HYDERABAD, INDIA (4 May 2012) – SUVEN LIFE Sciences Limited, a biopharmaceutical company specializing in drug discovery and developmental activities in Central Nervous System disorders, today announced its un-audited financial results for the quarter ended 31st Mar 2012. The un-audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on 4th May, 2012 at Hyderabad.
Financial Highlights for the 4th Quarter ended March 2012:
Growth in revenue Rs 624 mil vs.Rs 465 mil - Up by 34.30%
Growth in PAT Rs 83 mil vs. Rs 35 mil - Up by 137.26%
Growth in EBIDTA Rs 130.23 mil vs. Rs 56.61 mil - Up by 130.07%
Suven’s major thrust on innovative R&D in Drug Discovery continues with a spending of Rs 84.5 mil (13.54% on revenue) for the quarter ended Mar’ 2012.
12 months period ended 31st Mar, 2012, recorded a revenue growth of 35.63%, increase in PAT by 49.26% and increase in EBIDTA by 70.272%. Total R&D expenditure for the year ended Mar’ 2012 stood at Rs. 332.82 mil (previous period Rs. 311.43 mil).
*PAT for the year ending Mar 2012 is after provision for MTM of Rs. 34.80 mil towards forward contracts due to exchange fluctuation
During the quarter there were major qualitative achievements with the grant of 3 product patents to Suven’s drug discovery pipeline which consists of 13 molecules out of which twelve (12) molecules currently in pre-clinical stage of development in addition to developmental candidate SUVN-502 for Alzheimer's disease and Schizophrenia.
For more information on Suven please visit our Web site at http://www.suven.com
Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions, contained in this news release may be forward-looking statements that involve a number of risks and uncertainties. Although Suven attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. Other important factors which could cause results to differ materially including outsourcing trends, economic conditions, dependence on collaborative partnership programs, retention of key personnel, technological advances and continued success in growth of sales that may make our products/services offerings less competitive;