May 14, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
Terumo Corporation〔IFRS〕
Company name: TERUMO CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
4543
URL:
https://www.terumo.com/
Representative:
Hikaru Samejima, Chief Executive Officer
Inquiries:
Takashi Miyoshi, General Manager, Investor Relations Dept.
Telephone:+81-3-6742-8550
Scheduled date of annual general meeting of shareholders:June 26, 2024
Scheduled date to file annual securities report:
June 27, 2024
Scheduled date to commence dividend payments:
June 27, 2024
Preparation of supplementary material on financial results:
Yes
Holding of 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 fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,
2024)(1) Consolidated operating results (cumulative)
Revenue(Percentages indicate year-on-year changes.)

Operating profit

Profit before tax

Profit for the year

Profit attributableto owners of theparentTotal
comprehensive
incomeFiscal year ended

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%March 31, 2024
March 31, 2023

921,863820,20912.4
16.6

140,096
117,33219.4
1.2

140,829
116,13721.3
1.4

106,374
89,32519.1
0.6

106,374
89,32519.1
0.6

258,816
176,415

46.7
(1.1)

Basic earnings
per share

Diluted earnings
per share

Return on equity
attributable to ownersof the parent

Profit before tax per
total assets

Operating profit torevenue

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2024

71.50

71.47

8.7

8.2

15.2

March 31, 2023

59.50

59.48

8.4

7.6

14.3

(Note) Share of profit/(loss) of investments accounted for using the equity method March 2024: (20) million yen
March 2023: 171 million yen
Adjusted operating profit March 2024: 156,785 million yen March 2023: 138,025 million yen
The Company conducted a two-for-one share split for its common stock effectively on April 1, 2024. Basicearnings per share and diluted earnings per share have been calculated on the assumption that the share split
had been carried out at the beginning of the previous fiscal year.

(2) Consolidated financial position
Total assets

Ratio of equity
Equity attributable toEquity attributable to attributable to owners
owners of the parent
owners of the parent of the parent to total
per share
assetsTotal equity

Millions of yen

Millions of yen

Millions of yen

%

(Yen)

March 31, 2024

1,831,402

1,327,090

1,327,090

72.5

893.80March 31, 2023

1,602,225

1,111,063

1,111,063

69.3

746.07

As of(Note) The Company conducted a two-for-one share split for its common stock effectively on April 1, 2024. Equity
attributable to owners of the parent per share has been calculated on the assumption that the share split had
been carried out at the beginning of the previous fiscal year.
(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at the end of
the year

Cash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024

146,330(81,472)(62,079)

204,883

March 31, 2023

117,536(59,121)(86,559)

187,322

2. Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end

Fiscalyear-end

Total

Total dividends(total)Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

March 31, 2023

－

19.00

－

21.00

40.00

29,94633.6

2.8

March 31, 2024

－

22.00

－

22.00

44.00

32,71530.8

2.7

Fiscal year ending
March 31, 2025
(Guidance)

－

13.00

－

13.00

26.00

Fiscal year ended

31.6(Note) The Company conducted a two-for-one share split for its common stock effectively on April 1, 2024. For theyears ended March 2023 and March 2024, the amounts of dividends before the share split are recorded. For thesecond quarter and year-end dividends in the year ending March 2025 (Guidance), the amounts of dividends arerecorded in consideration of the effects after the share split.

3. Consolidated Financial Guidance for the Fiscal Year Ending March, 2025 (From April 1, 2024 to March
31, 2025)(Percentages indicate year-on-year changes.)
Adjusted operating
profitRevenue
Fiscal year ending
March, 2025

Profit for the year
attributable to ownersof the parent

Operating profit

Basic earnings per
share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

980,000

6.3

185,000

18.0

165,000

17.8

122,000

14.7

82.17

(Note) Assumed exchange rate for the fiscal year ending March, 2025: USD1=145 JPY, EUR1=155 JPY
The Company conducted a two-for-one share split for its common stock effectively on April 1, 2024, and thisguidance of basic earnings per share has been calculated in consideration of the share split.

*Notes(1) Changes in significant subsidiaries during the year (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 [attached materials], page 15, “3. Consolidated Financial Statements and Main
Notes (5) Notes Pertaining to 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 year (including treasury shares)

As of March 31,2024(ii) Treasury shares at the end of the year

As of March 31,2024(iii) Average number of shares during the year

Fiscal year ended
March 31,2024

1,490,697,280 shares As of March 31, 2023 1,495,365,080 shares

5,930,404 shares As of March 31, 2023

1,487,841,999 sharesFiscal year ended
March 31,2023

6,149,814 shares

1,501,229,015 shares

Note: The Company conducted a two-for-one share split for its common stock effectively on April 1, 2024. Numberof shares outstanding at the end of the year (including treasury shares), Treasury shares at the end of theyear and Average number of shares during the year have been calculated on the assumption that the share
split had been carried out at the beginning of the previous fiscal year.

