Financial Results for the Fiscal Year
Ended March 31, 2022 (FY2021)

May 12, 2022

Naoki Muto
Chief Accounting and Financial Officer
Terumo Corporation

Safe Harbor for Forward-Looking Statements and Use of Document
Among the information that Terumo discloses, the forward-looking statements including financial projections are
based upon our assumptions using information available to us at the time and are not intended to be guarantees
of future events or performance. Accordingly, it should be noted that actual results may differ from those
forecasts or projections due to various factors. Factors affecting to actual results include, but are not limited to,changes in economic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state ofcompetition.
The market share information in this presentation is partly derived from our own independent research.
Information about products (including products currently in development) which is included in this material is notintended to constitute an advertisement or medical advice.

Terumo Corporation
Investor Relations Dept.
E-mail: kouhou_terumo01@terumo.co.jp©TERUMO CORPORATION

2 / 28

Highlights
FY21 Q4/Q4 YTD results
Revenue: Highest-ever quarterly and Q4 YTD revenue driven by solid performance overseas.
Demand of infection control products in Japan was normalized
Adjusted Operating Profit: 16% profit increase in Q4 YTD, despite the negative effects
anticipated at the beginning of the fiscal year, as well as effects of cost inflation and lower
production level

FY22 guidance
Double-digit growth in both revenue and profit
Driven by recovery from the COVID-19 impacts, the growth driver in each company, and positive
FX impact. Although the cost inflation impact remains, expect some relief at the end of the fiscal
year©TERUMO CORPORATION

3 / 28

P&L Results

Revenue: Highest-ever quarterly and Q4 YTD revenue. Cardiac & Vascular demand recovery continued overseas, especially in TIS.
Q4 performance was driven by solid performance in TIS and Neurovascular as well as positive FX impact

Adjusted Operating Profit: Despite the negative impacts of production level adjustment and volume-based procurement (VBP) in China, as well as cost
inflation and lower production level, solid performance overseas and positive FX impact contributed to 16% YTD growth

100 M JPY
Revenue
Gross Profit(%)

SG&A Expenses(%)

R&D Expenses(%)

Other Income and Expenses
Operating Profit(%)

Adjusted Operating Profit(%)

Profit before Tax(%)

Profit for the Year(%)
Average Exchange Rate(USD/EUR)©TERUMO CORPORATION

FY20 Q4 YTD

FY21 Q4 YTD

YoY%

YoY% (FXN)

6,138
3,266

7,033
3,693

15%
13%

10%
8%

(53.2%)(52.5%)

1,795

1,991

(29.2%)(28.3%)

491

518(8.0%)(7.4%)

3
984

-25
1,160

(16.0%)(16.5%)

1,159

1,344

(18.9%)(19.1%)

971

1,145

(15.8%)(16.3%)

773

888(12.6%)(12.6%)

106JPY/124JPY

112JPY/131JPY

11%
6%
18%
16%
18%
15%

4 / 28

6%
2%
12%
10%

FY20 Q4

FY21 Q4

YoY%

1,652
854

1,798
905

9%
6%

(51.7%)(50.3%)

488

528(29.5%)(29.4%)

132

144(8.0%)(8.0%)

-2
231

-18
215

(14.0%)(12.0%)

274

273(16.6%)(15.2%)

221

215(13.4%)(11.9%)

187

171(11.3%)(9.5%)

106JPY/128JPY 116JPY/130JPY

8%
9%
-7%
-1%
-3%
-8%

Adjusted Operating Profit Variance Analysis (Q4 YTD)
(100 M JPY)
Gross
marginPrice-32
JP NHI-3
G/P
incrementby salesincrease

SG&A

Production
Adjustment

Gross margin:
Negative effects of cost inflation (freight, rawmaterial, and labor cost), and lower
production level, exceeded the positive
impact of product mix improvement fromsales increase in Cardiac & Vascular,
especially TIS

