Outline of Consolidated Financial Results for the Second Quarter Ended September 30, 2015
November 6, 2015

Name of the listed company: NIPPON SHINYAKU CO., LTD.
Listing stock exchange: Tokyo
Code No.: 4516
URL http://www.nippon-shinyaku.co.jp/
Representative: Shigenobu Maekawa, President and Representative Director
Contact: Taro Sakurai, General Manager and Finance & Accounting Dept.
Tel. +81-75-321-9114
Scheduled date for submission of quarterly Securities Report: November 10, 2015
Scheduled start of payment: December 4, 2015
Supplementary material:
Yes
Financial result meeting:Yes (for institutional investors and securities analysts)* All amounts are rounded down to the nearest million yen.

1. Consolidated Results for the Second Quarter Ended September 30, 2015 (April 1 to September 30, 2015)(1) Operating results
Net sales

Operating income

Second quarter ended
39,4138.1%
2,110
September 30, 2015
Second quarter ended
36,4702.5%
2,033
September 30, 2014
Note: Comprehensive income
As of September 30, 2015: ¥1,472 million (40.6%)

Ordinary income

3.7%

2,335

2.8%

(34.5%)

2,272(29.4%)(¥ million)
Net income attributableto owners of the parent
1,523
5.7%
1,440

As of September 30, 2014: ¥2,479 million(32.9%)(1.7%)Net income per share (¥)
Basic
Diluted22.61—

Second quarter ended
September 30, 2015
Second quarter ended
21.37—
September 30, 2014
Note: Percentage figures for net sales, operating income, ordinary income and net income represent year-on-year comparisons.

(2) Financial position
Total assets
127,652
129,757

As of September 30, 2015
As of March 31, 2015
Note: Owners’ equity
As of September 30, 2015: ¥101,553 million

Net assets
101,763101,207

Equity ratio
79.6%
77.8%

(¥ million)
Net assets per share (¥)
1,507.33
1,498.88

As of March 31, 2015: ¥100,998 million

2. Dividends
Cash dividends per share (¥)
1st quarter2nd quarter3rd quarter

Year-end

AnnualYear ended March 31, 2015—

¥12.00—¥13.00¥25.00Year ending March 31, 2016—

¥14.00—¥14.00¥28.00Year ending March 31, 2016 (forecast)
Note: Revisions to forecast for the current quarter: None.

3. Business Forecast for the Year Ending March 31, 2016 (April 1, 2015 to March 31, 2016)(¥ million)
Net income
Net incomeNet sales
Operating income
Ordinary income
attributable toper share (¥)
owners of the parent
Full term
87,000
8.8 %
9,300
8.6%
9,500
6.4%
6,700
13.9%
99.45
Notes: 1. Percentage figures represent the percentage of increase or decrease against the same period of the previous year.
2. Revisions to forecast for the current quarter: Yes.

4. Others(1) Changes in the scope of consolidation
Inclusion: None
Exclusion: None
Note: Changes in specified subsidiaries involved changes in the scope of consolidation(2) Adoption of special accounting methods for preparation of quarterly financial statements: None
(3) Changes in accounting policies and accounting estimates, and restatement
1. Changes in accounting policies arising from revision of accounting standards: Yes
2. Changes arising from other factors: Yes
3. Changes in accounting estimates: Yes
4. Restatement: None
(4) Number of shares outstanding (ordinary shares)
Number of shares outstanding (including treasury stock)
As of September 30, 2015:
70,251,484 shares
As of March 31, 2015:
70,251,484 shares
Number of shares of treasury stock
As of September 30, 2015:
2,878,282 shares
As of March 31, 2015:
2,868,940 shares
Average number of shares outstanding (total for the consolidated period)
As of September 30, 2015:
67,378,545 shares
As of September 30, 2014:
67,418,767 shares
Note:
This summary of quarterly financial results is exempt from the quarterly review procedures under the Financial
Instruments and Exchange Act. At the time of disclosure, published figures in this financial release have not been
completed to a quarterly review of financial statements based on the Financial Instruments and Exchange Law.
This financial release contains certain statements about the future, which are based information available and deemed
reasonable to Nippon Shinyaku at the time of announcement, and are not the commitments made by Nippon Shinyaku.
Readers are advised that actual results may differ substantially from the above forecasts due to various unforeseeable
factors.

