Latest Results

FY2021 3Q Consolidated Financial Overview

IFRS results

Revenues for the nine months under review were ¥677.5 billion (an increase of 17.5% year on year), operating profit for the nine months under review was ¥282.8 billion (an increase of 24.4% year on year), and net income for the nine months under review was ¥204.2 billion (an increase of 25.7% year on year). These results include non-Core items, such as amortization of intangible assets of ¥1.9 billion, impairment loss of intangible assets of ¥2.7 billion, and restructuring expenses etc. of ¥3.3 billion, which are excluded from the Core results that Chugai adopts to manage recurring business activities.

Core results

Revenues for the nine months under review were ¥677.5 billion (an increase of 17.5% year on year), due to a significant increase in sales, royalties and other operating income.

Of revenues, sales were ¥538.7 billion (an increase of 15.9% year on year). Within domestic sales the sales grew significantly over the previous fiscal year due to the steady market penetration of the mainstay products, Tecentriq® and new products Polivy® and Enspryng®, and the supply of Ronapreve to the government, while sales were affected by the NHI drug price revisions and market penetration of generic drugs. Overseas sales increased compared to the previous fiscal year since the exports of Hemlibra® and Alecensa® to Roche increased while the export of Actemra® decreased significantly. Royalties and other operating income amounted to ¥138.8 billion (an increase of 24.3% year on year), mainly due to an increase in royalties related to Hemlibra® and its profit-sharing income, despite a decrease in other operating income resulting from one-time income. Furthermore, cost to sales ratio was 41.9%, a 1.2 percentage point improvement year on year. As a result, gross profit amounted to ¥451.8 billion (an increase of 20.1% year on year).

Operating expenses were ¥161.1 billion (an increase of 11.6% year on year). Marketing and distribution expenses were ¥52.2 billion (an increase of 6.5% year on year) while the expenses had been significantly affected by the decrease in activities durring COVID-19 pandemic last year. Research and development expenses amounted to ¥94.1 billion (an increase of 14.5% year on year) due to an increase in expenses associated with the progress of projects, etc. General and administration expenses amounted to ¥14.7 billion (an increase of 12.2% 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 ¥290.7 billion (an increase of 25.4% year on year) and Core net income was ¥209.7 billion (an increase of 26.6% year on year).

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Financial Results

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