Steady Progress At Shionogi At Year-End

Shionogi has reported steady growth in its sales and profits for the1996/97 fiscal year. The firm's sales grew 2% to 229.7 billion yen ($2 million), supported by a rush in consumer buying ahead of the introduction of a 2% rise in consumption tax to 5% in April.

Recurring profit advanced 14% to 25.2 billion yen on strong sales of antibiotics to combat influenza, and the weakening of the yen, which produced a foreign exchange profit of a little less than 1 billion yen. Another boost was the royalty income received from Eli Lilly for the recombinant human insulin product Humulin.

Shionogi is warning that the current fiscal year's profits will rise but at a slower rate as a result of price cuts.