Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
May 11, 2023

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
(Under Japanese GAAP)
Listed Company: Zeria Pharmaceutical Co., Ltd.
(Stock Exchange: Tokyo Stock Exchange)
Code Number: 4559
(URL: https://www.zeria.co.jp/)
Representative: Mitsuhiro Ibe, Representative Director, President & COO
Person in charge of reference: Tomoyuki Nishizawa, Director, Public Relations Division
TEL (03) 3661-1039
Scheduled date of ordinary general meeting of shareholders: June 29, 2023
Scheduled date to commence dividend payments: June 30, 2023
Scheduled date to submit the Securities Report: June 29, 2023
Preparation of supplementary documents to the financial results:
Yes
Holding of financial results presentation:
Yes (for analysts, institutional investors and the press)(Amounts under a million yen are truncated.)

1. Consolidated Financial Highlights (April 1, 2022 through March 31, 2023)(Percentage figures indicate changes from the previous year.)(1) Consolidated Financial Results
Net salesYear ended
March 31, 2023
March 31, 2022

Million yen
68,38359,532

Operating profit
%
14.9
12.8

Million yen
9,014
6,366

%
41.6
83.2

Profit attributable toowners of parent
Million yen
%
6,195
56.4
3,961
26.0

Ordinary profit
Million yen
7,579
5,935

%
27.7
85.0

Note: Comprehensive income: For the year ended March 31, 2023: 12,857 million yen [329.6%]
For the year ended March 31, 2022: 2,992 million yen [(52.1)%]

Year ended
March 31, 2023
March 31, 2022

Basic earnings
per shareYen
140.26
87.76

Diluted earnings
per share
Yen––

Ordinary profit
to total assets

Return on equity
%

%

10.3
7.1

5.8
4.8

Operating profit
to net sales
%
13.2
10.7

Reference: Share of profit (loss) of entities accounted for using equity method: For the year ended March 31, 2023: – million yen
For the year ended March 31, 2022: – million yen(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2023
March 31, 2022

Net assets

Million yen
135,034
124,282

Equity ratio

Million yen
65,68055,092

Reference: Equity: As of March 31, 2023: 65,449 million yen

Net assets per share%Yen
1,484.79
1,236.09

Cash flows fromfinancing activities
Million yen(7,415)(4,841)

Cash and cash equivalents
at the end of term
Million yen
16,094
11,57948.5
44.2

As of March 31, 2022: 54,894 million yen(3) Consolidated Cash Flows

Year ended
March 31, 2023
March 31, 2022

Cash flows fromoperating activities
Million yen
13,157
8,950

Cash flows frominvesting activities
Million yen(2,574)(2,892)

2. Dividends
Annual dividends

Year ended
March 31, 2022
March 31, 2023
Year ending
March 31, 2024
(Forecast)First
quarter
Yen––

Secondquarter
Yen
17.00
18.00

Third
quarter
Yen
–
–

–

22.00

–

Year-end

Total

Total
dividends paid
(Total)

Yen
18.00
22.00

Yen
35.00
40.00

Million yen
1,566
1,764

22.00

44.00

Payout ratio(Consolidated)

Dividend rate
for net assets(Consolidated)

%
39.9
28.5

%
2.8
2.9

27.7

3. Consolidated Financial Forecast for Fiscal Year Ending March 31, 2024 (April 1, 2023 through March 31, 2024)

Net salesFirst six months
Full year

Million yen
35,00073,000%
3.8
6.8(Percentage figures indicate changes from the same period of the previous year.)
Basic
Profit attributable toOperating profit
Ordinary profit
earnings perowners of parent
shareMillion yen%
Million yen%
Million yen
%
Yen
5,500
(6.7)
5,500
6.1
4,500
12.5
102.09
9,100
0.9
9,000
18.7
7,000
13.0
158.80* Notes(1) Significant changes of subsidiaries during the fiscal year ended March 31, 2023 (changes in specified subsidiaries resulting
in changes in scope of consolidation): None
Inclusion: – (Company name: –)Exclusion: – (Company name: –)(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after
error corrections
1) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: Yes
4) Restatement of prior period financial statements after error corrections: None
Note: For details, please refer to “3. Consolidated Financial Statements and Significant Notes Thereto, (5) Notes to consolidated
financial statements (Change in accounting policy) and (Changes in accounting estimates)” on page 16 of the Attached
Material.

(3) Number of shares issued (common shares)
1) Number of shares issued as of the end of the term (including treasury shares):
As of March 31, 2023: 53,119,190 shares
As of March 31, 2022: 53,119,190 shares
2) Number of shares of treasury shares as of the end of the term:
As of March 31, 2023: 9,038,982 shares
As of March 31, 2022: 8,709,322 shares
3) Average number of shares during the term:
For the year ended March 31, 2023: 44,173,346 shares
For the year ended March 31, 2022: 45,139,009 sharesReference: Summary of Non-consolidated Financial Results
Non-consolidated Financial Highlights (April 1, 2022 through March 31, 2023)(1) Non-consolidated Financial Results(Percentage figures indicate changes from the previous year.)Net salesYear ended
March 31, 2023
March 31, 2022

Operating profit

Million yen
32,96031,956%
3.1
1.2

Basic earnings
per share
Year ended
March 31, 2023
March 31, 2022

Million yen
1,793
782

Ordinary profit

%
129.2
100.6

Million yen
2,738
1,594

Profit%71.8
46.4

Million yen
2,157
1,392

%
55.0
9.3

Diluted earnings
per share

Yen
48.85
30.85

Yen
–
–

(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2023
March 31, 2022

Million yen
92,091
94,903

Reference: Equity: As of March 31, 2023: 38,023 million yen

Net assets

Equity ratio

Million yen
38,02338,252

Net assets per share
%

41.3
40.3

Yen
862.59861.34As of March 31, 2022: 38,252 million yen* Financial Results Reports Are Not Required to Be Audited by Certified Public Accountants or An Audit Corporation.
* Cautionary Statement with Respect to Appropriate Use of Financial Forecast and Other Special Matters
The description about the future including the projection in this document is based on information available to theCompany at present and certain presumptions which the Company considers reasonable. Consequently, any descriptions
herein do not constitute assurances regarding actual results by the Company. The actual results for future terms may differ
from the information in this document due to various factors. For the assumptions made in financial forecasts and cautions
concerning the use thereof, please refer to “1. Summary of Business Results (1) Summary of business results for thecurrent fiscal year” on page 2 of the Attached Material.

