Results, Syngene International

Syngene International on July 21 reported a year-on-year profit after tax of Rs 77.3 crore, a jump of 33 percent in Q1FY22 helped by COVID-19 antiviral medication Remdesivir.

The company reported Rs 58 crore profit in Q1FY21. Revenues rose 39 percent YoY to Rs 607 crore in Q1FY22 compared to Rs 437 crore in the corresponding period of the previous year.

The earnings before interest, tax, depreciation and amortisation (EBITDA) margins stood at 29 percent.

“We made a strong start to the financial year. Besides continuing progress across all our business divisions, growth for the quarter was strongly boosted by the manufacturing of COVID-19 treatment, Remdesivir, as we increased production to meet the needs of the second wave of COVID-19 in India,” said Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene.

“We also made headway with the expansion of our dedicated R&D centre for Bristol Myers Squibb following the contract extension announced last quarter,” Hunt added.

He said that the overall first-quarter performance was in line with its expectations and puts the company on track to meet its full-year growth guidance in the coming quarters.

Business Updates

During the quarter, the biologics business signed a five-year agreement with IAVI, a USA-based, non-profit, scientific research organisation, to develop and manufacture three recombinant, monoclonal antibodies (mAbs) for HIV.

“The mAbs will be used for phase I and II human clinical studies. Under the agreement, Syngene will provide an integrated solution including clone selection, analytical methods development, manufacturing process development, scale-up and cGMP manufacturing of drug substance, viral clearance studies, cGMP manufacturing of drug product and stability studies,” the company said.

Syngene said its scientists continued to work on the coronavirus and have generated several variants of the SARS-CoV2 spike S1 protein including the Alpha and Beta variants. These variants are used to determine the efficacy of different vaccines to cross-protect people from these strains.

John Shaw retires

John Shaw, non-independent director on the Board, and husband of Biocon’s Executive Chairperson Kiran Mazumdar-Shaw will retire due to health reasons, at the end of the 28th Annual General Meeting of the Company, scheduled on July 21.

“John was appointed to the Board in 2000 and has made significant contributions in helping the company cross many significant milestones. His strong management and financial experience helped Syngene establish the strong corporate governance that the company is recognized for,” Syngene said.

Dr Kush Parmar was appointed as a non-executive independent director on the Board effective June 22, 2021, subject to the approval of the shareholders at the AGM scheduled on July 21.

Dr Parmar, a Ph.D. in experimental pathology from Harvard University and an MD from Harvard Medical School, is currently the managing partner at 5AM Ventures, a life sciences venture capital firm headquartered in San Francisco.

Dr Parmar serves on the advisory boards of Harvard Medical School, Penn Medicine, Princeton University’s Department of Molecular Biology and the Grace Science Foundation. At Princeton University, Dr Parmar worked on developmental genetics with Nobel Laureate Eric F. Wieschaus. A founding member of the COVID-19 R&D alliance, Dr Parmar also serves on the Boards of Akouos, Entrada, Homology, Rallybio and Vor Biopharma.


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

Dr Reddy's waiting for 2.7 million doses of Sputnik V 2nd jab from Russia for full rollout

Representative image of the Russian Sputnik V COVID-19 vaccine Dr Reddy’s said it was waiting for 2.7 million doses of Sputnik V COVID-19 vaccine from Russia for second jab, for the full fledged rollout of the vaccine. “We have received 150000 of both the dose 1 and dose 2, following…

Read more: Dr Reddy's waiting for 2.7 million doses of Sputnik V 2nd jab from Russia for full rollout

After ITC, now Britannia launches potato biscuits

FMCG major Britannia, one of the largest players in the biscuits market in the country, on Tuesday, launched ‘5050 Potazos’, a potato-based biscuit. Britannia 5050 Potazos is thin, crispy and delivers the familiar ‘masaledar’ flavours of a potato chip in a biscuit format, the company informed. The company has launched…

Read more: After ITC, now Britannia launches potato biscuits

Granules India net profit rises 8% in Q1 FY22, margins down

The USFDA issued two minor observations during the audit, and the company had responded within the stipulated time. Drug maker Granules India on July 27 reported 8 percent year-on-year (YoY) rise in net profit in Q1 FY22 aided by US formulation sales. Net profit in Q1FY21 was Rs 111 crore. Revenue…

Read more: Granules India net profit rises 8% in Q1 FY22, margins down

Torrent Pharma net profit rises 3% to Rs 330 crore aided by India formulation business

Torrent Pharma on July 27 reported a 2.8 percent year-on-year (YoY) rise in Q1FY22 net profit at Rs 330 crore, helped by India formulation, despite steep fall in US revenues. The Ahmedabad-based drug maker reported Rs 321 crore net profit in the corresponding period of previous year. Total revenues rose…

Read more: Torrent Pharma net profit rises 3% to Rs 330 crore aided by India formulation business

RBI imposes monetary penalty on Sarvodaya Co-operative bank

The Reserve Bank of India (RBI)  on July 27 imposed a monetary penalty of Rs 1 lakh on Sarvodaya Commercial Co-operative Bank for non-compliance with directions issued by the RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’, the RBI said in a release.…

Read more: RBI imposes monetary penalty on Sarvodaya Co-operative bank

Dr Reddy's says investigating bribery allegations against it, in Ukraine and other CIS countries

Dr. Reddy’s Laboratories  | Representative image. Drug maker Dr Reddy’s said a US-based law firm appointed by its Board has commenced detailed investigation into bribery allegations against the company in Ukraine and potentially in other countries by an anonymous complaint. “The complaint alleges that healthcare professionals in Ukraine and potentially in other…

Read more: Dr Reddy's says investigating bribery allegations against it, in Ukraine and other CIS countries

Exchange Fund posts US$6.6 billion second-quarter gain, giving Hong Kong more firepower to defend city’s currency

Hong Kong’s Exchange Fund, the war chest used to defend the local currency from attacks by short sellers, earned HK$51.4 billion (US$6.6 billion) from its investments in the second quarter as it benefited from gains in overseas equity markets and on its bond portfolio, according to the Hong Kong Monetary…

Read more: Exchange Fund posts US$6.6 billion second-quarter gain, giving Hong Kong more firepower to defend city’s currency

Canara Bank takes one-time settlement route to tackle stress in small-value loans

Syndicate Bank was merged into Canara Bank in April 2020 (File image) Bengaluru-headquartered Canara Bank said on 27 July that it has taken the one-time settlement (OTS) route to recover small-value unsecured loans during the April-June quarter of FY22. During the quarter, it settled 89,000 loan accounts with a total…

Read more: Canara Bank takes one-time settlement route to tackle stress in small-value loans

Simply Save | What is swing pricing and how can it impact debt mutual funds?

Idlis, Dosas, Parota's global footprint: ID Fresh Food expands in Gulf, eyes to open US plant

Torrent Gas plans Rs 10,000 crore capex in 5 years; sets up 25 CNG stations in Chennai

Moneycontrol Pro Panorama | Economic recovery remains anything but smooth

Adani Ports raises $750 million from global markets

Yondr Group, Everstone announce tie-up to develop and operate data centres in India

Cairn arbitration: Govt confirms French court order against Indian assets

Retailers start expansion as COVID-19 second wave ebbs; focus on high-street locations, smaller towns

OTHER NEWS