BackSuven Life Sciences reports sixfold rise in Q2 net
Net profit rises to `45.5 crore on account of higher sales from contract research and manufacturing services business
Premium
Hyderabad: Hyderabad-based biopharmaceutical company Suven Life Sciences Ltd on Monday reported a sixfold increase of net profit in the three months ended 30 September on account of higher sales from its contract research and manufacturing services (CRAMS) business.
The company reported a net profit of ₹ 45.5 crore in the second quarter compared to ₹ 6.5 crore during the same period in the previous year. Income from operations grew at 201% to ₹ 151.5 crore.
“Growth in profit was a result of one new product, in addition to two products already commercialized during first quarter, totalling three products under CRAMS," the company said in a statement.
Suven’s new chemical entity for dementia, SUVN-502, entered phase 1b clinical trial in the US, the company said. The company has been trying to find a partner who will further develop the molecule.
Suven has 607 product patents for 18 inventions and 35 processes.
The company said it will be presenting “positive pharmacology data" of four new molecules at the Society for Neuroscience’s annual meeting at San Diego, US, from 9-14 November.
Shares of Suven gained by 15.46% to ₹ 76.35 on the BSE, while the benchmark Sensex shed 0.85% to 20,490.96 points.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
