Fuso Pharmaceutical Industries raised its ordinary profit forecast for the first half of the current fiscal year from the previous forecast of ¥600 million to ¥1.4 billion, resulting in an outlook for a 23.8% increase in profit. The full-year ordinary profit forecast was left unchanged.
On 4 November, Fuso Pharmaceutical Industries announced that it had revised its ordinary profit forecast for the first half of the current fiscal year (April–September), on a non-consolidated basis, from the previous forecast of ¥600 million to ¥1.4 billion, or 2.3 times the previous forecast. Ordinary profit was ¥1.13 billion in the same period of the previous year. As a result, first-half profit is expected to increase 23.8%.
The full-year ordinary profit forecast was left unchanged at the previous forecast of ¥1.4 billion. The company said that although sales of generic drugs were affected by the drug price revision during the interim period, sales are expected to remain firm due to the effect of promotional activities.
As reasons for the revision, the company said that the initial first-half plan included some of the increase in cost of sales caused by soaring raw material prices, but the conclusion of a new licensing agreement and the related expenses were deferred to the second half. As a result, operating profit, ordinary profit and interim net income are expected to exceed the initial plan.