By Kosaku Narioka
Takeda Pharmaceutical Co. said Friday that its first-quarter net profit more than doubled compared with the same period a year earlier thanks partly to sales of diabetes-related products.
The Japanese drug maker said that net profit for the quarter ended June 30 rose to 200.38 billion yen ($1.83 billion) from Y82.51 billion a year earlier. That beat the estimate of Y138.42 billion from a poll of analysts by S&P Global Market Intelligence.
First-quarter revenue increased 18% from a year earlier to Y949.60 billion.
Takeda sold diabetes products in Japan to Teijin Pharma Ltd. for Y133.0 billion in April, helping its quarterly earnings.
Takeda's operating profit margin improved to 26.2% from 20.9% a year earlier.
Takeda maintained its revenue and net-profit forecasts for its fiscal year ending March. It expects revenue to increase 5.4% to Y3.370 trillion and net profit to fall 34% to Y250.00 billion.
Write to Kosaku Narioka at email@example.com
(END) Dow Jones Newswires