Latest Results

FY2021 1Q Consolidated Financial Overview

IFRS results

Revenues for the three months under review were ¥168.8 billion (a decrease of 5.9% year on year), operating profit for the three months under review was ¥64.0 billion (a decrease of 11.6% year on year), and net income for the three months under review was ¥47.4 billion (a decrease of 8.0% year on year). These results include non-Core items, such as amortization of intangible assets of ¥0.3 billion and restructuring expenses of ¥1.1 billion, which are excluded from the Core results that Chugai adopts to manage recurring business activities.

Core results

Revenues for the three months under review were ¥168.8 billion (a decrease of 5.9% year on year), due to declines in both domestic and overseas sales, even as royalties and other operating income increased.

Of revenues, sales were ¥130.3 billion (a decrease of 9.8% year on year). Domestic sales declined mainly due to the effects of the NHI drug price revisions of April 2020 and market penetration of generic drugs, despite the continued increase in sales of the mainstay product, Tecentriq®, in the Oncology area. Overseas sales declined mainly due to a decrease in exports to Roche, including the export of Actemra®. Royalties and other operating income amounted to ¥38.6 billion (an increase of 10.6% year on year), due to an increase in royalties for Hemlibra® and its profit-sharing income, despite a decrease in other operating income resulting from one-time income. Furthermore, cost to sales ratio was 42.2%, almost unchanged from the same period of the previous fiscal year. As a result, gross profit amounted to ¥113.8 billion (a decrease of 4.0% year on year).

Operating expenses were ¥48.5 billion (an increase of 9.2% year on year). Marketing and distribution expenses were ¥15.8 billion (an increase of 1.9% year on year). Research and development expenses amounted to ¥28.7 billion (an increase of 14.8% year on year) due to an increase in expenses associated with the progress of projects, etc. General and administration expenses amounted to ¥3.9 billion (0.0% year on year). As a result, Core operating profit was ¥65.4 billion (a decrease of 11.7% year on year) and Core net income was ¥48.4 billion (a decrease of 8.2% year on year).

Regarding the impact of COVID-19 on performance during the three months under review, there were no major negative impacts on revenues and profits at each stage. Although the pandemic continued to have a limited effect on the progress of certain business activities, we have maintained a stable product supply system both in Japan and overseas.

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