Financial Results for the First Quarter of
Fiscal Year Ending March 31, 2023 (FY2022)

August 9, 2022
Naoki Muto
Chief Accounting and Financial Officer
Terumo Corporation

I am the CAFO, Muto. I will now explain the first quarter results for the
fiscal year ending March 2023.

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 beguarantees 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 of competition. Information about products (including products currently in development) which isincluded in this material is not intended to constitute an advertisement or medical advice.

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

2 / 22

FY22 Q1 Results Highlights
Revenue
Positive year-on-year growth for all three companies, highest-ever quarterly revenue
Recovery in healthcare demand including number of procedures in addition to FX (yen depreciation)
contribution, resulting in double-digit growth in all regions outside of Japan
Positive growth in all regions, even when excluding FX impact

Operating profit
Gross profit amount grew 8% due to revenue increase, even market conditions (inflation) caused arise in costs
Sales promotion and R&D activities resumed emerging from COVID-19 pandemic, with thecomparable period having still been affected by COVID-19
Operating profit amount decreased 16%, but grew broadly quarter-on-quarter©TERUMO CORPORATION

3 / 22

Revenue grew positively year-on-year and was the highest-ever in aquarter for all three companies.
Recovery in healthcare demand including number of procedures, inaddition to FX contribution, resulted in double-digit growth in all regions
outside of Japan.
All regions grew positively year-on-year, even when excluding FX impact.
In profit, there was impact from inflation, but increased revenue resulted in
8% gross profit growth.
Simultaneously, sales promotion, R&D, and other activities resumed morethan they had in the same quarter of the previous year, when they werestill partially limited by COVID-19.
As a result, operating profit was minus 16% year-on-year, but it was
positive 41% compared to the fourth quarter of the previous period that
directly preceded it.
Progress toward the annual guidance is 25% in sales revenue and 23% inoperating profit.
In addition to passing the higher cost to customer for the inflation, we areworking for better transportation choice from cost optimization perspectivein the demand increasing as well as stabilizing factory utilization with

having enough main-parts stock. We also accelerate global optimization of
production and procurement as the part of GS26.

P&L Results
Revenue: Recovery in healthcare demand including number of procedures, return to growth trend. Positive FX (yen depreciation) impact,
highest-ever quarterly revenue
Operating profit: Gross profit increased, even market conditions (inflation) caused a rise in costs. Meanwhile, activities resumed asplanned amid emergence from COVID-19, resulting in 16% OP decreased.

100M 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

FY21 Q1

FY22 Q1

1,717
943

1,973
1,016

(54.9%)(51.5%)

465

566(27.1%)(28.7%)

117

141(6.8%)(7.1%)YoY%

YoY% (FXN)

15%
8%

5%
2%

22%

10%

20%

11%

1

-6

-

-

362

304

-16%

-14%

(21.1%)(15.4%)

-11%

-11%

402

359

(23.4%)(18.2%)

360

297(21.0%)(15.0%)

279

224(16.2%)(11.4%)

110JPY/132JPY

130JPY/138JPY

-18%
-20%

4 / 22

Revenue was 197.3 billion yen, our highest-ever quarterly result. This was
a 15% increase from the same quarter of the previous year. Positive
growth was 5% when excluding FX.
Revenue growth absorbed part of the increase in manufacturing costcaused by inflation, but as activities that had been limited due to COVID-19
resumed, SG&A and R&D expenses rose, resulting in operating profit of
30.4 billion yen, which was a decrease from the same period of theprevious year.
On the other hand, profit increased around 40% compared to the 4th
quarter of the previous year. Please refer to Slide 14 of the referencematerials for that trend.

