Santen's first-half income plummets 46%

Santen Pharmaceuticals, a Japanese drugmaker, reported a severe fall in profit for the six months ending September 30, 2008, compared to the year before, due to costs related to the acquisition of a sirolimus drug from USA-based MacuSight.

Net income fell 46% to 3.72 billion yen ($38.6 million), due to a 23% increase in selling, general and administrative expenses from a 5.3 billion-yen upfront payment to MacuSight for wet age-related macular degeneration and diabetic macular edema drug DE-109. The firm notes that, aside from this cost, results were strong, absorbing a National Health Insurance price cut of 3.5% to 4% almost entirely.

Sales up despite NHI price cuts