilot programs into longer-term contracts within our Research Services business was the main driver underpinning this momentum. In our Biologics manufacturing division, we have seen good progress with the start of operations at the Unit III facility in Bengaluru and in advancing preparations to commence operations at our Bayview facility in the U.S later this year. We continued to strengthen and expand our scientific platform capabilities, bringing online a state-of-the-art, dedicated peptide laboratory. While we remain mindful of ongoing macroeconomic factors, we maintain a confident outlook.”

Deepak Jain, Chief Financial Officer, Syngene International, said: “We are pleased with the growth in revenue from operations of 11% year-on-year. Operating EBITDA margins came at around 24%, driven by both revenue growth and a focus on cost optimization. The current quarter’s PAT includes a tax benefit arising from transfer of gratuity funds to Employee Gratuity Trust. We continue to maintain a robust balance sheet enabling us to invest in technology and capabilities to strengthen our customer offerings. While keeping a close watch on market trends, we remain on course to deliver in line with our stated guidance for the year.”

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Pharmaceuticals company Syngene International announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Quarterly revenue from operations crossed Rs 1,000 crore mark for the first time.
  • Reported revenue from operations was up 11% YoY to Rs 1,018 crore and up 8% sequentially from the prior quarter.
  • Operating EBITDA was up by 8% YoY with operating EBITDA Margin at 34%.
  • Reported profit after tax was Rs 183 crore.

FY25 Financial Highlights:

  • Revenue from operations was up 4% to Rs 3,642 crore.
  • Operating EBITDA was up by 3% YoY with operating EBITDA margin at 29%.
  • Reported profit after tax, before exceptional items, was down 8% to Rs 475 crore.
  • Adjusted for one offs and exceptional items, the profit after tax for the full year remained broadly flat with a 1% YoY growth.

Peter Bains, Managing Director and CEO, Syngene International, said: “Syngene reported revenue growth of 11% YoY, and 8% sequentially crossing the Rs 1,000 crore in a quarter threshold for the first time. At the EBITDA level growth was 9% YoY reflecting good underlying fundamentals. The highlight of the quarter was the acquisition of a state-of-the-art biologics manufacturing facility in the US, strengthening Syngene’s position in the fast-growing biologics CDMO sector and providing a strategic foothold in the US market. Our biologics CDMO business witnessed robust growth supported by commercial manufacturing alongside new development projects. High conversion of pilot projects into full programs in discovery services supported the growth in our research division.

The full year results, led by reported revenue growth of 4%, are in line with our January guidance, reflecting a resilient performance in a challenging year. After a muted first half, driven by a sectoral downturn in US biotech funding, we are encouraged to see a return to growth in the second half of the year.

Looking at the year ahead, while the wider global market dynamics remain uncertain, we expect the business momentum to continue with pipeline build in both small and large molecules, supported by new pilot programs and conversion of existing pilots in discovery services. On an underlying basis for fiscal year 2026, we expect revenue growth in the early teens reflecting a broad-based growth across research, development and manufacturing services. Adjusted for inventory balancing in large molecule commercial manufacturing at client level, the reported revenue growth is likely to be at mid-single digit.

The mid-term indicators for the CRDMO sector remain positive and I am confident that Syngene’s diverse and well-balanced portfolio across research, development and manufacturing services positions us well to navigate the dynamics and continue our growth story.”

Deepak Jain, Chief Financial Officer, Syngene International, said: “Q4 growth was broad based across research, development and manufacturing services, underpinning full year growth of 4% on a reported basis and 2% in constant currency. Operating EBITDA growth came in at 3% maintaining a margin of 29% reflecting a sharp focus on operational efficiencies and cost optimization programs. We continued to make strategic investments to enhance our capabilities and capacities across business while maintaining a strong balance sheet and an improved net cash position.

For FY25, the Board of Directors has recommended a final dividend of Rs 1.25 per share, subject to shareholders approval.

Looking ahead into the next financial year, we expect the momentum to continue, with reported revenue growth at the mid-single digit level. As we bring the new biologics manufacturing facilities into operations, the additional operating costs and depreciation will impact margins. With this, we expect EBITDA margin to moderate from current levels to the mid-twenties and YoY decline in profit after tax.”