○Table of contents of attachments

1. Summary of Business Results ...................................................................................................................2(1) Summary of business results for the current fiscal year .....................................................................2(2) Overview of financial position for the current fiscal year ..................................................................3(3) Basic policy on profit distribution and dividends for the current and next fiscal year .......................5
2. Basic Policy on Selection of Accounting Standards..................................................................................5
3. Consolidated Financial Statements and Significant Notes Thereto...........................................................6(1) Consolidated balance sheet .................................................................................................................6(2) Consolidated statement of income and consolidated statement of comprehensive income ................8
Consolidated statement of income ......................................................................................................8
Consolidated statement of comprehensive income .............................................................................9(3) Consolidated statement of changes in equity ....................................................................................10(4) Consolidated statement of cash flows ...............................................................................................12(5) Notes to consolidated financial statements .......................................................................................13(Notes on premise of a going concern) .............................................................................................13(Significant matters that form the basis for the preparation of consolidated financial statements) ..13
(Change in accounting policy) ..........................................................................................................16(Changes in accounting estimates)....................................................................................................16(Additional information) ...................................................................................................................16(Segment information, etc.) ..............................................................................................................17(Per share information) .....................................................................................................................21(Significant subsequent events) ........................................................................................................21
4. Other........................................................................................................................................................22(1) Sales of major products and merchandise Consolidated ...................................................................22(2) Status of pipeline of new drugs.........................................................................................................23

1

1. Summary of Business Results(1) Summary of business results for the current fiscal year(i) Business results for the current fiscal year
Net sales for the current fiscal year were 68,383 million yen (up 14.9% from the previous fiscal year). As
for profits, operating profit was 9,014 million yen (up 41.6% from the previous year), ordinary profit was
7,579 million yen (up 27.7% from the previous year), and profit attributable to owners of parent was
6,195 million yen (up 56.4% from the previous year).
In the current fiscal year, the overseas sales to net sales ratio was 47.4%, compared with 41.4% in theprevious fiscal year.
Next, we would like to report on the results by business segment.
(Ethical Pharmaceuticals Business)
As for our mainstay product, Asacol, a therapeutic agent for ulcerative colitis, sales in the domestic
market faced challenging circumstances, owing to the impact of the NHI drug price revision and thecompeting products. Despite this, sales increased overall as a result of strong performance in overseas
markets such as Northern Europe and the UK due to growth in sales of Asacol 1600 mg. Sales of Entocort(domestic sales name: Zentacort), an inflammatory bowel disease therapeutic agent, increased, as sales
grew significantly in various regions including Canada, and also Italy, where the Company established alocal subsidiary in 2021 and transitioned to direct-distribution system. Although a generic drug waslaunched in some European countries in September 2022, the impact on our financial results for thecurrent fiscal year was negligible. In addition, sales of DIFICLIR, a therapeutic agent for Clostridium
difficile infections, achieved a significant sales growth as a result of aggressive investment of sales
resources in response to its recommendation as a first-line drug in the European guidelines for thetreatment of infectious diseases. In April 2023, we were transferred approval from Astellas Pharma Inc.
for the manufacturing and marketing of the drug in Japan and commenced its sale (domestic sales name:
Dafclir). With regard to Ferinject, an iron deficiency anemia treatment launched in the domestic market in
September 2020, we are working to build the market, particularly in the obstetrics and gynecology andgastroenterology fields.
As a result, net sales in the business amounted to 43,145 million yen (up 16.6% from the previous fiscal
year).
(Consumer Healthcare Business)
As for the Hepalyse range, our mainstay product, although it continued to be affected by the COVID-19
pandemic and a stagnation in demand from inbound tourists, its sales increased owing to the recovery
trend in the sales of both the pharmaceutical Hepalyse range and the Hepalyse W range for convenience
stores. Sales of the Chondroitin range also remained strong, due in part to aggressive advertising andpromotional investments. On the other hand, sales of the WithOne range of botanical laxative products
struggled due to the impact from competing products.
In addition, efforts were made to strengthen product lineups, and new products such as Hi Jelly Granules
EX, a nutrient tonic that contains royal jelly as the active ingredient, and the chondroitin eye drops
Viewclear Hi40 active were launched. We made efforts toward increasing brand awareness for Prefemin, atreatment for premenstrual syndrome (PMS), as the number of stores selling the product is expected toincrease because it transferred to a Type-2 OTC drug in April 2023.
As a result, net sales in the business amounted to 25,085 million yen (up 12.1% from the previous fiscal
year).
(Other Business)
Net sales in this segment amounted to 152 million yen (down 2.8% from the previous fiscal year), mainly
due to insurance agency business and real estate lease revenue.
2

