Financial Results for the First Quarterof the Fiscal Year Ending March 31, 2012

Terumo Corporation
July 28, 2011

Consolidated Q1 Results
Marked an excellent start for dramatic growth(billions of yen)

Q1Mar. 2011

Q1Mar. 2012 (*)

YoY%

Net Sales

81.2

95.6

+18%

Gross Profit

42.3 (52.1%)

50.9 (53.2%)+20%

SG&A Expenses

26.4 (32.5%)

33.5 (35.0%)+27%

Operating Income

15.9 (19.6%)

17.4 (18.2%)+9%(Excl. Amortization of goodwill)

16.4 (20.1%)

19.3 (20.2%)+18%

Ordinary Income

12.6 (15.5%)

16.9 (17.6%)+34%

Net Income8.8 (10.8%)

9.8 (10.2%)+11%

Average Exchange Rate

US＄ 92yen
EUR 117yen

82yen
117yen(*) Consolidated BCT Apr – Jun results and Harvest May – Jun results
2011/7/28©Terumo Corporation

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Consolidated Q1 Results (Pro-forma comparison)
Increase both in sales & income even at Pro-forma comparison(billions of yen)

Corresponding
period of last yr
Pro-forma basis *1

Q1
Mar. 2012

YoY%

ExcludingForeignExchange

Net Sales

93.1

95.6

+3%

+7%

Gross Profit

49.7(53.4%)

50.7(53.0%)

+2%

+8%

SG&A Expenses

30.8(33.1%)

30.9(32.3%)

+0%

+5%

18.9(20.3%)

19.8(20.7%)

+5%

+13%

Operating Income(Excl. impact of acquisition *2)

Average Exchange Rate

US$ 92yen

82yen

EUR 117yen

117yen(*1)Including BCT and Harvest results(*2)Excluding newly accrued amortization of goodwill and intangible assets
2011/7/28©Terumo Corporation

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Q1 Results of BCT Stand Alone
Favorable start after acquisition(billions of yen)

Q1Mar. 2012

YoY%(Excluding Foreign Exchange)

Net Sales

11.9

+17%

Gross Profit

7.5 (62.4%)+19%

SG&A Expenses

4.6 (38.5%)+25%

Operating Income

2.9 (23.9%)+10%

Ordinary Income

2.9 (24.4%)

Net Income

1.8 (15.3%)
2011/7/28©Terumo Corporation

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Excluding
BCT & Harvest

Q1 Results of Existing Business

Steady increase both in sales & income(billions of yen)
ExcludingForeign
YoY%
Exchange

Q1
Mar. 2011

Q1Mar. 2012

Net Sales

81.2

83.4

+3%

+6%

Gross Profit

42.3(52.1%)

43.0(51.6%)

+2%

+6%

SG&A Expenses

26.4(32.5%)

26.0(31.3%)

-1%

+2%

Operating Income

15.9(19.6%)

17.0(20.3%)

+6%

+13%

Ordinary Income

12.6(15.5%)

16.4(19.7%)+31%

Net Income

8.8(10.8%)

10.4(12.5%)+18%

2011/7/28©Terumo Corporation

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Excluding
BCT & Harvest

Net Sales (by Region)(billions of yen)

Consolidated：+3%(+6%)

Q1
Mar. 2011

Q1
Mar. 2012( )Excluding Foreign Exchange

Japan

Outside of Japan+4%+2%(+8%)

14.0

+11%
Europe (+12%)

15.6
14.8
13.3

-10%
Americas (+2%)
42.5

44.3

38.3 39.1

China+18%(+32%)+3%
Asia& othrs (+8%)

2.4
2.8
7.2
7.4

*Asia & Others: Comparing the results for the same period, Apr-Jun
2011/7/28©Terumo Corporation

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Excluding
BCT & Harvest

Net Sales (by Business Segment)(billions of yen)

-2%
(-1%)

37.1 36.5+9%(+14%)

Q1
Mar. 2011

-5%
(-2%)

36.5 39.6
6.5

6.1( )Excluding Foreign Exchange+41%(+43%)
0.8

GeneralHospital

Cardiac &Vascular

Blood
Management
2011/7/28

Q1
Mar. 2012

1.1

Consumer
Healthcare©Terumo Corporation

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Excluding
BCT & Harvest

Gross Profit Variance Analysis
0．2
Volume

0．7

0．4

52.1%

Shift to Highly
Profitable
Products

Foreign
Exchange

0．3
0．1

PricesOthers51.6%
Q1
Mar. 2011

Average
Exchange Rate
US$:
EUR:

Q1
Mar. 2011
92yen
117yenQ1Mar. 2012
82yen
117yen2011/7/28

Q1Mar. 2012

©Terumo Corporation

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Excluding
BCT & Harvest

SG&A Expenses(billions of yen)

Q1 Mar. 2011

Q1 Mar. 2012

YoY

YoY%

Salaries & Wages

9.8

9.8+0+1%

Sales Promotion

2.6

2.6-0-1%

Logistical Costs

2.3

2.5+2+7%

Depreciation &Amortization

1.1

1.0-1-7%

Others

5.7

5.8+1+3%

21.5(26.5%)

21.7(26.2%)+2+1%

4.9(6.0%)

4.3(5.1%)-6-13%

26.4(32.5%)

26.0(31.3%)-4-1%

General Administrative
Total
R&D Expenses
SG&A Expenses Total( ) %: Against net sales
2011/7/28©Terumo Corporation

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Consolidated B/S after BCT Acquisition Purchase Price Allocation for BCT  Terumo group B/S after consolidation
End of June, 2011 (Actual currency rate)

