JAPAN'S CHUGAI REPORTS ABOVE-TARGET PRELIMINARY 2004 RESULTS

Chugai, a mid-ranked Japanese drug producer, has reported encouraging interim results of JPY34.1bn (US$331.21mn) for 2004, about 8% higher than its own forecast. The company, which is the Japanese affiliate of Swiss drug major Roche, attributed the result to one-off gains from the disposal of its OTC business and strong sales on its leading products. Revenue on Epogin, a treatment for anaemia associated with chronic renal failure, totalled JPY69bn (US$669.95mn). However, weak domestic market sales and below-target sales on its hepatitis C product Pegasys and osteoporosis product Evista affected overall results only slightly. Audited full-year results are expected in early February.