Operating Profit Variance Analysis(100M JPY)

Gross Price
G/P
increment margin+2
by sales
JP NHI
SG&A
increase
Price

G/P increment by sales increase:
Sales increase due to demand recovery andgrowth, new products launched
Gross margin:

R&D

FX

Impact of inflation, etc. exceeded positive
factors such as mix improvement-7

Price:
Reimbursement price revision impact (inJapan) partially mitigated by price increase
SG&A, R&D:
Resumption of business activities (gradual in
COVID-19-affected previous year)
FX:
FY21 Q1 FY21 Q1
Operating Adjusted
Profit Operating
Profit©TERUMO CORPORATION

FY22 Q1 FY22 Q1
Adjusted Operating
Operating
ProfitProfitFlow exceeded stock

5 / 22

G/P increment by sales increase was positive 5.1 billion yen.
Gross margin was positively impacted by mix improvement primarily due toincreased revenue in the TIS business of the Cardiac and VascularCompany, but negative impact from production cost inflation, including
materials, logistics, labor, and utilities, exceeded that positive impact,
resulting in minus 3.5 billion yen.
Price was impacted 700 million yen by the reimbursement price revision,
but pushed back up 200 million yen by price increases.
SG&A and R&D increased as activities resumed more than they had in thesame quarter of the previous year, which was still limited by COVID-19. In
addition, up-front expenses increased in the Plasma Innovation businessof the Blood and Cell technologies company.
In FX, flow swung greatly positive in the currencies of China and the EU,
where revenue grew as planned. This was almost offset by the negative
impact for unrealized profit from inventory assets with FX rapid change inthe end of this quarter.

Revenue by Region
Revenue (100M JPY)
FY22 Q1
Regional
breakdown

25%

10%
12%

Change vs.
FY21 Q1

Comment

1%

Sales increase led by PS, TIS and TA, maintained growth. Minor
decline in TBCT.
QoQ (comparing FY21 Q4 and FY22 Q1), seasonal fluctuation
caused slowing for TBCT and TMCS; C&V maintained demand
growth.

12%(6%)

All companies maintained growth, led by C&V. QoQ, C&V and
TBCT continued to grow, while TMCS slowed due to ordertiming impact

Americas

363
544
662

22%
(3%)

All companies maintained growth, led by TIS and TBCT Blood
Center Solutions. QoQ as well, all companies maintained
growth, led by TIS and Neurovascular of C&V

China

102
155
194

25%
(8%)

While lockdown impact, all companies maintained growth due tostrong demand from distributor, led by TIS and Neurovascular.
QoQ as well, all companies maintained growth, including TIS
and Blood Center Solutions

Asia and

151
182
233

28%
(16%)

Demand recovery resulted in growth in all companies, led by TIS
and Blood Center Solutions. TIS and Blood Center Solutions
were also drivers QoQ

FY20
Japan FY21
FY22

443
492
499

Europe

255
345
386

20%

34%

(C&V: Cardiac & Vascular, TMCS: Medical Care Solutions, TBCT: Blood andCell Technologies, PS: Pharmaceutical Solutions, TIS: Interventional Systems)

Others©TERUMO CORPORATION( ) FXN

6 / 22

Revenue in Japan grew most in the following order: Pharmaceutical
Solutions of the Terumo Medical Care Solutions Company, TIS, and TA of
the Cardiac and Vascular Company.
In Europe, the Cardiac and Vascular Company led as all companies
increased revenue. The quarter was not impacted by COVID, and thenumber of procedures trended as planned. Whole blood product tenders
contributed for the Blood and cell Technologies Company.
In the Americas, TIS of the Cardiac and Vascular Company, VET-market
general hospital products in Terumo Medical Care Solutions, and Blood
Center Solutions in the Blood and cell Technologies Company were eachdriver as all three companies increased revenue. The Neurovascular andTA businesses are both growing as planned.
The May lockdown of cities in China maximized impact of reduced numberof procedures, but distributor demand was very strong, leading to 8% yearon-year growth when excluding FX.
In Asia and others, healthcare demand recovery resulted in TIS of Cardiac
and Vascular and Blood Center Solutions of the Blood and cellTechnologies Company growing as planned.

C&V:

Number of procedures moved from recovery to growth trend in all regions but
Japan, with all businesses growing sales. Segment profit returned to normal
levels as business activities resumed(100M JPY)

Q1

Comment( ) FXN

TIS:

1,168
996
Revenue

673
+17%
(+5%)

294
Segment
Profit124

Number of procedures grew, led by EU, US. Aspiration
catheter continues to grow, and WEB expanded in North
America. Flow diverter, with new product, shifted torecovery in quarterly trendCV:

Continued steadily due to increased number of proceduresin EU, US. Only Japan saw slight decrease; ECMO
demand was driver

+8

TA:

In addition to EU, US increase in number of procedures,
sales increase due to new stent graft product also
contributed.