* Financial statements are not subject to audits by certified accountants or audit firms.
* Explanation on appropriate use of financial guidance and other special notes
1. Forward-looking statements, including financial guidance, contained in these disclosurematerials are based on currently available information and assumptions believed to bereasonable by management. This is not a promise or guarantee by the Company that it willachieve these goals. In addition, actual results may differ significantly due to various factors.
For the assumptions that are the premise of the earnings guidance and the precautions for using
the earnings guidance, refer to [attached materials], page 6, “1. Overview of Financial Results
for the Fiscal Year Ended March 31, 2024 (4) Mid- to Long-term Outlook.”
2. Adjusted operating profit factors out amortization expense for intangible assets recognized inacquisitions and non-recurring profit or loss 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 Fiscal Year Ended March 31, 2024

 Table of contents of attached materials
1. Overview of Financial Results for the Fiscal Year Ended March 31, 2024 ......................................................... 2(1) Overview of Consolidated Business Results ................................................................................................ 2(2) Overview of Consolidated Financial Position .............................................................................................. 5(3) Cash flow trends in the fiscal year ended March 31, 2024 .......................................................................... 5(4) Mid- to Long-term Outlook ......................................................................................................................... 6(5) Basic policy for profit distribution, dividend payouts in the fiscal year ended March 31, 2024 and payout
plan for the fiscal year ending March 31, 2025 ............................................................................................ 7
2. Basic Concept Regarding the Selection of Accounting Standards ...................................................................... 8
3. Consolidated Financial Statements and Main Notes ........................................................................................... 9(1) Consolidated Statement of Financial Position ............................................................................................. 9(2) Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income .......... 11
Consolidated Statement of Profit or Loss .................................................................................................... 11
Consolidated Statement of Comprehensive Income ................................................................................... 12(3) Consolidated Statement of Changes in Equity ........................................................................................... 13(4) Consolidated Statement of Cash Flows ..................................................................................................... 14(5) Notes Pertaining to Consolidated Financial Statements ............................................................................ 15(i) Going concern assumption .................................................................................................................... 15(ii) Changes in accounting policy ............................................................................................................... 15(iii) Segment information ........................................................................................................................... 16(iv) Earnings per share ............................................................................................................................... 19(v) Impairment of non-financial assets ....................................................................................................... 20(vi) Material subsequent events .................................................................................................................. 20
4. Others ................................................................................................................................................................ 22－ 1 －[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

1. Overview of Financial Results for the Fiscal Year Ended March 31, 2024
(1) Overview of Consolidated Business Results
In December 2021, the Terumo Group disclosed the 5-Year Growth Strategy. The strategy focuses on “FromDevices to Solutions” as its medium- to long-term vision in response to the major paradigm shifts taking placein healthcare, including the number of people living with chronic diseases rapidly increasing due to aging
populations, and personalized medicine gaining traction through the evolution of genomic medicine andartificial intelligence (AI). We will promote management that transforms us into a company that can propose
comprehensive solutions to customers’ issues by shifting our focus from products to customers and becoming
more actively involved in the entire healthcare ecosystem. Consolidated financial results for the fiscal year
under review, the second fiscal year of this 5-Year Growth Strategy, were as follows.
(Unit: Millions of yen)
For the fiscal
year ended
March 31, 2023

For the fiscal
year ended
March 31, 2024

Revenue

820,209921,863

12.4

6.9

Gross profit

417,369

479,174

14.8

9.1

Adjusted operating profit

138,025

156,785

13.6

7.9

Operating profit

117,332

140,096

19.4

13.7

Profit before tax

116,137

140,829

21.3-

Profit for the year

89,325

106,374

19.1-

Profit for the year
attributable to owners of theparent89,325

106,374

19.1-

Growthexcluding
FX impact (%)

Growth (%)

Revenue by geographic areas for the fiscal year under review is as follows:(Unit: Millions of yen)
For the fiscal
year ended
March 31, 2023

For the fiscal
year ended
March 31, 2024

Americas286,580

327,982

14.4

7.8

Europe160,017

191,498

19.7

7.8

China

71,946

79,41210.4

8.0

Asia and others

94,279111,847

18.6

12.7

Overseas total

612,823

710,742

16.0

8.6

Japan

207,385

211,121

1.8

1.8

Total

820,209921,86312.4

6.9

Geographic areas－ 2 －Growth (%)

