UPDATE 1-Astellas targets 30 pct profit boost over 5 years

* Aims for op profit of Y240 bln in 14/15 vs 09/10 Y186.4 bln

* Targets sales rise of 13 pct to 1.1 trln yen

* Target figures do not include OSI acquisition

* Shares fall 1.1 pct vs Nikkei’s 2.8 pct drop
(Adds background, share price)

TOKYO, May 25 (BestGrowthStock) – Astellas Pharma (4503.T: ), Japan’s
No.2 drugmaker, said on Tuesday it aims to to boost operating
profit by about 30 percent over the next five years as it looks
to expand its presence in overseas markets.

The operating profit target of 240 billion yen ($2.7 billion)
for the year to March 2015, up from 186.4 billion yen posted in
the just-ended year, does not include the potential contribution
of U.S. cancer specialist OSI Pharmaceuticals (OSIP.O: ).

Astellas, which sells the urinary drug Flomax and transplant
drug Prograf, agreed to buy OSI earlier this month for about $4
billion, aiming to boost its U.S. profile and oncology presence
as it faces generic competition for its flagship drugs.

The Japanese drugmaker said it expects revenue to reach 1.1
trillion yen in the year to March 2015, up 13 percent from the
year ended in March.

For the current year to March 2011, Astellas has said it
expects operating profit to fall 18.5 percent to 152 billion yen
and revenue to drop 3.6 percent to 940 billion yen, hit by the
expirations of patents on key drugs.

Astellas expects the OSI acquisition to contribute revenues
of 34 billion yen this business year but reduce operating profit
by 17 billion yen due to amortisation costs.

Shares of Astellas fell 1.1 percent to 2,947 yen,
outperforming a 2.8 percent drop in the Nikkei average.

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(Reporting by Nobuhiro Kubo; Editing by Chris Gallagher)

UPDATE 1-Astellas targets 30 pct profit boost over 5 years