CORRECTED – CORRECTED-Daiichi Sankyo Apr-Dec profit down but lifts outlook

(Corrects paragraph 3 to…blood thinner …, not cholestrol
drug)

TOKYO, Jan 29 (BestGrowthStock) – Japan’s No. 3 drugmaker, Daiichi
Sankyo (4568.T: ), said on Friday its nine-month recurring profit
fell 2.7 percent, but it upgraded its outlook citing a recovery
at its Indian unit Ranbaxy Laboratories (RANB.BO: ).

Daiichi’s April-December recurring profit dipped to 90.6
billion yen ($1.0 billion) from 93.2 billion yen a year earlier
on the back of the strong yen and higher spending to develop
drugs, such as key blood clot drug DU-176b in the costly final
stage of clinical trials.

Daiichi’s profits were also weighed down by initial
marketing costs for Effient, the potential blockbuster blood
thinner which Daiichi and Eli Lilly (LLY.N: ) jointly launched in
the United States and in the U.K. earlier this business year.

For the year to March, Daiichi lifted its recurring profit
forecast to 100 billion yen from 69.0 billion yen. The average
SmartEstimate from Thomson Reuters StarMine, which weights
analyst forecasts according to their record for accuracy, was
for a profit of 89 billion yen.

Ranbaxy, India’s largest generic drug maker, posted a profit
in July-September for the second straight quarter.
[ID:nDEL265412] Daiichi consolidates the results of Ranbaxy, in
which it bought a majority stake in late 2008, with a quarter
timelag.

In the past three months, Daiichi Sankyo shares rose 10
percent percent to 1,932 yen as of Thursday’s close, while the
benchmark Nikkei 225 average (.N225: ) remained flat.
(Reporting by Yumiko Nishitani)

CORRECTED – CORRECTED-Daiichi Sankyo Apr-Dec profit down but lifts outlook