JCR Pharmaceuticals, a leading Japanese drugmaker, has seen a significant surge in its shares following an upward revision of its earnings guidance. The company attributed the boost to stronger sales of its growth hormone and other key drugs.
The shares experienced a remarkable increase of 13% during Friday morning's trade, reaching 1,559.0 yen. At one point, they even reached 14% above their previous value.
In an announcement made after the market closed on Thursday, JCR stated that it anticipates a 94% surge in net profit for the fiscal year ending in March 2024. This figure is estimated to reach Y7.30 billion ($48.9 million), a substantial rise from the previously projected Y3.80 billion.
The revised earnings guidance also includes a positive outlook for revenue, with JCR expecting a 32% increase to Y45.40 billion. This projection surpasses the previous estimate of Y36.90 billion, driven by the company's confidence in the significant growth potential of its Growject human growth hormone.
JCR foresees a remarkable sales boost for Growject, expecting an impressive 59% increase to Y19.50 billion this fiscal year compared to the previously expected Y10.90 billion.
Moreover, JCR highlighted that its sales forecast for other core products, such as Izcargo (a drug for Hunter syndrome) and Temcell (a drug for acute graft versus host disease), is also anticipated to exceed previous expectations.
This positive news has sparked optimism among investors and industry experts, creating a favorable market sentiment for JCR Pharmaceuticals.
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