BENGALURU (Reuters) – Indian pharmaceutical firm Jubilant Pharmova on Friday reported a third-quarter profit, compared to a loss a year earlier, on strong demand for its radiopharma business.
The company posted a net profit of 668 million rupees ($8.06 million) for the quarter ended Dec.
31, compared to a loss of 156 million rupees a year ago.
The Noida-based firm’s total revenue rose 8% to 16.77 billion rupees, with its radiopharma business – which involves developing radioactive medications used to diagnose or treat cancer – making up more than 40% of the total.
The segment grew 22.7% during the quarter.
This is the fifth straight quarter that the company’s revenue has risen. Jubilant Pharmova is involved in the manufacturing and supply of radiopharmaceuticals with a network of 46 radio-pharmacies in the U.S.
The company’s future revenue will be driven by its high-margin radiopharmaceuticals division, according to analysts. Shares of Jubilant Pharmova rose as much as 7% after the results, hitting a more than two-year high.
($1 = 82.8630 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru; Editing by Sonia Cheema)
