Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2012
October 27, 2011
Exchange where listed: TSE

Name of listed company: TERUMO CORPORATION(URL http://www.terumo.com/): 4543: Yutaro Shintaku, President and Representative Director: Tetsuya Kumei, General Manager, Corporate Communication Dept.
: +81 / 3-3217 -6550

Company code number
Representative:
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1. Consolidated financial highlights for the interim period ended September 2011
(From April 1, 2011 to September 30, 2011)(1) Consolidated financial results(Note: The amounts shown below ignore values of less than a million yen)

Net sales

Operating income(Millions of yen)

190,718
163,918

Six months ended September, 2011
Six months ended September, 2010

(Notes) Comprehensive income:(Millions of yen)

%

16.3
3.7

September 2011: (5,222)million yen (－%)

Ordinary income%

34,63232,7065.9
0.5

Net income(Millions of yen)

31,291
28,174September 2010: 6,427million yen (－%)%

(Millions of yen)

17,712
18,364

11.1(12.6)%(3.5)(11.6)Net income per share,
fully dilutedNet income per share(Yen)

(Yen)

93.28
－
Six months ended September, 2011
96.71－
Six months ended September, 2010
(Note) Percentage represents increase (decrease) from the corresponding period in the prior fiscal year.

(2) Consolidated financial position(Note: The amounts shown below ignore values of less than a million yen)

Total assets

Net assets

Equity ratio

Net assets per share(Millions of yen)

(Millions of yen)%(Yen)

681,809
420,037

326,812335,45647.9
79.8

1,719.91
1,765.32

As at September 30, 2011
As at March 31, 2011

(Note) Shareholders' equity : September 30, 2011: 326,577 million yen, March 31, 2011: 335,202 million yen.

2. Dividends
Cash dividends per share
1st quarter 2nd quarter 3rd quarter 4th quarter
(Yen)

(Yen)

Year ended March 31, 2011
Year ending March 31, 2012
Year ending March 31, 2012 (forecast)

16.00
17.00

－－(Yen)(Yen)

total(Yen)

－

18.00

34.00

－

17.00

34.00

(Note) Revise of dividends forecast : None

3. Consolidated forecast for the year ending March 2012 (From April 1, 2011 to March 31, 2012)
Net sales(Millions of yen)

Year ending March, 2012

383,000

Operating income%

16.7(Millions of yen)

62,600Ordinary income%(0.0)(Millions of yen)

58,000Net incomeper share

Net income%

1.9(Millions of yen)

32,500%0.5(Yen)171.16

1. Forecast for fiscal year ending March, 2012 which was announced on July 28, 2011 has been revised.
(Assumed exchange rate for fiscal year ending March, 2012: USD1=JPY77, EUR1=JPY108)
The above mentioned ratio of consolidated financial results and consolidated forecast are growth againt past year.
2. Among the information that Terumo discloses, forecasts of financial performance on future projections contain potential risks and uncertainty since theseare forecasts on projections made by Terumo based on limited information available at the moment of disclosure. 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 ineconomic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state of competition.

14. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As at March 31, 2011
Amount(Assets)
I Current assets%

236,51056.3%

As at September 30,2011
Amount258,156

Cash and deposits

83,794

95,061

Notes and accounts receivable-trade

76,48080,684

Marchandise and finished goods

36,152

41,630Work in process

5,869

5,816

Raw material and supplies

15,651

18,020

Deferred tax assets

7,797

11,019Derivatives

6,084

174

Other

5,406

6,697

Allowance for doubtful accounts

(726)

(949)