Growthexcluding
FX impact (%)

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

Revenue
Revenue totaled ¥921.9 billion, an increase of 12.4% versus the previous fiscal year.
Overseas revenue increased by 16.0% 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, overall revenue increased by 1.8% year on year, amid strong sales of infusion-related products and of
Pharmaceutical Solutions division, which pursues alliance business with pharmaceutical companies, offsetting
weaker sales of nutrition products in Hospital Care Solutions division, which was sold in the fiscal year ended
March 31, 2023.
ProfitGross profit totaled ¥479.2 billion, an increase of 14.8% versus the previous fiscal year, because of the higher
revenue.
Adjusted operating profit totaled ¥156.8 billion, an increase of 13.6% versus the previous fiscal year, because of
the higher gross profit.
Operating profit, profit before tax and profit for the year 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 recognized in acquisitions and non-recurring profit or loss fromoperating 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 Fiscal Year Ended March 31, 2024

Revenue results of the reportable segments are as follows:(Unit: Millions of yen)
For the fiscal
year ended
March 31, 2023

For the fiscal
year ended
March 31, 2024

Growth (%)

Growthexcluding FX
impact (%)

Revenue

480,610555,716

15.6

8.8(Overseas)

428,709502,054

17.1

9.4(Japan)51,90053,662

3.4

3.4

Revenue

191,749

197,569

3.0

1.2(Overseas)

48,24752,9139.7

2.2(Japan)143,502

144,656

0.8

0.8

Revenue

147,605

168,328

14.0

8.1(Overseas)

135,866

155,774

14.7

8.3(Japan)11,73812,5536.9

6.9

Segment

Cardiac and
VascularCompany
Medical Care
SolutionsCompany
Blood and Cell
Technologies
Company

Cardiac and Vascular Company
Overseas, revenue increased 17.1% year on year driven by TIS (catheter) division and Neurovascular division, as
all businesses recorded double digit growth. In Japan, revenue increased 3.4% year on year as there was arecovery in the number of endovascular treatment procedures.
As a result, global revenue increased 15.6% over the previous fiscal year to ¥555.7 billion.
Medical Care Solutions Company
In Japan, overall revenue increased by 0.8% year on year, amid strong sales of infusion related products and of
Pharmaceutical Solutions division, which pursues alliance business with pharmaceutical companies, offsetting
weaker sales of nutrition products in Hospital Care Solutions division, which was sold in the fiscal year ended
March 31, 2023. Overseas, revenue increased 9.7% year on year along with the impacts of yen weakness inforeign exchange rates (hereinafter referred to as “FX impacts”).
As a result, global revenue increased 3.0% over the previous fiscal year to ¥197.6 billion.
Blood and Cell Technologies Company
Overseas, revenue was up 14.7% year on year as the business for blood centers in Americas and Asia and others
was strong. In Japan, revenue increased 6.9% year on year owing to the increase in sales of automated blood
component collection products.
As a result, global revenue increased 14.0% over the previous fiscal year to ¥168.3 billion.

－ 4 －[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

(2) Overview of Consolidated Financial Position
Total assets stood at ¥1,831.4 billion, an increase of ¥229.2 billion. This was mainly owing to FX impacts andincrease in revenue, which resulted in an increase in trade and other receivables of ¥28.1 billion, an increase ininventories of ¥37.0 billion due to FX impacts, as well as property, plant and equipment of ¥45.0 billion andgoodwill and intangible assets of ¥50.0 billion due to FX impacts and investment in manufacturing facility andnew IT systems.
Total liabilities came to ¥504.3 billion, an increase of ¥13.1 billion. This was mainly attributed to the increasein other current liabilities of ¥16.4 billion due to the FX impact, while trade and other payables decreased by¥4.0 billion owing to shortened payment cycle to suppliers.
Total equity was ¥1,327.1 billion, an increase of ¥216.0 billion. This mainly reflects an increase from posting
profit for the year of ¥106.4 billion and an increase from the booking of other comprehensive income
associated with FX impacts of ¥152.4 billion, while there were a decrease of ¥11.1 billion from theacquisition of treasury shares and a decrease of ¥32.0 billion from dividends from retained earnings.
(3) Cash flow trends in the fiscal year ended March 31, 2024
(Millions of yen)
For the fiscal
year ended
March 31, 2023

For the fiscal
year ended
March 31, 2024

Cash flows from operating activities

117,536

146,330

28,793

Cash flows from investing activities(59,121)(81,472)(22,351)

