August 4, 2021

Consolidated Financial Results
for the First Quarter Ended June 30, 2021
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:
August 6, 2021
Scheduled date to commence dividend payments:－
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 three months ended June 30, 2021 (from April 1, 2021 to June 30,
2021)(1) Consolidated operating results (cumulative)
RevenueThree months
ended
June 30, 2021
June 30, 2020

Millions ofyen%(Percentages indicate year-on-year changes.)

Operating profit

Profit before tax

Millions ofyenMillions ofyen

171,716 30.8
131,298 (13.9)%

36,233 100.5
18,073 (38.0)

Basic earnings
per share
Three months
ended

%

36,020 101.4
17,885 (38.0)

Profit for theperiodMillions ofyen%Profit attributableto owners of theparentTotal
comprehensive
incomeMillions ofyenMillions ofyen

27,895 99.7
13,971 (38.6)%

27,895 99.2
14,002 (38.6)%

28,592 186.0
9,997 267.9

Diluted earnings
per share
Yen

Yen

June 30, 2021

36.90

36.87

June 30, 2020

18.57

18.50

Notes : Adjusted operating profit June 2021: 40,203 million yen

June 2020: 21,685 million yen(2) Consolidated financial position
Total assets
As ofTotal equity

Equity attributable toowners of parent

Ratio of equity
attributable to owners ofparent to total assets

Millions of yen

Millions of yen

Millions of yen

June 30, 2021

1,339,556

874,004

874,004

65.2

March 31, 2021

1,351,192

856,662

856,662

63.4

－ 1 －

%

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022－

Fiscal year-end

Total

Yen

Yen

14.00

－

15.00

29.00

15.00

－

15.00

30.00

－

Fiscal year ending
March 31, 2022
(Forecast)

Note: Revision from the dividend forecast, which is published in the most recent : None
3. Consolidated Forecast for the Fiscal Year Ending March, 2022 (From April 1, 2021 to March 31, 2022)(Percentages indicate year-on-year changes.)
Adjusted operating
profitRevenue
Fiscal Year ending
March, 2022

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

685,000

11.6

137,000

18.2

120,000

22.0

92,00019.1

121.69Notes: 1) Revision of forecast for fiscal year ending March, 2022 : Yes
2) Regarding the forecast for cumulative consolidated earnings for the fiscal year, please refer to the August
4th, 2021 press release “Terumo Revises its Full-Year Financial Guidance for FY2021”.
3) Earnings per share is calculated by taking into consideration effects of the conversion of convertible bondsin the three months.
• Assumed exchange rate for fiscal year ending March, 2022: USD1=JPY108, EUR1=JPY129－ 2 －[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

*Notes(1) Changes in significant subsidiaries during the current quarterly consolidated cumulative period (changes in
specified subsidiaries resulting in changes in the 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: None(ii) Changes in accounting policies other than (i): None(iii) Changes in accounting estimates: None
(3) Number of shares outstanding (common stock)(i) Number of shares outstanding at the end of
the period (including treasury shares)

As of June 30, 2021

759,521,040 shares As of March 31, 2021

759,521,040 shares(ii) Treasury shares at the end of the period

As of June 30, 2021

3,475,006 shares As of March 31, 2021

3,508,047 shares(iii) Average number of shares during theperiod (cumulative quarterly)

Three months ended
June 30, 2021

Three months ended
June 30, 2020

754,022,525 shares

756,029,574 shares*Quarterly financial statements are not subject to quarterly reviews by certified 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 Terumo that it will achieve these goals. In addition, actual results may differ
significantly due to several factors. For the assumptions that are the premise of the earnings forecast and theprecautions for using the earnings forecast, refer to [Attachment], page 8, "1. Overview of Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2022 (3) Forecasts, including the Consolidated
Financial Results for the Fiscal Year Ending March 31, 2022".
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.

－ 3 －[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

 Table of contents of attached materials
1. Overview of Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022 ........................... 5(1) Overview of Consolidated Business Results...................................................................................................... 5(2) Overview of Consolidated Statement of Financial Position .............................................................................. 8(3) Forecasts, including the Consolidated Financial Results for the Fiscal Year Ending March 31, 2022 .............. 8
2. Condensed Consolidated Financial Statements ...................................................................................................... 9(1) Condensed Consolidated Statement of Financial Position ................................................................................. 9(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement ofComprehensive Income ............................................................................................................................... 11(3) Condensed Consolidated Statements of Changes in Equity ............................................................................. 13(4) Notes Pertaining to Condensed Consolidated Financial Statements ................................................................ 13(i) Going Concern Assumption ......................................................................................................................... 13(ii) Segment information .................................................................................................................................. 14－ 4 －[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

