Daiichi Sankyo Q1 profit jumps, led by Ranbaxy | business | Hindustan Times
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Daiichi Sankyo Q1 profit jumps, led by Ranbaxy

business Updated: Jul 30, 2010 13:49 IST
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Daiichi Sankyo, Japan's No. 3 drugmaker, said on Friday that its first-quarter recurring profit jumped nearly tenfold and kept its annual outlook, crediting its Indian arm Ranbaxy for the rise in profit.

Daiichi, which bought a majority stake in Indian generic drug maker Ranbaxy Laboratories in 2009 and launched a new flagship drug, blood-thinner Effient, this year, said its recurring profit totalled 70.1 billion yen ($808 million) in April-June, up from 7.2 billion yen a year earlier.

For the full year to March 2011, Daiichi kept its forecast for recurring profit to fall 18 percent to 85 billion yen, short of the consensus of a 99 billion yen profit in a poll of 15 analysts by Thomson Reuters I/B/E/S.

Ranbaxy has reported a net profit of Rs 9.6 billion for January-March, the first quarter of its financial year, compared with a net loss of Rs 7.7 billion in the year-ago quarter. Daiichi's results reflect Ranbaxy's with the timelag of a quarter.

Daiichi Sankyo shares have lost 14 per cent this year as of Thursday's close, underperforming the benchmark Nikkei 225 average, which shed 8 per cent.