November 14, 2023

Consolidated Financial Results
for the Second Quarter Ended September 30, 2023
Terumo Corporation〔IFRS〕
Company name: TERUMO CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
4543
URL:
https://www.terumo.com/
Representative:
Shinjiro Sato, President and CEO
Inquiries:
Kenichi Hata, General Manager, Investor Relations Dept.
Telephone:+81-3-6742-8550
Scheduled date to file quarterly securities report:
November 14, 2023
Scheduled date to commence dividend payments:
December 4, 2023
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
Yes (for Securities analysts, Institutional
investors)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to
September 30, 2023)(1) Consolidated operating results (cumulative)
RevenueSix months ended(Percentages indicate year-on-year changes.)

Operating profit

Profit before tax

Profit attributableto owners of theparentProfit for theperiodTotal
comprehensive
incomeMillions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

443,874

10.1

66,492

18.8

66,428

21.6

50,09224.2

50,092

24.2

165,402(11.4)

403,31617.0

55,977 (15.0)

40,321 (19.3)

186,667

221.0

September 30,
2023
September 30,
2022

Basic earnings
per share
Six months ended
September 30,
2023
September 30,
2022(Note) Adjusted operating profit

54,624 (16.3)

40,321 (19.3)

Diluted earnings
per share
Yen

Yen

67.27

67.24

53.37

53.35

September 2023: 75,594 million yen

September 2022: 70,429 million yen(2) Consolidated financial position
Total assets
As ofTotal equity

Equity attributable toowners of the parent

Ratio of equity
attributable to owners of
the parent to total assets

Millions of yen

Millions of yen

Millions of yen%

September 30, 2023

1,748,396

1,260,996

1,260,996

72.1

March 31, 2023

1,602,225

1,111,063

1,111,063

69.3

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024

－

19.00

－

22.00

Fiscal year ending
March 31, 2024
(Forecast)Fiscal year-end

Total

Yen

Yen

－

21.00

40.00

－

22.00

44.00

(Note) Revision from the dividend forecast, which is published in the most recent: None
3. Consolidated Forecast for the Fiscal Year Ending March 31, 2024 (From April 1, 2023 to March 31,2024)(Percentages indicate year-on-year changes.)
Adjusted operating
profitRevenue
Fiscal year ending
March, 2024

Profit for the year
attributable to ownersof the parent

Operating profit

Earnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

854,000

4.1

151,000

9.4

132,500

12.9

101,000

13.1

135.98(Note 1) Revision of forecast for the fiscal year ending March 31, 2024: None
(Note 2) The Company has resolved at the meeting of the Board of Directors held on August 9, 2023 to acquire its
treasury shares. Basic earnings per share is calculated by taking into consideration effects of theacquisition of its treasury shares.
(Note 3) Assumed exchange rate for fiscal year ending March 31, 2024: USD1=JPY130, EUR1=JPY145

*Notes(1) Changes in significant subsidiaries during the current quarterly consolidated cumulative period (changes in
specified subsidiaries resulting in the change in scope of consolidation): None
New － Company (Company Name) －, Excluded － Company (Company Name) －(2) Changes in accounting policies and changes in accounting estimates(i) Changes in accounting policies required by IFRS: Yes(ii) Changes in accounting policies other than (i): None(iii) Changes in accounting estimates: None
* Please refer to [Attachment], page 11, “2. Condensed Consolidated Financial Statements (4) Notes
Pertaining to Condensed Consolidated Financial Statements (ii) Changes in accounting policy”.
(3) Number of shares outstanding (common stock)(i) Number of shares outstanding at the end of
the period (including treasury shares)

As of September 30,
2023(ii) Treasury shares at the end of the period

As of September
30, 2023(iii) Average number of shares during theperiod (cumulative quarterly)

Six months ended
September 30, 2023

747,682,540 shares As of March 31, 2023

747,682,540 shares

2,979,370 shares As of March 31, 2023

3,074,907 shares

Six months ended
September 30, 2022

755,432,665 shares

744,662,161 shares* Quarterly financial statements are not subject to quarterly reviews by certified public accountants or audit firms.
* Explanation on appropriate use of financial results forecasts and other special notes
1. Forward-looking statements, including earnings forecasts, contained in these disclosure materials are based on
currently available information and assumptions believed to be reasonable by management. This is not apromise or guarantee by the Company that it will achieve these goals. In addition, actual results may differ
significantly due to various factors. For the assumptions that are the premise of the earnings forecast and theprecautions for using the earnings forecast, refer to attached materials, page 5, “1. Overview of Financial
Results for the First Half of the Fiscal Year Ending March 31, 2024 (3) Forecasts, including the Consolidated
Financial Results for the Fiscal Year Ending March 31, 2024”.
2. Adjusted operating profit factors out amortization expense for intangible assets obtained during acquisitions
and one-off income and expenses from operating profit. In addition, adjusted operating profit is consistent
with segment profit. We are disclosing adjusted operating profit as we are using it as a performance indicator.

Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

 Table of contents of attached materials
1. Overview of Financial Results for the First Half of the Fiscal Year Ending March 31, 2024 ............................... 2(1) Overview of Consolidated Business Results ..................................................................................................... 2(2) Overview of Consolidated Statement of Financial Position .............................................................................. 5(3) Forecasts, including the Consolidated Financial Results for the Fiscal Year Ending March 31, 2024 ............. 5
2. Condensed Consolidated Financial Statements ..................................................................................................... 6(1) Condensed Consolidated Statement of Financial Position ................................................................................ 6(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement ofComprehensive Income .................................................................................................................................. 8(3) Condensed Consolidated Statement of Changes in Equity.............................................................................. 10(4) Notes Pertaining to Condensed Consolidated Financial Statements ................................................................ 11(i) Going Concern Assumption ........................................................................................................................... 11(ii) Changes in Accounting Policy ...................................................................................................................... 11(iii) Segment Information ................................................................................................................................... 11－ 1 －Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

1. Overview of Financial Results for the First Half of the Fiscal Year Ending March 31, 2024
(1) Overview of Consolidated Business Results
In the first half of the current fiscal year (from April 1 to September 30, 2023), the Group’s sales trended strongly
amid growing demand for products globally and the effects of foreign exchange rates.
Financial results for the first half are as follows:(Unit: Millions of yen)
For the six
months ended
September 30,
2022

For the six
months ended
September 30,
2023

Revenue

403,316

443,874

10.1

5.8

Gross profit

206,992

228,255

10.3

6.1

Adjusted operating profit

70,42975,5947.3

3.8

Operating profit

55,97766,492

18.8

15.2

Profit before tax

54,624

66,428

21.6－

Profit for the period

40,32150,092

24.2－

Profit for the period
attributable to owners of theparent40,32150,09224.2－

Growthexcluding
FX impact (%)

Growth (%)

Revenue by geographic areas for the first half is as follows:(Unit: Millions of yen)
For the six
months ended
September 30,
2022

For the six
months ended
September 30,
2023

Americas138,096

153,699

11.3

6.0

Europe77,181

89,580

16.1

5.5

China

38,371

41,080

7.1

7.6

Asia and others

48,43058,454

20.7

16.3

Overseas total

302,080

342,814

13.5

7.8

Japan

101,235

101,060

(0.2)

(0.2)

Total

403,316

443,87410.1

5.8

Geographic areas－ 2 －Growth (%)

Growthexcluding
FX impact (%)

Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Revenue
Revenue totaled ¥443.9 billion, an increase of 10.1% versus the same period in the previous fiscal year.
Overseas, revenue increased 13.5% year on year owing to increased demand in TIS (catheter) division and forblood centers business, along with the effects of foreign exchange rates.
In Japan, revenue declined by 0.2% year on year, as strong sales of infusion related products and TIS divisionpartially offset the decline in sales of nutrition products in Hospital Care Solutions division, which was sold in
the previous fiscal year.
ProfitGross profit totaled ¥228.3 billion, an increase of 10.3% versus the same period in the previous fiscal year,
because of the higher revenue.
Adjusted operating profit was ¥75.6 billion, an increase of 7.3% versus the same period in the previous fiscal
year. This was because the increase in gross profit was partially offset by an increase of selling, general andadministrative expenses.
Operating profit, profit for the period and profit for the period attributable to owners of the parent each increased
amid the increase in gross profit and a decline in other expenses.
Adjusted operating profit is a non-IFRS performance indicator that we disclose. Adjusted operating profit factors
out amortization expense for intangible assets obtained during acquisitions and one-off income and expenses
from operating profit. In addition, adjusted operating profit is consistent with segment profit.
Adjusted operating profit is being used as an indicator for corporate management to grasp earnings performancein each business as a part of our goal to achieve sustainable growth in the mid- to long-term. We believe this isalso effective data for individuals using our financial statements to assess the Group’s earnings.