%
37.9%

II Noncurrent assets

183,52743.7%

423,652

62.1%

1. Property, plant and equipment

113,059

26.9%

124,980

18.3%

Buildings and structures

45,052

46,457

Machinery, equipment and vehicles

29,861

34,609Land

20,227

21,173950

1,116

Construction in progress

10,442

14,597

Other

6,524

7,025

Lease assets

2. Intangible assets

26,728Goodwill

20,191133,050－

80,3906,537

43,796

Customer relationship
Other

6.4%

3. Investments and other assets

43,739Investment securities

28,89528,644

Deferred tax assets

8,136

7,153

Other

6,706

5,637

Total assets

420,0372

10.4%

257,237

100.0%

41,435681,809

37.7%

6.1%

100.0%

(Millions of yen)
As at March 31, 2011
Amount(Liabilities)
I Current liabilities%

78,846

Notes and accounts payable-trade18.8%

As at September 30,2011
Amount%306,547

30,71130,928－220,000

294

337

Income taxes payable

6,297

10,337

Deferred tax liabilities

123

152

Provision for bonuses

5,001

5,221

Provision for directors' bonuses

145

72

Provision for loss on disaster

351

43

5,749

7,493

560

1,400

29,611

30,560

Short-term loans payable
Lease obligations

Notes and accounts payable - facilities
Asset retirement obligations
Other

II Noncurrent liabilities

5,734

1.3%

48,449Lease obligations

636

756

Deferred tax liabilities

378

41,862

1,082
586

1,089
202

991

152

2,060

4,386

Provision for retirement benefits
Provision for directors' retirement benefits
Asset retirement obligations
Other

Total liabilities(Net assets)
I Shareholders' equity

7.1%

84,58120.1%

354,99652.1%

363,832

86.6%

378,122

55.5%

Capital stock

38,716

38,716

Capital surplus

59,03059,030Retained earnings

342,965

357,260

Treasury stock(76,879)(76,884)

II Accumulated other comprehensive income

45.0%(28,630)(6.8%)(51,545)(7.6%)

Valuation difference on available-for-sale securities(1,919)(1,407)

Deferred gains or losses on hedges

3,611

1

(30,322)254

0.1%(50,139)234

0.0%

335,45679.9%

326,81247.9%

420,037

100.0%

681,809100.0%

Foreign currency translation adjustment

III Minority interests
Total net assets
Total liabilities and net assets3(2) Consolidated Statements of Income(Millions of yen)

For six months endedSeptember 30, 2010
AmountI Net sales
II Cost of sales
Gross profit
III Selling, general and administrative expenses
Operating income
IV Non-operating income%

For six months ended
September 30, 2011
Amount163,918

100.0%

190,718

100.0%

78,31947.8%

87,54145.9%

85,59952,893

52.2%
32.2%

103,177
68,544

54.1%
35.9%

32,706

20.0%

34,632

18.2%

1,087

0.5%

4,428

2.3%

31,291

16.4%

398

0.2%

1,170

0.6%

30,51916.0%

12,782

6.7%

17,73724
17,712

9.3%
0.0%
9.3%

Interest income

130164

Dividends income

229

239

Royalty income

66

67

Equity in earnings of affiliates

66

39

Other

278

Interest expenses

47352

Sales discounts

279
4,570

296
2,988

Loss on disposal of inventories

154

472

Other

252

V Non-operating expenses

Foreign exchange losses

Ordinary income
VI Extraordinary income

%

771

0.4%

5,304

3.2%

28,174

17.2%

575

317

Gain on sales of noncurrent assets
Reversal of provision for loss on disaster

6－

14156

Gain on contribution of securities to retirement
benefit trust

494－

Subsidy income－500

0.3%

227

VII Extraordinary expensesLoss on disposal of noncurrent assets

25952

Loss on valuation of investment securities

1,112

Directors' retirement benefit

1915

Loss on sales of golf memberships－

Income before income taxes
Income taxes-current

9,412

Income taxes-deferred

561

Income before minority interests
Minority interests in income

Net income

4－
295

0.2%

28,37917.3%

513,747

9,973

6.1%

18,40642
18,364

11.2%
0.0%
11.2%

(965)

(3) Consolidated statement of comprehensive income(Millions of yen)

For six months ended
September 30, 2010

For six months ended
September 30, 2011

AmountAmountI Income before minority interests
II Other comprehensive incomesecurities

