ICICI Direct’s research report on Syngene International
Syngene is a contract research, development and manufacturing organisation catering mainly to global innovator pharma/chemical companies offering integrated scientific services from early discovery to commercial supply. Syngene serves these players, which outsources some or substantial part of its business in the product development life cycle and operates via full time equipment (FTE) and fee for services (FFS) models • Discovery services: FTE engagements with high renewability; dedicated services: long-term strategic alliances that last usually five years or more, Development and manufacturing: FFS engagements, which increase in volume/scale over time.
Outlook
Downgrade from BUY to HOLD as the stock fully reflects strong momentum and growth from all the three segments. Key monitorable would be- 1) Zoetis contract execution and developments on the Mangalore facility front. We value Syngene at Rs 610 i.e. 35x FY25E EPS of Rs 17.4.
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