Sawai’s Japan Core Profit Tumbles 39% As Upsher-Smith Continues Revival
Company Seeing Fewer Limits On Shipments But Still Facing Japan Headwinds
Sawai’s Q1 momentum spread into its overall first half financial results, with setbacks and risks in its dominant Japanese business and greener shoots for its formerly spluttering Upsher-Smith operation in the US.
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A major overhaul is in progress for Sawai’s Upsher-Smith business, after the Japanese parent company announced leadership changes and a “drastic restructuring” of the US unit in the wake of a significant impairment charge and a hefty annual operating loss that dragged down Sawai’s overall results.
The Japanese government will apply new drug reimbursement prices from 1 April, under which Pfizer’s Vyndaqel will be slashed by 75% and UCB's E Keppra by 26%. Nobelpharma and Santen will be also affected by the revision, which averages close to 7% across the board.