1. Overview of Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022
(1) Overview of Consolidated Business Results
In the first quarter of the current fiscal year (from April 1, 2021 to June 30, 2021), the healthcare market
experienced a recovery in medical demand especially in North America and Europe with the spread of the
COVID-19 vaccination. There was increase in exams, diagnostics, hospitalizations, and elective procedures
which had been postponed across various clinical departments as the impacts of the COVID-19 pandemic
begun in the previous fiscal year largely eased. The Group’s sales trended strongly owing to this recovery in its
principal markets.
Financial results for the first quarter are as follows:

Revenue
Gross profit
Adjusted operating profit
Operating profit
Profit before tax
Profit for the period
Profit for the period
attributable to owners of theparent

For the threemonths ended
June 30, 2020

For the threemonths ended
June 30, 2021

131,298
68,873
21,685
18,073
17,885
13,971

171,716
94,25940,20336,23336,02027,895

30.8
36.9
85.4
100.5
101.4
99.7

(Millions of yen)
Growthexcluding impactof FX
translations (%)
25.1
30.3
72.7
85.4
－
－

14,002

27,89599.2－

Growth (%)

Sales revenue by Geographic areas for the first quarter is as follows:(Millions of yen)
Growthexcluding impactof FX
translations (%)

For the threemonths ended
June 30, 2020

For the threemonths ended
June 30, 2021

Japan

44,334

49,17510.9

10.9

Europe25,46434,501

35.5

21.5

Americas36,28854,397

49.9

46.3

Asia and others

25,21133,642

33.4

23.2

Overseas total

86,963

122,541

40.9

32.4

Total

131,298

171,716

30.8

25.1

Geographic areas－ 5 －Growth (%)

[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

Revenue
Revenue totaled ¥171.7 billion, an increase of 30.8% versus the same period in the previous fiscal year.
In Japan, overall revenue increased by 10.9% year on year, amid strong revenue in Alliance division of General
Hospital Company and the steady recovery in demand for daily use products in Hospital systems division and TIS
division (interventional devices) and Neurovascular division of Cardiac and Vascular Company.
Revenue overseas increased by 40.9% in comparison with a year earlier amid indications of a robust recovery indemand in TIS division and Neurovascular division of Cardiac and Vascular Company and Blood and Cell
Technologies Company.
Gross profit
Gross profit came to ¥94.3 billion, an increase of 36.9% compared with the previous fiscal year, reflecting theimprovement in product mix amid rising revenue mainly in Cardiac and Vascular Company.
Adjusted operating profit
Adjusted operating profit came to ¥40.2 billion, an increase of 85.4% year on year, owing to the increase in grossprofit.
Adjusted operating profit factors out amortization expense for intangible assets obtained during acquisitions andone-off income and expenses from operating profit. In addition, adjusted operating profit is consistent withsegment profit. We are disclosing adjusted operating profit as we are using it as a performance indicator.
Operating profit
Operating profit came to ¥36.2 billion, an increase of 100.5% year on year, owing to the increase in adjusted
operating profit.
Profit before tax
Profit before tax was ¥36.0 billion, an increase of 101.4% versus the same period a year earlier owing to theincrease in operating profit.
Profit for the period attributable to owners of the parent
Profit for the period attributable to owners of the parent totaled ¥27.9 billion, an increase of 99.2% year on year,
driven by the increase in profit before tax.

－ 6 －[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

Revenue results of the reporting segments are as follows:

For the threemonths ended
June 30, 2020

For the threemonths ended
June 30, 2021

Growth (%)

Revenue

67,31599,56847.9

39.9(Japan)10,911

12,69816.4

16.4(Overseas)

56,40386,86954.0

44.5

Revenue

39,183

43,78311.7

10.0(Japan)30,821

33,996

10.3

10.3(Overseas)

8,362

9,786

17.0

8.9

Revenue

24,73328,301

14.4

8.8(Japan)

2,535

2,416

(4.7)

(4.7)

(Overseas)

22,19725,884

16.6

10.3

Segment

Cardiac and
VascularCompany
GeneralHospitalCompany
Blood and Cell
Technologies
Company(Millions of yen)
Growthexcluding impactof FX
translations (%)

Cardiac and Vascular Company
Global revenue increased 47.9% over the same period of the previous year to ¥99.6 billion. In Japan, sales
increased amid the recovery in demand of TIS division and Neurovascular division. Overseas, in North America
and Europe, there were indications of a robust recovery in demand in TIS division and Neurovascular division.
General Hospital Company
Global revenue increased 11.7% to ¥43.8 billion. In Japan, there was a recovery in demand for daily use productsin Hospital systems division and growth in the B2B business with pharmaceutical companies in Alliance division.
Overseas, there were indications of a robust recovery in demand for daily use products in Asia and China as wellas the veterinary market in North America.
Blood and Cell Technologies Company
Global revenue increased 14.4% to ¥28.3 billion. In Japan, sales of blood center products declined slightly.
Overseas, there was a recovery in demand for whole blood collection, therapeutic apheresis systems, and cellprocessing products.