(Status of Research and Development)
In the Research and Development division, Zeria is carefully selecting development themes andpromoting new drug research and development including in-licensed, centered on the priority
gastrointestinal field under a global development structure in coordination with Tillotts Pharma AG.
As for Z-100, we are proceeding with clinical development planning and non-clinical trials to facilitate theearly commencement of clinical trials for new indications.
Regarding Zeria’s own original drug Z-338 (generic name: Acotiamide), we filed separate drug
applications for the indication of functional dyspepsia in Thailand, Indonesia, and 12 Latin Americancountries under license agreements with Meiji Seika Pharma Co., Ltd. and FAES FARMA, S.A. for the
exclusive development and marketing of the drug. Approval has been obtained for five of the Latin
American countries, including Mexico. Phase III trials are also being conducted for pediatric functional
dyspepsia patients in Japan. Part 1 of the trial, in which pharmacokinetics and safety were confirmed, hasbeen completed, and Part 2 is currently underway to confirm efficacy and safety. We have alsocommenced a Phase II trial in Japan for a new theme ZG-802, aiming to enhance the medical contributionof our original drug Acotiamide. The trial is for the indication of underactive bladder, for which aneffective drug treatment has still not been confirmed despite the advance of the super-aging society andgrowing medical interest globally.
Phase III trials have been completed in Japan for ZG-801, a therapeutic agent for hyperkalemia inlicensed from Vifor (International) AG of Switzerland, and we are proceeding with preparation for the
drug application.
As for consumer healthcare products, we have sequentially launched products with distinct features, such
as Hi Jelly Granules EX, which contains royal jelly that is freeze-dried using our original technique.
As a result of these activities, research and development expenses for the current fiscal year were 3,456
million yen (down 27.8% from the previous fiscal year).
(ii) Future outlook
For the fiscal year ending March 31, 2024, we forecast net sales of 73,000 million yen (up 6.8% from theprevious year), operating profit of 9,100 million yen (up 0.9% from the previous year), ordinary profit of
9,000 million yen (up 18.7% from the previous year), and profit attributable to owners of parent of 7,000
million yen (up 13.0% from the previous year).
Net sales
In the Ethical Pharmaceuticals Business, the Company forecasts that sales will increase, with continued
growth expected mainly in the overseas market for Asacol and DIFICLIR. In the Consumer Healthcare
Business, the Company expects sales to increase, contributed by sales growth in the Hepalyse range andChondroitin range as well as products such as the nutrient tonic Hi Jelly Granules EX, which launched in
October 2022, and Prefemin, a treatment for premenstrual syndrome (PMS) that transferred to a Type-2
OTC drug in April 2023.
ProfitDespite expected impacts from rising energy and raw materials prices and increases in research anddevelopment expenses and other expenses, we forecast an increase in operating profit, ordinary profit, andprofit attributable to owners of parent due to the increase in net sales. Our forecast for the exchange rate
assumes that the situation of January to April 2023 will continue.
(2) Overview of financial position for the current fiscal year(i) Assets, liabilities, and net assets
Total assets at the end of the current fiscal year were 135,034 million yen, an increase of 10,752 million
yen from the end of the previous fiscal year. Current assets increased 6,540 million yen to 48,203 million
yen from the end of the previous fiscal year, and non-current assets increased 4,212 million yen to 86,830
3

million yen from the end of the previous fiscal year. Major changes in current assets included an increaseof 4,514 million yen in cash and deposits and an increase of 1,256 million yen in accounts receivable trade. Main changes in non-current assets were an increase of 1,452 million yen in property, plant andequipment, and an increase of 2,035 million yen in investments and other assets.
Total liabilities at the end of the current fiscal year were 69,353 million yen, an increase of 163 million
yen from the end of the previous fiscal year. Current liabilities increased 2,965 million yen to 47,158
million yen from the end of the previous fiscal year, and non-current liabilities decreased 2,801 million
yen to 22,195 million yen from the end of the previous fiscal year. Main changes in current liabilities werean increase of 1,047 million yen in short-term borrowings and an increase of 1,656 million yen in othercurrent liabilities including an increase in accounts payable - other. Main changes in non-current liabilities
were a decrease of 3,844 million yen in long-term borrowings, an increase of 1,285 million yen indeferred tax liabilities, and a decrease of 839 million yen in retirement benefit liability.
Net assets at the end of the current fiscal year were 65,680 million yen, an increase of 10,588 million yen
from the end of the previous fiscal year. This was due to profit attributable to owners of parent of 6,195
million yen, payment of 1,593 million yen as dividends declared at the end of the previous period and in
the current interim period, and an increase of 4,800 million yen in foreign currency translation adjustment.
As a result, equity ratio at the end of the current fiscal year increased by 4.3% from the end of theprevious fiscal year to 48.5%.
(ii) Status of cash flows
Cash and cash equivalents (below, “cash”) at the end of the current fiscal year increased 4,514 million yen
from the beginning of the period to 16,094 million yen. This was due to net cash provided by operating
activities of 13,157 million yen, despite net cash used in investing activities of 2,574 million yen and net
cash used in financing activities of 7,415 million yen.
The status of each cash flow and its factors for the current fiscal year are as follows.
[Net cash provided by (used in) operating activities]
Net cash provided by operating activities amounted to 13,157 million yen in the current fiscal year (up4,206 million yen from the previous fiscal year). This was due to factors including profit before income
taxes of 7,272 million yen and depreciation of 5,431 million yen.
[Net cash provided by (used in) investing activities]
Net cash used in investing activities totaled 2,574 million yen in the current fiscal year (up 318 million
yen from the previous fiscal year). This was mainly due to an expenditure of 2,399 million yen for thepurchase of property, plant and equipment.
[Net cash provided by (used in) financing activities]
Net cash used in financing activities totaled 7,415 million yen in the current fiscal year (down 2,573
million yen from the previous fiscal year). This was mainly due to repayments of long-term borrowings of
5,628 million yen and dividends paid of 1,589 million yen.

4Trends in cash flow-related indicators
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Equity ratio (%)

45.9

44.2

48.5

Equity ratio based on market
value (%)

78.9

68.0

73.3

Ratio of interest-bearing debt tocash flow (years)

7.4

6.0

3.9

Interest coverage ratio (times)

30.8

29.4

43.8

(Notes) 1. Each indicator is calculated as follows.
(i)
Equity ratio: equity/total assets(ii) Equity ratio based on market value: market capitalization/total assets(iii) Ratio of interest-bearing debt to cash flow: interest-bearing debt/cash flow(iv) Interest coverage ratio: cash flow/interest payments
2. All of the above ratios are calculated based on consolidated financial figures.
3. Market capitalization is calculated based on the number of shares issued excluding treasury shares.
4. Operating cash flow is used for cash flow calculations.
5. Interest-bearing debt includes all liabilities on the consolidated balance sheets for which interest is paid.

