Riding on higher sales from its contract research and manufacturing services (CRAMS) business, the Hyderabad-based biopharmaceutical company Suven Life Sciences Ltd has reported a seven-fold increase in its net profit in the second quarter ended September 30, 2013.
The company's net profit increased considerably to Rs. 45 crore in the second quarter, compared with Rs. 6.48 crore in the corresponding quarter of the previous financial year. Income from operations grew at 201 per cent to Rs. 151.5 crore against Rs. 50 crore during the same period last year.
“The 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,” a company release said.
Suven’s new chemical entity for dementia, SUVN-502, entered phase Ib clinical trial in the US. The company has been trying to find a partner who will further develop the molecule.
Suven has spent 9.8 per cent of its revenue on research and development during the half-year ended September 2013. It had 607 product patents for 18 inventions and 35 process patents.