Chugai's Profits Soar Fiscal Year To March

Chugai Pharmaceutical's profits made significant increases for the fiscal year ended March 31, 1996. Operating profits were 20.5 billion yen ($189.1 million), compared to 4.1 billion yen a year earlier. Recurring profits amounted to 20.8 billion yen, up from 4.5 billion yen, and net profits advanced from 2.6 billion yen to 8.6 billion yen. Earnings per share were 34.90 yen, compared to 10.50 yen a year earlier.

Revenues rose from 37.6 billion yen to 169 billion yen. The company's mainstay product, Epogin (erythropoietin), is facing a 15% government price cut in the current fiscal year. The firm is hoping to offset the cut by introducing new products and expanding applications of Epogin. However, R&D costs remain a burden.