Sankyo's Profits Rise on Mevalotin Sales

Strong sales of Japanese pharmaceutical company Sankyo's lipid-lowering agent Mevalotin (pravastatin) drove the company's profits higher in the first six months of the fiscal year ending in March 1995.

Net profits were 19.2 billion yen ($195.1 million), up 11.2%, operating profits grew 5.6% to 42.3 billion yen, and recurring profits rose 8.4% to 43 billion yen. Group sales, however, declined 2% to 202.2 billion yen ($2 billion).

Reductions in drug prices implemented by the Japanese government, and a transfer of sales rights for an antiasthmatic agent Zaditen (ketotifen) to the Swiss company Sandoz' Japanese unit were said to have been behind the sales decline. Sankyo's pharmaceutical division achieved sales of 180.7 billion yen, falling 1.9% on the like, year-earlier period, despite increased sales of Mevalotin and Loxonine (loxoprofen).