－ 7 －[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

(2) Overview of Consolidated Statement of Financial Position
Total assets stood at ¥1,339.6 billion, a decrease of ¥11.6 billion. This was mainly owing to a decrease in cash
and cash equivalents of ¥14.0 billion due to payments for dividends and the redemption of bonds payable andan increase in property, plant and equipment of ¥4.0 billion from investments in manufacturing facility.
Total liabilities came to ¥465.6 billion, a decrease of ¥29.0 billion. This was mainly attributed to a decrease of¥7.2 billion in trade and other payables due to the payment related to facilities, decrease in bonds andborrowings of ¥10.4 billion due to the redemption of bonds payable, decrease in other current liabilities of¥5.4 billion due to the payment of bonuses, and decrease in corporate income tax payable of ¥4.7 billion due
to the payment of corporate income tax.
Total equity was ¥874.0 billion, an increase of ¥17.3 billion. This mainly reflects an increase from posting
profit for the period of ¥27.9 billion and a decrease of ¥11.3 billion due to the payment of dividends fromretained earnings.
(3) Forecasts, including the Consolidated Financial Results for the Fiscal Year Ending March 31, 2022
At present, we must continue to monitor risks such as uncertainty about subsequent waves of COVID-19
infections and risks posed by a drop in demand and supply chain interruptions caused by these impacts.
Nevertheless, we plan to pour energies into the introduction and expansion of highly value-added products thatwill boost the quality and efficiency of healthcare, along with further improvement to manufacturing costs,
and effective use of selling, general and administrative expenses.

－ 8 －[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

2. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statement of Financial Position（Unit: Millions of yen）
As of
June 30, 2021

As ofMarch 31, 2021
AssetsCurrent assets
Cash and cash equivalents

200,770

186,745

Trade and other receivables

128,770

126,000

Other current financial assets

1,116

1,174

175,576

178,303

Current tax assets

510

324

Other current assets

17,222

18,150Total current assets

523,966

510,698

Property, plant and equipment

299,679

303,673

Goodwill and intangible assets

471,834

471,416

Inventories

Non-current assets

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

3,644

3,453

19,44920,052

Deferred tax assets

23,72922,249Other non-current assets

8,887

8,012

Total non-current assets

827,225

828,858

1,351,192

1,339,556

Total assets－ 9 －[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

（Unit: Millions of yen）
As of
June 30, 2021

As ofMarch 31, 2021
Liabilities and Equity
Liabilities
Current liabilities
Trade and other payables

83,52876,291

Bonds and borrowings

42,07232,010

Other current financial liabilities

7,784

6,803

Current tax liabilities

14,311

9,583

374

405

Other current liabilities

63,29557,895

Total current liabilities

211,366

182,989

Bonds and borrowings

218,497

218,173

Other non-current financial liabilities

32,122

32,030

Deferred tax liabilities

15,962

15,714

Defined benefit liabilities

6,639

6,755

96

97

Other non-current liabilities

9,845

9,790

Total non-current liabilities

283,163282,561494,530

465,551

Share capital

38,716

38,716

Capital surplus

51,82951,879Treasury shares(6,838)(6,773)Retained earnings

775,078

791,630

Other components of equity(2,123)(1,448)856,662874,004

856,662874,004

1,351,192

1,339,556

Provisions

Non-current liabilities

Provisions

Total liabilities
EquityTotal equity attributable to ownersof the parent
Total equity
Total liabilities and equity－ 10 －

[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

(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 three months ended
For the three months ended
June 30, 2020
June 30, 2021
Revenue
131,298
171,716
Cost of sales
62,42477,457Gross profit
68,873
94,259Selling, general and administrative expenses
51,25558,140
Other income
844
563
Other expenses
388
448
Operating profit
18,07336,233Finance income
352
248
Finance costs
589
495
Share of profit/(loss) of investments
49
33
accounted for using the equity method
Profit before tax
17,88536,020
Income tax expenses
3,913
8,125
Profit for the period
13,971
27,895Attributable to:
Owners of the parent
Non-controlling interests
Total profit for the period

