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Syngene International Ltd on Wednesday said its Covid-19 treatment drug Remdesivir helped boost its net profit 33 per cent to ₹77.3 crore during the first quarter of the current fiscal, as compared to the same period last year.
The company’s revenue from operations grew 41 per cent year-on-year to ₹594.5 crore.
Jonathan Hunt, Managing Director and Chief Executive Officer said: "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.”
Business update
During the quarter, the biologics business signed a five-year agreement with IAVI, a USA-based, non-profit, scientific research organization, 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.
Syngene 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, will retire due to health reasons, at the end of the 28th Annual General Meeting of the Company, scheduled on July 21.
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