－ 3 －Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Revenue results of the reportable segments are as follows:(Unit: Millions of yen)
For the six
months ended
September 30,
2022

For the six
months ended
September 30,
2023

Growth (%)

Growthexcluding
FX impact (%)

Revenue

235,405

265,700

12.9

7.8(Overseas)

210,487

239,72113.9

8.2(Japan)24,91725,9784.3

4.3

Revenue

93,805

93,956

0.2(1.5)(Overseas)

23,056

24,6476.9

0.2(Japan)70,74969,308

(2.0)

(2.0)

Revenue

73,98084,097

13.7

8.6(Overseas)

68,53678,44514.5

9.0(Japan)

5,444

5,652

3.8

3.8

Segment
Cardiac and
VascularCompany
Medical Care
SolutionsCompany
Blood and Cell
Technologies
Company

Cardiac and Vascular Company
Overseas, revenue increased 13.9% year on year owing to increased demand in TIS (catheter) division and for
Vascular Graft division. In Japan, revenue increased 4.3% year on year as there was a recovery in the number ofendovascular treatment procedures. As a result, global revenue increased 12.9% over the same period of theprevious fiscal year to ¥265.7 billion.
Medical Care Solutions Company
In Japan, revenue decreased by 2.0% year on year, amid diminished sales of nutrition products in Hospital Care
Solutions division, which was sold in the previous fiscal year, and sales of thermometers in Life Care Solutions
division. Overseas, revenue was strong, up 6.9% year on year along with the effects of foreign exchange rates.
As a result, global revenue increased 0.2% over the same period of the previous fiscal year to ¥94.0 billion.
Blood and Cell Technologies Company
Overseas, revenue was up 14.5% over the same period of the previous fiscal year as the business for blood
centers in Asia and others, Europe and North America was strong. In Japan, revenue increased 3.8% year on year
owing to the increase in sales of blood component collection products. As a result, global revenue increased
13.7% over the same period of the previous fiscal year to ¥84.1 billion.

－ 4 －Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

(2) Overview of Consolidated Statement of Financial Position
Total assets stood at ¥1,748.4 billion, an increase of ¥146.2 billion. This was mainly owing to an increase ininventories of ¥30.4 billion due to the impacts of yen weakness in foreign exchange rates, as well as property,
plant and equipment of ¥30.0 billion and goodwill and intangible assets of ¥52.0 billion due to theaforementioned foreign exchange rates impact and investment in manufacturing facility and new IT systems.
Total liabilities came to ¥487.4 billion, a decrease of ¥3.8 billion. This was mainly attributed to the increase inother current liabilities of ¥8.0 billion due to the aforementioned foreign exchange rates impact, while tradeand other payables decreased by ¥11.4 billion owing to facilities related expenditures.
Total equity was ¥1,261.0 billion, an increase of ¥149.9 billion. This mainly reflects an increase from posting
profit for the period of ¥50.1 billion, as well as the booking of other comprehensive income associated withthe aforementioned foreign exchange rates impact resulted in a ¥115.3 billion increase, which offset thedecrease of ¥15.6 billion from dividends from retained earnings.
(3) Forecasts, including the Consolidated Financial Results for the Fiscal Year Ending March 31, 2024
No changes have been made to the forecasts of consolidated financial results announced on May 15, 2023.
Although the operating environment is expected to remain uncertain due to changes in the environment
surrounding the medical device and pharmaceutical industries and trends in foreign exchange rates, to achieve
its targets the Group will focus on the following: development and sales expansion of high value-added
products that contribute to improving the quality and efficiency of medical care, continuous cost improvement,
and effective management of selling, general and administrative expenses.

－ 5 －Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

2. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statement of Financial Position（Unit: Millions of yen）
As of
September 30, 2023

As ofMarch 31, 2023
AssetsCurrent assets
Cash and cash equivalents

187,322

187,313

Trade and other receivables

150,635

167,532

Other current financial assets

106

24,061

249,618

279,991

Current tax assets

2,920

3,201

Other current assets

20,793

22,135

Total current assets

611,396684,236

Property, plant and equipment

370,869

400,830

Goodwill and intangible assets
Investments accounted for using
the equity method
Other non-current financial assets

538,210590,173

3,680

2,128

34,42125,502

Deferred tax assets

20,45821,601Other non-current assets

23,18723,923

Total non-current assets

990,829

1,064,159

1,602,225

1,748,396

Inventories

Non-current assets

Total assets－ 6 －Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

（Unit: Millions of yen）
As of
September 30, 2023

As ofMarch 31, 2023
Liabilities and Equity
Liabilities
Current liabilities
Trade and other payables