+12

Profit:Profit %©TERUMO CORPORATION

FY20

FY21

FY22

18%

29%

24%

+118

Neurovascular:

280
-5%
(-9%)

Growth more gradual in Japan, which had reimbursement
price revision. Overseas achieved double-digit growth,with Asia, China, Americas largest, respectively. Lockdown
impact on number of procedures, but very strong demand
from distributor in China. Growth in areas including
oncology and peripheral

Q1
YoY%

+35

In additon to inflation, SG&A increased compared to thepartially limited previous year due to COVID-19, resulting
in decreased segment profit

7 / 22Overall revenue was 116.8 billion yen, for 17% growth. This was 14%
growth from the preceding 4th quarter.
In all regions except Japan, number of procedures recovered to the preCOVID growth trend.
In TIS, Japan was more gradual due to reimbursement price revision
impact, but markets outside Japan grew in the double digits, with Asia,
China, and the Americas growing the most, respectively. Recovery andgrowth in the number of oncology and peripheral procedures was one
overall growth factor.
Neurovascular saw an increase in number of procedures, led by North
America and Europe. This led to continued growth by the aspiration
catheter, as well as expansion of WEB in North America. The flow diverter,
which was experiencing aggressive competition, pivoted toward recovery
thanks to positive impact from the launch of a coated product.
CV also trended steadily as the number of procedures grew in North
America and Europe. Only Japan saw a slight decrease, following high
ECMO demand as a driver in the previous year.
In TA, the number of procedures grew in North America and Europe, while
the new thoracic stent graft product Relay Pro contributed to increased

sales in places including Japan and the United States.
As activities resumed more than they had in the COVID-impacted previous
year, expenses returned in earnest, resulting in decreased segment profit;
however, this was as we anticipated.

Drivers were general hospital product growth in North America andPharmaceutical Solutions sales increase, resulting in sales growth.
Segment profit decreased due to FX impact and resumption of business activities

TMCS:(100M JPY)

Q1

Comment

Q1
YoY%( ) FXN

392

438

460

Revenue
+5%
(+2%)

64
52

45

Segment
Profit-31%(-26%)

FY20

FY21

FY22

13%

15%

10%

HCS;
Hospital
Care
Solutions

Amid overall flat demand in Japan, adhesion barrier grewas number of surgeries recovered. Overseas, veterinary
medical devices grew in North America, driving the whole

+10

LCS;
Life
Care
Solutions

Thermometer, blood pressure monitor demand returned tonormal following large previous-year growth; In Japan, theprice for self-measurement of blood glucose products was
declined due to increasing competition−6

PS;
Pharma-ceutical
Solutions

Orders increased from pharma companies expecting
demand recovery, resulting in sales increase+18

Profit:Resumption of business activities added to inflation, FX—
especially negative impact of CNY appreciation vs JPY—
and worsened LCS mix impact to result in overall segment
profit decrease

Profit %©TERUMO CORPORATION

8 / 22Overall revenue was 46 billion yen, for 5% growth. Revenue decreased 1%
from the preceding 4th quarter.
By business: In Hospital Care Solutions, healthcare demand in Japan was
still recovering, while a resumption of surgeries resulted in adhesion
barrier growth. Outside Japan, there was growth in general hospital
products such as VET in the US and indwelling needles for the veterinary
market.
In Life Care Solutions, products that saw extraordinary demand in theprevious year, such as thermometers and blood pressure monitors,
returned back to normal. Self-measurement blood glucose products also
experienced price decrease impact as competition intensified; all thesefactors resulted in deceleration.
In Pharmaceutical Solutions, orders from pharmaceutical companies
increased in anticipation of healthcare demand recovery.
In segment profit, gross profit decreased due to the negative impact ofrising manufacturing cost caused by CNY appreciation and less-favorable
mix in Life Care. In addition, activities resumed more than they had in thesame quarter of the COVID-impacted previous year. These factors resulted
in decreased profit.

