Summary of Consolidated Financial Results for the Second Quarter of
the Year Ending March 31, 2024 (FY2023)<Based on Japanese GAAP>

November 6, 2023

Company name:
Stock exchange listing:
Securities code:
Representative：

ASKA Pharmaceutical Holdings Co., Ltd.
Tokyo
4886
URL https://www.aska-pharma-hd.co.jp/english/
President and Representative Director
Takashi Yamaguchi
Inquiries：
Corporate Planning Department Director
Hideaki Kobayashi
Scheduled date to file Quarterly Report：
November 10, 2023
Scheduled date to commence dividend payments：
November 30, 2023
Supplementary material for financial results：
Yes
Financial results meeting：Yes

TEL +81-3-5484-8366(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the second quarter ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(1) Consolidated operating result
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Second quarter of FY2023
Second quarter of FY2022
Note: Comprehensive income

Millions of yen
31,64830,172% Millions of yen
4.9
3,055
6.0
2,879

Second quarter of FY2023
Second quarter of FY2022
Earnings per shareYen
145.93
83.18

Second quarter of FY2023
Second quarter of FY2022(2) Consolidated financial position

As of September 30, 2023
As of March 31, 2023
Reference: Tangible net worth% Millions of yen
6.1
3,096
8.3
2,987

(Millions of yen)

4,251
3,251

(Millions of yen)-(30.7%)(-%)

Net assets
Millions of yen
58,62154,533As of September 30, 2023

(Millions of yen)

58,621

As of March 31, 2023

(Millions of yen)

54,533

1st quarter-end
Yen
-

%
76.0

Diluted earnings per
share
Yen
-

Total assets
Millions of yen
91,92087,138

2. Cash dividends% Millions of yen
3.6
4,129
8.9
2,346

Equity ratio
%
63.8
62.6

Annual dividends per share
2nd quarter-end 3rd quarter-end Fiscal year-end
Yen
Yen
Yen
8.00
8.00
20.00
20.00

Total

Yen
Year ended March 31, 2023
16.00
Year ending March 31, 2024
Year ending March 31, 2024
40.00
(Forecast)
Notes: 1. Revision from the dividend forecast currently announced: Yes
2. Please refer to “Notice of Revisions of Dividends from Surplus (Increase in Interim Dividend) and Year-end Dividend
Forecast” released today (November 6, 2023) for the revision of the dividend forecast.
3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Net sales
Full year

Millions of yen
62,000Operating profit% Millions of yen
2.5
5,400

Ordinary profit% Millions of yen
5.7
5,500

Profit attributable toowners of parent% Millions of yen
5.1
6,200

Notes: Revision from the forecast of consolidated financial results currently announced: No
1

%
46.3

Earnings per share
Yen
219.08

Notes:(1) Changes in significant subsidiaries during the second quarter of FY2023(changes in specified subsidiaries resulting from the change in the extent of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:No
Changes in accounting policies due to other reasons:No

Changes in accounting estimates:

No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2023

30,563,199

As of March, 2023

30,563,199

As of March, 2023

2,280,061

2) Number of treasury shares at the end of the period
As of September 30, 2023

2,233,915

3) Average number of shares during the period (cumulative from the beginning of the fiscal year)
Second quarter of FY2023

28,299,759

Second quarter of FY2022

28,210,040* This report of financial results is not subject to auditing by a certified public accountant or audit firm.
* Explanation concerning appropriate use of projections of business results and other notes
1.

Projections of business results and other forward-looking statements contained in this document are based onassumptions judged to be reasonable and information currently available to the Company, and the Company does notin any way guarantee the achievement of the projections. Actual business results may materially differ from theforecasted figures due to various factors in the future. Please refer to “1. Qualitative Information on Interim Financial
Results (3) Description of Forward-looking Information such as Forecasts of Consolidated Financial Results” for the2.

assumptions used in forecasting business results and precautions regarding the use of business results forecasts.
The Company plans to hold a briefing on financial results for institutional investors and securities analysts on November
10, 2023. The materials used in this briefing will be posted on the Company’s website. (https://www.aska-pharmahd.co.jp/english/)2

ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

CONTENTS
1.

