Improved US biotech funding to aid FY25 growth, expects Jonathan Hunt, MD & CEO, Syngene International
Syngene International share price have remained volatile in the recent past. The concerns on challenging funding conditions for US biotech that led to decreased demand for R&D services have addded to the volatility in Biocon Research arm Syngene International share prices. Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, 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" Syngene International saw reported revenue from operations for the fourth quarter decline 8% year-on-year to Rs.
917 crores. Profit after tax for the quarter increased 6% year-on-year to ₹189 crores. Also Read- NMDC shares surged 140% in 10 months; should you invest in the metal stock now? The other business segments apart from Discovery services and dedicated centers, as development business and manufacturing services however supported the segment.
While second half may have seen some slowdown for Synege, for the year (FY24) Syngene reported revenue from operations at Rs. 3,489 Crore increasing 9% to over FY23 resulting in profit after tax and before exceptional items rising 12% to Rs. 519 Crore.
The growth guidance by Syngene during FY25 stand at high single digit to low double digit terms compared to around 6% in FY25 , highlighted Hunt. Also Read- Multibagger Railway Stocks RVNL, IRFC, 3 others may see up to 30% upside- PL Growth pace to pick up from second half of FY25. The US Biotech majors had stepped up their efforts and fund raising and the January-March quarter has seen good
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