(3) Basic policy on profit distribution and dividends for the current and next fiscal year
The Company considers the return of profit to shareholders as one of its most important management issues,and our basic profit distribution policy is to pay stable and consistent dividends.
Based on a full consideration of the financial results and other factors, we will pay a year-end dividend for thecurrent fiscal year of 22 yen per share, a 4 yen increase compared to the previous fiscal year. Accordingly, we
intend to pay an annual dividend of 40 yen, including an interim dividend of 18 yen (an increase of 5 yen
compared to the annual dividend for the previous fiscal year).
For the next fiscal year, we are planning for an annual dividend of 44 yen per share (an increase of 4 yencompared to the current fiscal year), including a dividend of 22 yen per share for both the interim and yearend dividend.

2. Basic Policy on Selection of Accounting Standards
In order to ensure comparability among companies and over time, the Group prepares its consolidated
financial statements in accordance with the Regulation on Terminology, Forms, and Preparation Methods ofConsolidated Financial Statements (excluding Chapters VII and VIII) (Ministry of Finance Order No. 28 of1976).
It is the Company’s policy to apply International Financial Reporting Standards in an appropriate manner,
taking into consideration various domestic and overseas circumstances.

53. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Thousands of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Sales right
Trademark right
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

As of March 31, 2023

11,704,282
231,444
15,975,368
6,721,583
1,409,684
3,819,276
1,855,502(53,425)
41,663,717

16,219,078
281,188
17,231,736
6,843,723
1,433,308
4,487,158
1,800,930(93,366)
48,203,757

24,540,208(17,664,571)
6,875,636
15,072,462(13,151,051)
1,921,411
12,354,010
480,5905,439,464(3,931,769)
1,507,694
23,139,343

25,304,071(18,336,259)
6,967,811
15,420,532(13,850,234)
1,570,297
12,359,997
1,619,218
6,307,809(4,233,758)
2,074,050
24,591,375

5,830,459
27,539,473
6,786,202
1,049,892
41,206,029

5,299,798
28,157,670
7,457,373
1,015,828
41,930,669

7,005,587
108,187
10,736,005
475,407(51,945)
18,273,242
82,618,615
124,282,333

6,849,304
136,295
12,927,173
442,420(46,460)
20,308,733
86,830,779
135,034,536

(Thousands of yen)
As of March 31, 2022
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Provision for loss on cancellation of contracts
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

7

As of March 31, 2023

2,049,590
33,842,933
458,297
1,530,935
6,311,307
44,193,063

1,996,122
34,890,470
749,106
1,554,662
7,967,956
47,158,318

18,385,860
3,905,088
490,142
1,073,819
55,827
1,086,057
24,996,794
69,189,858

14,541,480
5,190,743
897,300
234,465
56,031
1,275,486
22,195,507
69,353,826

6,593,398
11,685,121
48,860,697(17,593,074)
49,546,143

6,593,398
11,685,121
53,462,589(18,264,989)
53,476,120(193,416)
3,215,379
2,326,536
5,348,499
197,832
55,092,474
124,282,333(314,469)
8,015,623
4,272,642
11,973,796
230,793
65,680,710
135,034,536

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Thousands of yen)
Fiscal year ended
March 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Provision for loss on cancellation of contracts
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

8

Fiscal year ended
March 31, 2023

59,532,829
17,384,577
42,148,251
35,782,192
6,366,058

68,383,227
18,894,627
49,488,600
40,473,626
9,014,973

17,239192,216
78,050287,506

67,887228,766
82,842
379,496

315,462
329,990
72,465
717,918
5,935,646

337,281
1,416,679
61,0591,815,020
7,579,449

3,513
14,58918,103

1,916
19,94021,856

4,027
227,958
231,985
5,721,764
726,625
1,020,344
1,746,969
3,974,794
13,6093,961,184

6,135
322,472
328,608
7,272,698
823,257
242,629
1,065,887
6,206,810
10,945
6,195,865

Consolidated statement of comprehensive income(Thousands of yen)
Fiscal year ended
March 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

9

Fiscal year ended
March 31, 2023

3,974,794

6,206,810(330,865)
636,557(1,287,618)(981,925)
2,992,868(121,052)
4,826,049
1,946,105
6,651,102
12,857,913

2,958,880

12,821,162

33,98736,750(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2022
(Thousands of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity6,593,398

11,685,121

46,353,650(14,997,702)

49,634,467

Changes during period
Change in scope of
consolidation

89,44889,448Dividends of surplus(1,543,585)(1,543,585)

Profit attributable toowners of parent

3,961,184

3,961,184

Purchase of treasury
shares(2,595,372)(2,595,372)

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period––

2,507,047(2,595,372)(88,324)

6,593,398

11,685,121

48,860,697(17,593,074)

49,546,143

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of
period137,448

Foreign currency Remeasurements
translationof defined benefit
adjustment
plans
2,599,199

3,614,155

Total
accumulated
othercomprehensive
income6,350,802

Non-controllinginterests

Total net assets

167,40256,152,673

Changes during period
Change in scope of
consolidation

89,448Dividends of surplus(1,543,585)

Profit attributable toowners of parent

3,961,184

Purchase of treasury
shares(2,595,372)

Net changes in items otherthan shareholders’ equity(330,865)

616,179(1,287,618)(1,002,303)

30,429(971,874)

Total changes during period(330,865)

616,179(1,287,618)(1,002,303)

30,429

(1,060,198)

Balance at end of period(193,416)

3,215,379

2,326,536

5,348,499

197,832

55,092,474

10

Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity6,593,398

11,685,121

48,860,697(17,593,074)

49,546,143

Changes during period
Dividends of surplus(1,593,973)(1,593,973)

Profit attributable toowners of parent

6,195,865

6,195,865

Purchase of treasury
shares(671,914)(671,914)

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period––

4,601,891(671,914)

