Nichi-Iko’s Operating Profit Slumps More Than 85% As Price Revisions Bite
Revenues Also Down Following Latest Revisions
Japan’s Nichi-Iko saw its bottom line take a hammering in the six months to 30 September, as a number of its products had their prices cut following revisions to the National Health Insurance program.
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Japan’s Nichi-Iko has reported operating profit that has plummeted by more than 95% in its latest financial year, as the firm suffered a forced shutdown of once of its Japanese plants and also recognized a substantial impairment linked to its US Sagent business.
Nichi-Iko has a full menu of problems affecting operations both in its native Japan and US Sagent business. These compounded to devastate the firm’s bottom line in the nine months to 31 December, the firm’s financial results have revealed.
After seeing a spike in demand due to the coronavirus pandemic in Q1, with a corresponding dip in Q2, the generics industry has largely seen single-digit drops in net revenues in the third quarter of 2020. Meanwhile, the Indian pharma market has seen recovery after facing a challenging coronavirus-induced slump in the first two quarters of 2020.