Towa Pharmaceutical Co. Ltd. has slashed its full-year guidance for FY2023 amid a difficult environment for the Japanese generics market. Factors including a shortage of manufacturing employees, Japan’s National Health Insurance price reductions and restrictions on shipments of generic drug products have taken their toll on the firm, despite increased sales.
Compared to May’s predictions, the full-year operating profit outlook has been slashed 54.2% to ¥8.7bn ($61.4m), while ordinary profit has been cut by 44.2% to ¥10.6bn and net profit predictions are down 47.5% to ¥6.3bn. Sales have also been downgraded by 7.6% to ¥196