3,929,976

6,593,398

11,685,121

53,462,589(18,264,989)

53,476,120

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of
period(193,416)

Foreign currency Remeasurements
translationof defined benefit
adjustment
plans
3,215,379

2,326,536

Total
accumulated
othercomprehensive
income5,348,499

Non-controllinginterests

Total net assets

197,832

55,092,474

Changes during period
Dividends of surplus(1,593,973)

Profit attributable toowners of parent

6,195,865

Purchase of treasury
shares(671,914)

Net changes in items otherthan shareholders’ equity(121,052)

4,800,244

1,946,105

6,625,297

32,961

6,658,258

Total changes during period(121,052)

4,800,244

1,946,105

6,625,297

32,961

10,588,235

Balance at end of period(314,469)

8,015,623

4,272,642

11,973,796

230,793

65,680,710

11

(4) Consolidated statement of cash flows(Thousands of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for loss on cancellationof contracts
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Decrease (increase) in retirement benefit asset
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Other payments
Other proceeds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting
from change in scope of consolidation
Cash and cash equivalents at end of period

12

Fiscal year ended
March 31, 2023

5,721,764
4,700,838
699,707220,865

7,272,698
5,431,037
717,233(67,288)

179,902322,472

218,716(209,456)
315,462(53,551)(14,589)(2,029,753)(542,344)
284,495
1,412,991(223,635)(763,810)
3,589
9,921,192
209,456(304,746)(874,969)
8,950,932(27,233)(296,653)
337,281(106,464)(19,940)(171,927)(150,258)(207,545)
126,178
1,185,433(656,104)
36,895
13,725,813
296,668(300,687)(564,379)
13,157,415(125,000)
125,000(1,063,805)(356,699)(1,640,950)(125,000)
125,000(2,399,782)(257,954)(157,718)

163,769

215,908(6,150)11,021(2,892,814)(5,274)30,304(2,574,517)(13,241,762)
16,158,850(3,388,135)(225,371)(2,603,156)(1,538,123)(3,513)(4,841,212)

279,722500,000(5,628,975)(297,963)(673,928)(1,589,995)(3,929)(7,415,068)

564,008

1,346,966

1,780,913
9,668,938

4,514,795
11,579,282

129,430–

11,579,282

16,094,078

(5) Notes to consolidated financial statements(Notes on premise of a going concern)
Not applicable.
(Significant matters that form the basis for the preparation of consolidated financial statements)
1 Scope of consolidation(A) Number of consolidated subsidiaries: 17
Tillotts Pharma AG
Tillotts Pharma AB
Tillotts Pharma Ltd.
Tillotts Pharma UK Ltd.
Tillotts Pharma Czech s.r.o.
Tillotts Pharma Spain S.L.U.
Tillotts Pharma GmbH
Tillotts Pharma France SAS
Tillotts Pharma Italy srl
Pharmaceutical Joint Stock Company of February 3rd
ZPD A/S
Zeria Healthway Co., Ltd.
IONA INTERNATIONAL CORPORATION
Kenso-Seiyaku Co., Ltd.
Zevice Co., Ltd.
Zeriap Co., Ltd.
Zeria USA, INC.
(B) Major non-consolidated subsidiaries
Zeria Shoji Co., Ltd.
Zeria Ecotech Co., Ltd.
Non-consolidated subsidiaries are excluded from the scope of consolidation because they are small
companies and their combined total assets, net sales, net income or loss, and retained earnings do nothave a material impact on the consolidated financial statements.
2

Application of equity method
Names of major non-consolidated subsidiaries not accounted for by the equity method
Zeria Shoji Co., Ltd.
Zeria Ecotech Co., Ltd.
Non-consolidated subsidiaries not accounted for by the equity method are excluded from the scope ofequity method because their net income and retained earnings have a minimal effect on the
consolidated financial statements and they are insignificant in the aggregate.

3

Fiscal year of consolidated subsidiaries
Of the consolidated subsidiaries, Tillotts Pharma AG, Pharmaceutical Joint Stock Company ofFebruary 3rd, ZPD A/S, and other overseas consolidated subsidiaries have a fiscal year ending
December 31.
In preparing the consolidated financial statements, the financial statements of these subsidiaries as of
their fiscal year-end are used. However, adjustments necessary for consolidation are made forsignificant transactions that occurred between January 1 and March 31, the end of the consolidated
fiscal year.

4

Matters related to accounting policies(A) Valuation standards and methods for significant assets(1) Investment securities
Other securities
Other than stocks and other securities without market price·········· Market value method (unrealized gains or losses are reported as a separate componentof net assets, and the cost of securities sold is determined by the moving-averagemethod)13

