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Shionogi fiscal Q1 profit climbs 99.2% YOY

Shionogi & Co. Ltd. said earnings for the fiscal first quarter came in at ¥99.95 per share, up from ¥49.43 per share in the prior-year period.

For the quarter ended June 30, profit attributable to owners of parent totaled about ¥31.89 billion, a 99.2% increase from ¥16.01 billion the same period last year.

Net sales for the period reached about ¥88.52 billion, up 18% from about ¥75.02 billion in the previous year.

The Japanese pharmaceutical company attributed the growth to a 49.3% increase in overseas subsidiary sales and exports, due to a one-time payment from Purdue Pharma LP, after ending a partnership for constipation drug Symproic. Royalty income also increased 89.7% year-on-year, according to company, due to milestone payments from Roche Holding AG as well as higher sales of anti-HIV drugs Tivicay and Triumeq from ViiV Healthcare Ltd., which Shionogi co-owns with GlaxoSmithKline PLC and Pfizer Inc.

The company said these increases offset a 31.9% decline in domestic prescription drug sales due to generic competition. Royalty income also dropped year-on-year in the U.S., according to Shionogi.

For the year ending March 31, 2019, Shionogi said it expects profit attributable to owners of parent to grow 5.2% on an annual basis, and reach ¥114.50 billion, or ¥364.24 per share. The company also expects a 1% increase in net sales, to ¥348.00 billion.

As of July 27, US$1 was equivalent to ¥111.02.