Cash flows from financing activities(86,559)(62,079)

24,479Cash and cash equivalents at the end of the year

187,322204,883

17,560ChangeCash flows from operating activities
Net cash provided by operating activities was ¥146.3 billion. The main factors for this were profit before tax of¥140.8 billion, depreciation and amortization of ¥76.7 billion, income taxes paid of ¥45.7 billion and an increasein trade and other receivables of ¥16.4 billion.
Cash flows from investing activities
Net cash used in investment activities was ¥81.5 billion. The main factors for this were expenditures of ¥60.7
billion for payments for purchase of property, plant and equipment following capital expenditures for
manufacturing facility, and expenditures of ¥18.0 billion for payments for purchase of intangible assets following
investment in new IT systems.
Cash flows from financing activities
Net cash used in financing activities was ¥62.1 billion. The main factors for this were payments for dividends of¥32.0 billion, expenditures of ¥11.1 billion for payments for purchase of treasury shares, and expenditures of¥10.0 billion for payments for redemption of corporate bonds.
In addition to the above, there was an increase of ¥14.8 billion from the effect of exchange rate change on cash
and cash equivalents. As a result, the fiscal year-end balance of cash and cash equivalents stood at ¥204.9 billion,up ¥17.6 billion from the end of the previous fiscal year.

－ 5 －[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

(Reference) Cash flow indicators
For the fiscal
year ended
March 31, 2022

For the fiscal
year ended
March 31, 2023

For the fiscal
year ended
March 31, 2024

68.7

69.3

72.5

191.1

166.1

221.2

1.8

2.3

1.8

107.8

85.6

113.0

Equity ratio attributable to owners of the parent(%)
Market cap-based equity ratio attributable toowners of the parent (%)
Interest-bearing debt to cash flow ratio (annual)Interest coverage ratio (x)Note: Equity ratio attributable to owners of the parent = Equity attributable to owners of the parent/Total assets
Market cap-based equity ratio attributable to owners of the parent = Total market capitalization/Total assets
Interest-bearing debt to cash flow ratio = interest-bearing debt/cash flow
Interest coverage ratio = cash flow/total interest payments*All of the above is calculated on a consolidated basis.
*Market capitalization = fiscal year-end share price multiplied by the total number of shares outstanding
excluding treasury shares*The cash flow above is the cash flow provided by operating activities as stated in the consolidated statements ofcash flows. The interest-bearing debt includes all liabilities posted in the consolidated statement of financial
position on which the company pays interest. Also, the figure for interest expenses in the consolidated
statements of cash flows was employed as the amount for interest payments.
(4) Mid- to Long-term Outlook
In the fiscal year ending March 31, 2025, revenue is expected to grow mainly in Europe and the United Statesdriven by the sustained increase in medical demand. While the macro environment is improving in some areas,i.e., energy-related expenses such as electricity and gas, the risks of elevated raw material prices and supply
chain disruptions are expected to persist. Given this environment, the Company has included within its
earnings guidance appropriate measures based on the market environment, such as improving productivity at
manufacturing sites and reducing costs. In fields that are expected to drive growth, the Company will invest in
CAPEX focused on increases in production capacity. In addition, the Company will address issues confronting
healthcare, such as the shortage of medical professionals and the promotion of in-hospital work efficiency, andwork to expand and create businesses that provide new values and solutions.
The Company implements sustainability management across its organizations based on specific CSV/ESGrelated activity themes and KPIs set in the 5-Year Growth Strategy GS26. Progress is monitored by the
Sustainability Committee and regular reports are provided to the Executive Management Meetings and theBoard of Directors.
The guidance of financial results for the fiscal year ending March 31, 2025 is as follows.

－ 6 －[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

Consolidated guidance of financial results for the year ending March 2025
(Millions of yen)
For the fiscal
year ended
March 31, 2024
Financial Results

For the fiscal
year ending
March 31, 2025
Financial Results
Guidance

Revenue

921,863

980,000

58,136

6.3

Adjusted operating profit

156,785

185,000

28,21418.0

Adjusted operating profit
ratio

17.0%

18.9%

-

-

Operating profit

140,096

165,000

24,903

17.8

Operating profit ratio

15.2%

16.8%

-

-

Profit for the year
attributable to owners of
the parent

106,374

122,000

15,625

14.7

Rate of Change(%)