18,406

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Share of other comprehensive income of associates
accounted for using equity method(4,409)512－(3,610)(7,566)(19,861)(2)Comprehensive income

17,737(11,979)(0)(22,959)

6,427(5,222)

6,412(5,202)14(19)

Attributable to:Shareholders of Terumo Corporation
Minority interests

55. Segment Information[Reportable Segments](1) The Second Quarter of Fiscal Year Ended March 31, 2011
For six months ended
September 30, 2010
GeneralHospitalbusiness

Cardiac &Vascularbusiness

Blood
Transfusionbusiness

Consumer
Healthcare
business(Millions of yen)

Subtotal

Adjustment

Total

Sales and operating income:Sales to customer

77,302

71,782

12,472

2,089

163,647

271

163,918－－－－－－－

Sales total

77,302

71,782

12,472

2,089

163,647

271

163,918

Segment income (loss)

13,96818,507
1,471(850)33,097(391)
32,706
1. The (391) million yen adjustment to segment profit is the sum of the (508)Internal sales

Notes:

million yen for Inventories and the 117 million yen for others.

2. Segment income (loss) is adjusted to be consistent with operating income shownon the quarterly consolidated income statement.

(2) The Second Quarter of Fiscal Year Ending March 31, 2012
For six months ended
September 30, 2011
GeneralHospitalbusiness

Cardiac &Vascularbusiness

Blood
Managementbusiness

Consumer
Healthcare
business(Millions of yen)

Subtotal

Adjustment

Total

Sales and operating income:Sales to customer

73,992

79,23735,293

2,195

190,718－190,718－－－－－－－

Sales total

73,992

79,23735,293

2,195

190,718－

190,718

Segment income (loss)

14,32418,0102,042(67)34,309323
34,632
1. The 323 million yen adjustment to segment profit is the sum of the (1,113)

Internal sales

Notes:

million yen for Inventories and the 1,436 million yen for others.

2. Segment income (loss) is adjusted to be consistent with operating income shownon the quarterly consolidated income statement.

3. From the first quarter of fiscal year ending March 31, 2012, the name ofreportable segment has been changed from Blood Transfusion business to BloodManagement business.

(Note) Main products belonging to each business segment

Business segments

Main products

General Hospital business
Disposable medical devices
and Medical electronics

Syringes, Needles, Blood collection tubes, Home parenteral nutrition system,
Solution sets, I.V.catheters, Infusion pumps, Syringe pumps, Home oxygen therapysystem, etc.

Pharmaceuticals

I.V.solutions, Nutritious food, Prefilled syringes, CAPD systems, etc.

Diabetes care products

Blood glucose monitoring systems

Cardiac and Vascular business
Interventional systems

Angiographic catheters, PTCA balloon catheters, Coronary stents, Neuro interventionalcoils, etc.

Cardiovascular systems

Oxygenerators, Cardio-pulmonary bypass system, LVA system, etc.

Vascular grafts

Artificial vascular grafts, Stent grafts

Blood Management business

Blood bags, Automated blood processing, Therapeutic aphaeresis, Cell therapy, etc.

Consumer Healthcare business

Digital thermometers, Blood pressure monitors, Blood glucose monitors (OTC), etc.

6

(Supplemetary Information)[Geographic segments](1) The Second Quarter of Fiscal Year Ended March 31, 2011
For six months ended
September 30, 2010
Japan

Overseas TotalEuropeAmericas(Millions of yen)

Asia and others

Total

Sales

89,47574,44326,492

30,631

17,319163,918

Operating income

20,155

12,551

5,020

3,964

3,565

32,706(2) The Second Quarter of Fiscal Year Ending March 31, 2012
For six months ended
September 30, 2011
Japan

Overseas Total

EuropeAmericas(Millions of yen)

Asia and others

Total

Sales

91,67999,03928,12552,477

18,435

190,718

Operating income

17,427

17,205

4,738

8,860

3,606

34,6327