2.

3.

Qualitative Information on Interim Financial Results……………………………………………………………….
(1) Description of Operating Results……………………………………………………………………………………

22(2) Description of Financial Position…..………………………………………………………………………………..
(3) Description of Forward-looking Information such as Forecasts of Consolidated Financial Results…..……..

2
3(4) Description of Research and Development…..……………………………………………………………………
Interim Consolidated Financial Statements ...………………………………………………………………………

3
4(1) Interim Consolidated Balance Sheets…..……………………………………………………………………….
(2) Interim Consolidated Statements of Income and Interim Consolidated Statements of Comprehensive
Income…………………………………………………………………………………………………………………
Interim Consolidated Statements of Income
Second quarter of the consolidated fiscal year……………………………………………….…………………
Interim Consolidated Statements of Comprehensive Income
Second quarter of the consolidated fiscal year…………………………………………………………………..
(3) Interim Consolidated Statements of Cash Flows...…………………………………………………………….…

4(4) Notes to the Interim Consolidated Financial Statements……...………………………………………………
(Notes concerning the going-concern assumption) ………………………………………………………………

8
8(Significant changes in the amount of shareholders' equity)………………………………………………..……
(Segment information etc.) ……………………………………………………………………………….…………

88

Supplemental Material……………………………………………………………………………………………………
(1) Sales of Main Products of Business Companies…………………………………………………......…………..

99(2) Product Pipeline………………………………………………………………………………………………………
(3) (Consolidated) Capital Expenditures, Depreciation, Research and Development expenses………………..

10
11

- 1 -

5
5
6
7

ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

1. Qualitative Information on Interim Financial Results(1) Description of Operating Results
During the second quarter of the consolidated fiscal year, despite the further progress on the gradual normalization of
economic activities in response to the lifting of COVID-19 restrictions, the future outlook remains uncertain as a resultof factors such as rising costs due to a rapid decrease in the value of the yen on international currency markets andrising prices of energy and raw materials. Even under such conditions, however, the favorable trend in the Group'sbusinesses continued from the previous fiscal year.
Operating results during the second quarter of the consolidated fiscal year are described below.
Second Quarter ofSecond Quarter of
FY2022
FY2023
ActualConsolidated
Consolidated
Cumulative Period
Cumulative Period(Millions of yen)
(Millions of yen)
(Millions of yen)

Growth(%)

Net sales

30,172

31,648

1,475

4.9%

Operating profit

2,879

3,055

176

6.1%

Ordinary profit

2,987

3,096

108

3.6%

Profit attributable toowners of parent

2,346

4,129

1,783

76.0%

Business results by segment are described below.
(i) Pharmaceutical business
The pharmaceutical business, which focuses on the three fields of internal medicine, obstetrics and gynecology,
and urology, showed favorable trends overall, despite the impact of the periodical NHI drug price revisions. A lookat results by product shows that results in the obstetrics and gynecology area were driven by the favorable growthin the uterine fibroid and endometriosis agent RELUMINA (relugolix), to 5,186 million yen (up 14.6% YoY). In
addition to these, sales of the dysmenorrhea agent DroEthi (drospirenone/ ethinylestradiol), which went on sale inJune 2022, increased significantly to 2,909 million yen (up 127.4% YoY), following the previous year. Sales also
grew steadily in the internal medicine area, as sales of the thyroid hormone agent THYRADIN (levothyroxine), ourmain product in this field, grew to 4,000 million yen (up 2.0% YoY) and those of the poorly absorbable rifamycin
antimicrobial agent RIFXIMA (rifaximin) to 2,997 million yen (up 8.7% YoY). In the urology field, sales of the LH-RH
derivative microcapsule sustained-release agent LEUPRORELIN were 2,321 million yen (down 11.4% YoY).
As a result of the above factors, the segment sales were 28,404 million yen (up 5.8% YoY), and the segment profit
was 3,658 million yen (up 16.5% YoY).
(ii) Animal health business
Sales of the animal health business, which sells products such as veterinary pharmaceuticals and feed additives,
were 3,162 million yen (down 2.2% YoY), maintaining the same level as the previous year. However, the segment
profit was 44 million yen (down 80.6% YoY) due to rising costs of raw materials and other items.
(iii) Other businesses
Sales results for other businesses, which include clinical testing, and medical devices, grew to 80 million yen (down
6.6% YoY). Segment loss was 61 million yen (vs. a loss of 20 million yen in the same period of the previous year).
* For sales of main products, please refer to 3. Supplemental Material.
(2) Description of Financial Position(Assets)
Total assets at the end of the second quarter of the consolidated fiscal year under review stood at 91,920 million yen,
up 4,782 million yen from the end of the previous consolidated fiscal year. This figure was due primarily to increases
in accounts such as cash and deposits, and accounts receivable - trade.
(Liabilities)
Total liabilities at the end of the second quarter of the consolidated fiscal year under review stood at 33,299 million
yen, up 694 million yen from the end of the previous consolidated fiscal year. This figure was due primarily toincreases in notes and accounts payable – trade, income taxes payable, and electronically recorded obligations –operating, despite decreases in short-term borrowings and long-term borrowings.