TBCT:

Automation innovation and demand recovery contributed to large growth in whole
blood market. Plasma Innovation expenses and resumption of activities, resulting
in slowing of segment profit(100M JPY)

Q1

Comment

Q1
YoY%( ) FXN

345
Revenue

283

247

+22%
(+9%)

60
Segment
Profit39

Blood
Center;As global blood transfusion demand recovered, whole
blood collection in EU/US saw increased sales led byautomation innovation. Component collection also saw
steady demand including in China+46

Apheresis;

Cell therapy number of procedures grew centered inJapan and EU/US, resulting in continued high demand.
Hospitals also continued to invest for devices

+11

Cell
Processing;With expansion of cell therapy needs, cell processing
instrument demand steady+5

Profit;In addition to resumption of business activities including
Plasma Innovation investment, inflation and appreciation
USD negative impact led to slowing of segment
profitability.

36

+27%
(+30%)-40%(-39%)

FY20

FY21

FY22

16%

21%

10%

Profit %©TERUMO CORPORATION

9 / 22Overall revenue was 34.5 billion yen, for 22% growth. Growth was 13%
from the directly preceding 4th quarter.
In revenue, the global recovery in whole blood collection demand
combined with steady growth in therapeutic solutions and cell processing
for strong overall growth.
In the Blood Center business, whole blood collection demand recovered
globally, while automation innovation in the US and Europe also
contributed to increased revenue. Component collection demand also
grew steadily in regions including China.
Therapeutic solutions continued to see high demand along with the growthof cell therapy volume, led by Japan, Europe, and the US. Instrument sales
continue as hospitals invest in being able to perform this therapy.
As the need for cell therapy expands, there is steady demand for cellprocessing instruments.
In profit, impact from rising manufacturing cost in the US combined with
up-front investment in Plasma Innovation and fuller resumption of activities
than the same COVID-affected quarter of the previous year to result in adecrease. It is also of note that production volume in Costa Rica exceededplans.

Product Pipeline and Major Topics
Major Product Launch, Approval Status
Field

GeneralProduct name

*C&V: Cardiac and Vascular, TMCS: Medical Care Solutions, TBCT: Blood and Cell Technologies,
HCS: Hospital Care Solutions, LCS: Life Care Solutions

To FY21FY22FY23 and beyond

TIS

Drug-eluting coronary
stent

Ultimaster Nagomi

Japan sales

EU launch

Asia, Latin America
launchNeurovascular

Flow diverter stent

FRED X

EU, US salesTA

Thoracic aorta stent graft Relay Series

HCS

General infusion pump

Terufusion infusion pump 18
model

LCS

Patch insulin pump

Medisafe WITH series

TBCT

Cell expansion system

Quantum Flex

US sales expansion, regional expansion

EU sales,In US, dissection and
Additional models,US, Japan
trauma; in Japan,
RelayBranchaneurysm
dissection indication
clinical trials conductedindication approval
approved
EU, Latin America
Japan sales
Asia launch
launchCurrent model
Japan, EU sales

Quantum
global sales

Diabeloop Company
AID system
collaboration,
regional expansion
considered
Cell processing
business
Launch Quantum Flex
additional model
aims for double-digit
growthFRED X

Improved model
Japan launch

RelayPro

Major Topics• Corporate: Terumo Purpose announced: Advancing Healthcare and Enhancing Patients’ Quality of Life
: Announced the results of DISCO RADIAL worldwide, large-scale clinical trial. Support for building new evidence of radial procedure• C&V• TMCS : Closed infusion connector SURPLUG AD awarded with the Japan Institute of Invention and Innovation President’s Award• TBCT:and the Working of Inventions Award at the 2022 National Commendation for Invention
Littleton Factory opened as new site for source plasma collection system production©TERUMO CORPORATION

10 / 22

New products whose sales grew greatly in the 1st quarter were: Relay Pro,
which launched in the United States last year; the WEB Neurovascular
product, which benefitted from a 17mm model introduction and expansion
in the number of facilities using it in the US; and FRED X, which further led
the counteroffensive against the competition.
As the slide shows, if Relay is approved for additional indications such as
dissection, it is expected to see even further growth.
And this was the good news that Source Plasma Collection with our Rika
has started.
One major topic is that Terumo announced its Purpose on July 8. Taking
into view the next 10 years, the Terumo Purpose expresses in specificterms the direction that Terumo intends to go, upon considering what
contributions it can make to global healthcare to meet the expectations ofsociety.
This concludes my explanation of our earnings. Thank you.

