Mumbai, April 24, 2025: Syngene International Limited today announced its fourth quarter and full-year results for FY25.
Quarterly Financial Highlights (All numbers are in Indian rupees in Crores except margins)
| Q4 FY24 | Q4 FY25 | YoY Change (%) | |
| Revenue from Operations | 917 | 1,018 | 11% |
| Reported Revenue | 933 | 1,037 | 11% |
| Reported EBITDA | 333 | 363 | 9% |
| EBITDA margin (%) | 35.7% | 35.0% | |
| Reported PAT (before exceptional items) | 189 | 183 | -3% |
| Reported PAT Margin (%) | 20.2% | 17.7% |
FY25 Financial Highlights (All numbers are in Indian rupees in Crores except margins)
| FY24 | FY25 | YoY Change (%) | |
| Revenue from Operations | 3,489 | 3,642 | 4% |
| Reported Revenue | 3,579 | 3,714 | 4% |
| Reported EBITDA | 1,105 | 1,114 | 1% |
| Reported EBITDA margin (%) | 30.9% | 30.0% | |
| PAT before exceptional item | 519 | 475 | -8% |
| PAT Margin (%) (before exceptional items) | 14.5% | 12.8% | |
| PAT after exceptional item | 510 | 496 | -3% |
| PAT Margin after exceptional item (Note 1) | 14.2% | 13.4% |
Commenting on the results, Peter Bains, Managing Director and CEO, Syngene International Limited, said, “Syngene reported revenue growth of 11% year-on-year, and 8% sequentially crossing the Rs. 1,000 Cr in a quarter threshold for the first time. At the EBITDA level growth was 9% year-on-year 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 Limited, 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 fiscal year 2025, 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 year-on-year decline in profit after tax.”
Key Business Highlights:
- The acquisition of biologics manufacturing site in Baltimore, USA, increased Syngene’s total single-use bioreactor capacity to 50KL for large molecule discovery, development, and manufacturing services and provides a strategic foothold in the US.
- Within Research services, Syngene continued to receive pilot projects from large and medium sized pharma companies and successfully converted majority of these programs into full-fledged contracts.
- Continued technology upgrades and automation in its operations to enhance scientific excellence:
- Integration of advanced automation with the DMPK operations. The initial implementation of these upgrades has heightened speed, consistency and efficiency.
- Introduced SYNe-MAP™, a proprietary B2B ecommerce platform, which allows clients to explore available biological assays, configure services, and place orders online, enhancing collaboration timelines and efficiencies.
- Syngene’s emissions reduction targets have been approved by the Science Based Targets initiative (SBTi), reflecting the focus on strengthening the ESG commitment.
