Case studies
Financial statements
Syngene is well positioned for accelerating growth and transformation, with the potential to become a leader in serving the global biopharma and wider life sciences outsourcing market models.
Let me first say how honored I am to be back at Syngene after almost ten years, and it is especially exciting to return at such a dynamic time in the CRDMO industry and to have the opportunity to contribute to Syngene’s on-going growth story.
Syngene’s integrated and comprehensive end-to-end capabilities differentiate us in our ability to strategically support customers in the pursuit of their R&D and manufacturing goals. While Syngene’s roots lie in early-stage research and development, we have continuously strengthened our offerings through investments in new technology, capabilities, capacity and of course the talent and experience of our skilled scientists and workforce. Building manufacturing platforms for both small and large molecules has enabled us to straddle the entire value chain, and we have taken recent strategic steps with the acquisition of new facilities to further augment capacity as well as increase efficiencies and productivity.
This year’s theme for our annual report, ‘Innovating Reach – Researching New Paths, Delivering Breakthroughs’, reflects well our continuing evolution in expanding Syngene’s service offerings into exciting new modalities at the leading edge of contemporary medical research and development including protein production platforms and expansion of our research capabilities into areas such as antibody-drug conjugates, peptides and oligonucleotides.
As we had guided, FY25 was a challenging year of two distinct halves. In the first half, performance was muted driven by a sectoral downturn in U.S. biotech funding that affected our Discovery Services division, while in the second half we saw a recovery in Discovery Services as funding returned, building on top of growth momentum in both our small and large molecule manufacturing divisions. Overall, we delivered a resilient performance in a challenging year.
A key dynamic for the year was the marked increase in customer RFP’s as they explored alternative options to rebalance their CRDMO business exposure away from China. Typically, these customers set up ‘pilot studies’ across a range of services, often placing them with a select short list of companies. The pilot studies are then used as the basis for customers to select longer term partners to undertake more substantial program work. I am very pleased to report that Syngene has been achieving a high success rate of conversion and that the pipeline of pilot studies has a good momentum going into FY26.
Within the CRDMO market, the large molecule CDMO segment has been the fastest growing, driven by the rapid expansion of, and increasing demand for, biologics and monoclonal antibodies to treat cancer and immunological diseases. Syngene identified this area as an opportunity for growth and in the last few years we have made sustained investments to build a strategic large molecule platform capability. This year, we continued our investment commitment to scale up our biologics manufacturing capacity through the acquisition of a facility in Baltimore, Maryland, which is a key biotech hub in the Northeast of the United States.
Looking forward, it is clear that we face a period that will be characterized by a higher degree of unpredictability and turbulence driven by shifting global geopolitics and geoeconomics. These dynamics will likely influence and shape the balance of headwinds and tailwainds that Syngene will face as we seek to continue our growth story in the CRDMO market.
Notwithstanding this backdrop, the fundamentals of market opportunity for Syngene remain very robust. Syngene’s share of the global CRDMO market is currently less than one percent, indicating clear headroom for growth and market share expansion. India itself is also now clearly seen as a global ‘growth platform’ as revealed in a Boston Consulting Group (BCG) white paper titled, ‘Unleashing the Tiger: Indian CRDMO Sector 2025’ presented at the BioAsia conference in Hyderabad in February this year. Today, India holds only a 2-3% share, or USD 3.6 Bn, of the USD 145 Bn global CRDMO market. But, as the report indicates, there is potential for the Indian industry to grow to USD 22 Bn - USD 25 Bn by 2035 representing a 15% CAGR. This growth is expected to outpace the global industry, driven by India’s increasing capabilities, enhanced capacities, faster startup times, and cost advantage over the West. Recognizing this opportunity, Syngene along with ten other CRDMOs in the country have come together to launch the Innovative Pharmaceutical Services Organization (IPSO)*, which will provide the industry with a platform to drive advocacy, build an ecosystem of innovation, and address critical challenges such as supply chain resilience and regulatory efficiencies.
Syngene is well positioned for accelerating growth and transformation, with the potential to becoming a leader in serving the global biopharma and wider life sciences outsourcing market models. Together, working with our partners, our focus remains on delivering exceptional output value and service to our customers to support them in their innovation journeys to bring new products to the market.
In closing, I would like to thank the 8,500 Syngene employees for their dedication and hard work which has underpinned our performance this year and provides the foundation for our future growth.
*The association is currently under the registration process.
