Syngene International Limited has reported Consolidated financial results for the period ended March 31, 2024.
Brokerage Goldman Sachs has initiated buy ratings on Syngene International Ltd and Neuland Laboratories Ltd and increased target price to Rs 875 (up 20 percent) and Rs 9100 (up 46 percent), respectively, from current market price. The brokerage house also initiated sell rating on Laurus Labs Ltd with a target price of Rs 350 a share, down 23 percent.
Syngene facility to be operational for US, European customers from mid-year
Syngene biologics manufacturing facility to be operational for US from mid-year
Syngene International Limited announced its third quarter financial results. Reported revenue from operations for the quarter was up 9% year-on-year to Rs. 854 crores. Profit after tax for the quarter increased 4% year-on-year to Rs 115 crores (before exceptional items).
Stelis Biopharma, an associate company of Strides, has provided the following update about the transaction with Syngene to transfer Stelis' Unit 3 multi-modal facility in Bengaluru.
Syngene concludes acquisition of biologics manufacturing facility from Stelis
Syngene International Limited announced its second quarter and half year financial results. Reported revenue from operations for the quarter was up 18.5% year-on-year to Rs. 910 crores, around 15% at constant currency. Profit after tax (before exceptional items) for the quarter increased 20% year-on-year to Rs 122 crores.
Strides sells arm's manufacturing unit to Syngene International for Rs 702 crore
Syngene International expects strong business momentum in this financial year, said its MD Jonathan Hunt. In an interview to ET, he said biotech and pharma companies in the US and Europe are set to outsource more discovery, development and manufacturing work to companies like Syngene with relative cost advantage, as they battle high inflation, interest costs and funding slowdown.