The following is a summary of the Astellas Pharma Inc. (ALPMF) Q2 2023 Earnings Call Transcript:
Financial Performance:
Astellas Pharma reported a revenue decrease of 2% YoY due to Lexiscan generics' impact.
Core operating profit increased by 17% YoY, but revenue and core operating profit were behind full-year forecasts due to Lexiscan generics.
Cost of sales ratio aligned with expectations while SG&A costs increased by 12.1% YoY. R&D expenditure saw a decrease by 12.7% YoY.
Global sales of leading drugs like XTANDI, PADCEV, and XOSPATA increased significantly while new drug VEOZAH had a good initial uptake in the US market.
Business Progress:
Astellas submitted EU approval for product ACP after similar moves in the US.
In the immuno-oncology domain, ASP2138 was granted open drug designation by the FDA for gastric and GEJ cancer treatment.
Clinical trials in blindness and regeneration resumed with two patients treated in June.
Astellas entered into collaborations with PeptiDream and Cullgen to advance targeted protein degradation.
The company disclosed organizational restructuring with costs of ¥20 billion, including changes within Japan and global adjustments. They are hiring a new CFO.
Astellas showed progress in its CSP2021 goal with expectations for revenues from products like XTANDI, PADCEV, XOSPATA, zolbetuximab, and the newly acquired ACP.
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