Reference©TERUMO CORPORATION

11 / 22

Revenue by Segment and Region
2022年度 第1四半期 セグメント別売上収益

Revenue by Segment for the First Quarter of FY2022（百万円 / millions of yen)

Q1 YTD
FY2021
日本
JPN

心臓血管
カンパニー

米州

中国

EuropeAmericas

China

アジア他
Asia andothers

合計
WW

日本
JPN

%YoY

海外
Overseas

%YoY

欧州

%YoY

Europe米州
Americas

%YoY

アジア他

中国

%YoY

China

Asia andothers

%YoY

合計
WW

%YoY

構成比
% to total

TIS

7,862

59,06916,166

26,176

10,0406,686

66,932

8,064

2.6%

70,641

19.6%

17,6569.2%

31,551

20.5%

12,108

20.6%

9,324

39.5%

78,705

17.6%

39.9%

ニューロバスキュラー

Neurovascular

1,371

12,532

4,228

5,518

1,845

939

13,904

1,342

-2.1%

16,055

28.1%

4,925

16.5%

7,120

29.0%

2,667

44.5%

1,342

42.9%

17,397

25.1%

8.8%

カーディオバスキュラー

Cardiovascular

2,749

9,239

1,456

6,017

526

1,239

11,989

2,622

-4.6%

10,158

9.9%

1,552

6.6%

6,474

7.6%

600

13.9%

1,532

23.6%

12,781

6.6%

6.5%

血管

Vascular Graft

714

6,027

3,297

1,975

401

353

6,742

823

15.3%

7,116

18.1%

3,855

16.9%

2,594

31.4%

340

-15.1%

326

-7.8%

7,940

17.8%

4.0%

12,69886,86925,14839,687

12,814

9,219

99,56812,853

1.2%

103,972

19.7%

27,98911.3%

47,74020.3%

15,71622.7%

12,52535.9%

116,825

17.3%

59.2%

ホスピタルケアソリューション

Hospital Care Solutions

23,496

6,646

753

2,149

352

3,390

30,14323,310

-0.8%

7,868

18.4%

701

-6.9%

2,806

30.6%

544

54.5%

3,816

12.5%

31,179

3.4%

15.8%

ライフケアソリューション

Life Care Solutions

5,722

829

200

8

229

390

6,551

5,110

-10.7%

815

-1.7%

203

1.0%

-

-100.0%

307

34.0%

304

-22.0%

5,925

-9.6%

3.0%

ファーマシューティカルソリューション

Pharmaceutical Solutions

4,776

2,310

1,464

580

20

245

7,087

6,091

27.5%

2,796

21.0%

1,693

15.7%

696

20.0%

80

290.5%

324

32.5%

8,887

25.4%

4.5%

Medical Care Solutions Company
血液・細胞
テクノロジーカンパニー

Q1 YTD
FY2022欧州

TIS

Cardiac and Vascular Company
メディカルケアソリューションズ
カンパニー

海外
Overseas

33,996

9,786

2,419

2,738

602

4,027

43,78334,512

1.5%

11,480

17.3%

2,598

7.4%

3,503

27.9%

931

54.7%

4,446

10.4%

45,992

5.0%

23.3%

血液センター

Blood Center Solutions

2,300

18,252

5,337

7,022

1,732

4,161

20,552

2,303

0.2%

22,886

25.4%

6,074

13.8%

9,049

28.9%

2,411

39.2%

5,350

28.6%

25,190

22.6%

12.8%

アフェレシス治療他

Therapeutic Solutions

77

5,551

1,408

3,169

264

709

5,628

118

53.1%

6,572

18.4%

1,680

19.3%

3,794

19.7%

300

14.0%

796

12.3%

6,690

18.9%

3.4%

細胞処理

Cell Therapy Technologies

39

2,080

187

1,779

60

52

2,119

20

-48.6%

2,558

23.0%

230

23.1%

2,157

21.2%

7

-86.9%

162

209.5%

2,579

21.7%

1.3%

2,416

25,884

6,933

11,971

2,057

4,923

28,301

2,441

1.1%

32,018

23.7%

7,986

15.2%

15,001

25.3%

2,720

32.3%

6,310

28.2%

34,459

21.8%

17.5%

Blood and Cell Technologies Company
その他

Others

64

-

-

-

-

-

64

62

-3.2%

-

-

-

