Monday, May 7, 2012

Mitsubishi Tanabe announces Fiscal 2011 results

Net Sales declined 0.6% primarily due to decline in sales of  Domestic ethical drugs which were impacted by generic drugs. Remicade and Maintate continued to show healthy growth and royalty from Gilenya sales helped other revenues grow by 54.5% year over year. In line with the  dividend policy of 40% payout, the annual dividend for the year was Yen 35 per share, which is expected to grow to Yen 40 per share fpr fiscal 2012.

Operating income declined 9.8% due to higher SG&A expenses, fuelled by higher R&D costs involving upfront payments and launch expenses for new drugs.

For fiscal 2012, Mitsubishi Tanabe is expecting domestic sales to be impacted by NHI drug price revision, but contribution from new products is expected to more than offset the decine in revenues. All in all, MT is expecting mid single digit growth in sales (5.4%) and low single digit growth in operating income (1.4%) due to higher SG&A and R&D expense to support the uptake of new products.

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