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January 31, 2024

CMIC HOLDINGS Co., Ltd. Consolidated Financial Results
For the 1st Quarter Ended December 31, 2023
(The Fiscal Year Ending September 30, 2024, Japan Accounting Standards)
Highlights:◆Demand for large-scale vaccination projects for local governments decline◆Effect of the deconsolidation of CMIC CMO Group with a deemed transfer date of June 30, 2023.
◆Net sales decreased 39.1％ year on year to ¥18,087 million on a consolidated basis◆Operating profit decreased 77.9％ year on year to ¥944 million◆Increase in sales and operating profit of existing businesses excluding vaccination projects

Tokyo, January 31, 2024 - CMIC HOLDINGS Co., Ltd. (TSE Prime Code: 2309) today reported
financial results for the 1st quarter ended December 31, 2023.
CMIC Group aims at transitioning to PHVC (Personal Health Value Creator) business model that“maximizes the individual health value”, while using our unique PVC (Pharmaceutical Value Creator)
model that fully supports the value chain of pharmaceutical companies as the foundation forsustainable growth.
The Group will strengthen its response to drug development and digitalization using new basic
technologies for drug discovery. At the same time, we will expand our business domain into thehealthcare field and promote support for efforts to provide total care for diseases, from prevention todiagnosis, treatment, and prognosis. Through such efforts, we intend to strengthen the Group’sbusiness foundation and make great strides toward sustainable growth.
In our mid-term plan (FY2022-2025) formulated in November 2021, we have identified (1) evolution ofhealthcare business, (2) comprehensive support for disease prevention, treatment R&D andmarketing, and (3) contributing to sustainable society through service with high social benefits as thekey pillars.
As measures to address each of these issues, from the fiscal year ending September 2024, we havestarted initiatives for the following: (ⅰ) collaboration with business partners to accelerate the global
expansion of our CRO business, (ⅱ) strengthening of the drug discovery platform that contributes tothe creation of innovative drugs, (ⅲ) accumulation of PHR (Personal Health Records) and constructionof disease platforms, and (ⅳ) early development and acquisition of diverse human resources to build amanagement foundation.
[Consolidated operating results for the first quarter]
During the first quarter consolidated cumulative period under review, net sales amounted to ¥18,087
million (down 39.1% year-on-year), operating profit to ¥944 million (down 77.9% year-on-year),ordinary profit to 505 million yen (down 85.1% year-on-year), and profit attributable to owners of parent- 1 -was ¥125 million (down 93.6% year-on-year) due to the temporary decrease in demand for large-scalevaccination projects for local governments following the downgrading of novel coronavirus infection toCategory V infectious diseases, and the effect of the deconsolidation of CMIC CMO Group with adeemed transfer date of June 30, 2023.
(Millions of yen)
Q1 FY2023
Net sales

Q1 FY2024

YoY Change
AmountYoY Change(%)

29,67718,087(11,590)(39.1)

Pharmaceutical solutions

20,494

14,220(6,274)(30.6)

Healthcare solutions

9,646

4,017(5,629)(58.4)

Adjustments

(463)

(150)

+313

－

4,270

944

(3,325)(77.9)

Pharmaceutical solutions

1,722

1,191(530)(30.8)

Healthcare solutions

2,945

228

(2,716)(92.2)

Adjustments

(398)

(476)

(77)

－Ordinary profit

3,401

505

(2,896)(85.1)

Profit attributable to owners of parent

1,950

125

(1,824)(93.6)

Operating profit

The business results by segment are listed as below:<Pharmaceutical Solutions>
We are developing a PVC (Pharmaceutical Value Creator) business model that provides solutions tothe value chain of pharmaceutical companies through our CRO (drug development support), CDMO
(drug formulation development and manufacturing support) and Market Solutions (pharmaceuticalsales support, development, manufacturing, sales and distribution of orphan drugs, etc.) businesses.
During the first quarter consolidated cumulative period under review, we are supporting the entry ofoverseas bio ventures into the Japanese market, expanding services in the early stages of drug
discovery in advanced fields, and promoting the Digital Transformation (DX) of clinical trials tostrengthen the Group's drug discovery platform. In October 2023, we made Hamamatsu Pharma
Research, Inc. a subsidiary, which evaluates the efficacy of drug candidate substances using an
original pathological model of monkeys. In the post-marketing period, the Company is also
strengthening its sales and marketing support, including growth in MR dispatch services against a
backdrop of growing outsourcing needs.
Sales decreased to ¥14,220 million (down 30.6% year-on-year) due to the exclusion of CMIC CMOGroup from consolidation. Operating profit also declined, falling 30.8% year on year to ¥1,191 million,
due to the impact of deconsolidation and higher labor costs associated with higher compensationlevels.

