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Investing.com -- Japanese pharmaceutical company Eisai reported a 66% year-on-year increase in first-half operating profit to ¥34.4 billion, falling short of analyst expectations of ¥38 billion.
The company’s second-quarter costs were slightly higher than in the first quarter, with operating profit reaching ¥20.7 billion. Leqembi sales in China experienced an anticipated pullback in the second quarter following a one-time inventory increase in the first quarter.
"Other" sales, which include asset sales gains that impact short-term earnings, totaled ¥6.7 billion for the first half (¥4.3 billion in the first quarter and ¥2.4 billion in the second quarter). This represents a slow start against the full-year guidance of ¥35.5 billion for this category.
Despite the first-half performance, Eisai maintained its unchanged full-year operating profit guidance of ¥54.5 billion, which would represent flat growth year-on-year. The company stated that this target remains "well within sight."
Following strong first-quarter results, market expectations had been for a slight upward revision to guidance. As a result, Eisai’s share price fell 4.2% after the results announcement on Tuesday.
The company explained that it anticipates booking business restructuring costs in Europe during the second half of the fiscal year, which it plans to offset through one-time profit in the same period.
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