In today’s briefing:
- Hisamitsu Pharmaceutical (4530 JP): FY23 Result Ahead of Expectations; FY24 Guidance Initiated
- West Pharmaceutical Services Inc.: Initiation of Coverage – Business Strategy & Key Drivers
Hisamitsu Pharmaceutical (4530 JP): FY23 Result Ahead of Expectations; FY24 Guidance Initiated
- Hisamitsu Pharmaceutical Co (4530 JP) reported better-than-expected FY23 results, as OTC business revenue from the overseas market, specially Salonpas increased more than expected. OTC business contributed 54% of total revenue.
- The company guided for FY24 revenue of ¥132B (+3% YoY), operating profit of ¥11.8B (+2% YoY), and net profit of ¥10.6B (-10% YoY). Dividend for FY24 is expected at ¥85/share.
- With the resumption of outdoor events globally, Hisamitsu’s OTC business will be the main growth engine, going ahead. The company is on track to achieve 7th mid-term management plan target.
West Pharmaceutical Services Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on West Pharmaceutical Services, a major manufacturer of injectable medication delivery and packaging systems.
- West Pharmaceutical reported an all-around beat in its last result and generated about 8% growth in organic sales overall.
- With COVID-19 excluded, West anticipates that its base organic sales growth was in the low double digits, with proprietary product growth in the mid-teens.
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