Kyowa's net income falls 47.5% to 3.9B yen

Japanese drugmaker Kyowa Hakko Kogyo says that its consolidated net income for the six months ended September 30, 2006, was 3.9 billion yen ($33.3 million), down 47.5% on the comparable year-earlier period. The Tokyo-headquartered company said that the earnings decline was due to extraordinary losses linked to the sale of subsidiaries' shares and asset impairment.

Mixed performance of key products

Kyowa also reported a 16.3% drop in pharmaceutical sales to 65.1 billion yen. The firm went on to say that this was due to reduced revenues from several products, including: the antimycological agent Itrizole (itraconazole), following the ending of a distribution agreement in March 2006; its hypertension treatment Coniel (benidipine); and the anti-allergy agent Allelock (olopatadine HCl).