Daiichi Sankyo Reports First Annual Loss Since 2005 Merger; Plans To Improve Ranbaxy Management

Daiichi Sankyo announced May 12 its first annual loss for fiscal year 2008 since its 2005 merger with Sankyo Pharmaceutical. The third-largest Japanese drug maker announced a net loss of ¥335.8 billion, compared to ¥97.6 billion in net profit for FY2007. The huge loss is a direct result of ¥351.3 billion in write offs for Daiichi Sankyo's Indian subsidiary Ranbaxy Laboratories, which has been crippled by an export ban and investigation by U.S. FDA