Daiichi swings to loss on Ranbaxy buyout
Japan-based drugmaker Daiichi Sankyo has fallen into loss for the fiscal year ended March 2009, due to charges related to its acquisition of the Indian generics major Ranbaxy Laboratories.
The company's net loss was 335.8 billion yen ($3.53 billion), versus an income of 97.66 billion yen in the like, year-earlier period. R&D costs were up 13% to 316.0 billion yen, while revenue fell to 842.15 billion yen, down 4%, due to the strong yen and a change in the financial year of a European subsidiary to match the parent company.
Domestic sales declined 11% to 529.7 billion yen, which included 416.7 billion yen for what is known as ethical drugs, a decrease of 5% on the year before.
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