UPDATE 2-Daiichi's profit forecast disappoints, shares dive

* Annual net profit outlook far below analyst estimates

* Unsure when unit Ranbaxy will return to profit -Daiichi pres

* Shares plunge 9.3 pct after news vs Nikkei's 1.6 pct drop

TOKYO, May 12 (Reuters) - Japan's third-largest drugmaker Daiichi Sankyo (4568.T) forecast an annual profit far below market expectations, hit by losses linked to its new subsidiary Ranbaxy Laboratories (RANB.BO), sending its shares tumbling 9 percent.

Daiichi Sankyo bought a majority stake in India's Ranbaxy last year, aiming to take advantage of rising demand for generic drugs.

But the stake lost more than two-thirds of its value by the end of the financial year, hurt by a U.S. import ban on Ranbaxy products, sharp declines in equity markets and a weaker rupee, and Daiichi Sankyo said continued losses at the subsidiary would mute its recovery this year.

Daiichi Sankyo, which aims to launch the potential blockbuster blood thinner Effient in the United States this year, forecast a net profit of 40 billion yen ($411 million) for the year to March 2010, below a consensus estimate of 74.2 billion yen in a poll of 14 analysts by Thomson Reuters.

For the year ended March 31, Daiichi Sankyo booked a net loss of 335.8 billion yen, compared with a net profit of 97.7 billion yen a year earlier.

"The key to turning around Ranbaxy's earnings is to resolve its problems with the FDA. As Ranbaxy is now an important part of Daiichi Sankyo, Daiichi Sankyo aims to resolve the problems by getting actively involved in Ranbaxy's management," Daiichi Sankyo President Takashi Shoda told a news conference.

The U.S. Food and Drug Administration has banned imports of some of Ranbaxy's India-made products due to the alleged falsification of data submitted for marketing approval.

Ranbaxy, whose earnings are reflected in Daiichi Sankyo's with the timelag of one quarter, reported last month a huge quarterly net loss and forecast a second straight year of losses. [ID:nBOM436965]

Shoda said it was not clear when Ranbaxy would return to profit and start contributing positively to Daiichi Sankyo's net earnings.

He said Daiichi Sankyo and Ranbaxy have been holding talks with U.S. regulators on the issue but would not disclose details of the discussions.

Excluding the impact of Ranbaxy's losses, Daiichi Sankyo would have been able to forecast a net profit of 59 billion yen for the year to March, still a limited recovery due to a stronger yen and the costs to market Effient and start final Phase III studies of its DU-176b blood clot preventer, the company said.

It forecast revenue to rise 14 percent to 960 billion, mostly because of the inclusion of Ranbaxy's sales for the full year, as well as expected sales of Effient in the United States and Europe.

Daiichi Sankyo recently launched Effient, also known as prasugrel and developed jointly with Eli Lilly (LLY.N), in the UK and Germany as its first markets and expects U.S. marketing approval this financial year, the company said.

Daiichi Sankyo expects to launch the drug in all major European markets by the end of next year, Shoda said.

After the earnings announcement Daiichi Sankyo shares closed down 9.3 percent at 1,653 yen, underperforming the benchmark Nikkei .N225, which fell 1.6 percent. (Reporting by Yumiko Nishitani; Editing by Chris Gallagher)