-

-

-

-

-

-

-

62

-3.2%

0.0%

合計

Total

49,175

122,541

34,501

54,397

15,473

18,169171,716

49,8691.4%

147,470

20.3%

38,574

11.8%

66,24421.8%

19,36925.2%

23,282

28.1%

197,34014.9%

100.0%

28.6%

71.4%

20.1%

31.7%

9.0%

10.6%

100.0%

25.3%

売上比率

% to Total(Average Exchange Rates)（期中平均為替レート）(USD1=\109.52)(EUR1=\131.94)

74.7%

19.5%

33.6%

(USD1=\129.73)(EUR1=\138.26)* 2022年度より、従来の「ホスピタルカンパニー」のセグメント名称を「メディカルケアソリューションズカンパニー」に変更しています。なお、サブ * Effective fiscal 2022, the segment name of the former "General Hospital Company" has been changed to "Medical Care Solutions Company". As for sub-segments, the former "General Hospitalセグメントにつきましては、従来の、医療器事業と医薬品事業が「ホスピタルケアソリューション」に、DM・ヘルスケア事業が「ライフケアソリューショ Products" and “Pharmaceutical" have been combined into "Hospital Care Solutions", "DM and Consumer Healthcare" has been renamed "Life Care Solutions", and the "Alliance" has been renamedン」に、アライアンス事業が「ファーマシューティカルソリューション」に変更となっています。これに伴い、2021年度につきましても、変更後の名 "Pharmaceutical Solutions". In accordance with this change, the fiscal 2021 figures are also listed under the new names.
称で記載しています。

©TERUMO CORPORATION

12 / 22

9.8%

11.8%

100.0%

Quarterly Trend of Revenue and Operating Profit
Revenue: Q1 growth 15% year-on-year, and grew 10% quarter-on-quarter, highest-ever quarterly revenue
Operating profit: Q1 decreased 16% year-on-year, and grew 41% quarter-on-quarter(100M JPY)
1,973

1,788

1,729

1,717

1,798
1,652

1,653

1,520

TBCT（Revenue）

1,313

TMCS（Revenue）
C&V（Revenue）
Company
181

362

304

238

FY20 FY21 FY22Q1

©TERUMO CORPORATION

334

296

FY20 FY21 FY22
1

Q2

286

231

FY20 FY21 FY221Q313 / 22（Operating Profit）

215

FY20 FY21 FY22
1

Q4

1

Quarterly Results(100M JPY)

Revenue

FY21 Q1(Apr-Jun)

Q2(Jul-Sep)

Q3(Oct-Dec)

Q4(Jan-Mar)FY22 Q1(Apr-Jun)

1,717

1,729

1,788

1,798

1,973

Gross Profit

943 (54.9%)

920 (53.2%)

926 (51.8%)905 (50.3%)

1,016 (51.5%)

SG&A Expenses

465 (27.1%)

490 (28.4%)

507 (28.4%)

528 (29.4%)

566 (28.7%)

R&D Expenses

117 (6.8%)

130 (7.5%)

128 (7.2%)

144 (8.0%)

141 (7.1%)

1

-3

-5

-18

-6

Other Income andExpenses
Operating Profit

362 (21.1%)

296 (17.1%)

286 (16.0%)

215 (12.0%)304 (15.4%)

Adjusted Operating
Profit402 (23.4%)

339 (19.6%)

330 (18.5%)

273 (15.2%)

359 (18.2%)

110 JPY
132 JPY

110 JPY
130 JPY

114 JPY
130 JPY

116 JPY
130 JPY

130 JPY
138 JPY

Quarter
Average Rate

USD
EUR

©TERUMO CORPORATION

14 / 22

Operating Expenses (Quarterly Trend)(100M JPY)
FY21 Q1(Apr-Jun)

Q2(Jul-Sep)

Q3(Oct-Dec)

Q4(Jan-Mar)FY22 Q1(Apr-Jun)

Salaries & Wages

249

249

255

256

298

Sales Promotion

30

40

44

45

46

Logistics Costs

38

39

39

41

44

Depreciation & Amortization

48

50

51

54

56

OthersSG&A Expenses Total（%）
R&D Expenses（%）
Sales Promotion Total
（%）

99

112

118

132

123

465
(27.1%)
117(6.8%)
581(33.9%)