5. Consolidated Financial Statement for the Quarter(1) Consolidated Balance Sheet for the Quarter(¥ million)
As of previous
consolidated fiscal year
ended March 31, 2015

As of 2 nd quarter ended
September 30, 2015

AssetsCurrent assets:
Cash and deposits
Notes and accounts receivable
Marketable securities
Merchandise and products
Partially finished products
Work in process
Materials and supplies
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets¥ 11,841
35,01010,79912,936
1,737
321
4,663
1,698
1,413(0)80,422¥ 12,849
33,656
7,099
14,377
1,265
443
4,788
1,598
1,947
(0)
78,026

Fixed assets:
Tangible fixed assets:
Buildings and structures (net)Land
Other (net)Total tangible fixed assets

6,163
7,449
1,780
15,393

6,012
7,509
2,528
16,051458

410

22,078
57
8,287
3,059
33,48249,334¥ 129,757

22,198
56
8,112
2,796
33,16349,625¥ 127,652

Intangible fixed assets
Investments and other assets:
Investment securities
Deferred tax assets
Long-term prepaid expenses
Other
Total investments and other assets
Total fixed assets
Total assets(¥ million)
As of previous
consolidated fiscal year
ended March 31, 2015

As of 2 nd quarter ended
September 30, 2015

Liabilities
Current liabilities:
Notes and accounts payable
Accrued liabilities
Income taxes payable
Reserve for bonuses
Other current liabilities
Total current liabilities¥ 7,118
3,472
2,161
2,523
2,495
17,770¥ 6,820
3,960
508
2,489
2,018
15,797Long-term liabilities:
Deferred tax liability
Reserve for retirement benefits
Other long-term liabilities
Total long-term liabilities
Total liabilities

2,286
7,997
495
10,77928,550

2,429
7,211
451
10,092
25,889Net assets
Shareholders’ equity:
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity

5,174
4,445
85,137(2,327)92,4295,174
4,445
85,784(2,365)93,0389,600(11)17(1,037)
8,569
208
101,207¥ 129,757

9,343
(2)
20(846)8,514
209
101,763¥ 127,652

Accumulated other comprehensive income:Unrealized gain on available-for-sale securities
Deferred gain on derivatives under hedge accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

(2) Consolidated Statements of Income for the Quarter(Total for the consolidated period ended September 30, 2015)(¥ million)
2nd quarter ended
September 30, 2014
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses:
Salaries and benefits
Provision for bonuses
Sales promotion expenses
Provision for retirement benefits
Depreciation
R&D expenses
Other
Total general, selling, and administrative expenses
Operating income
Non-operating income:Interest income
Dividend received
Rent income
Foreign exchange gain
Other
Total non-operating income
Non-operating expenses:
Interest expenses
Donation
Foreign exchange loss
Rent expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes and minority interests
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Net income attributable to Non-controlling interests
Net income attributable to owners of the parent

2nd quarter ended
September 30, 2015

¥ 36,470
19,52916,941¥ 39,413
21,56917,844

3,141
1,658
982
425
171
4,243
4,283
14,907
2,033

3,239
1,674
1,355
397
154
4,725
4,186
15,734
2,110

10
193
182
—
55
442

9210
183
971
483

1109
5
53
33
2032,272
2,272
592
233
825
1,447
6
¥ 1,440

1146—4960
258
2,335
2,335
536
272
809
1,526
3
¥1,523(Consolidated Statements of Comprehensive Income)(Total for the consolidated period ended September 30, 2015)(¥ million)
2nd quarter ended
September 30, 2014
Net income
Other comprehensive income
Unrealized gain or loss on available-for-sale securities
Deferred gain or loss on derivatives under hedge accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income(Item)
Comprehensive income attributable to owners of the parent
Comprehensive income(loss) attributable to Non-controlling interests

2nd quarter ended
September 30, 2015

¥ 1,447¥ 1,526

861
8(5)
168
1,032
2,479

(256)
92190
(54)
1,472

2,473
¥6

1,468
¥3

(3) Consolidated Statements of Cash Flows for the Second Quarter(¥ million)
2nd quarter ended
September 30, 2014
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Increase (decrease) in reserves
Increase (decrease) in net defined benefit liability
Interest and dividend income
Interest expenses
Foreign exchange loss (gain)
Decrease (increase) in notes and accounts receivable
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in notes and accounts payable
Increase (decrease) in consumption taxes payable
Increase (decrease) in other current liabilities
Other – net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Purchases of funds into time deposits
Proceeds from withdrawal of time deposits
Purchases of investment securities
Proceeds from redemption of investment securities
Payments for purchases of investment in securities
Purchases of tangible fixed assets
Purchases of intangible assets
Expenditures for long-term prepaid expenses acquired
Other – net
Net cash used in investing activities
Cash flows from financing activities
Dividends paid
Purchase of treasury stock
Other – net
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of quarter2nd quarter ended
September 30, 2015

¥ 2,272
1,294(31)
(282)
(203)
1
6
3,005
(2,269)
(4)
(237)
(46)
(455)
(4)
3,047
203
(1)
(1,558)1,690¥ 2,335
1,184
(33)
(506)
(220)
1(17)
1,354
(1,216)
(432)
(297)
(399)
(29)
(31)
1,691
220
(1)
(2,180)(271)(60)
130(500)
—
(500)
(387)
(70)
(1,040)62(2,367)(60)
30(500)
500
(500)
(369)
(76)
(650)
72
(1,554)

(809)
(80)
(2)
(893)
(12)
(1,582)
21,229¥ 19,647

(876)
(37)
(2)
(916)
20
(2,721)
21,914¥ 19,192