Shionogi profit jumps 10% on Crestor sales

Japan-based drug major Shionogi reported strong results year-on-year for the first half ending September 30, 2008, due to strong sales for Crestor (rosuvastatin).

R&D expenses increased by 6% to 20.7 billion yen ($214.8 million), whereas revenue rose 1% to 105.6 billion yen boosted by cholesterol-lowering drug Crestor, angiotensin receptor blocker Irbetan (irbesartan) and carbapenem antibiotic doripenem.

Net income increased 10% to 11.84 billion yen, although this does not include costs from the firm's recent $1.1-billion acquisition of US drug firm Sciele Pharma (Marketletter October 20). Shionogi notes that intangible assets, in-process R&D and good-will are still being assessed.