FX

R&D

G/P increment by sales increase:
The revenue increased in all companies,
particularly Cardiac & Vascular, comparedwith FY20 impacted by COVID

Others
MDR
-0
IT
-4

Price:
Decline mainly due to VBP in China for TIS
products
SG&A:
Large increase compared with FY20 in which
expense usage was slow due to COVID

FY20
Q4 YTDOP

FY20
Q4 YTD
Adj. OP©TERUMO CORPORATION

FY21
Q4 YTD
Adj. OP

5 / 28FY21
Q4 YTDOP

FX:
Positive impact from flow by CNY and EUR
partially mitigated by negative impact fromstock by USD and EUR

Adjusted Operating Profit Variance Analysis (Q4)(100 M JPY)
G/P increment by sales increase:
Improved recovery level from COVID
and sales increase driven by Cardiac &VascularGrossmarginG/Pincrementby salesincrease

FY20 FY20Q4Q4OP Adj. OP©TERUMO CORPORATION

SG&A

Price
-5
JP NHI
-1

MDR
-2
IT
-3

Gross margin:
Decrease due to effects of cost inflation(freight, raw material, and labor cost),
and lower production level

FX

R&D
OthersPrice:
No additional impact from VBP in China
for TIS products compared with FY20 Q4

Production
Adjustment

SG&A:
Increase in amount and decrease insales ratio compared with FY20 Q4

FY21 FY21Q4Q4Adj. OP OP

6 / 28FX:
Positive impact from flow by CNY andEUR offset by negative impact fromstock by USD and EUR

Revenue by Region
FY21
Q4 YTD
Regional
breakdown

20%

FY21 Q4 YTD
YoY%

Revenue (100 M JPY)
Q4 YTDJapan

29%(C&V: Cardiac & Vascular, TMCS: Medical Care Solutions,
TBCT: Blood & Cell Technologies, PS: Pharmaceutical solutions)

FY19
FY20
FY21

EuropeAmericas

1,914
1,808
2,204

China

8%

Asia and

11%

Others©TERUMO CORPORATION

485
534
511

1,963
2,018
2,061
1,211
1,204
1,404

31%

Q4

324
328
364

728
654
770

178
172
184

2%

17%
(10%)
498
497
592

473 103455 121147
594() FXN

22%
(15%)

30%
(18%)

18%
(12%)
7 / 28Comments
TMCS steady with PS as a driver. C&V growth also continued
with TIS and Neurovascular recovery. TBCT sales dropped
slightly. QoQ (FY21 Q3 to Q4), TMCS and C&V slowed due toseasonal factors combined with COVID impacts on
Pharmaceuticals and TIS. TBCT accelerated
Growth continued in all companies, with TIS and TA leading.
QoQ, TMCS and TBCT were steady, while C&V slowed with
COVID impacts on Vascular graft and Cardiovascular
Growth continued in all companies, with TIS and Neurovascularleading. QoQ as well, all companies accelerated, with TIS,
Neurovascular, PS as drivers
Growth continued in all companies, with TIS leading. In FY20 1H
Neurovascular had negative impact from distributor order timing;
excluding this, China as a whole grew 20%. QoQ, seasonal
factors led to slowing when excluding Neurovascular, which had
a concentration of distributor orders in Q4
QoQ slowing in all companies, after smooth recovery up to Q3.
Timing of tenders at TBCT and TMCS , COVID resurgence
impacts for C&V in Cardiovascular and TIS

C&V:

Sales growth in all businesses with continued recovery of number of procedures in US and EU.
Negative effects on 2H profit were mitigated by strong sales and positive FX impact(100 M JPY)

Q4 YTD

Comments

Q4 YTD
Rev. YoY

TIS: Continued recovery outside Japan, centered in US and EU. Overall
low single-digit growth QoQ (FY21 Q3 to Q4) with mixed factors; decline
in number of procedures in early Q4 due to spread of Omicron variant,and quick recovery from the impact driven by Access devices+433