97,73686,315

Bonds and borrowings

11,223

156,399

Other current financial liabilities

7,597

7,753

Current tax liabilities

23,563

23,417329

174

Other current liabilities

77,55185,545

Total current liabilities

218,001

359,606

Bonds and borrowings
Other non-current financial
liabilities
Deferred tax liabilities

220,71474,974

29,63931,579

8,870

6,089

Retirement benefit liabilities

4,703

5,039

127

108

Other non-current liabilities

9,106

10,002

Total non-current liabilities

273,161

127,793491,162

487,400

Share capital

38,716

38,716

Capital surplus

51,75951,631

Treasury shares(11,539)(11,182)

Retained earnings

874,272

908,810

Other components of equity
Total equity attributable to owners of
the parent
Total equity

157,855

273,019

1,111,063

1,260,996

1,111,063

1,260,996

1,602,225

1,748,396

Provisions

Non-current liabilities

Provisions

Total liabilities
EquityTotal liabilities and equity－ 7 －Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement ofComprehensive Income(Condensed Consolidated Statement of Profit or Loss)（Unit: Millions of yen）
For the six months ended
For the six months ended
September 30, 2022
September 30, 2023
Revenue
403,316
443,874
Cost of sales
196,323
215,619
Gross profit
206,992
228,255
Selling, general and administrative expenses
146,770
163,254
Other income
3,277
3,149
Other expenses
7,522
1,657
Operating profit
55,97766,492Finance income
929
1,324
Finance costs
1,978
1,489
Share of profit/(loss) of investments
(303)
100
accounted for using the equity method
Profit before tax
54,624
66,428
Income tax expenses
14,303
16,336
Profit for the period
40,32150,092Attributable to:
Owners of the parent
Total profit for the period

40,32140,32150,09250,092

Earnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)

53.37
53.35

67.27
67.24

－ 8 －

Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

(Condensed Consolidated Statement of Comprehensive Income)

Profit for the period

For the six months ended
September 30, 2022
40,321Other comprehensive income
Items that will not be reclassified to profit orloss
Changes in financial assets measured at fairvalue through other comprehensive income
Remeasurements of defined benefit plans
Total items that will not be reclassified to
profit or loss
Items that are or may be reclassified
subsequently to profit or loss
Exchange differences on translation offoreign operations
Cash flow hedges
Cost of hedging
Total items that are or may be reclassified
subsequently to profit or loss
Total other comprehensive income/(loss)
for the period
Total comprehensive income for the period（Unit: Millions of yen）
For the six months ended
September 30, 2023
50,092

1,889

661

918

123

2,808

784

143,340

114,426

452

269

(254)

(170)

143,538

114,525

146,346

115,310

186,667

165,402

186,667

165,402

186,667

165,402

Attributable to:
Owners of the parent
Total comprehensive income for the period(Note) Items in the above statement are net of tax.

－ 9 －Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

(3) Condensed Consolidated Statement of Changes in Equity（Unit: Millions of yen）
Equity attributable to owners of the parent
Other
Capital Treasury Retained
components
surplussharesearnings
of equity

Share
capitalBalance as of April 1, 2022

Total

Total equity

38,71651,921(6,229)846,978

Profit for the period

-

-

-

40,321-40,32140,321Other comprehensive income

-

-

-

-

146,346

146,346

146,346---

40,321

146,346

186,667

186,667

Acquisition of treasury shares-(9)(14,405)-- (14,415)(14,415)

Disposal of treasury shares

-

20

83

-

Dividends
Transfer from othercomponents of equity toretained earnings
Share-based payments
Total transactions with owners of
the parent
Balance as of September 30,
2022

-

-

-

(13,613)

-

-

-

2,812

(2,812)

-

-

-

(8)

123

-

38

153

153

-

2

(14,199)(10,801)(2,877) (27,876)(27,876)

38,71651,923(20,428)

876,498

224,395 1,171,105

1,171,105

Total comprehensive income

80,926 1,012,313(103)

1,012,31300- (13,613)(13,613)（Unit: Millions of yen）
Equity attributable to owners of the parent
Other
Capital Treasury Retained
components
surplussharesearnings
of equity

Share
capitalBalance as of April 1, 2023

Total

Total equity

38,71651,759(11,539)874,272

Profit for the period

-

-

-

50,092-50,09250,092Other comprehensive income

-

-

-

-

115,310

115,310

115,310---

50,092

115,310

165,402165,402

Acquisition of treasury shares

-

-

(2)

-

-

(2)

(2)

Disposal of treasury shares

-

(72)

138

-

(65)

