Astellas Profitability Down Despite US Sales Boost

BMI View: Despite Astellas Pharma's minimal exposure to generic drug competition and its optimistic forecast going into 2015, BMI is cautious of a company that has seen almost no organic sales growth over the previous three months. While one-time acquisition boosts have positively affected this quarter's profits, we believe the ongoing effects of a weak Japanese yen will equate to underperformance over the next three months.

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