HYDERABAD, INDIA (1 Nov 2011) – 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 30th Sept 2011. The un-audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on 1st Nov 2011 at Hyderabad. Financial Highlights for the 2nd Quarter ended June’ 2011:
Growth in revenue Rs 496.6 mil vs.Rs 378.6 mil - 31.17%
Growth in PAT Rs 25.6 mil* vs. Rs 23.3 mil - 9.77%
Growth in EBIDTA Rs 40.1 mil vs. Rs 32.6 mil - 22.64%
*PAT for qtr ending Sep2011 is after provision for MTM of Rs. 54.2 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 87.7 mil (17.66% on revenue) for the quarter ended Sept’ 2011.
On a half-yearly basis, there was growth in revenue of 27.41%, increase in PAT of 2.47% and increase in EBIDTA of 19.32%. Total R&D expenditure for the half-year ended Sept’ 2011 stood at Rs. 162.5 mil (previous period Rs. 156.7 mil). During the quarter there were major qualitative achievements with the grant of 8 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. Also during the quarter Suven bagged Pharmexcil’s “Patent Award” for securing the most number of product patents during 2010/11 for their New Chemical Entities (NCE’s) under Gold Category third year in a row. For more information on Suven please visit our Web site at http://www.suven.com
Risk Statement:
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;
