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Otsuka Pharmaceutical H1 profit rises 5.4%; raises full-year forecast

Otsuka Pharmaceutical Co. Ltd. said profit attributable to owners of the company rose 5.4% to about ¥67.76 billion for the first half of fiscal year 2019 from the same period last year.

Earnings per share was ¥123.53 for the six months ended June 30, compared to ¥117.90 for the year-ago period.

The Tokyo-based pharmaceutical company's revenue was ¥671.13 billion for the six months ended June, an 8.5% increase from the previous year.

Otsuka attributed the growth in revenue to strong performance of four products— Abilify Maintena, Rexulti, Samsca and Lonsurf.

Research and development expenses for the period climbed 14.6% year over year to about ¥100.02 billion.

The company raised its earnings forecast for the full fiscal year from the previous estimate announced in February.

The estimate for profit attributable to owners of the company for fiscal year 2019 was raised to ¥125 billion from ¥110 billion. The revenue forecast was also lifted to ¥1.400 trillion, compared to the earlier forecast of ¥1.390 trillion.

Otsuka develops therapies to treat cancer and cardiovascular-renal diseases among others.

As of Aug. 7, US$1 was equivalent to ¥105.70.