14,002(31)
13,971

27,89527,895

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

18.57
18.50

36.90
36.87

－ 11 －

[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

(Condensed Consolidated Statement of Comprehensive Income)

Profit for the period

For the three months ended
June 30, 2020
13,971（Unit: Millions of yen）
For the three months ended
June 30, 2021
27,895

420

(135)

420

(135)

(5,061)

790

433

(40)

233

82

(4,395)832(3,974)

696

9,997

28,592

10,02828,592

(31)

-

9,997

28,592Other comprehensive income
Items that will not be reclassified to profit orloss
Changes in financial assets measured at fairvalue through other comprehensive income
Remeasurement 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
Attributable to
Owners of the parent
Non-controlling interests
Total comprehensive income for the period
Note:

Items in the above statement are net of tax.

－ 12 －

[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

(3) Condensed Consolidated Statements 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, 2020
Profit for the period
Other comprehensive income
Total comprehensive income
Acquisition of treasury shares
Disposal of treasury shares
Dividends
Transfer from othercomponents of equity toretained earnings
Share-based payments
Conversion of convertible
bonds
Total transactions with owners of
the parent
Balance as of June 30, 2020

38,716-51,858-(14,103)(0)43-705,765
14,002
14,002
0(10,531)

-

-

-

1,393

-

50

-

-

(17)

38,716

Noncontrolling Total equity
interests

Total(27,423) 754,813
14,002(3,973) (3,973)(3,973)
10,028(0)(43)
0- (10,531)

69
(31)
(0)
(31)
-

754,883
13,971(3,974)
9,997(0)
0(10,531)(1,393)

-

-

-

-

-

50

-

50

3,689

(69)

-

3,602

-

3,602

33

3,731

(9,206)(1,437)(6,879)-(6,879)51,891(10,371)

710,561(32,835)

757,96337

758,001（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, 2021
Profit for the period
Other comprehensive income
Total comprehensive income
Acquisition of treasury shares
Disposal of treasury shares
Dividends
Share-based payments
Conversion of convertible
bonds
Total transactions with owners of
the parent
Balance as of June 30, 2021

38,716-

51,82950(6,838)(0)
23-775,078
27,89527,895(1)(11,340)
-

-

(0)

40

(0)

-

50

64

(11,342)

38,71651,879(6,773)

791,630(4) Notes Pertaining to Condensed Consolidated Financial Statements(ⅰ) Going Concern Assumption
Not applicable－ 13 －

Noncontrolling Total equity
interests

Total(2,123) 856,662
27,895696
696
696
28,592(0)(21)
0- (11,340)
50-

856,662
27,895696
28,592(0)
0(11,340)
50

39

-

39

(21) (11,249)-(11,249)-

874,004-(1,448)874,004

[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022(ii) 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, General Hospital Company, and Blood and Celltechnologies Company.

－ 14 －

[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

(2) Reportable segment information
Revenue and operating results of the reporting segments of the Group are described below.
For the three months ended June 30, 2020

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(Unit: Millions of yen)Amountrecorded on
Adjustments
condensed(Note)
consolidated
financialstatements

Cardiac and
VascularCompany

GeneralHospitalCompany

Blood and
Cell
Technologies
Company

67,31539,18324,733

131,232

65

131,298

12,405

5,171

3,886

21,463

222

21,685(1,733)-(2,031)(3,765)269(3,496)

Total

(116)

Operating profit

18,073Finance income

352

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax

(589)
49
17,885

Note: Amounts in “Adjustments” are as follows:(1) ¥65 million adjustments to Revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥222 million adjustment to segment profit mainly consists of ¥197 million for inventories.

－ 15 －

[Terumo Corporation] Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022

For the three months ended June 30, 2021

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(Unit: Millions of yen)Amountrecorded on
Adjustments
condensed(Note)
consolidated
financialstatements

Cardiac and
VascularCompany

GeneralHospitalCompany

Blood and
Cell
Technologies
Company

99,56843,78328,301

171,65264

171,716

29,368

6,448

5,987

41,805(1,601)40,203(1,808)-(2,067)(3,875)(37)(3,913)

Total

(56)

Operating profit

36,233Finance income

248

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax

(495)
33
36,020Note: Amounts in “Adjustments” are as follows:(1) ¥64 million adjustments to Revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥(1,601) million adjustment to segment profit consists of ¥(876) million for inventories and¥(579) million for preparation expenses to comply with Medical Device Regulation in EU.

－ 16 －