Purchase priceLiabilities
355.6

210.0 billion yen

Working capital

5.6

Acquisition price

215.6

BCT assets

35.7

BCT Liabilities

BCT liabilities-11.4

BCT Deferred tax

Intangible asset

117.4

Deferred tax liabilities -45.3

B/S of BCT
Stand Alone

Consolidated
B/S

Goodwill

119.2

Total

215.6 billion yen(US$ = 80JPY)

Asset
427.8Debt

BCT Asset
Intangible A 124.2
BCT Intangible

Net Assets
338.0

Goodwill 141.6
BCT Goodwill
Total 693.6 billion yen
2011/7/28

Total 693.6 billion yen©Terumo Corporation

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Forecast for Mar 31, 2012
Double-digit growth both in sales & income(billions of yen)
Revised Forecast
Original Forecast(Excl. BCT & Harvest)

ExistingBusinesses

YoY%

Consolidated(Incl. BCT & Harvest)

332.0

340.5

+4%

Operating Income

65.0(19.6%)

67.0(19.7%)+7%67.0(17.2%)+7%Ordinary Income

63.0(19.0%)

65.0(19.1%)+14%65.0(16.7%)+14%

Net Income

40.0(12.0%)

40.8(12.0%)+26%

38.5(9.9%)+19%

Operating
Income66.5(20.0%)

68.5(20.1%)+7%74.6(19.1%)+16%

Net Income

41.5(12.5%)

42.3(12.4%)+25%

46.1(11.8%)+36%

Net Sales

Excl. Amortizationof Goodwill

2011/7/28

390.0

YoY%

©Terumo Corporation

+19%

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Topics

Nobori™ DES: Launched in Japan

Expected New Products Launch

2011/7/28©Terumo Corporation

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Nobori™

Targeting Sales of 20 billion yen
Nobori™ Sales Performance
Launched in JP
May 5, 2011

(billions of yen)

20Global cumulative
sales achieved
10 billion yen

10JapanOutside of Japan0Mar. 2009Mar. 2010

Mar. 2011

Mar. 2012(Forecast)Gained 30% JP mkt share (value base) in 2 mos after the launch
2011/7/28©Terumo Corporation

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New ProductsLaunch

New Products Launch To Be Doubled<Japan>45 launches¾ DuraHeart™ Left Ventricular Assist System¾ New bare embolization coil for cerebral aneurysm¾ First-in-JP Glucose Monitor which links to EMR¾ PG Water™ Rehydrating Water Jelly type
¾ New IV catheter

23 launches<Outside of Japan>¾ KYMERAX™ Precision-drive articulating surgical system(EU)¾ Infusion pump

Mar. 2011

Mar. 2012(Forecast)designed for China and Asia
¾ Next generation vascular graft(self-sealing)

Strive further growth by continuous new products launch
2011/7/28©Terumo Corporation

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Establishing a Holding Company in China
TERUMO(China)Holdings Co., Ltd.： Approved to establish in Beijing (Jul 18)¾ Strengthen business base, incl. local development, production, and sales¾ Establish additional 4 sales offices in addition to current 8 sales offices
Changchung Factory
TERUMO(China)Holdings Co., Ltd.

New Sales Office
Terumo Medical(Shanghai)Co., Ltd.

Current Sales OfficeHangzhou FactoryTarget to double Sales to 20 billion yen in FY2013
2011/7/28©Terumo Corporation

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Reference

2011/7/28©Terumo Corporation

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Impact of BCT & Harvest to Consolidated Operating Income(billions of yen)

Forecast
Mar. 2012

49.5

Net Sales (BCT & Harvest)
Operating Income

9.2(BCT & Harvest)-6.1

Amortization of goodwill
Amortization of-3.1

newly accrued intangible assets
Impact to0

consolidated Operating Income

2011/7/28©Terumo Corporation

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Q1 Results To 1st Half Forecast(billions of yen)
1H Forecast

Q1 Results

Progress

191.0

95.650%Operating Income

32.7 (17.1%)

17.4 (18.2%)

53%

Ordinary Income

31.5 (16.5%)

16.9 (17.6%)

54%

Net Income

18.5 (9.7%)

9.8 (10.2%)

53%

Net Sales

Average exchange rates(US$)

80 yen82 yen(EUR)

113 yen

117 yen

2011/7/28©Terumo Corporation

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Excluding
BCT & Harvest

Gross Profit, SG&A Expenses, Operating Income(%)

Gross Profit

52.1

52.3

51.7

52.0

51.6

SG&AExpenses

32.5

32.1

32.5

34.7

31.3

OperatingIncome

19.6

20.3

19.2

17.3

20.3

Q1

Q2

Q3

Q4

Q1

Mar. 2011

Mar. 2012(Quarterly: 3 months)
2011/7/28©Terumo Corporation

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Changes of Quarterly Average Exchange Rates
yen120EUR (Mar. 2011)
117

EUR (Mar. 2012)100

US$ (Mar. 2011)

US$ (Mar. 2012)

80

82

Q1

Q2

Q3Q4(Quarterly: 3 months)

2011/7/28©Terumo Corporation

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IR Contact
TERUMO Corporation
Corporate Communication (IR) Dept.
E-mail: kouhou_terumo01@terumo.co.jp

Among the information that Terumo discloses, forecasts of financial performance onfuture projections contain potential risks and uncertainty since these are forecasts on
projections made by Terumo based on limited information available at the moment ofdisclosure. Accordingly, it should be noted that actual results may differ from those
forecasts on 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 of competition.
The market share information in this presentation is partly derived from our own
independent research.

2011/7/28©Terumo Corporation

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