Latest Results

FY2020 Full Year Consolidated Financial Overview

IFRS results

Revenues for the fiscal year under review were ¥786.9 billion (an increase of 14.7% year on year), operating profit for the fiscal year under review was ¥301.2 billion (an increase of 43.0% year on year), and net income for the fiscal year under review was ¥214.7 billion (an increase of 36.2% year on year). These results include non-Core items, such as amortization of intangible assets of ¥1.3 billion, impairment loss of intangible assets of ¥0.6 billion, restructuring expenses of ¥4.7 billion, and expenses for environmental measures of ¥0.1 billion, which are excluded from the Core results that Chugai adopts to manage recurring business activities.

Core results

Revenues for the fiscal year under review were ¥786.9 billion (an increase of 14.7% year on year), due to increases both in overseas sales and royalties and other operating income, even as domestic sales declined.

Of revenues, sales were ¥633.3 billion (an increase of 7.5% year on year), due to a significant increase in overseas sales, such as the increase in export of Actemra® to Roche, including those for clinical trials for COVID-19 pneumonia, the commencement of export of Hemlibra® to Roche at a regular shipment price, and the commencement of export of Enspryng® to Roche, although domestic sales declined mainly as a result of the NHI drug price revisions of April 2020. Royalties and other operating income amounted to ¥153.6 billion (an increase of 57.9% year on year), due to a large increase in royalties for Hemlibra® and its profit-sharing income as well as an increase in other operating income resulting from one-time income. Furthermore, cost to sales ratio was 43.0%, a 2.0 percentage point improvement year on year, mainly due to an increase in the share of our own products, such as Hemlibra®, in the product mix, etc. As a result, gross profit amounted to ¥514.7 billion (an increase of 22.2% year on year).

Operating expenses were ¥206.7 billion (an increase of 5.4% year on year). Marketing and distribution expenses were ¥71.5 billion (a decrease of 2.7% year on year), due to refraining from domestic business activities caused by the spread of COVID-19. Research and development expenses amounted to ¥113.5 billion (an increase of 11.2% year on year) due to an increase in expenses associated with the progress of projects, etc. General and administration expenses amounted to ¥21.7 billion (an increase of 5.3% year on year) primarily due to increases in the enterprise tax (pro forma standard taxation) and various expenses. As a result, Core operating profit was ¥307.9 billion (an increase of 36.9% year on year) and Core net income was ¥219.4 billion (an increase of 30.9% year on year).

Meanwhile, compared to the full year forecast announced on January 30, 2020, revenues increased by 6.3% to ¥786.9 billion, exceeding the initial forecast, primarily as a result of an increase in exports to Roche, including the export of Actemra®. Additionally, operating expenses decreased by 3.0% compared to the forecast to ¥206.7 billion, due to the decrease in marketing and distribution and other expenses, as a result of refraining from domestic business activities caused by the spread of COVID-19. As a result, Core operating profit was ¥307.9 billion (an increase of 12.0% compared to the forecast).

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Financial Results

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