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Sales up but profits down for top Japan firms

This article was originally published in Scrip

Executive Summary

Aggregate sales of 14 listed Japanese pharmaceutical companies with annual sales of over ¥100 billion ($1.05 billion) rose by 5% to ¥3,410 billion in the first half to September 30th. Increased overseas sales, helped by a stronger yen, drove the growth and reduced the impact of the general April price cut at home. But higher R&D spending and in-process R&D costs associated with acquisitions contributed to a 32% fall in combined operating profit, to ¥541.7 billion, said the country's largest research-based association, the JPMA. Aggregate net profit was 38% lower at ¥211.2 billion. For the full year, total net profit for the group is expected to slip by around 20% on a 5% increase in sales.

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