(Updates with share price in fourth paragraph.)
Nov. 1 (Bloomberg) -- Astellas Pharma Inc., Japan’s third- largest drugmaker, increased its full-year profit forecast by 4.9 percent because of lower research and development costs and a one-time gain on the sale of land.
Net income will jump 26 percent to 85 billion yen ($1.1 billion) in the year ending March 2012, compared with the 81 billion yen previously forecast, Tokyo-based Astellas said in a statement today. First-half profit increased 17 percent, it said.
R&D costs may be 6 billion yen less than previously estimated, and sales and administrative costs may also be lower than predicted earlier, the company said. Net income rose to 51.3 billion yen in the six months ended Sept. 30, or 111 yen a share, from 43.9 billion yen, or 95 yen, a year earlier, Astellas said. It reported preliminary earnings on Oct. 28.
Astellas fell 0.6 percent to 2,870 yen as of 2:12 p.m. in Tokyo trading, while Japan’s benchmark Topix index declined 1.1 percent.
--Editor: Terje Langeland, Jason Gale
To contact the reporter on this story: Kanoko Matsuyama in Tokyo at firstname.lastname@example.org.
To contact the editor responsible for this story: Jason Gale at email@example.com.