HYDERABAD, INDIA (31Jan,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 Dec 2011. The un-audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on 31st Jan 2012 at Hyderabad.
Financial Highlights for the 3rd Quarter ended Dec’ 2011:
Growth in revenue Rs 501.99 mil vs.Rs 320.15 mil - 56.79%
Growth in PAT Rs 12.95 mil vs. Rs 11.20 mil - 15.63%
Growth in EBIDTA Rs 21.36 mil vs. Rs 7.96 mil - 168.34%
*PAT for qtr ending Dec 2011 is after provision for MTM of Rs. 66.08 mil towards forward contracts due to exchange fluctuation.
Suven’s major thrust on innovative R&D in Drug Discovery continues with a spending of Rs 85.8 mil (17.09% on revenue) for the quarter ended Dec’ 2011.
9 months period ended 31st Dec, 2011, recorded a revenue growth of 37.53%, increase in PAT by 4.61% and increase in EBIDTA by 33.62%. Total R&D expenditure for the Nine ended Dec’ 2011 stood at Rs. 248.31 mil (previous period Rs. 234.76 mil).
*PAT for Nine months ending Dec 2011 is after provision for MTM of Rs. 120.27 mil towards forward contracts due to exchange fluctuation
During the quarter there were major qualitative achievements with the grant of 4 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;