Japan's Shionogi raises sales forecast on expected approval of COVID pill
FILE PHOTO: Isao Teshirogi, President and CEO at Shionogi & Co Ltd, speaks during an interview with Reuters in Tokyo, Japan June 11, 2019. REUTERS/Issei Kato
TOKYO : Japan's Shionogi & Co on Monday raised its full-year sales forecast on expectations its oral treatment for COVID-19 will be approved by domestic regulators.
The company expects to obtain approval of the drug, a protease inhibitor known as ensitrelvir, and to start generating sales in the second half of the fiscal year, Shionogi said in a statement.
The drugmaker now expects revenue of 410 billion yen ($2.75 billion) in the year through March 2023, up by 10 billion yen from its previous guidance. The annual operating profit forecast of 120 billion yen was unchanged, while the company reduced estimates for half-year results.
Shionogi said last month that ensitrelvir demonstrated a significant reduction in some COVID symptoms, when compared with a placebo in a late-stage trial in Asia. Regulators in Japan previously denied emergency approval for the pill, saying they wanted to see more data on its effectiveness.
($1 = 148.9600 yen)