Stocks and other securities without market price·········· Cost method based on the moving-average method(2) Derivatives······ Market value method(3) Inventories······ Mainly stated at cost determined by the weighted average method (the carrying value on thebalance sheet is written down to reflect the effect of lower profit margins)(B) Depreciation and amortization method for significant depreciable assets(1) Property, plant and equipment (excluding leased assets)
The straight-line method is used for the Saitama Plant (including warehouses) and Tsukuba Plant,
and the declining-balance method is used for all others. However, buildings (excluding facilities
attached to buildings) acquired on or after April 1, 1998 and facilities attached to buildings andstructures acquired on or after April 1, 2016 are depreciated using the straight-line method.
Overseas consolidated subsidiaries use the straight-line method.
The useful lives of major assets are as follows.
Buildings and structures
3 to 50 years
Machinery, equipment and vehicles
2 to 15 years(2) Intangible assets (excluding leased assets)
The straight-line method is used.
Software for internal use is amortized by the straight-line method over the estimated useful life (5years).
(3) Leased assets
Finance lease transactions that do not transfer ownership are depreciated using the straight-line
method over the lease period with a residual value of zero.
(4) Long-term prepaid expenses
The straight-line method is used.
(C) Accounting for significant provisions(1) Allowance for doubtful accounts
To provide for possible bad debt expenses on trade receivables, etc. as of the end of the current
fiscal year, an allowance for doubtful accounts is provided in the amount deemed uncollectible
based on historical bad debt ratios for general receivables and on an individual assessment ofcollectibility for specific receivables for which there is concern about default.
(2) Provision for bonuses
To provide for bonuses to employees to be paid after the next fiscal year, an amount accrued forthe current fiscal year among the estimated future payments is recorded.
(3) Provision for loss on cancellation of contracts
To provide for losses due to contract cancellations, an allowance is provided for the estimatedamount of losses.
(D) Accounting for retirement benefits(1) Method of attributing estimated retirement benefits to periods of service
The estimated amount of retirement benefits is attributed to the period until the end of the current
fiscal year based on the benefit calculation method.
(2) Method of amortizing actuarial gains and losses and prior service cost
Prior service cost is amortized by the straight-line method over a fixed number of years (10 years)
within the average remaining service period of employees at the time the cost is incurred.
Actuarial gains and losses are amortized by the straight-line method over a fixed number of years(10 years) within the average remaining service period of employees at the time of their accrual,
starting from the following fiscal year of accrual.
(3) Accounting for unrecognized actuarial gains and losses and unrecognized prior service cost
Unrecognized actuarial gains and losses and unrecognized prior service cost are recognized inaccumulated other comprehensive income under net assets, remeasurements of defined benefit
plans, after adjusting for tax effects.

14(E) Basis for recording significant income and expenses
The Group’s principal business is the manufacture and sale of products and the sale of merchandise in
the Ethical Pharmaceuticals Business and Consumer Healthcare Business. For the sale of theseproducts and merchandise, the Group usually recognizes revenue when the products and merchandise
are inspected and accepted by the customer, since it is considered that the customer has acquired
control over the products and merchandise and the performance obligation has been satisfied when the
products and merchandise are inspected and accepted by the customer. For sales in Japan, revenue isrecognized at the time of shipment if the period between the time of shipment and the time ofacceptance by the customer is a normal period of time. Revenue is measured at the amount ofconsideration promised in the contract with the customer, less any returns, discounts and rebates.
Deductions other than those for confirmed payments, such as rebates and sales incentives paid tocustomers, are estimated and recognized to the extent that it is probable that a material reversal will
not occur, taking into consideration the content of the contract and past results.
The consideration for transactions is received within one year of satisfaction of the performanceobligation and does not include a significant financial component. Certain consolidated subsidiaries
identify points granted to customers as performance obligations, allocate the transaction price basedon the independent sales price, and recognize revenue when the points are used.
(F) Basis of translation of significant assets and liabilities denominated in foreign currencies into
Japanese yen
Receivables and liabilities denominated in foreign currencies are translated into yen at the spot
exchange rates prevailing on the consolidated balance sheet date, with translation differences
recognized as gains or losses. Assets and liabilities of overseas consolidated subsidiaries are translated
into yen at the spot exchange rate on the balance sheet date of the overseas consolidated subsidiaries,
and revenues and expenses are translated into yen at the average exchange rate during the accounting
period of the relevant overseas consolidated subsidiaries, with the translation differences included in
the foreign currency translation adjustments and non-controlling interests in net assets.
(G) Significant hedge accounting methods(1) Hedge accounting methods
In principle, deferred hedge accounting is applied. Foreign exchange contracts that meet therequirements for allocation method are accounted for using the allocation method.
(2) Hedging instruments and hedged items
Forward exchange contracts are used as hedging instruments and forecasted import transactions
denominated in foreign currencies are used as hedged items.
(3) Hedging policy
The Company uses forward exchange contracts and other hedging instruments to hedge foreignexchange fluctuation risks of forecasted import transactions denominated in foreign currencies,
and hedging instruments, such as forward exchange contracts, are made within the scope of
forecasted import transactions denominated in foreign currencies that are hedged items.
(4) Evaluation of hedge effectivenessThe evaluation of hedge effectiveness is omitted because the hedging instruments are identical tothe material terms of the hedged forecasted transactions, and it can be assumed that the hedging
instruments will completely offset the market fluctuations at the inception of the hedge andcontinuously thereafter.
(H) Amortization method and period of goodwill
Goodwill of Tillotts Pharma AG, Pharmaceutical Joint Stock Company of February 3rd and ZPD A/S
is amortized by the straight-line method over 20 years.
(I) Scope of cash in the consolidated statements of cash flows
Cash (cash and cash equivalents) in the consolidated statements of cash flows include cash on hand,deposits that can be withdrawn on demand, and short-term investments with maturities of threemonths or less at the time of acquisition that are readily convertible to cash and are exposed toinsignificant risk of changes in value.

15

(Change in accounting policy)
Adoption of the Implementation Guidance on Accounting Standard for Fair Value Measurement
The Company adopted the Implementation Guidance on Accounting Standard for Fair Value Measurement(ASBJ Guidance No. 31, June 17, 2021) from the beginning of the current fiscal year. In accordance with thetransitional treatment prescribed in paragraph 27-2 of the Implementation Guidance on Accounting Standard
for Fair Value Measurement, the new accounting policies prescribed by the Implementation Guidance on
Accounting Standard for Fair Value Measurement are to be applied prospectively. There is no impact on the
consolidated financial statements for the current fiscal year.
(Changes in accounting estimates)
Previously, the trademark right for the product Entocort, held by our subsidiary Tillotts Pharma AG, was notamortized because its useful life could not be determined. However, since a generic drug was launched insome European countries, the Company started to amortize the right by estimating the remaining useful life of
13 years as the period when the brand can be maintained in the future.
As a result, operating profit, ordinary profit and profit before income taxes for the current fiscal year eachdecreased by 285,295 thousand yen.
(Additional information)
Effect of change in corporate tax rate
In the Swiss canton where our subsidiary Tillotts Pharma AG is headquartered, the corporate income tax rate
was reduced. Consequently, deferred tax assets and deferred tax liabilities related to temporary differences
expected to reverse in the next fiscal year or thereafter were calculated using the statutory effective tax rate
after the reduction in the corporate income tax rate.
As a result, income taxes - deferred for the current fiscal year decreased by 802,670 thousand yen.