- 2 -ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

(Net assets)
Total assets at the end of the second quarter of the consolidated fiscal year under review stood at 58,621 million yen,
up 4,087 million yen from the end of the previous consolidated fiscal year. This figure was due primarily to an increase
in retained earnings resulting from the recording of profit attributable to owners of parent.
The resulting equity ratio was 63.8%, up 1.2 percentage points from the end of the previous consolidated fiscal year.
(Overview of cash flow position for the current fiscal year)
The balance of cash and cash equivalents at the end of the second quarter of the consolidated fiscal year (“funds”
hereinafter) stood at 19,446 million yen, up 1,940 million yen from the end of the previous consolidated fiscal year.
The standing of each type of cash flow for the second quarter of the consolidated fiscal year, and major contributing
factors of each, are summarized below.
(Cash flows from operating activities)
Net cash provided by operating activities was 3,097 million yen (vs. a gain of 1,666 million yen in the same period of
the previous year), due mainly to the recording of profit before income taxes and depreciation and an increase intrade payables which more than covered a decrease in trade receivables.
(Cash flows from investing activities)
Net cash provided by investing activities was 1,382 million yen (vs. a loss of 199 million yen in the same period of
the previous year), due mainly to gain on sales of investment securities.
(Cash flows from financing activities)
Net cash used in financing activities was 2,539 million yen (vs. a loss of 1,346 million yen in the same period of theprevious year), due mainly to repayments of long-term borrowings.
(3) Description of Forward-looking Information such as Forecasts of Consolidated Financial Results
Forecasts of consolidated financial results for the period ending March 31, 2024 (FY2023) are unchanged from thefull-year consolidated performance forecasts in the “Notice of Revisions to the Forecast of Consolidated Financial
Results for FY2023,” published on September 25, 2023.
(4) Description of Research and Development
R&D expenses during the second quarter of the current consolidated fiscal year stood at 2,410 million yen.

- 3 -ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

2. Interim Consolidated Financial Statements(1) Interim Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Provision for bonuses
Other provisions
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
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-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeTotal net assets
Total liabilities and net assets- 4 -As of September 30, 2023

14,505
15,2173,400
10,815
429
6,443
2,948
53,75917,446
17,3432,900
11,055
415
7,116
3,366
59,644

10,796
4,465

10,6493,615

14,3853,748(17)
18,11733,37887,13814,1203,907(17)18,011
32,27591,920

2,838
3,022
3,438
736
1,142
24
6,445
17,650

3,901
3,546
2,980
1,466
1,143
6,999
20,036

9,185
5,433
335
14,95432,604

7,345
5,579
338
13,26233,2991,197
1,847
49,619(3,350)49,315

1,197
1,848
53,522(3,287)53,281

4,590

4,455

405
222

677
206

5,218

5,339

54,53387,13858,621
91,920ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

(2) Interim Consolidated Statements of Income and Interim Consolidated Statements of Comprehensive Income(Interim Consolidated Statements of Income)(Second quarter of the consolidated fiscal year)(Millions of yen)Six months ended
September 30, 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
Expenses of inactive non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Profit before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
ProfitProfit attributable to owners of parent- 5 -Six months ended
September 30, 2023

