Mitsubishi Tanabe Estimates Data Forgery Will Cause Double-digit Profit Decline
This article was originally published in PharmAsia News
Executive Summary
Mitsubishi Tanabe expected a significant impact from a 25-day business halt ordered by Japanese regulators due to data forgery
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Mitsubishi Tanabe expected a significant impact from a 25-day business halt ordered by Japanese regulators due to data forgery. The company expects fiscal year sales will go down by 6.1 percent to ¥380 billion and net profit down 10.8 percent to ¥27 billion. At the company's May 12 earnings call, President Hiroyuki Tsuchiya first apologized for the scandal, adding that the company has required senior executives to return 10-15 percent of their monthly salaries in May. For FY2009, the company's domestic sales increased 5.7 percent to ¥354.6 billion, largely due to strong sales of rheumatoid arthritis agent Remicade (infliximab), growing 26.2 percent to ¥47.2 billion. The company also reported strong sales in its generic sector, up 114.9 percent to ¥8.5 billion. (Click here for more - Japanese language) "Mitsubishi Tanabe Forecasts Much Lower Sales And Profits For FY2010" - CB News (5/12/2010) |