16

(Segment information, etc.)[Segment information]
1. Overview of reportable segments
The Company’s reportable segments are components of the Company for which separate financial
statements are available and which are subject to periodic review by the Board of Directors in order todetermine the allocation of management resources and evaluate their performance.
The Company’s reportable segments are Ethical Pharmaceuticals Business and Consumer Healthcare
Business, as the Company’s business activities are focused on ethical and OTC drugs.
In the Ethical Pharmaceuticals Business, the Company conducts research, development,
manufacturing, and sales of ethical pharmaceuticals.
In the Consumer Healthcare Business, the Company conducts manufacturing, purchase, and sales of
OTC drugs, health foods, quasi-drugs, and cosmetics for self-medication.
2. Method of calculating net sales, profit or loss, assets, liabilities and other items by reportable segment
The accounting method for reported business segments is generally the same as that described in the“Significant matters that form the basis for the preparation of consolidated financial statements.”
Profits of reportable segments are based on operating profit (after amortization of goodwill), andintersegment revenues and transfers are based on prevailing market prices.
3. Information on net sales, profit or loss, assets, liabilities and other items by reportable segment
Previous fiscal year (April 1, 2021 to March 31, 2022)(Thousands of yen)
Reportable segment
Adjustment(Note 2)

Amountrecorded inconsolidated
financialstatements(Note 3)59,532,829–

59,532,829

558,468

558,565(558,565)–

59,376,321

715,073

60,091,394(558,565)

59,532,829

10,950,085

261,047

11,211,132(4,845,074)

6,366,058

Other(Note 1)

EthicalPharmaceuticals Business

Consumer
Healthcare
Business

Total

37,006,163

22,370,061

59,376,224

156,604

–

96

96

Total

37,006,163

22,370,157

Segment profit

6,911,845

4,038,239

Segment assets

68,184,856

27,106,630

95,291,486

3,657,903

863,256

4,521,160

82,997

4,604,157

96,6814,700,838

506,749

192,957

699,707–

699,707–

699,707641,547

562,919

1,204,466

38,5491,243,015

216,851

1,459,867

Net sales
Sales to externalcustomers
Intersegment sales
and transfers

Other items
Depreciation
Amortization of
goodwill
Increase in property,
plant and equipment
and intangible
assets(Notes)Total

5,006,873 100,298,359

23,983,973 124,282,333

1. “Other” is a business segment not included in the reportable segments and includes the insurance agency
business and real estate business.
2. (i) Adjustment of segment profit of (4,845,074) thousand yen is mainly corporate expenses such as generaland administrative expenses that are not allocated to each reportable segment.
(ii) Adjustment of segment assets of 23,983,973 thousand yen is mainly corporate assets not allocated to eachreportable segment.
3. Segment profit is adjusted with operating profit in the consolidated financial statements.
4. Depreciation and increase in property, plant and equipment and intangible assets include amortization andincrease in long-term prepaid expenses.

17Current fiscal year (April 1, 2022 to March 31, 2023)(Thousands of yen)
Reportable segment

Net sales
Sales to externalcustomers
Intersegment sales
and transfers
Total

–

68,383,227

505,162

508,117(508,117)–

657,421

68,891,344(508,117)

68,383,227

242,317

13,934,282(4,919,308)

9,014,973

Consumer
Healthcare
Business

Total

43,145,144

25,085,823

68,230,968

152,258

2,848

105

2,954

43,147,993

25,085,929

68,233,923
13,691,964

8,721,162

4,970,801

Segment assets

77,099,979

27,541,466 104,641,445(Notes)

68,383,227

Other(Note 1)

EthicalPharmaceuticals Business

Segment profit
Other items
Depreciation
Amortization of
goodwill
Increase in property,
plant and equipment
and intangible
assetsAdjustment(Note 2)

Amountrecorded inconsolidated
financialstatements(Note 3)

Total

4,962,023 109,603,468

25,431,067 135,034,536

4,363,627

866,949

5,230,576

86,122

5,316,699

114,337

5,431,037

512,008205,224

717,233–

717,233–

717,233

2,214,429

555,9072,770,337

82,3352,852,672

283,989

3,136,661

1. “Other” is a business segment not included in the reportable segments and includes the insurance agency
business and real estate business.
2. (i) Adjustment of segment profit of (4,919,308) thousand yen is mainly corporate expenses such as generaland administrative expenses that are not allocated to each reportable segment.
(ii) Adjustment of segment assets of 25,431,067 thousand yen is mainly corporate assets not allocated to eachreportable segment.
3. Segment profit is adjusted with operating profit in the consolidated financial statements.
4. Depreciation and increase in property, plant and equipment and intangible assets include amortization andincrease in long-term prepaid expenses.

18

[Related information]
Previous fiscal year (April 1, 2021 to March 31, 2022)
1. Information by product and service(Thousands of yen)

Sales to externalcustomers

Ethicalpharmaceuticals

Consumer healthcare
products

37,006,163

22,370,061

Other
156,604

Total
59,532,829

2. Information by region(1) Net sales
Japan

EuropeOther(Thousands of yen)Total

34,863,897

20,954,241

3,714,690

59,532,829(Notes) 1. Net sales are based on the location of customers and are classified by country or region.
2. Major countries or regions included in each category
Other: Asia, Africa, Oceania, Latin America, and North America(2) Property, plant and equipment
Japan

Other

(Thousands of yen)Total

20,460,876
2,678,466
23,139,343(Note) Major countries or regions included in each category
Other: Europe and Asia

Current fiscal year (April 1, 2022 to March 31, 2023)
1. Information by product and service(Thousands of yen)
Ethicalpharmaceuticals

Consumer healthcare
products

43,145,144

25,085,823

Japan

UK

EuropeOther(Thousands of yen)Total

36,000,666

7,327,707

20,153,345

4,901,507

68,383,227

Sales to externalcustomers

Other
152,258

Total
68,383,227

2. Information by region(1) Net sales(Notes) 1. Net sales are based on the location of customers and are classified by country or region.
2. Major countries or regions included in each category
Other: Asia, Africa, Oceania, Latin America, and North America(2) Property, plant and equipment
Japan

EuropeAsia(Thousands of yen)Total

20,006,950

2,842,148

1,742,277

24,591,375[Information on impairment losses on fixed assets by reportable segment]
Previous fiscal year (April 1, 2021 to March 31, 2022)
Not applicable.
Current fiscal year (April 1, 2022 to March 31, 2023)
Not applicable.

