BackSuven Life Sciences net profit falls 45% to Rs17 crore
Suven Life Sciences, which is into drug discovery, says it spent about Rs15 crore or 13% of revenue on research and development
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Hyderabad: Biopharmaceutical firm Suven Life Sciences Ltd. on Friday posted 45% decline in net profit to ₹ 17.71 crore in the quarter ended December due to declining sales of its contract research and manufacturing services (CRAMS) business.
Suven reported a net profit of ₹ 32.22 crore in the year-ago quarter. The total income from operations stood at ₹ 112.5 crore, registering a decline of 13%
CRAMS business, which accounts for 95% of the company’s total income, declined 17% to ₹ 102.5 crore.
Suven which is into drug discovery, said it spent about ₹ 15 crore or 13% of revenue on research and development.
Suven has initiated phase 2a or proof-of-concept study for its Alzheimer’s drug candidate in the US in November.
Shares of Suven declined 9.05% to close at ₹ 175.35 on BSE Ltd, while the benchmark Sensex gained 0.15% to end 22,986.12 points.
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