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Income Statement

Financial highlights (Core results YTD)

(Billions of Yen)
      2013 2014 2015
Revenues 423.7 461.1 498.8
  Sales 401.3 436.9 468.4
  excl. Tamiflu® 390.2 423.8 460.2
Domestic 329.2 349.5 378.0
Sales to Roche 42.9 55.1 63.1
Overseas 18.1 19.3 19.1
Tamiflu® sales 11.0 13.0 8.2
Ordinary use 10.1 12.9 8.2
Govt. stockpiles etc. 0.9 0.2 0.0
Royalties and other operating income 22.4 24.2 30.4
Cost of sales (186.1) (217.0) (238.9)
(% of Sales) 46.4 49.7 51.0
Gross profit 237.6 244.2 260.0
(% of Revenues) 56.1 53.0 52.1
Operating expenses (157.7) (166.8) (169.3)
(% of Revenues) 37.2 36.2 33.9
  Marketing and distribution (71.5) (71.7) (74.7)
(% of Revenues) 16.9 15.5 15.0
Research and development (74.1) (80.6) (81.9)
(% of Revenues) 17.5 17.5 16.4
General and administration (12.1) (14.6) (12.8)
(% of Revenues) 2.9 3.2 2.6
Operating profit 79.9 77.3 90.7
(% of Revenues) 18.9 16.8 18.2
Financing costs (0.0) (0.0) (0.1)
Other financial income (expense) (1.8) 0.3 0.6
Profit before taxes 78.1 77.6 91.2
(% of Revenues) 18.4 16.8 18.3
Income taxes (25.5) (24.6) (26.3)
Net income 52.6 53.0 64.9
(% of Revenues) 12.4 11.5 13.0
Attributable to      
  Chugai shareholders 51.6 51.9 63.7
Non-controlling interests 1.0 1.1 1.2
Weighted average number of shares in issue used to calculate diluted earnings per share (million shares) 545.0 546.0 547.0
Core earnings per share (diluted) (yen) 94.69 95.04 116.42
Core payout ratio (%) 47.5 50.5 49.8
  Dividend per share (Full year) (yen) 45 48 58
Dividend per share (Half year) (yen) 22 22 26

Core earnings per share (diluted) (yen) : Net income attributable to Chugai shareholders / Weighted average number of shares in issue used to calculate diluted earnings per share.
Other financial income (expense) includes net amount of FX related gains/losses.

Operating Profit
R&D Expense
Cost Structure (%)
Amounts are rounded to the nearest 0.1 billion yen.
Variance and % are calculated based on amounts shown.