MITSUBISHI PHARMA, SHIONOGI TO LOWER EARNINGS FORECASTS.

AsiaPulse News, November, 2003

TOKYO, Nov 5 Asia Pulse - Major drugmakers Mitsubishi Pharma Corp. (TSE:4541) and Shionogi & Co. (TSE:4507) are expected to revise their earnings projections lower due to poor sales of their mainline products and a delay in marketing new drugs.

Mitsubishi Pharma, which had projected a 29 per cent increase in consolidated operating profit to 38 billion yen (US$341.7 million) for the year through March 31, now expects to see a 7 per cent decline in profit to about 27.5 billion yen.

Smaller-than-expected sales of the Radicut brain protection agent from an estimated 33 billion yen to 30 billion yen are mainly blamed for the poor earnings prospect.

Under the three-year business plan through March 2005, Mitsubishi Pharma has projected sales of 270...