Dainippon Sumitomo's 1st-qtr sales fall 19%

Japan's Dainippon Sumitomo Pharma says that its turnover for the first quarter of the financial year 2007, which was 65.3 billion yen ($568.5 million), fell 19.4% year-on-year, despite representing 51.4% of its first-half earnings target. In addition, the firm said that its net income fell 44.1% to 5.6 billion yen, which it attributed to the recording of extraordinary expenses worth 2.9 billion associated with early retirement payments for 124 employees.

The company also said that revenues from the hypertensive Amlodin (amlodipin) slid 4.8% to 14.0 billion yen, but added that it planned to step up its promotional activities in line with its launch of a new oral version of the drug, which was approved in July this year. Additionally, the firm said that its gastrokinetic drug Gasmotin (mosapride citrate) had contributed 4.5 million yen in sales, up 15.4% for the period.

Dainippon Sumitomo said that it would not revise its forecast for the year as it anticipated that the negative impact of price cuts would continue to affect is performance.