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Investing.com-- Shares of Astellas Pharma Inc. (TYO:4503) jumped to an eight-month high on Thursday after the Japanese drugmaker reported robust first-quarter earnings, driven by strong sales of key cancer treatments and cost-cutting measures.
The company on Wednesday posted a 6.9% rise in revenue to 505.8 billion yen ($3.4 billion) for the April-June period, while core operating profit jumped 61.1% to 142.3 billion yen.
Tokyo-listed shares of the company jumped as much as 7.7% on Thursday, to their highest level since early December 2024.
Growth was fueled by higher sales of drugs like PADCEV for urothelial cancer and VEOZAH for menopause symptoms, alongside the successful launch of gastric cancer treatment VYLOY.
Astellas also benefited from reduced R&D and administrative expenses, aided by foreign exchange gains, the company said.
Despite a stronger yen impacting revenue, the results exceeded market expectations. The company maintained its full-year outlook, citing steady demand for its oncology and specialty medicines.