In a major announcement today, Daiichi Sankyo, a global pharmaceutical company, has unveiled its financial results for the third quarter of the fiscal year 2024, reporting a remarkable increase in revenue, soaring by JPY 225 billion, or 23.7% year-on-year, and expects to reach  JPY1,173.3 billion for the first nine months ending March 31, 2024.

The company attributed its growth to the success of global mainstay products, including Enhertu and Lixiana, coupled with favourable foreign exchange rates.

The core operating profit also witnessed a substantial rise, surging by JPY53.9 billion, or 45.5% year-on-year, to JPY172.2 billion achieved despite increased costs in sales, general and administrative expenses, and research and development, the statement noted that the company demonstrated its resilience and strategic financial management.

The operating profit experienced an impressive boost, climbing by JPY67.4 billion, or 53% year-on-year, to JPY194.6 billion, fueled by a surge in temporary income following the settlement payment from Novartis, stemming from the resolution of a Daiichi Sankyo subsidiary's patent infringement lawsuit against Novartis in the U.S.

Profit before tax rose by JPY72.4 billion, or 56.8% year-on-year, to JPY199.8 billion, while the owners of the company witnessed a substantial increase of JPY76.9 billion, or 88.7% year-on-year, reaching JPY163.6 billion.

The report attributed the notable decrease in income taxes, influenced by tax effect accounting related to the stock transfer of Daiichi Sankyo Espha Co. Ltd. contributed to this substantial growth.

Total comprehensive income experienced a robust increase of JPY90.4 billion, or 76.8%, year-on-year, reaching a substantial JPY 208 billion.

Daiichi said that it will continue to focus on global clinical development with the "5DXd ADCs and Next Wave" strategy, aiming to deliver innovative medicines that can change the standard of care across various diseases.