Daiichi Sankyo Co., Japan’s third- largest drugmaker, predicted lower research and development costs would contribute to a record increase in annual profit.
Net income will surge 67 percent to 70 billion yen ($853 million) in the year ending March 31, from 41.9 billion a year earlier, the Tokyo-based company said in a statement today. Profit in the first nine months more than doubled to 79.7 billion yen, it said.
The new forecast is 27 percent higher than the 55 billion yen that Daiichi Sankyo projected in October. The company was predicted to earn 65.4 billion yen in the current fiscal year, according to the average of 15 analyst estimates compiled by Bloomberg before today’s earnings report.
Daiichi Sankyo rose 0.9 percent to 1,756 yen as of 1:24 p.m. in Tokyo trading, while the benchmark Topix index declined 1 percent.
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