Neurovascular: Continued recovery of aneurysm treatment, led by US
and EU. Aspiration catheter also maintained high growth. Flat QoQ
growth when excluding concentration of China distributor orders in Q4+131

Cardiovascular: In addition to clear recovery of number of procedures in
US and EU, hardware sales were strong as investment by hospitals
resumed. Overall mid-single-digit QoQ decline due to spread of Omicron
variant, while US was strong+58

Vascular graft: Continued recovery pattern in EU and US. Overall midsingle-digit QoQ decline impacted by spread of Omicron variant+64

Q4() FXN

3,506

3,971
3,285

Revenue+21%(+14%)

871

901

1,027
+14%

869

744

Adjusted
Operating
ProfitAdj. OP%932+25%(+16%)

181

184

209
+14%

FY19

FY20

FY21

FY19

FY20

FY21

25%

23%

23%

21%

20%

20%

©TERUMO CORPORATION

Adj. OP: Positive impacts from strong sales and FX mitigated some of thenegative impact of cost inflation and lower production level in addition to
VBP of TIS products in China, production level adjustment for inventory
level optimization

8 / 28

TMCS:

Pumps and infusion sets drove HCS. In 2H, multiple negative factors impacted profit(100 M JPY)

Q4 YTD

Q4

Comments() FXN

1,710 1,755
Revenue* HCS: Hospital care solutions (formerly General hospital products + Pharmaceutical)
LCS: Life care solutions (formerly DM and consumer healthcare)
PS: Pharmaceutical solutions (formerly Alliance)

1,853

+6%
(+4%)

432

465

466
+0%

252

257

Adjusted
Operating
ProfitAdj. OP%

236
-8%
(-5%)

54

53

HCS: Demand recovery in needles, syringes, and infusion sets in Asia
and Japan, and COVID-19 pump demand drove high-single-digit
growth. Infection control product demand returned to normal.
Continued strong growth in pain management and adhesion barrier.
Mid-single-digit decline QoQ (FY21 Q3 to Q4) due to demanddecrease impacted by spread of Omicron variant, especially ofpharmaceutical products, despite strong sales of pumps+73

LCS: Thermometer demand returned to normal, blood pressure
monitors remained strong in Asia and Japan. Flat QoQ growth+5

PS: CDMO business drove high-single-digit growth

+20

43
-19%

FY19

FY20

FY21

FY19

FY20

FY21

15%

15%

13%

13%

11%

9%

©TERUMO CORPORATION

Q4 YTD
Rev. YoY

Adj. OP: Negative impacts from demand decline due to repeated COVID
resurgence, cost inflation, as well as normalized product mix due tothermometer demand and FX impact on manufacturing cost in China partiallymitigated by revenue growth

9 / 28

TBCT:

Continued demand recovery of whole blood collection. Although negative impacts
on profit grew in 2H, maintained improved profit level in YTD(100 M JPY)

Q4 YTD

Q4

Comments() FXN

1,072 1,095
Revenue

1,206

+10%
(+5%)

284

Adjusted
Operating
ProfitAdj. OP%

151

191

285

304

+10%
+7%

208
+9%
(+1%)

46

47

37
-21%

FY19 FY20 FY21

FY19 FY20 FY21

14%

16%

©TERUMO CORPORATION

17%

17%

16%

Q4 YTD
Rev. YoY

Blood center solutions: Continued recovery of whole blood collection
in EU and US. Component collection was strong in China, absorbed
the impact of decreased COVID-19 convalescent plasma demand.
Mid-single-digit decline QoQ (FY21 Q3 to Q4) with tender and ordertiming in Asia and China, despite strong sales in EU and US+74

Therapeutic solutions: Double-digit growth in US and EU driven by
investment at hospitals to support higher number of procedures. Midsingle-digit decline QoQ, due to order timing in China and Asia

