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Astellas sees profits fall

Japan-based Astellas Pharma announced a net profit fall of 10.3 per cent for the second quarter of 2010 with forecasts for the full fiscal year also down

Japan-based Astellas Pharma announced a net profit fall of 10.3 per cent for the second quarter of 2010 with forecasts for the full fiscal year 2010/11 also down.

The company made 39.5bn yen for the period, which is also the year's first fiscal quarter. This was down on 44.0bn yen for 2009.

With the negative growth, Astellas amended its forecasted results for the full fiscal year, predicting a net income of 94bn yen – down 13bn yen from previous statements.

The forecast does not take into account the company's acquisition of US-based biotech company OSI Pharmaceuticals however, with a deal valued at $4bn completed in June 2010.

Declining sales in Europe and the Americas affected the company's performance for the quarter, with patent losses a particular challenge. Prograf (tacrolimus), used to prevent the body's rejection of a transplanted organ, was particularly hard hit in the US due to generic competition, with sales decreasing 42.8 per cent in the region. Harnal (tamsulosin), for benign prostatic hyperplasia, saw sales fall by 46.5 per cent in Europe for similar reasons.

A strong yen was also an issue for Astellas, contributing to a decline in revenue of 6.3 per cent in Europe and 11.1 per cent in the Americas. Total net sales for the company were down 5.8 per cent to 237.5bn yen.

Forecasted results for the full fiscal year were significantly changed for Europe, with predicted revenue for the region down 27.3 per cent from previous forecasts.

Asia and Japan saw steady growth in the period, with revenue forecasts unchanged.

3rd August 2010

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