Tanabe Reports Revenue Decline

Tanabe Seiyaku has reported lower revenues than anticipated for the first six months of the financial year ending March 1995 to 91.7 billion yen ($933.6 million), a decline of 4.9% on the like, year-earlier period. Net profits for the first half declined more sharply by 44.3% to 1.34 billion yen.

The company said that the lower than expected sales were due to the effects of drug price revisions and a major decline in exports of Herbesser (diltiazem HCl). However, Tanabe noted that the operating and ordinary profits were above initial estimates. Ordinary profits dropped 22.6% over the previous half year to 4.83 billion yen, reports Pharma Japan.

Tanabe said that the corporate performance has now bottomed out and will pick up in the second half of the year.