+29

Cell therapy technologies: Following FY20 1H deployment delays due
to COVID, recovery after 2H in US indicates a return to growthtrajectory+8

Adj. OP: Positive effects from sales growth and FX offset some decrease
from cost inflation, lower production level, preparation expenses for the new
business, and accelerated production transfer. Profit level improved in FY20
and maintained in FY2112%10 / 28

FY22 Guidance: Double-digit growth in both revenue and profit
Driven by recovery from the COVID impacts, the growth driver in each company, and positive FX impact
Although the cost inflation impact remains, expect some relief at the end of the fiscal year() FXN

Amount (100 M JPY)

FY21 Actual

FY22 Guidance

YoY%

Revenue

7,033

7,750

10% (6%)

Operating Profit

1,160

1,320

14% (9%)

(%)

16.5%

17.0%

Adjusted Operating Profit

1,344

1,510

(%)

19.1%

19.5%

888

1,000

112 JPY/131 JPY

125 JPY/135 JPY

Profit for the Year
Exchange Rate (USD/EUR)

12% (7%)13%() FXNFY22 by Company(100 M JPY)

RevenueAmountAdjusted Operating Profit
YoY%

Amount

YoY%

C&V

4,445

12% (6%)1,134

22% (10%)

TMCS

1,923

4% (2%)

223-6% (1%)

TBCT

1,380

14% (9%)182-13% (-3%)©TERUMO CORPORATION

11 / 28

Adjusted Operating Profit Variance Analysis (FY22 Guidance)(100 M JPY)
Gross
marginGP increment by sales increase: Increase in
all companies, led by C&V

Price
FX

SG&A
G/P
incrementby salesincrease

Gross margin: Positive impacts from
improved plant utilization and product mix
surpass negative impacts from cost inflation(freight, raw material, and labor cost)

R&D

Price: Impact from JP NHI reimbursement
price revision
SG&A: COVID impact rebound. Strategic
investment in the new business
FX: Effect from JPY depreciation against
CNY, EUR

FY21 FY21
OP Adj. OP©TERUMO CORPORATION

FY22 FY22
Adj. OP OP

12 / 28

improve OP% 2pts.

Actions for Profit Improvement

Improvement (OP%)

Effectiveness（acceleration in thelater years of GS26)

Commenced activities in 4 areas
FY21

Production

Best Practice sharing of manufacturing
operations towards newly built facilities

Logistics

FY22: review and analyze current
manufacturing process, create
implementation plans
FY23: implement improved process

Procurement

FY23

FY24

FY25

FY26

Consolidate and/or establish US
distribution centers based on
optimized logistics network
FY22: Create heatmap based on businessvolume and review optimized location
FY23 onwards: contribute to reduction oflogistics cost ratio to sales

Direct material cost review, arrange forstable inflow of materials

Supportfunctions

FY22: Risk analysis and create BCM.
Implement global policy for BCM
FY23: Review alternative materials, improveforecast accuracy and aim for cost reduction©TERUMO CORPORATION

FY22

13 / 28

Planning for establishment of GBS,
consolidation of office at timing of
renewal, global insurance policy, etc.
FY22: Create shared services for someaccounting processes
FY23 onwards: Expansion of sharedservice function to reduce SG&A ratio

Dividend Proposal and Acquisition of the Company’s Own Shares
FY21 annual dividend: 34.0 JPY (increased by 2.0 JPY from the guidance)
Stably increasing, and aim for the target dividend payout ratio of 30% over the mid- to long-term
Continue to increase FY22 annual dividend up to 36.0 JPY

FY21 Results

FY22 GuidanceProfit for the Year (100 M JPY)

888

1,000

EPS (JPY)

117

134

34.0 JPY

36.0 JPY

Dividend proposal/share

Interim 16.0
Year-end 18.0

Interim 18.0
Year-end 18.0

Dividend payout ratio

28.9%

26.9%

Maximum total value of shares to be acquired: 50 B JPY
Resolved to cancel the shares after acquisition©TERUMO CORPORATION

