SYNGENE INTERNATIONAL Q4FY23 Earnings Call Highlights
Q4 Revenue up 31% YoY. In development services, Q4 is largest. All 4 divisions delivered sustained growth through the year. Beat the updated guidance.
Collaboration with Zoetis started way back in 2011, took up number of research projects in monoclonal antibodies.
In addition to the successful regulatory audits of its biologics facilities, completed almost eighty regulatory and client audits during the year.
Added 400 scientists in Hyderabad in FY23. Dedicated PROTACs was opened at Hyderabad. Commissioned a state-of-the-art sterile fill-finish facility and a kilo lab for polymers and specialty material.
Took steps to improve supply chain, added new suppliers in India.
Seen a slowdown in biopharma funding in 2022 compared to 2020 & 2021. 10:10
Had no Remdesivir sales in Q4.
This quarter saw the start of manufacturing the drug substance for Zoetis.
Material costs up 37% YoY reflecting increasing manufacturing projects. Staff cost growth is line with headcount and pay rises.
Anticipate revenue growth in high teens on a constant currency basis in FY24. Expect EBITDA Margin to remain around 30%. ETR to be around 23.5% vs 21.8% in FY24. Growth in PAT to be in mid teens. New CAPEX spend to be around $70 million.
Waiting for FDA inspection. Expectation in coming quarter.
BMS centre in Hyderabad is off strategy for Syngene, company does not offer those services.
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