Crestor boosts Shionogi 1st-qtr fiscal sales 8.7%

Japanese drugmaker Shionogi says that, for the three months ended June 30, 2007, the first quarter of the fiscal year, net sales rose 8.7% on the like, year-ago period, to 50.21 billion yen ($421.1 million), boosted by the steady expansion of domestic market share for Crestor (rosuvastatin), which the firm stepped up to regular promotion in September 2006. The hyperlipidemia treatment helped offset stagnant sales of the other drugs in its portfolio.

During the period, the Tokyo-based firm's ordinary income soared 66.2% to 8.55 billion yen because of an increase in interest and dividend income and lower non-operating expenses resulting from the effect of exchange rate changes. Net income increased 76.2% to 5.37 billion yen as a result of gains on sales of investment.

The firm's performance was also boosted by significant growth in royalty income from licensing fees. In terms of profit, the increase in royalty income reduced the cost of sales ratio 1.4 points to 32.1% from 33.5% in the same period of the previous fiscal year.