Daiichi Sankyo Reports First Annual Loss Since 2005 Merger; Plans To Improve Ranbaxy Management
This article was originally published in PharmAsia News
Executive Summary
Daiichi Sankyo announced May 12 its first annual loss for fiscal year 2008 since its 2005 merger with Sankyo Pharmaceutical. The third-largest Japanese drug maker announced a net loss of ¥335.8 billion, compared to ¥97.6 billion in net profit for FY2007. The huge loss is a direct result of ¥351.3 billion in write offs for Daiichi Sankyo's Indian subsidiary Ranbaxy Laboratories, which has been crippled by an export ban and investigation by U.S. FDA