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Pharmaceuticals company Syngene International announced Q3FY25 results

  • Reported revenue from operations up by 11% to Rs 944 crore.
  • Reported PAT (after exceptional items) up by 18% to Rs 131 crore.

Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said: “Syngene’s third quarter performance saw a return to growth across all business divisions that sets us up well for the next quarter.

Our Discovery Services division saw the initial “China 1” pilot projects, with large and midsize pharma companies, starting to convert into longer term contracts. This underscores Syngene’s ability to build strong partnerships through a combination of great science and high operating and quality standards. Now, our focus is on further business development and building the sales pipeline. The quarter also saw positive momentum in our CDMO division led by biologics.

Growth in the quarter suggests that market dynamics, particularly in US biotech, are stabilising, albeit later than expected.”

Deepak Jain, Chief Financial Officer, Syngene International Limited said: “The third quarter performance delivered year-on-year growth. Reported profit after tax (before exceptional items) for the quarter grew by 14% supported by operating EBITDA margins that came in at 30.1%, up from 27.1% in the previous year. We continued to focus on investing in digital initiatives, new technologies and commercial capabilities to drive growth.”

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Pharmaceuticals company Syngene International announced Q2FY25 results

  • Revenue from operations increased sequentially by 13% QoQ to Rs 891 crore in Q2FY25, change -2% YoY compared to Rs 910 crore during Q2FY24.
  • H1FY25 revenue was broadly flat, in line with our guidance, at Rs 1,681 crore change -2% YoY compared to Rs 1718 crore during H1FY24.
  • EBITDA: Rs 261 crore compared to Rs 276 crore during Q2FY24 change -5%.
  • PAT: Rs 106 crore compared to Rs 122 crore during Q2FY24 change -13%.

Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said: “Performance in the second quarter and first half of the year was broadly flat, in line with our expectations. I am pleased with the early positive signs of recovery in Discovery Services, largely driven by collaborations on pilot projects with large and mid-sized biopharma clients looking for alternatives to China to rebalance their supply chains.

I am also encouraged to see healthy interest from clients in biologics. We have proven capabilities in biologics and additional manufacturing capacity coming online in the second half of the year. With a strong third quarter already underway, we expect to see a positive change in revenue trajectory in the third quarter and remain on track to deliver within our guidance range for the full year.”

Sibaji Biswas, Executive Director and Chief Financial Officer, Syngene International said: “With improving sequential revenues, our operating EBITDA margin came in at 27% for the quarter compared to 22% in the first quarter and broadly within range year-on-year. With recent investments in the research and CDMO businesses, we are in a good position to leverage opportunities to drive medium to long-term growth. The Company maintains a robust balance sheet with strong net cash position, enabling us to invest in strategic areas including digitization, commercial capabilities and new technology to support growth.”

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Pharmaceuticals company Syngene International announced Q1FY25 results:

  • Revenue from operations: Rs 790 million (decreased by 2% YoY)
  • Revenue: Rs 808 million (decreased by 3% YoY)
  • Reported EBITDA: Rs 188 million (decreased by 20% YoY)
  • Reported EBITDA margin (%): 23% (down from 28% in Q1FY24)
  • PAT before exceptional item: Rs 55 million (decreased by 42% YoY)
  • PAT Margin (%): 7% (down from 11% in Q1FY24)
  • Reported PAT: Rs 76 million (decreased by 19% YoY)
  • Reported PAT Margin (%): 9% (down from 11% in Q1FY24)

Commenting on the first quarter, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said, “First quarter performance was broadly flat, in line with our expectations, reflecting the dip in funding for US biotechs that has impacted our sector over the last two years. However, the value of US biotech funding has seen a marked improvement in the first half of 2024. It will take a while for this funding to flow through into outsourcing activities and Syngene is in a strong position to capture a significant share of the upturn in biotech spending in the months ahead.”

Sibaji Biswas, Executive Director and Chief Financial Officer, Syngene International added, “The current industry dynamics, particularly the geopolitical shifts, present a substantial opportunity for our organization. We continue to generate strong cash flows and our balance sheet is robust. We are investing in technology and capabilities that will position us favorably to leverage the opportunity and capture an increased market share.