30,172
15,87014,301
11,422
2,879

31,64816,461
15,186
12,130
3,055

0
185
51
236

2
187
34
224

25
27
75
128
2,987

21
35
127
183
3,096

32
32
3,019
693
(19)
673
2,346
2,346

2,314
2,314
5,410
1,424
(143)
1,280
4,129
4,129

ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

(Interim Consolidated Statements of Comprehensive Income)(Second quarter of the consolidated fiscal year)(Millions of yen)Six months ended
September 30, 2022

ProfitOther comprehensive income
Valuationdifferenceonavailable-for-salesecurities
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent- 6 -Six months ended
September 30, 2023

2,346

4,129

519

(134)

13

(15)

371

271

905
3,251

121
4,251

3,251

4,251

ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

(3) Interim Consolidated Statements of Cash Flows(Millions of yen)Six months ended
September 30, 2022

Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in income taxes payable - factor
based tax
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term borrowings
Decrease (increase) in treasury shares
Dividends paid
Other, net
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
Cash and cash equivalents at end of period- 7 -Six months ended
September 30, 2023

3,019
1,527
132
(185)
25
(32)
(1,876)(1,096)
(27)

5,410
1,376
130
(189)
21
(2,314)(2,137)
(899)
1,586

209

67

209
1,907
184
(26)
(398)
1,666

652
3,703
189
(21)
(774)
3,097

(292)
(21
56
58
(199)

(500)
(639)
(46)
(299)
2,883
(14)
1,382

(1,149)29(225)(1,346)(2,298)
9
(226)
(24)
(2,539)

(0)

(0)

121
17,103
17,224

1,940
17,505
19,446

ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

(4) Notes to the Interim Consolidated Financial Statements(Notes concerning the going-concern assumption)
Not applicable.
(Significant changes in the amount of shareholders' equity)
Not applicable.
(Segment information etc.)
I. Previous second quarter of the consolidated fiscal year (from April 1, 2022 to September 30, 2022)
Net sales and profit or loss by reporting segment(Millions of yen)
Reporting-segment

OthersPharmaceutical Animal healthbusinessbusiness

Note 1.

Amountrecorded on
Amounts ofconsolidated
adjustments
financial
Note 2.
statements

Total

Note 3.

Net Sales
Sales to externalcustomers
Intersegment sales
and transfers

26,8513,234

86

30,172-30,172

-

-

28

28

(28)

-

Total

26,851

3,234

114

30,200(28)

30,172

Segment profit (loss)

3,141

231

(20)

3,352

(473)

2,879

Notes:
1. The “Other” business segment consists of businesses not included in the reporting segments,
including clinical testing and medical devices etc.
2. The adjustment of (473) million yen to segment profit or loss (number in parentheses) consists ofcompanywide expenses not allocated to individual business segments, which consist mainly of costs
related to the parent holding company.
3. Segment profit or loss (numbers in parentheses) is adjusted against operating profit on the quarterly
consolidated statements of income.
II.

Current second quarter of the consolidated fiscal year (from April 1, 2023 to September 30, 2023)
Net sales and profit or loss by reporting segment(Millions of yen)AmountReporting-segment
recorded on
Amounts ofconsolidated
OthersTotal
adjustments
financial
Note
1.
Pharmaceutical Animal health
Note 2.
statements
businessbusiness
Note 3.

Net Sales
Sales to externalcustomers
Intersegment sales
and transfers

28,404

3,162

80

31,648-31,648

-

-

27

27

(27)

-

Total

28,404

3,162

108

31,675(27)

31,648Segment profit (loss)

3,658

44

(61)

3,641

(585)

3,055

Notes:
1. The “Other” business segment consists of businesses not included in the reporting segments,
including clinical testing and medical devices etc.
2. The adjustment of (585) million yen to segment profit or loss (number in parentheses) consists ofcompanywide expenses not allocated to individual business segments, which consist mainly of costs
related to the parent holding company.
3. Segment profit or loss (numbers in parentheses) is adjusted against operating profit on the quarterly
consolidated statements of income.
- 8 -ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

Supplemental Material(1) Sales of Main Products of Business Companies
S a l e s
(

F

Y

2

o f
0

2

M a i n3

2

P r o d u c t s

Q

A

c

t

u

a

l

)

ASKA Pharmaceutical Co., Ltd.

