By Kosaku Narioka
Takeda Pharmaceutical Co. said Thursday that first-quarter net profit slid 24% due to a high base a year earlier, despite broad-based gains in drug sales.
The Japanese drugmaker said net profit for the quarter ended June 30 rose to 105.01 billion yen ($768.7 million) from Y137.68 billion a year earlier, which had been boosted by its divestment of diabetes products in Japan. The quarterly net profit was largely in line with the estimate of Y105.67 billion from a poll of analysts by Quick.
First-quarter revenue increased 2.4% to Y972.465 billion thanks partly to a weaker yen. U.S. revenue rose 22% to Y501.1 billion.
Drug sales increased across various business areas. Sales of ulcerative colitis drug Entyvio rose 34% from a year earlier to Y168.3 billion.
Takeda kept its revenue and net profit forecasts for the fiscal year ending March 2023. It continued to expect revenue to increase 3.4% to Y3.690 trillion and net profit to rise 27% to Y292.00 billion.
Write to Kosaku Narioka at firstname.lastname@example.org
(END) Dow Jones Newswires