Based on the current dynamics, we are on track to hit our guidance range for the year with momentum expected to build in the second half of the year.”

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Pharmaceuticals company Syngene International announced Q4FY24 & FY24 results:

Q4FY24 & FY24 Financial Highlights:

  • Full-year revenue for FY24 increased by 9% to Rs 3,489 crore, with profit after tax (PAT) before exceptional items grew by 12% to Rs 519 crore compared to the previous fiscal year.
  • Fourth quarter revenue saw a decline of 8% YoY to Rs 917 crore, but PAT increased by 6% to Rs 189 crore for the same period.
  • EBITDA for FY24 was reported at Rs 1,105 crore, a 10% increase from the last year.
  • EBITDA margin remained stable at 31% for the full financial year.
  • The fourth quarter EBITDA margin improved by 298 basis points YoY to 34.6%.
  • Full-year PAT after exceptional items for FY24 was up by 10% to Rs 510 crore over the previous year.
  • PAT margin was consistent at 14% for both FY24 and FY23.

Outlook and Projections:
- Revenue growth for fiscal year 2025 is projected to be in the high single digits to low double digits, with a similar EBITDA margin as    FY24 and single-digit PAT growth.

Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said, “While the fourth quarter performance came in lower than expected, the underlying driver - reduced demand for research and development services within US biotech stemming from a difficult funding environment - is well understood and already showing positive signs of recovery.

Despite the business environment, we delivered growth during the year. This resilience is the result of our broad operating span and the investments made to establish our development and manufacturing divisions with biologics, in particular, delivering a strong performance throughout the year.

I’m encouraged by the recent step up in new funding into US biotech and expect this to drive a recovery in demand for research and development services translating into revenue growth in the latter part of the year.

Looking ahead, we expect revenue growth in fiscal year 2025 to be in the range of high single digits to low double digits with momentum building up during the year. We expect the EBITDA margin to be similar to the level delivered in fiscal year 2024 and PAT growth in single digits. The long-term indicators for the sector are positive and I am confident that we will continue to perform well in the long term.”

Sibaji Biswas, Chief Financial Officer and Executive Director, Syngene International said, “We had a strong start to the year which moderated in the third and fourth quarters resulting in a slower second half of the fiscal year. We continued to manage costs proactively to deliver consistent operating leverage and maintain EBITDA margin around the expected level. Our net cashflow generated from operating activities for the year was strong at Rs 1,042 crore, which fully funded the capex and the acquisition of the biologics manufacturing plant.

For fiscal year 2024, the Board of Directors has recommended a final dividend of Rs.1.25 per share, an increase of 150% over last year’s core dividend of 50 paise per share, subject to shareholders approval.

As demand picks up in the year ahead, we will continue to strategically invest in areas that strengthen our position as a leading integrated provider of research, development and manufacturing services.”

 

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Pharmaceuticals company Syngene International announced Q2FY24 & H1FY24 results:

Financial Results:
- Revenue from operations for Q2FY24 increased by 18.5% to Rs 910 crore.
- PAT (before exceptional items) for Q2FY24 increased by 20% to Rs 122 crore.
- For H1FY24, revenue from operations increased by 22% to Rs 1,718 crore.
- PAT (before exceptional items) for H1FY24 increased by 23% to Rs 215 crore.

Business Updates:
- Development and Manufacturing Services performed strongly during the quarter.
- Syngene added a new non-GMP capability center to meet market demand for early-phase development and scale-up services.
- In Manufacturing, good progress was made on the biologics partnership with Zoetis.
- A state-of-the-art Quality Control laboratory was commissioned to support biologics operations.
- The acquisition of a multi-modal facility from Stelis Biopharma Ltd is progressing.
- Dedicated Centers and Discovery Services made steady contributions to growth.
- The US-based biotech segment showed signs of slowed growth.

Commenting on the quarter, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said, “I am pleased to report a strong set of results for the second quarter and first half of the financial year, particularly in our Development and Manufacturing Services. In Development Services, we also added a new non-GMP capability center to meet market demand for agile, cost-efficient, early-phase development and scale-up services. In Manufacturing, we made good progress on our long-term biologics partnership with Zoetis, as well as commissioning a state-of-the-art, digitally-enabled Quality Control laboratory to support our growing biologics operations. The acquisition of a multi-modal facility from Stelis Biopharma Ltd, announced last quarter, is progressing.

