Profits Better Than Expected At Sankyo

Japan's second-largest pharmaceutical company, Sankyo, achieved a 29%increase in recurring profits to 112.3 billion yen ($970.1 million) in the fiscal year to March 31. This is the first time that Sankyo's recurring profits have surpassed 100 billion yen. Net profits were 48 billion yen, up 15.2%.

The firm said that the impressive growth was a result of strong and profitable sales of its in-house-developed products Mevalotin (pravastatin) and Noscal (troglitazone). Sales for the year were 442.7 billion yen, up 8%. Also contributing to higher turnover were sales of the firm's non-pharmaceutical product, Sankyo Yeast.

For the current fiscal year, Sankyo expects a 2% rise in sales to 450 billion yen, and a 2% rise in recurring profits to 115 billion yen, based on steady growth of Noscal sales both in Japan and in overseas markets.