Kyowa's nine-month sales fall 1.5% to $2.2B

Japanese drugmaker Kyowa Hakko Kogyo says that, in the nine months ending December 31, 2006, its consolidated net sales fell 1.5% on the like, year-ago period, to 268.1 billion yen ($2.2 billion). The firm noted, however, that results were ahead of initial plans for the fiscal year, driven mainly by strong performances from its pharmaceuticals business and chemicals unit.

During the period, Kyowa's operating income increased 17.5% to 26.8 billion yen, benefiting from lower R&D expenses and reduced personnel costs, while net income was affected by extraordinary losses and declined 20.4% to 11.6 billion yen.

Commenting on the results, Yuzuru Matsuda, president of Kyowa Hakko, said: "we have maintained the momentum achieved at the interim stage" and strong performances in the drugs and chemicals businesses, "along with our success at cost cuts," have driven operating income growth.