1st Half Decrease in Sales At Fujisawa

Japanese drug major Fujisawa has announced a 5% drop in net sales on anon-consolidated basis to 105.67 billion yen ($870.1 million) for the first six months ended September 30, 1997 of fiscal 1998, while operating income slipped 9.4% to 8.24 billion yen compared to the like, year-earlier period. Net income was 3.88 million yen, down 0.4% on the corresponding period for fiscal 1997.

Domestic turnover was negatively impacted by the termination of Fujisawa's distribution agreement with Teijin in October 1996, and the government's decision to increase consumption tax and enforce price cuts (Marketletters passim). Most of the company's products showed flat sales, including its lead drug Cefzon (cefdinir), the oral cephalosporin which had turnover of 15 billion yen, up 2%. On the other hand, the antiglaucoma agent Rescula (isopropyl unoprostone) enjoyed brisk growth, with sales of 4.8 billion yen showing a rise of 17.1%. Sales of its antiarrhythmia agent Cibenol (cibenzoline succinate) also increased.

Exports Show Strong Growth Pharmaceutical exports grew to 11.87 billion yen, an increase of 43.8% over the corresponding period last year. This was due principally to the increased sales of the immunosuppressant Prograf (tacrolimus) and a weak yen against the dollar, while royalty income jumped 29.7%% to 3.2 billion yen as a result of strong sales of Prograf in the USA and Europe. Fujisawa noted that during the first half, Prograf was also launched in Ireland, the Netherlands and Argentina.