Kyowa Hakko Kirin Co. Ltd. reported a 40.9% year-over-year rise in profit for the full year of 2017, and announced guidance for the current year.
Profit attributable to owners of the parent jumped to about ¥42.90 billion for 2017, up from ¥30.45 billion in 2016.
The Japanese pharmaceutical company's diluted EPS was ¥78.30, up from ¥55.59 in the previous year.
Meanwhile, revenue rose by 1.6% to ¥353.38 billion from about ¥347.96 billion a year ago.
Kyowa Hakko Kirin attributed the overall growth primarily to an increase in licensing revenue and lower research and development expenses which offset the impact of a cut in drug prices and other factors.
In Japan, while the entry of generics impacted growth, sales rose for Onglyza, a treatment for type 2 diabetes and one of its new products Lumicef — a treatment for skin disease among others.
For the full year of 2018, the Tokyo-based company expects revenue to drop by 5.2% to ¥335 billion and profit attributable to shareholders to grow 2.6% to ¥44 billion.
Kyowa Hakko Kirin attributed the expected drop in revenue mainly to the impact of cutting drug prices, which are set to be implemented in April.
The company announced a dividend of ¥14.50 for the full year 2017, and forecast a 2018 dividend of ¥15.
As of Feb. 7, US$1 was equivalent to ¥109.51.