0

0

Dividends
Transfer from retained
earnings to capital surplus
Transfer from othercomponents of equity toretained earnings
Share-based payments
Total transactions with owners of
the parent
Balance as of September 30,
2023

-

-

-

(15,636)- (15,636)(15,636)

-

40

-

(40)

-

-

-

-

-

-

123

(123)

-

-

-

(96)

221

-

43

169

169

-

(127)

357

(15,553)(145) (15,469)(15,469)

38,716

51,631(11,182)

908,810

273,019 1,260,996

1,260,996

Total comprehensive income－ 10 －

157,855 1,111,063

1,111,063

Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

(4) Notes Pertaining to Condensed Consolidated Financial Statements(i) Going concern assumption
Not applicable(ii) Changes in accounting policy
The Group has adopted the standard and interpretation below from the first quarter of the fiscal year ending
March 31, 2024.
Standard/Interpretation
IAS 12

Income taxes

Outline of the new standards, interpretations and amendments
Clarification of the accounting for deferred tax on leases anddecommissioning obligations (Transactions for which companies
recognize both an asset and a liability)

There is no material effect of adopting these standards on the Group’s condensed consolidated financial
statements for the first half of the fiscal year ending March 31, 2024.
(iii) Segment information(1) General information on reportable segments
The reportable segments of the Group represent business units for which separate financial information isavailable, and are reviewed regularly at the Board of Directors meeting to make decisions about allocation ofmanagement resources and assess the performance of the business.
The Group applies an in-house company system classified by product groups. The headquarter of each inhouse company plans their own comprehensive domestic and international strategies and conducts their own
business activities.
The three segments are Cardiac and Vascular Company, Medical Care Solutions Company, and Blood and Cell
Technologies Company.

－ 11 －

Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

(2) Reportable segment information
Revenue and operating results of the reporting segments of the Group are described below.
For the six months ended September 30, 2022

Reportable Segments

Revenue
Revenue from sales
to externalcustomers
Segment profit(Adjusted
operatingprofit)(Adjustment item)
Amortization of
intangible assets
acquired throughbusiness
combinations
Non-recurring profit orloss(Note 2)(Unit: Millions of yen)Amountrecorded on
Adjustments
condensed(Note 1)
consolidated
financialstatements

Cardiac and
VascularCompany

MedicalCare
SolutionsCompany

Blood and
Cell
Technologies
Company

235,405

93,80573,980403,191124

403,316

52,905

8,147

9,102

70,154275

70,429(4,446)-(5,060)(9,506)(11)(9,518)

Total(4,934)

Operating profit

55,977

Finance income

929

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax(1,978)(303)
54,624(Note 1) Amounts in “Adjustments” are as follows:(1) ¥ 124 million adjustment to Revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥275 million adjustment to Segment profit consists of ¥(1,524) million for preparation expenses tocomply with Medical Device Regulation in EU and ¥(248) million for inventories.
(Note 2) ¥(4,934) million Non-recurring profit or loss mainly includes ¥(1,756) million for impairment lossof technologies, ¥(3,524) million for impairment loss of goodwill, ¥(985) million for businessreorganization expenses and ¥1,333 million for the change in fair value of contingent
consideration.

－ 12 －

Terumo Corporation (4543) Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

For the six months ended September 30, 2023

Reportable Segments

Revenue
Revenue from sales
to externalcustomers
Segment profit(Adjusted
operatingprofit)(Adjustment item)
Amortization of
intangible assets
acquired throughbusiness
combinations
Non-recurring profit orloss(Note 2)(Unit: Millions of yen)Amountrecorded on
Adjustments
condensed(Note 1)
consolidated
financialstatements

Cardiac and
VascularCompany

MedicalCare
SolutionsCompany

Blood and
Cell
Technologies
Company

265,700

93,95684,097443,754119443,874

57,641

8,317

10,64976,608(1,014)75,594(4,641)-(5,191)(9,833)

145(9,687)

Total

585

Operating profit

66,492Finance income

1,324

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax(1,489)100
66,428(Note 1) Amounts in “Adjustments” are as follows:(1) ¥119 million adjustment to Revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥(1,014) million adjustment to Segment profit consists of ¥(1,398) million for preparation
expenses to comply with Medical Device Regulation in EU and ¥(790) million for inventories.
(Note 2) ¥585 million Non-recurring profit or loss mainly includes ¥1,335 million for gain on sale of sharesof subsidiaries and affiliate, which is related to the sale of shares of Olympus Terumo
Biomaterials Corporation, and ¥(750) million for business reorganization expenses.

－ 13 －