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Mitsubishi Tanabe Pharma 9-month profit down YOY, revenue up

Mitsubishi Tanabe Pharma Corp. said its earnings for the first nine months of fiscal 2018 fell 13.4% while revenue grew 4.6% year over year.

The Osaka, Japan-based pharmaceutical company booked profit attributable to owners of the company of ¥52.11 billion in the nine-month period ended Dec. 31, 2017, down from ¥60.20 billion in the year-ago period.

The company's basic EPS was ¥92.90 for the period, down from ¥107.30 in the same period in the previous fiscal year.

Consolidated revenue for the nine-month period was ¥339.31 billion, up from ¥324.35 billion in the year-ago period.

Research and development expenses for the period came in at ¥56.12 billion, up 24.5% year over year.

For the full fiscal year ending March 31, the company still expects revenue to reach ¥433 billion, and profit attributable for the year to reach ¥63.50 billion.

Meanwhile, the company said its income taxes for the third quarter of fiscal 2018 increased by ¥1.22 billion due to U.S. tax reform.

As of Feb. 2, US$1 was equivalent to ¥110.39.