Full-Year Declines At Ono Pharmaceutical
Japanese company Ono Pharmaceutical posted a decline in its performancein fiscal 1996/97, which had been expected.
Turnover for the year was down 4% to 126.7 billion yen ($1.1 billion), and recurring profits were 52.4 billion yen, a decline of 5%. This is the first decline in profits since the fiscal year ended March 1990. The decreases were attributed to the Japanese Ministry of Health and Welfare's price reduction for two of Ono's products - the diabetic neuropathy treatment Kinedak (epalrestat) and Cataclot (ozagrel Na) a treatment for cerebral thrombosis.
The impact of the price reductions is expected to be less, or nil, in the current fiscal year. Sales for the year are expected to increase 3%, and recurring profits should rise 2% to 53.5 billion yen.
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