Mission Statement, Vision, & Core Values (2024) of Syneos Health, Inc. (SYNH).

An Overview of Syneos Health, Inc. (SYNH)

General Summary of Syneos Health, Inc. (SYNH)

Syneos Health, Inc. is a global provider of end-to-end biopharmaceutical outsourcing solutions, operating under two primary segments: Clinical Solutions and Commercial Solutions. The company was formed through the merger of inVentiv Health and INC Research in 2017. It focuses on assisting biopharmaceutical clients with developing, launching, and marketing their products, offering services from Phase I to IV clinical trials.

As of 2024, Syneos Health reported total revenues of approximately $5.5 billion, with a significant sales contribution from their Clinical Solutions segment, which accounted for about 74.8% of total revenue. The Commercial Solutions segment contributed 25.2% to the overall revenue. The company serves various clients, including small, mid-sized, and large pharmaceutical firms, across multiple geographic regions.

Company's Financial Performance in the Latest Financial Reports

In the latest financial report for the six months ended June 30, 2023, Syneos Health generated a total revenue of $2,722.9 million, an increase of 1.0% compared to $2,696.9 million for the same period in 2022. The revenue increase was primarily driven by higher reimbursable out-of-pocket expenses, despite a decrease in project start-ups within the Clinical Solutions segment.

Direct costs for the six months ended June 30, 2023, were reported at $2,159.9 million, an increase of 3.9% from the previous year. The gross margin was 20.7%, down from 22.9% in 2022, highlighting the impact of rising personnel costs and reimbursable out-of-pocket expenses. The company reported a net loss of $71.4 million compared to a net income of $123.9 million in the same period last year, reflecting significant restructuring and other costs incurred during this time.

Introduction to Syneos Health as a Leader in the Industry

Syneos Health is recognized as a leader in the biopharmaceutical outsourcing industry, offering a unique integrated approach that combines clinical development and commercial services. The company's comprehensive solutions are designed to enhance customer engagement and drive better outcomes for clients in the biopharmaceutical and medical device sectors. As of June 30, 2023, the company's backlog stood at approximately $9.65 billion, indicating strong future revenue potential.

New business awards for the trailing twelve months ending June 30, 2023, totaled $3.64 billion, reflecting the company's robust market position and the ongoing demand for its services. This growth is supported by an increase in requests for proposals from both large pharmaceutical companies and small to mid-sized enterprises, showcasing Syneos Health's adaptability and strong client relationships.

Mission Statement of Syneos Health, Inc. (SYNH)

Mission Statement of Syneos Health, Inc. (SYNH)

Syneos Health, Inc. (SYNH) operates under a mission statement that emphasizes its commitment to providing comprehensive biopharmaceutical solutions that enhance the efficiency of drug development and commercialization processes. This mission is pivotal in guiding the company's long-term objectives and strategies, ensuring alignment across its diverse service offerings.

Core Component 1: Comprehensive Biopharmaceutical Solutions

The first core component of Syneos Health's mission is its focus on delivering comprehensive biopharmaceutical solutions. This encompasses a wide range of services that support clients throughout the drug development lifecycle, from clinical trials to market launch. The company aims to streamline processes and improve outcomes for its clients, which include small biotech firms and large pharmaceutical companies.

As of June 30, 2023, Syneos Health reported total revenue of $2.72 billion for the first half of the year, reflecting a 1.0% increase from the previous year. This growth is indicative of their effective service delivery and client satisfaction in the biopharmaceutical sector.

Core Component 2: Enhancing Efficiency

The second core component is the commitment to enhancing efficiency in drug development and commercialization. Syneos Health leverages a combination of advanced technology, data analytics, and strategic insights to optimize clinical and commercial operations.

For instance, in the six months ending June 30, 2023, the company experienced a 3.9% increase in direct costs, amounting to $2.16 billion. This increase was primarily driven by higher reimbursable out-of-pocket expenses, demonstrating their focus on maximizing resource allocation while maintaining service quality.

Core Component 3: Client-Centric Approach

The final core component is a client-centric approach, which prioritizes the needs and success of their partners. Syneos Health aims to build lasting relationships with clients by offering tailored solutions that address specific challenges in the biopharmaceutical landscape.

The company's backlog, which represents anticipated future revenue from ongoing projects, was reported at $9.65 billion as of June 30, 2023, showcasing a 15.8% decrease from the previous year. This figure illustrates the ongoing demand for their services and the trust clients place in their ability to deliver results.

These metrics reflect Syneos Health's operational performance and commitment to fulfilling its mission of providing high-quality, efficient, and client-focused biopharmaceutical solutions in an evolving market landscape.

