Moody's may upgrade Eisai

Moody's Investors Service said it has placed on review for possible upgrade its A1 issuer rating of Eisai Co., Ltd.

This rating action reflects Moody's view that Eisai's cash flow generation ability and financial flexibility may continue to improve over the intermediate term.

Eisai has continually strengthened profitability - mainly supported by its two globally marketed products, Aricept and Pariet/Aciphex - and its consolidated operating profit increased to ¥95.7 billion in fiscal-year 2005 from ¥75.9 billion in fiscal 2002.

Moody's said it believes Aricept will continue to contribute to Eisai's growth over the intermediate term, as the drug has maintained the leading position in the expanding Alzheimer's disease market in spite of increasingly severe competition with other brand-name products.

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