Astellas predicts 60.6B yen half-year income

Japanese drugmaker Astellas Pharma has revised its forecasts for the six-months ended September 30, 2006, predicting profits of 60.60 billion yen ($518.9 million), up 40% on its previous estimate. The announcement follows a meeting of the company's board of directors, and reflects the higher-than-expected sales achieved, as well as reduced R&D costs.

The firm added that it would not be changing its full-year guidance at this stage. The company also said that it would be making "deeper-than-expected job cuts" and would be undertaking a share buy-back of $1.3 billion this fiscal year, according to a Reuters report.