Message from ourManaging Director & CEO
(up to June 30th, 2026)
Central to our planning framework is the progress made in advancing priorities that strengthen Syngene's long-term customer capability and service relevance.
Dear Shareholders,
The past fiscal year unfolded against a dynamic global environment, shaped by evolving customer expectations, increasing scientific complexity, changing geopolitical and economic landscapes, increasing competition and broader industry realignment. In this context, the theme of this year's Annual Report, Science for People. Advancing Innovation, reflects our focus on translating scientific capability into meaningful outcomes for customers and patients, while navigating an increasingly complex operating landscape.
Performance Overview
The fiscal year tested resilience and reinforced discipline. Against a complex operating backdrop and the requirement to absorb the significant economic headwinds related to destocking of our largest single manufacturing collaboration, we delivered a stable financial performance, supported by continued demand in Research Services and steady customer engagement across development and manufacturing.
Our performance reflects the benefits of a diversified services portfolio, durable customer relationships, and a steady pipeline across discovery, development, and manufacturing. Stripping out the destocking effect, underlying growth was resilient at mid-to high-single-digit levels, led by encouraging momentum in Research Services, which supports confidence in future growth.
Strategic Progress
Central to our planning framework is the progress made in advancing priorities that strengthen Syngene's long-term customer capability and service relevance. These efforts are aligned with our broader focus on Science for People. Advancing Innovation, ensuring that investments translate scientific advances into scalable outcomes across our customer value chain.
In this context, we continued to deepen our presence in emerging high-growth modalities, including peptides and antibody-drug conjugates, areas of increasing importance for customers where scientific depth and integrated executional capabilities are essential. These investments are strengthening our ability to support programs across the full development lifecycle in these modalities.
In parallel, we have continued to expand and strengthen our manufacturing platforms. In small molecules, this included enhancements to support more complex formulations and commercial-scale production. In biologics, we progressed development, manufacturing, and clinical supply capabilities, alongside continued advancement of our U.S. facility in Bayview, Maryland. While biologics remains a long‑cycle business, customer engagement and pipeline development provide confidence in the trajectory ahead.
We also maintained discipline in our capital allocation. Even in a year marked by selective headwinds, we continued to invest in capabilities that will strengthen our competitive position over time. This reflects our view that the global CRDMO market will increasingly favor partners that can deliver integrated, high quality, and scalable solutions.
Customer demand for services continues to grow but is changing in nature as customers look for more integrated, co-localized and automated services to enhance innovation, speed, and risk management.
Industry Environment
The CRDMO operating environment has remained highly dynamic. Customer demand for services continues to grow but is changing in nature as customers look for more integrated, co-localized and automated services to enhance innovation, speed, and risk management. Geo-economic and political macro factors have been influential; the passing into law of a modified U.S. BIOSECURE Act has eliminated any short-term China +1 tailwinds, and the U.S. Most Favored Nation and Inflation Reduction Act have influenced MNCs in rebalancing their manufacturing supply chains with a stronger USA focus. Competitive intensity continues to increase notably in China, Asia, and India. Against this context, Syngene has taken a wide-angled/broad approach, maintaining ongoing customer service and delivery commitments, maintaining investments in new capacities and capabilities to enhance our opportunities in evolving and new customer service demands and adapting to new market and competitor realities through our commercial and delivery teams.
The external environment remains dynamic. Customers continue to rebalance global supply chains, placing greater emphasis on resilience and diversification. This has reinforced India's position as a preferred destination for high quality scientific services and manufacturing. At the same time, geopolitical developments and regulatory complexity have heightened the importance of agility, compliance, and execution excellence, areas where Syngene is well positioned, supported by its scientific capabilities and operational scale.
The year also saw continued focus on strengthening our operating foundations. Investments in productivity, digital enablement, and efficiency improvements are enhancing our ability to deliver consistently while scaling the business. While these efforts are less visible externally, they are critical to long-term competitiveness and support the effective delivery of our Science for People. Advancing Innovation agenda.
Leadership and the Future
As I reflect on my time at Syngene, I am proud of the progress we have made, strengthening capabilities, deepening partnerships, and building a more globally relevant organization while remaining anchored in our core values of integrity, scientific excellence, and responsible conduct.
As has been announced, I will be stepping down as Managing Director and Chief Executive Officer at the end of June 2026. I am confident that Syngene is well positioned for its next phase of growth under Siddharth Mittal's leadership. Siddharth brings deep business knowledge and experience along with a strong focus on execution, and I believe the Company will continue to build on its strengths and excel under his leadership.
I thank our shareholders for your continued trust, our customers and partners for their confidence, and the Board for its guidance. Above all, I thank the people of Syngene, whose commitment and professionalism define the organization.
As I step down, I do so with confidence in Syngene's future. The Company has strong foundations, a clear strategic direction, and the leadership required to carry it forward.
Peter Bains
Managing Director & CEO