14 / 28

FY21-22 Product Pipeline and Topics
Major product launches and Indications
Businessarea

General nameProduct name

Until FY21

FY22 plan

FY23 and/or later

Selling in JP

Launch in EU

Launch in
Asia & Latin America

TIS

Drug-eluting
coronary stent

Ultimaster Nagomi

Neurovascular

Flow diverter

FRED X

Selling in EU & US

Expansion in US, regional expansion

Selling in EU, obtained
indication of RelayPro for
aneurysm in US & JP

Obtain additional
indications; dissections &traumatic transections in
US & dissections in JP

Additional Relay
platform derivatives,
RelayBranch clinical trial

Terufusion infusion
pump type 18

Selling in JP

Launch in
EU & Latin America

Launch in Asia

Insulin patch pump

Medisafe With series

Selling the current modelin JP & EU

Launch updated version
in JP

Cell expansion
systemQuantum Flex

Selling Quantum globally

Launch Quantum Flex
as an addition to portfolio

Vasculargraft

Thoracic stent graft

Relay family

HCS

Infusion pump

LCS
TBCT

Develop AID systemwith Diabeloop, consider
regional expansion
Aim at double-digit growthof Cell therapy
technologies business“FRED X”

“Thoraflex Hybrid”

Major Topics• Corporate: Announced commitment to achieve carbon neutrality by 2040 and support for the Task Force on Climate-related Financial Disclosures(TCFD) and its recommendations• C&V: Announced U.S. FDA approval for the surgical hybrid stent graft Thoraflex Hybrid• TMCS: Announced collaboration on new solution for diabetes data sharing• TBCT: U.S. FDA cleared the new Rika Plasma Donation System(C&V: Cardiac & Vascular, TMCS: Medical Care Solutions, TBCT: Blood & Cell Technologies, HCS: Hospital care solutions, LCS: Life care solutions)©TERUMO CORPORATION

15 / 28“Rika”

Reference©TERUMO CORPORATION

16 / 28

Revenue by Segment and Region©TERUMO CORPORATION

17 / 28

Quarterly Trend of Revenue and Operating Profit
Revenue: Increase by +9% YoY. +13% overall growth against FY19 Q4, driven by +18% increase in C&V with positive impact of FX
such as EUR
Operating Profit: The negative GP impact from cost inflation, lower production level, and VBP in China partially mitigated by strong
sales and positive FX impact(100 M JPY)

1,629 1,653

1,548 1,520

1,525

1,798

1,788

1,729

1,717

1,588

1,652

1,313

TBCT (Revenue)
TMCS (Revenue)
C&V (Revenue)
Total (Operating Profit)

292

181

362

300

FY19 FY20 FY21
Q1
©TERUMO CORPORATION

238

296

271

FY19 FY20 FY21
1

Q2

334

286

244

FY19 FY20 FY211Q318 / 28

231

215

FY19 FY20 FY21
1

Q4

1

P&L (Quarterly Results)(100 M JPY)

Revenue

FY20 Q4(Jan-Mar)FY21 Q1(Apr-Jun)

Q2(Jul-Sep)

Q3(Oct-Dec)

Q4(Jan-Mar)

1,652

1,717

1,729

1,788

1,798

Gross Profit

854 (51.7%)

943 (54.9%)

920 (53.2%)

926 (51.8%)905 (50.3%)

SG&A Expenses

488 (29.5%)465 (27.1%)

490 (28.4%)

507 (28.4%)

528 (29.4%)

R&D Expenses

132 (8.0%)

117 (6.8%)

130 (7.5%)

128 (7.2%)

144 (8.0%)

Other Income
and Expenses

-2

1

-3

-5

-18

Operating Profit

231 (14.0%)362 (21.1%)

296 (17.1%)

286 (16.0%)

