Kyowa reduces full-year 2009 guidance

Japanese drugmaker Kyowa Hakko Kirin has reduced its forecasts for the full 12 months and first quarter of the fiscal year ending March 31, 2009.

The firm says that, while the full-year sales forecast is unchanged, net income is expected to be 39% lower than planned at 17.0 billion yen ($166.6 million), or 29.60 yen per share, reduced from 28.0 billion yen, or 48.72 yen per share, due to exceptional costs related to the disposal of a subsidiary and the integration of the firm's new acquisition, Kirin Pharma (Marketletter October 29, 2007).

For the final results of the interim period ending September 30, 2008, the company's prediction for turnover increased 1% to 247.7 billion yen, but net income guidance is reduced 49% to 8.2 billion yen, or 14.43 yen per share, from 16.0 billion yen, or 27.84 yen per share.