19

[Information on amortization of goodwill and unamortized balance by reportable segment]
Previous fiscal year (April 1, 2021 to March 31, 2022)(Thousands of yen)
EthicalPharmaceuticals
Business
Amortization for thecurrent fiscal year
Balance at end of period

Consumer Healthcare
Business

Other

Total

506,749

192,957–

699,707

4,021,520

1,808,939–

5,830,459

Current fiscal year (April 1, 2022 to March 31, 2023)(Thousands of yen)
EthicalPharmaceuticals
Business
Amortization for thecurrent fiscal year
Balance at end of period

Consumer Healthcare
Business

Other

Total

512,008205,224–

717,233

3,569,444

1,730,353–

5,299,798[Information on gain on bargain purchase by reportable segment]
Previous fiscal year (April 1, 2021 to March 31, 2022)
Not applicable.
Current fiscal year (April 1, 2022 to March 31, 2023)
Not applicable.

20

(Per share information)
Previous fiscal year
(April 1, 2021 to March 31, 2022)
Net assets per share
Profit per share(Yen)
Current fiscal year
(April 1, 2022 to March 31, 2023)

1,236.09

1,484.79

87.76

140.26(Notes) 1. Diluted profit per share is not shown in the above table, as there are no dilutive shares.
2. Basis for calculation of net assets per share is as follows.
Item

End of previous fiscal year
(March 31, 2022)

End of current fiscal year
(March 31, 2023)

Total net assets (thousand yen)

55,092,474

65,680,710

Amount deducted from total net
assets (thousand yen)

197,832

230,793[Of which, non-controlling interests(thousand yen)][197,832][230,793]

Net assets related to common sharesat the end of the period (thousandyen)

54,894,642

65,449,916

Number of common shares issued
and outstanding (shares)

53,119,190

53,119,190

Number of treasury common shares(shares)

8,709,322

9,038,982

Number of common shares used for
calculation of net assets per share(shares)

44,409,868

44,080,208

Previous fiscal year
(April 1, 2021 to March 31, 2022)

Current fiscal year
(April 1, 2022 to March 31, 2023)

Profit attributable to owners of parent(thousand yen)

3,961,184

6,195,865

Profit attributable to owners of parent
related to common shares (thousandyen)

3,961,184

6,195,865

Average number of common shares
during the period (shares)

45,139,009

44,173,346

3. Basis for calculation of profit per share is as follows.
Item(Significant subsequent events)
Not applicable.

21

4. Other(1) Sales of major products and merchandise Consolidated(Thousands of yen)Previous fiscal year
April 1, 2021 to March 31, 2022
1. Ethical Pharmaceuticals
Business

Current fiscal year
April 1, 2022 to March 31, 2023

Percentage change(%)

37,006,163

43,145,144

16.6

Asacol17,476,480

19,511,190

11.6

DIFICLIR

5,211,038

8,345,617

60.2

Entocort

4,480,006

5,688,312

27.0

Acofide3,154,149

3,108,507

(1.4)

Other

6,684,488

6,491,516(2.9)

2. Consumer Healthcare
Business

22,370,061

25,085,823

12.1

Hepalyse range

7,770,683

9,848,681

26.7

Chondroitin range

5,135,343

5,421,820

5.6

WithOne range

1,359,670

1,266,766

(6.8)

Other

8,104,363

8,548,555

5.5

3. Other Business

156,604

152,258

(2.8)

Total

59,532,829

68,383,227

14.9

22

(2) Status of pipeline of new drugs
I.

Domestic

As of May 11, 2023

Stage

Development Code/
Generic Name

Development

Indications

Classification

OriginNDA in preparation

ZG-801/Patiromer
Sorbitex Calcium

Zeria

Hyperkalemia

Potassium binder

In-licensed

Phase IIIZ-338/Acotiamide

Zeria

Pediatric functional
dyspepsia

Upper gastrointestinal
motility modulator

Original

Phase II

ZG-802/Acotiamide

Zeria

Underactive bladder

Lower urinary tract
function modulator

Original

Phase II*
(InvestigatorInitiated Trial)

Z-338/Acotiamide

KyushuUniversity

Esophagogastricjunction outflow
obstruction

Upper gastrointestinal
motility modulator

Original*: Supported by a grant from Japan Agency for Medical Research and Development (AMED)II. Overseas
Stage

Development Code/
Generic Name

Development

Indications

Classification

OriginPhase III(Europe)

Z-338/Acotiamide

Zeria

Functional
dyspepsia

Upper gastrointestinal
motility modulator

Original

NDA approved(Mexico, Honduras,
Dominican
Republic, Ecuador,
Chile)

Z-338/Acotiamide

Faes Farma

Functional
dyspepsia

Upper gastrointestinal
motility modulator

Original (Outlicensed)

NDA filed(Colombia, Peru,
Costa Rica,
Guatemala, Panama,
Nicaragua, El
Salvador)

Z-338/Acotiamide

Faes Farma

Functional
dyspepsia

Upper gastrointestinal
motility modulator

Original (Outlicensed)

NDA filed(Thailand,
Indonesia)

Z-338/Acotiamide

Meiji Seika
PharmaFunctional
dyspepsia

Upper gastrointestinal
motility modulator

Original (Outlicensed)

23