Latest Results

FY2021 2Q Consolidated Financial Overview

IFRS results

Revenues for the six months under review were ¥390.2 billion (an increase of 6.0% year on year), operating profit for the six months under review was ¥160.7 billion (an increase of 14.3% year on year), and net income for the six months under review was ¥118.1 billion (an increase of 15.4% year on year). These results include non-Core items, such as amortization of intangible assets of ¥1.5 billion, impairment loss of intangible assets of ¥1.6 billion, and restructuring expenses etc. of ¥2.0 billion, which are excluded from the Core results that Chugai adopts to manage recurring business activities.

Core results

Revenues for the six months under review were ¥390.2 billion (an increase of 6.0% year on year), due to a significant increase in royalties and other operating income, even as both domestic and overseas sales remained comparable with the results for the same period of the previous fiscal year.

Of revenues, sales were ¥304.1 billion (a decrease of 0.5% year on year). Within domestic sales the sales of the mainstay products, Tecentriq®, Kadcyla®, and Hemlibra® continued to increase steadily and the market penetration of a new product Enspryng® progressed, while there was a decrease mainly due to the effects of the NHI drug price revisions and market penetration of generic drugs. Overseas sales remained comparable with the results for the same period of the previous fiscal year since the exports of Alecensa® and Hemlibra® to Roche increased while the export of Actemra® decreased significantly. Royalties and other operating income amounted to ¥86.1 billion (an increase of 37.8% year on year), mainly 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 40.1%, a 2.8 percentage point improvement year on year. As a result, gross profit amounted to ¥268.4 billion (an increase of 13.3% year on year).

Operating expenses were ¥102.5 billion (an increase of 10.0% year on year). Marketing and distribution expenses were ¥34.0 billion (an increase of 5.3% year on year). Research and development expenses amounted to ¥59.9 billion (an increase of 13.2% year on year) due to an increase in expenses associated with the progress of projects, etc. General and administration expenses amounted to ¥8.7 billion (an increase of 8.8% year on year). As a result, Core operating profit was ¥165.8 billion (an increase of 15.4% year on year) and Core net income was ¥121.7 billion (an increase of 16.5% year on year).

Regarding the impact of COVID-19 on performance during the six 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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Financial Results

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