- 2 -<Healthcare Solutions>

The Site Support Solutions business provides comprehensive support for healthcare-related facilities
and healthcare professionals, and the Healthcare Revolution business provides solutions using a new
ecosystem for healthcare to individuals and local governments.
During the first quarter consolidated cumulative period under review, the Group expanded its support
for clinical trials at universities and flagship hospitals, which serve as the axis of regional healthcare,strengthened partnerships with hospitals specializing in disease areas and academia, and expanded
BPO and human resource services in the healthcare field. In addition, as a solution provider utilizing
health tech, KNOCK ON THE DOOR Inc., which operates the “nanacara” support platform for epilepsy
patients, their families, and physicians, is strengthening its services for patients and their families by
opening the new “nanacara Pharmacy”. In the area of Personal Health Records (PHR), the Company
is also promoting business development using a platform for health and disease data that utilizes®

fundamental technologies such as harmo and blockchain technology.
Sales decreased 58.4% year on year to ¥4,017 million due to a decline in large-scale vaccination
support services for local governments following the downgrading of novel coronavirus infection toCategory V infectious diseases, and operating profit decreased 92.2% year on year to ¥228 million.

Ordinary Profit
Ordinary profit in the consolidated first quarter was ¥505 million (down 85.1％ year-on-year).
Non-operating income, such as subsidy income, totaled ¥13 million, and non-operating expenses,such as share of loss of entities accounted for using equity method, tender offer related expenses,
totaled ¥452 million.

Profit attributable to owners of parent
Profit attributable to owners of parent in the consolidated first quarter was ¥125 million (down 93.6％year-on-year).
CMIC recorded an extraordinary losses of ¥4 million for the loss on sale of investment securities,
income taxes of ¥331 million, and profit attributable to non-controlling interests of ¥43 million.

Overview of the financial condition
Assets, liabilities, and net assets
Total assets decreased ¥2,340 million from the end of the previous consolidated fiscal year to ¥67,874
million at the end of the first quarter of the current consolidated fiscal year. This was mainly due to adecrease in cash and deposits, etc., and increases in intangible assets, etc.
Total liabilities amounted to ¥31,052 million, down ¥1,329 million from the end of the previous
consolidated fiscal year. This was mainly due to a decrease in provision for bonuses ,etc.
Total net assets decreased ¥1,011 million from the end of the previous consolidated fiscal year to¥36,822 million. This was mainly due to decreases in retained earnings, non-controlling interests, etc.

- 3 -Future Outlook

As announced in the November 7, 2023 in the press release entitled “Notice Regarding
Implementation of Management Buyout and Recommendation to Tender Shares”, the Company's
shares are scheduled to be delisted because of the Tender Offer by the Offeror and a series ofsubsequent procedures. Thus, the Company has not announced its earnings forecast for the fiscalyear ending September 2024.
Cautionary statement:This material includes forward-looking statements based on assumptions and beliefs in light of theinformation currently available to management, and is subject to significant risks and uncertainties.
Actual financial results may vary materially from the content of this material depending on a number offactors. While this material contains information on pharmaceuticals (including compounds underdevelopment), this information is not intended to make any representations or advertisements
regarding the efficacy or effectiveness of their preparations, promote any kind of unapproved uses, nor
provide medical advice of any kind.

- 4 -Summary of Results for the 1st Quarter Ended December 31, 2023 (October 1, 2023 throughDecember 31, 2023)(1) Consolidated financial results(Millions of yen; amounts less than one million yen are omitted)(Percentage figures indicate increase/decrease compared with the corresponding period of the prior fiscal year)

Q1 FY2024

Q1 FY2023

18,087944505

Change (%)(39.1)(77.9)(85.1)

Profit attributable to owners of parent

125(93.6)

Earnings per share (Yen)
Diluted net income per share (Yen)

7.42-Net sales
Operating profit
Ordinary profit

29,677
4,270
3,401

Change (%)
20.5
26.5(1.7)

1,950(7.4)