215 (12.0%)

Adjusted
Operating Profit

274 (16.6%)

402 (23.4%)

339 (19.6%)

330 (18.5%)

273 (15.2%)

USD

106 JPY

110 JPY

110 JPY

114 JPY

116 JPY

EUR

128 JPY

132 JPY

130 JPY

130 JPY

130 JPY

Average
Rate©TERUMO CORPORATION

19 / 28

Operating Expenses (Quarterly Results)(100 M JPY)

Salaries & Wages
Sales Promotion
Logistical Costs
Depreciation & Amortization
OthersSG&A Expenses Total

FY20 Q4(Jan-Mar)FY21 Q1(Apr-Jun)

Q2(Jul-Sep)

Q3(Oct-Dec)

Q4(Jan-Mar)

240
43
37
49
119
488

249
30
38
48
99
465

249
40
39
50
112
490

255
44
39
51
118
507

256
45
41
54
132
528

(%)

(29.5%)(27.1%)(28.4%)(28.4%)(29.4%)(%)(8.0%)(6.8%)(7.5%)(7.2%)(8.0%)(%)(37.5%)(33.9%)(35.9%)(35.5%)(37.3%)

132

R&D Expenses

620

Operating Expenses Total
Average Rate©TERUMO CORPORATION

USD
EUR

106 JPY
128 JPY

117
581

110 JPY
132 JPY

20 / 28130621

110 JPY
130 JPY

128
635

114 JPY
130 JPY

144

672

116 JPY
130 JPYOperating Expenses (YTD and Quarterly Results)(100 M JPY)

FY20 Q4
YTD
Salaries & Wages
Sales Promotion
Logistical Costs
Depreciation &Amortization
OthersSG&A Expenses Total(%)

R&D Expenses(%)

Operating Expenses Total(%)©TERUMO CORPORATION

FY21 Q4
YTD

YoY

YoY%

YoY%
(FXN)

FY20 Q4

FY21 Q4

YoY

YoY%

928
128
144

1,010
160
157

82
31
14

9%
24%
10%

4%
20%
6%

240
43
37

256
45
41

16
2
4

7%
6%
10%

191

203

12

6%

3%

49

54

5

11%

404
1,795

461
1,991

57
196

14%
11%

10%
6%

119
488

132
528

12
40

10%
8%

(29.2%)(28.3%)(29.5%)(29.4%)

491

518

132

144

12

9%

(8.0%)(7.4%)(8.0%)(8.0%)

2,286

2,509

620

672

51

8%

(37.2%)(35.7%)(37.5%)(37.3%)

27

223

6%

10%

21 / 282%

5%Adjusted Operating Profit: Adjustments(100 M JPY)

FY20 Q4 YTD

FY21 Q4 YTD

984

1,160

231

215

Adjustment 1. Amortization of acquired
intangible assets

146

161

38

42

Adjustment 2. Non-recurring profit or loss

29

24

5

16

1,159

1,344

274

273

Operating Profit

Adjusted Operating Profit

FY20 Q4

FY21 Q4<General examples of adjustment items>• Acquisition related cost
• Lawsuit settlement• Impairment loss
• Restructuring loss
• Nonlife insurance income• Loss on disaster• Other one-time profits & losses©TERUMO CORPORATION

Main items in
Adjustment 2. Non-recurring profit or loss

FY21 Q4
YTD

FY21 Q4

Business reorganizing cost

16

10

Others8

622 / 28

CAPEX, Depreciation and R&D Expenses(100 M JPY)

FY18

FY19

FY20

FY21

FY22
Guidance

CAPEX
Depreciation

608
440

895
477

772
484

692
532

900
635

Amortization of acquired intangible assets

146

157

146

161

173

Others

294

320

338

371

462

CAPEX = C.i.P. record basis, lease depreciation (IFRS16) is not included in Depreciation