Within research services, our Dedicated Centers made a steady contribution to growth and in Discovery Services, while global demand remained generally healthy, we saw the US-based biotech segment showing signs of slowed growth year-on-year as companies adjust to a new funding environment.

Long-term sector fundamentals remain strong and we expect continued growth but at a lower level in the second half of the year, this short-term slowing in the US biotech segment is reflected in our latest outlook.

Overall, we reported a strong first half to the year and I am pleased with the good progress made on our strategic priorities in both our research services and our development and manufacturing divisions.”

 

Result PDF

Pharmaceuticals company Syngene International announced Q1FY24 results:

  • Acquisition of biologics manufacturing facility in Bangalore to complete by the end of Q3FY24.
  • US FDA approval for API manufacturing plant in Mangalore received.
  • Acquisition of land in Hyderabad to support long-term growth in research services
  • Q1FY24 revenue was up 26% YoY to Rs 832 crore
  • Profit after tax for the quarter increased 26% YoY to Rs 93 crore.

Commenting on the first quarter, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said, “First quarter performance was strong, led by Development and Manufacturing Services and well supported by our research divisions: Discovery Services and the Dedicated Centers.

Earlier this month we announced our intention to acquire a site offering additional biologics manufacturing capacity close to our existing Bangalore campus. With 20,000 liters of installed biologics capacity - and scope for further expansion – the site strengthens our position as a leading biologics contract development and manufacturing service provider.

Also during the quarter, we were pleased to receive US FDA approval for our API facility in Mangalore. This approval reflects the robust quality standards applied in all our operations and represents an important building block for our small molecule commercial manufacturing strategy.

Finally, we completed the acquisition of development land in Hyderabad to support the long-term growth ambitions of our Research Services division.

Together, these actions show meaningful progress on our strategy to become a global leader in both research services (CRO) and manufacturing services (CDMO) and give us the capacity we need for the next stage of growth.”

Sibaji Biswas, Chief Financial Officer, Syngene International added, “We are pleased to report a solid start to the year. The financial performance is in line with the revenue growth guidance for the year on a constant currency basis. At 25%, EBITDA growth reflects better operating leverage as we gain scale in development and manufacturing services.

We made investments in growing our portfolios in biologics manufacturing and discovery services. Despite these investments, the Company will continue to maintain a strong balance sheet and a low debt profile.”

 

 

Result PDF

Pharmaceuticals company Syngene announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Q4FY23 revenue from operations was up 31% to Rs 994 crore
    • PAT is up 21% to Rs 179 crore
  • FY23:
    • FY23 revenue from operations up 23% to Rs 3,193 crore
    • PAT before exceptional items up 10% to Rs 464 crore
  • The dividend of 50 paisa per share and special additional dividend of 75 paisa per share will be subject to shareholders approval at the Annual General Meeting of the Company.

Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said, “Strong growth in the fourth quarter, added to a positive performance over the course of the year, delivered full-year results ahead of our upgraded guidance. All business divisions delivered growth through the year triggering investment in additional laboratory capacity and new facilities at our campuses in Bangalore and Hyderabad, as well as creating over 1000 new jobs. Manufacturing Services had a particularly strong year, led by our commercial-scale biologics manufacturing business which had a busy fourth quarter supporting our partnership with Zoetis, following successful regulatory inspections by the US, European and UK regulatory authorities. Looking ahead, we are optimistic - despite challenges such as inflation, geopolitical uncertainties and recessionary pressures visible in some regions of the world - that our performance over the last year and the progress we have made on the strategic development of the Company, position us well for the year ahead.”

“I am pleased to report a strong performance throughout the year, including our biggest-ever quarter to finish this fiscal year. Our robust business model, broad customer base and strong balance sheet, combined with a tight focus on execution, enabled us to deliver revenue growth of 23% year-on-year, margins at around 30% and increased net cash of Rs 224 crores As a result, in this fiscal year, the Company delivered the highest absolute year-on-year increase in revenue and EBITDA that we have seen in the last 5 years, providing a strong foundation for our future plans” added Sibaji Biswas, Chief Financial Officer, Syngene International

 

 

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