Astellas Pharma Inc. (ALPMY,ALPMY), a Japanese pharmaceutical company, on Thursday posted a decline in earnings for the full year, mainly due to higher costs, expenses, and amortization.
However, the earnings were supported by an increase in revenue and a gain on divestiture of over 9 billion yen, which averted the company from reporting a net loss for the year.
For the 12-month period to March 31, the drug maker posted a net profit of 17.045 billion yen or 9.47 yen per share, lesser than 98.714 billion yen or 54.09 yen per share, registered last year.
Pre-tax income plunged to 24.969 billion yen from previous year's 132.361 billion yen.
Operating income stood at 25.518 billion yen as against 133.029 billion yen a year ago.
Cost of sales moved up to 292.485 billion yen from 288.353 billion yen of previous year.
Selling, general and administrative expenses were at 740.110 billion yen, compared with 630.272 billion yen in 2023.
Research and development expenses were up at 294.187 billion yen from 276.128 billion yen a year ago, mainly due to foreign exchange rate impact, an increase of 12.5 billion yen year-on-year, and the impact of the acquisition of IVERIC bio, Inc.
Amortization of intangible assets was 98.820 billion yen, higher than 38.436 billion yen last year, due to amortization of intangible assets for IZERVAY, which the company acquired in its acquisition of IVERIC bio, Inc.
Gain on divestiture of intangible assets surged to 9.735 billion yen from 212 million yen in 2023.
Revenue was 1.603 trillion yen, up from previous year's 1.518 trillion yen.
Revenues were helped by a significant rise in the sales of PADCEV in the U.S and Europe, and sales of VEOZAH and IZERVAY.
Sales of PADCEV surged to 85.4 billion yen from last year's 44.4 billion yen.
VEOZAH generated sales of 7.3 billion yen, compared with zero sales in 2023.
Sales of IZERVAY were at 12.1 billion yen as against zero sales last year.
Looking ahead, for the full-year to March 31,2025, the company expects net profit of 30 billion yen, up 76 percent from last year.
Basic income per share is projected to be at 16.73 yen, up 75.9 percent from previous year.
Operating profit is expected to rise by 88.1 percent to 48 billion yen from last year.
Astellas Pharma expects revenue of 1.650 trillion yen, up 2.9 percent from previous year.
The drug maker expects to pay total annual dividend of 74 yen per share, higher than 70 yen per share of 2023.
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