Syngene International shares drop the most since 2019 after cutting full year growth guidance

"While the Company delivered strong performance in the first half, with the temporary slowdown in US biotech funding, we expect continued growth at a lower level in the second half of the year. Adjusting for this, against our previous guidance of high teens constant currency growth, we now expect the revenue to grow at mid-teens on constant currency basis," the company statement said.

Otherwise, it was a steady quarter for the company with revenue growth of 18.5% year-on-year, while net profit grew by 14% from the year-ago period. EBITDA margin though, narrowed by 20 basis points from last year.

The company also said that it is making good progress in the long-term partnership with animal health company Zoetis for the orthopaedic drug. It also said that the development manufacturing business saw strong growth during the quarter.

Syngene's acquisition of Stelis' facility for over Rs 700 crore, which was announced last quarter, is progressing well, the management said.

Shares of Syngene are down 6.5% at Rs 729.45. This is the biggest single-day drop that the company has seen on an intraday basis since 2019. Today's volumes for Syngene are also nearly 17x higher than the 20-day average at this time of the day.