Japan's Astellas 1st-qtr FY 2011 profits plummet, hit by generic competition
Astellas Pharma, Japan's second-largest drugmaker, reported a 5.5% drop in sales for the first quarter of its 2011 fiscal year, to 237.49 billion yen ($2.74 billion), and an 18.2% plunge recurring profit to 56.94 billion yen as a result of intensified competition. Net income was down 10.3% at 39.46 billion yen for the three months to June 30.
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