Japan's Daiichi Sankyo says nine-month 2010 sales boosted by Ranbaxy, but sees 4th-qtr loss due to interest costs at the Indian unit

In the nine months to December 31, 2010, Japan’s third-largest drugmaker Daiichi Sankyo (TYO: 4568) and its consolidated subsidiaries posted net sales of 748.1 billion yen ($9.02 billion), a year-on-year gain of 3.1%.

Despite a stronger yen compared with the same period of the previous year, this gain in net sales was mainly due to the revenue contribution of 134.0 billion yen by its majority-owned Indian subsidiary Ranbaxy Laboratories and sales growth of the antihypertensive agent olmesartan, said the company, which saw its shares rise 2.4% to 1,782 yen at close of Tokyo trading yesterday. The benchmark Nikkei 225 Stock Average declined 1.2%.

Operating income increased 33.9% to 120.6 yen billion thanks to the contribution of Ranbaxy, and ordinary income rose 44.1% to 130.6 billion yen mainly on the back of a decrease in foreign exchange losses and the occurrence at Ranbaxy of gain on valuation of derivatives. The Japanese firm noted that income taxes in fiscal year 2009 were at a high level due to prior-year tax adjustments. In the period under review, however, there were no such factors and the Group posted a net income of 79.7 billion yen, a gain of 103.0% year on year.