111.73-

Reference: Comprehensive income: 1st quarter FY2024: ¥181 million (down 91.6% YoY)
1st quarter FY2023: ¥2,154 million (up 13.5 % YoY)
(2) Consolidated financial position(Millions of yen; amounts less than one million yen are omitted)
Year End FY2023

Q1 FY2024
Total assets
Net assets
Equity ratio (%)
Book value per share (Yen)67,87436,822

70,21537,83352.3
2,098.78

51.4
2,137.14

Reference: Shareholders’ equity: 1st quarter FY2024: ¥35,471 million
Year End FY2023: ¥36,084 million

Distribution Status(Yen)
FY2023
Dividend per share (Base date)
End of first quarter

FY2024-End of second quarter

5.00

End of third quarterEnd of FY
Total

45.00
50.00

- 5 --

Consolidated Financial Statements for the 1st Quarter Ended December 31, 2023
(1) Consolidated Balance Sheets(Millions of yen)
Q1 FY2024(December 31, 2023)

Year End FY2023(September 30, 2023)

Cash and deposits
Notes and accounts receivable-trade, andcontract assets
Merchandise and finished goodsWork in process

11,87019,034

17,055

16,992

354
2,301

414
1,927

Raw materials and supplies
Other
Allowance for doubtful accounts

2,421
4,743
(120)

1,077
2,997
(121)

Total current assets

38,62642,322

Buildings and structures, net
Machinery, equipment and vehicles, net

4,736
389

4,641
416

Land
Other, net

1,298
2,041

1,247
1,884

Total property, plant and equipment

8,465

8,189

Goodwill

1,449

337

Other

1,304

1,241

Total intangible assets

2,753

1,579

Investment securities
Leasehold and guarantee deposits

9,140
2,3009,369
2,246

Other

6,587

6,507

Total investments and other assets

18,02918,12329,24827,892

67,87470,215

AssetsCurrent assets

Non-current assets
Property, plant and equipment

Intangible assets

Investments and other assets

Total non-current assets
Total assets- 6 -(Millions of yen)
Q1 FY2024(December 31, 2023)

Year End FY2023(September 30, 2023)

249
1,044

85
1,123

466

564

1,668
－
1,002
14,816

4,335
100
1,030
13,431

19,24820,670Long-term borrowings
Retirement benefit liability
Other

1,570
9,536
6971,677
9,388
646

Total non-current liabilities

11,804

11,711

31,05232,382

Shareholders’ equity
Share capital

3,087

3,087

Capital surplus
Retained earnings
Treasury shares

6,050
30,071(3,561)

6,050
30,712(3,580)35,64736,271

Liabilities
Current liabilities
Notes and accounts payable - trade
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Provision for bonuses for directors
Provision for loss on orders received
Other
Total current liabilities
Non-current liabilities

Total liabilitiesNet assets

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment294

352(466)(557)

Remeasurements of defined benefit plans(4)

18(176)(186)

Non-controlling interests

1,350

1,748

Total net assets

36,822

37,83367,87470,215

Total accumulated other comprehensive

incomeTotal liabilities and net assets- 7 -(2) Consolidated Statement of Income(Millions of yen)
Q1 FY2024(October 1, 2023 December 31, 2023)

Q1 FY2023(October 1, 2022 December 31, 2022)

Net sales

18,087

29,677

Cost of sales

13,98021,678Gross profit

4,106

7,999

Selling, general and administrative expenses

3,161

3,728

944

4,270

Interest income
Subsidy income
Other03
91
1119

Total non-operating income

1332

893

42816

198

15148
2－
27452

901

505

3,401

Loss on retirement of non-current assets
Loss on sale of investment securities－413

Loss on valuation of investment securities－－
11

Total extraordinary losses

425

Profit before income taxes

500

3,375

Total income taxes

3311,516

Profit169

1,859

43(91)

125

1,950

Operating profit
Non-operating income

Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity

methodTender offer related expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses

Profit (Loss) attributable to non-controllinginterests
Profit attributable to owners of parent- 8 -(3) Consolidated Statement of Comprehensive Income(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income

Q1 FY2024(October 1, 2023 December 31, 2023)

Q1 FY2023(October 1, 2022 December 31, 2022)

169

1,859

(57)

(188)

(126)
(24)

479
4220－

12295

181

2,154

135
46

2,001
153

Comprehensive income attributable toOwners of parent
Non-controlling interests- 9 -