490(28.4%)
130(7.5%)
621(35.9%)

507(28.4%)
128(7.2%)
635(35.5%)

528(29.4%)
144(8.0%)
672(37.3%)

566(28.7%)
141(7.1%)
706(35.8%)

Quarter

USD

110JPY

110JPY114JPY

116JPY

130JPY

Average Rate

EUR

132JPY

130JPY

130JPY

130JPY138JPY©TERUMO CORPORATION

15 / 22

Operating Expenses (Quarterly Results)(100M JPY)

Salaries & Wages
Sales Promotion
Logistics Costs
Depreciation & Amortization
OthersSG&A Expenses Total
（%）

249
30
38
48
99
465
(27.1%)

298
46
44
56
123
566
(28.7%)

48
16
6
8
23
101

19%
51%
15%
17%
23%
22%

Changeexcluding
FX impact
6%
40%
6%
9%
13%
10%

R&D Expenses

117(6.8%)

141(7.1%)

24

20%

11%

581
(33.9%)

706(35.8%)

125

21%

10%

FY21 Q1（%）
SG&A Expenses Total（%）©TERUMO CORPORATION

FY22 Q1

16 / 22

YoY

Change vs.
FY21 Q1

Adjusted Operating Profit amount(100M JPY)
FY21 Q1

FY22 Q1

Operating Profit
Adjustment 1. Amortization of acquired
intangible assets
Adjustment 2. Non-recurring profit or loss

362

304

39

46

1

9

Adjusted Operating Profit

402

359

<General examples of adjustment items>• Acquisition related cost • Nonlife insuranceincome• Lawsuit settlement• Loss on disaster• Impairment loss
• Other one-time profits &• Restructuring loss
lossesAdjustment 2. Major one-time profits & losses©TERUMO CORPORATION

FY22 Q1

Restructuring loss

5

Others4
17 / 22

CAPEX, Depreciation and R&D Expenses
FY19
CAPEX
Depreciation
Amortization of
acquired intangible
assetsOthers

FY20

FY21

FY22 Q1(100M JPY)
FY22

895
477

772
484

692
532

129
150

Guidance
900
635

157

146

161

46

173

320

338

371

104

462

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

FY22 Q1 (12.9B 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)FY22 guidance (90B JPY):

Other than above, investment for plasma collection, and controllinginvestment considering FY22 performance

FY19
R&D Expenses©TERUMO CORPORATION

506

FY20
491

FY21
518
18 / 22

FY22 Q1141

FY22
Guidance580

Cash Flows (Q1)
Operating CF+234

Investing & Financing CF-190(100M JPY)

91
166

99
130

297

Profitbeforetax

Depreciation Corporate Operating
129
andtaxes, etc. capital gains
amortizationand losses CAPEX

72

134

Dividends

Others2,053

Cash at the endof FY21©TERUMO CORPORATION

2,096

CAPEX = C.i.P. record basis
Aligned with period-end account balance "Cash and cash equivalents" on B/S
19 / 22

Cash at the endof FY22 Q1

FY22 FX Impact Breakdown (Flow, Stock)
FX impact vs FY21 +300M JPY
Flow Annual +2.3B JPY: EUR, CNY appreciation positive impact

EUR

FY21 Q1
Average Rate132

FY22 Q1
Average Rate
138

CNY

17.0

19.6

Rate (JPY)

Variation6
2.6

Stock Annual -2.0B JPY: FX impact from elimination of unrealized profit on inventory
assets• Rapid JPY depreciation in June, variation between average rate and quarter-end rate resulted in negative impact

USD

FY22 Q1
Average Rate
130

At the end of Jun.
2022
137

EUR

138

143

Rate (JPY)©TERUMO CORPORATION

20 / 22

Variation
76

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

USD

EUR

CNY

Revenue20

938

Adjusted Operating Profit

1

5

16

<Reference> Impact when JPY depreciation 10%

Adjusted Operating Profit©TERUMO CORPORATION

EuropeAsia

North
America

Latin
America

EUR

OthersCNY

Others

7

10

74

13

31

36

21 / 22