(Millions of yen)
FY2023

FY2022
Therapeutic category

Products

2Q
ActualFY2022
Actual2Q
ActualFY2023
Forecast

2Q Actual
YOY(%)

Uterine fibroid andendometriosis agent

RELUMINA(relugolix)

4,524

8,839

5,186

10,234

14.6

Antihypertensive agent

CANDESARTAN*(candesartan)

5,477

10,723

4,952

9,438

(9.6)

Thyroid hormone agent

THYRADIN(levothyroxine)

3,921

7,733

4,000

7,823

2.0

Poorly absorbable rifamycin
antimicrobial agent

RIFXIMA(rifaximin)

2,757

5,397

2,997

5,671

8.7

Dysmenorrhea agent

DroEthi(drospirenone/
ethinylestradiol)

1,279

3,671

2,909

5,370

127.4

LEUPRORELIN(leuprorelin)

2,619

4,999

2,321

4,494

(11.4)

Dysmenorrhea agent

FREWELL(norethisterone/
ethinylestradiol)

1,765

3,489

1,663

3,329

(5.8)

Progesterone hormone agent

LUTEUM(Progesterone)

569

1,251

876

1,462

53.8

Antithyroid agent

MERCAZOLE(thiamazole)

761

1,486

776

1,515

1.9

Antihypertensive agent

AMLODIPINE(amlodipine)

465

901

430

844

(7.4)

LH-RH derivative
microcapsule sustainedrelease agent* Including compounding agents

ASKA Animal Health Co., Ltd.

(Millions of yen)
FY2022Business field

FY2023

2Q Actual
YOY(%)

2Q
ActualFY2022
Actual2Q
ActualFY2023
Forecast

Feed additives and materials, and mixed feed

2,062

4,152

1,873

3,484

(9.1)

Veterinary pharmaceuticals

1,081

2,370

1,189

2,415

10.0

- 9 -

ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

(2) Product Pipeline

Stage

Development
code

Pipeline (as of November 6, 2023)
ASKA Pharmaceutical Co., Ltd.
Generic nameIndication

Notes

Filed1

L-105

Rifaximin

Hepatic encephalopathy(pediatrics)

In-licensed from
Alfasigma S.p.A (Italy)

Phase Ⅲ

LF111

Drospirenone

Contraceptive

In-licensed from
Insud Pharma (Spain)

Co-development with
Toray Industries, Inc.

Phase ⅢTRM-270

Adhesion barrier

Prevention of intra-abdominalorgan adhesion in the postoperative period in the areasof obstetrics and gynecology,
and gastroenterology

PhaseⅡ

AKP-009

Ludaterone
acetateBenign prostatic hyperplasia

Co-development withKYORIN Pharmaceutical Co., Ltd.

Phase Ⅰ/Ⅱ2

AKP-022

Relugolix
combination tablet

Uterine fibroids

In-licensed fromTakeda Pharmaceutical Company
LimitedNotes: Changes from last time
1. An application for approval for L-105 is currently under review.
2. The domestic Phase Ⅰ/Ⅱ clinical trial for AKP-022 was initiated.

- 10 -

ASKA Pharmaceutical Holdings Co., Ltd. (securities code: 4886) Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2024

(3) (Consolidated) Capital Expenditures, Depreciation, Research and Development expenses

1.

Capital Expenditures (Property, plant and equipment, and software)
FY2021

2.

FY2022

FY2023

Second quarter

438

399

Full year

657

1,256

Depreciation

370(Forecast)

1,550(Millions of yen)
FY2021

3.

(Millions of yen)

FY2022

FY2023

Second quarter

1,346

1,527

Full year

2,885

3,127

Research and Development expenses

1,376(Forecast)

2,663(Millions of yen)

FY2021

FY2022

FY2023

Second quarter

1,941

1,768

Full year

3,598

4,227

- 11 -

2,410(Forecast)

4,581