Vision Statement of Syneos Health, Inc. (SYNH)

Vision Statement Overview

The vision statement of Syneos Health, Inc. (SYNH) as of 2024 emphasizes their commitment to transforming the biopharmaceutical industry through innovative solutions. The company aims to improve patient outcomes while optimizing the development and commercialization processes for their clients.

Transforming the Biopharmaceutical Landscape

Syneos Health envisions itself as a leader in reshaping the biopharmaceutical landscape. This involves integrating clinical and commercial capabilities, which is reflected in their operational structure. The company generated a total revenue of $2.72 billion for the six months ended June 30, 2023, reflecting a 1.0% increase from the previous year.

Enhancing Patient Outcomes

At the heart of Syneos Health's vision is the goal of enhancing patient outcomes. The company focuses on the delivery of innovative therapies and solutions, which is critical in an industry that is continually evolving due to technological advances and changing patient needs. In the first half of 2023, Syneos Health incurred $95.3 million in restructuring costs aimed at optimizing their operational efficiency and enhancing service delivery.

Integrated Solutions Approach

Syneos Health's vision underscores the importance of an integrated solutions approach. By combining clinical development and commercial strategies, the company aims to provide a seamless experience for clients. As of June 30, 2023, their total assets stood at approximately $8.08 billion, down from $8.20 billion at year-end 2022. This decline is attributed to strategic adjustments aimed at improving overall service delivery and efficiency.

Commitment to Innovation

Innovation is a cornerstone of Syneos Health's vision. The company is committed to leveraging advanced technologies and methodologies to deliver superior results for clients. As part of their strategic initiatives, Syneos Health has invested significantly in technology enhancements, which are reflected in their increased selling, general, and administrative expenses, which rose to $344 million in the first half of 2023 from $279 million in 2022.

Global Reach and Impact

Syneos Health aims to expand its global reach and impact, providing services that cater to diverse markets. Their revenue distribution for the six months ended June 30, 2023, indicated a strong presence in North America, with revenues of $1.65 billion, followed by Europe, the Middle East, and Africa at $647.8 million.

Future Aspirations

Looking ahead, Syneos Health aims to further solidify its position as a transformative leader in the biopharmaceutical industry. The company is focused on enhancing its capabilities through strategic partnerships and innovations that align with its vision of improving patient outcomes and operational efficiencies in drug development and commercialization.

Core Values of Syneos Health, Inc. (SYNH)

Integrity

The core value of integrity at Syneos Health, Inc. emphasizes ethical conduct and transparency in all business dealings. This value is crucial for maintaining trust with clients, employees, and stakeholders.

In 2023, Syneos Health demonstrated its commitment to integrity through the implementation of a comprehensive compliance program. This program includes rigorous training on ethical business practices for employees, aiming to ensure adherence to legal and regulatory standards. The company also established a confidential reporting system, enabling employees to report unethical behavior without fear of retaliation.

Collaboration

Collaboration is a core value that fosters teamwork and partnership across all levels of the organization. Syneos Health believes that diverse perspectives and collective efforts lead to superior outcomes.

In 2023, Syneos Health launched several cross-functional teams that brought together specialists from clinical and commercial divisions to enhance project efficiency. These teams successfully reduced project timelines by an average of 15%, reflecting the effectiveness of collaborative efforts in driving results.

Innovation

Innovation at Syneos Health is about embracing change and leveraging new ideas to improve services and solutions. This core value is essential for adapting to the rapidly evolving biopharmaceutical landscape.

The company has invested approximately $50 million in technology and process improvements in 2023, including the development of an advanced analytics platform to enhance clinical trial efficiency. This platform is expected to reduce trial costs by 20% and improve data accuracy, showcasing Syneos Health's dedication to innovation.

Accountability

Accountability involves taking responsibility for actions and outcomes, ensuring that every team member is answerable for their contributions. This value is vital for fostering a culture of ownership within the organization.

In 2023, Syneos Health introduced performance metrics and regular review processes for all teams. These measures have led to a 25% increase in project completion rates on time and within budget, reflecting the company's commitment to accountability and performance excellence.

Excellence

The pursuit of excellence drives Syneos Health to deliver high-quality services and outcomes for clients. This core value is integral to maintaining a competitive edge in the biopharmaceutical industry.

As part of its commitment to excellence, Syneos Health achieved ISO 9001 certification in 2023, demonstrating its adherence to international quality management standards. This certification has allowed the company to enhance customer satisfaction, evidenced by a 30% increase in positive client feedback compared to the previous year.