FY21 (69.2 B JPY): Continued investment mainly for TIS, Neurovascular, PS, and Blood & Cell Technologies in
production capacity and space, R&D as well as IT infrastructure (SAP)
Continue investment on the above projects in FY22FY18

R&D Expenses©TERUMO CORPORATION

477

FY19

506

23 / 28

FY20

491

FY21

518

FY22
Guidance580

Cash Flows (Q4 YTD)
Operating CF+1,415589
Depreciation
andamortization
1,145

2,008

305
Incometaxes

14Working
capital692
CAPEX©TERUMO CORPORATION

407
Debt
repayment&
redemptionof bonds

Profitbefore tax

Cash atthe end of
FY20(100 M JPY)

Investing & Financing CF-1,370235

36

Dividends

OthersCAPEX = C.i.P. record basis
Cash at the end of each period is equal to “cash and cash equivalents” on B/S

24 / 28

2,053

Cash atthe end of
FY21

Cash Flows (Q4)
Operating CF
+431
30
156
215
Profitbefore tax

Depreciation
andamortization

Incometaxes

Investing & Financing CF-428
91
Working
capital

200
CAPEX

299
72
Debt
repayment©TERUMO CORPORATIONOthers

2,053

2,049

Cash atthe end of
FY21 Q3(100 M JPY)CAPEX = C.i.P. record basis
Cash at the end of each period is equal to “cash and cash equivalents” on B/S

25 / 28

Cash atthe end of
FY21

FY21 FX Impact Breakdown (Flow and Stock)+7.1 B JPY FX impact vs FY20: No change from +7.1 B JPY Q3 YTD level+8.7 B JPY for year (+1.8 B JPY in Q4) from flow: Positive impact of JPY depreciated against EUR and CNY(JPY)

FY20 average

FY21 average

Variance

EUR

124

131

7

CNY

15.7

17.5

2

-1.6 B JPY for year (-1.8 B JPY in Q4) from stock: FX impact on elimination of unrealized profit in inventories• Rapid JPY depreciation in Q4 vs Q3, larger gap between period-average and end-of-period rates led to negative impact(JPY)
FY21 Q3
averageUSD
EUR©TERUMO CORPORATION

114
130

At the end of
Dec. 2021

Variance

115
131

1
0

(JPY)
FY21 Q4
average

USD
EUR
26 / 28

116
130

At the end of
Mar. 2022

Variance

122
137

6
6

Foreign Exchange Sensitivity
Annual impact of 1 JPY depreciation(100 M JPY)

USD

EUR

CNY

Revenue17

835

Adjusted Operating Profit

0

5

15

<Reference> Impact when JPY is depreciated by 10%

Adjusted Operating Profit©TERUMO CORPORATION

EMEA

Asia

North
America

Latin
America

EUR

OthersCNY

Others

-1

10

65

13

23

36

27 / 28

Adjusted Operating Profit Variance Analysis (Q3 YTD)
(100 M JPY)
Gross
marginPrice-27
JP NHI-2

G/P
incrementby salesincrease

SG&A

Production
Adjustment

MDR
-2
IT
-2

Gross margin:
Negative effects of cost inflation (freight, rawmaterial, and labor cost), and lower
production level, exceeded positive impact of
product mix improvement from sales increasein Cardiac & Vascular, especially TIS

FX

R&D

G/P increment by sales increase:
The revenue increased in all companies,
particularly Cardiac & Vascular, comparedwith FY20 Q3 YTD impacted by COVID-19

OthersPrice:
Decline mainly due to VBP in China for TIS
products
SG&A:
Large increase compared with FY20 Q3 YTD
in which expense usage was slow due to
COVID-19

FY20
Q3 YTDOP

FY20
Q3 YTD
Adj. OP©TERUMO CORPORATION

FY21
Q3 YTD
Adj. OP

28 / 28FY21
Q3 YTDOP

FX:
Positive impact from flow mainly by CNY and
EUR. Small impact from stock