ChangeActual exchange rate for the fiscal year ended March 31, 2024: 1 USD equals 145 JPY and 1 EUR equals 157 JPY
Exchange rate assumption for the fiscal year ending March 31, 2025: 1 USD equals 145 JPY and 1 EUR equals
155 JPY(5) Basic policy for profit distribution, dividend payouts in the fiscal year ended March 31, 2024 and payout
plan for the fiscal year ending March 31, 2025
As a measure to secure high profit margins and sustainable growth, the Group adequately and actively
reinvests profits to constantly enhance its corporate value. This is consistent with the Group’s pledge to
distribute profits to shareholders and maximize the value of its investments.
In addition to offering stable dividend increases to our shareholders, we intend to achieve a total return ratio of
50% by utilizing returns from the acquisition of treasury shares.
In the fiscal year ended March 31, 2024, the Company plans to pay cash dividends per share of ¥44.
Therefore, the fiscal year-end dividend is ¥22 per share, and the interim dividend, which has already been
paid, was ¥22 per share.
In the fiscal year ending March 31, 2025, the Company plans to pay an annual cash dividend of ¥26 per share(interim dividend of ¥13).
The Company conducted a one-for-two share split of common stock with an effective date of April 1, 2024.
The annual dividend for the next fiscal year is calculated by taking into account the share split, but ifconverted to the standard before the share split, annual dividends per share will be ¥52, consisting of interim
dividends of ¥26 and a fiscal year-end dividend of ¥26.
Cautionary note:
Forward-looking statements, including financial guidances, contained in the Company’s disclosure materials
are based on currently available information and assumptions believed to be reasonable by management. This
is not a promise or guarantee by the Company that it will achieve these goals. Please note that the actual
results or outcomes could differ due to a number of factors. Key elements that are likely to have an impact on
actual earnings performance include economic conditions surrounding the Company’s business environment,
volatility in foreign exchange rates, and competition.

－ 7 －[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

2. Basic Concept Regarding the Selection of Accounting Standards
The Group has applied IFRS from the fiscal year ended March 31, 2018 for the purpose of improving theinternational comparability of financial information in the capital market, enhancing the accuracy of business
management and strengthening its governance across the Group through the unified accounting rules.

－ 8 －[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

3. Consolidated Financial Statements and Main Notes(1) Consolidated Statement of Financial Position（Unit: Millions of yen）
As of
March 31, 2024

As ofMarch 31, 2023
AssetsCurrent assets
Cash and cash equivalents

187,322204,883

Trade and other receivables

150,635

178,710

Other current financial assets

106

26,158249,618

286,599

Current tax assets

2,920

1,337

Other current assets

20,79324,426

Total current assets

611,396

722,116

Property, plant and equipment

370,869

415,845

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

538,210588,225

3,680

2,410

34,42136,368Deferred tax assets

20,45819,977

Other non-current assets

23,18746,458

Total non-current assets

990,829

1,109,286

1,602,225

1,831,402

Inventories

Non-current assets

Total assets－ 9 －[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

（Unit: Millions of yen）
As of
March 31, 2024

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

97,736

93,770Bonds and borrowings

11,223

156,870

Other current financial liabilities

7,597

7,837

Current tax liabilities

23,563

26,467329

213

Other current liabilities

77,551

93,992

Total current liabilities

218,001

379,152

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

220,71474,97829,63930,824

8,870

3,025

Retirement benefit liabilities

4,703

5,939

127

112

Other non-current liabilities

9,106

10,279Total non-current liabilities

273,161

125,159

491,162504,311

Share capital

38,716

38,716

Capital surplus

51,75951,752

Treasury shares(11,539)(12,436)

Retained earnings

874,272

954,679

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

157,855

294,379

1,111,063

1,327,090

1,111,063

1,327,090

1,602,225

1,831,402

Provisions

Non-current liabilities

Provisions

Total liabilities
EquityTotal liabilities and equity－ 10 －

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

(2) Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income(Consolidated Statement of Profit or Loss)（Unit: Millions of yen）
For the fiscal year ended
For the fiscal year ended
March 31, 2023
March 31, 2024
Revenue
820,209921,863
Cost of sales
402,839442,688
Gross profit
417,369
479,174
Selling, general and administrative expenses
299,861
344,979
Other income
9,959
10,304
Other expenses
10,134
4,404
Operating profit
117,332
140,096
Finance income
2,649
3,529
Finance costs
4,016
2,775
Share of profit/(loss) of investments
171(20)
accounted for using the equity method
Profit before tax
116,137
140,829
Income tax expenses
26,811
34,455
Profit for the year
89,325
106,374
Attributable to:
Owners of the parent
Total profit for the year

89,32589,325

106,374
106,374

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

59.50
59.48

71.50
71.47

－ 11 －

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

(Consolidated Statement of Comprehensive Income)

Profit for the year

For the fiscal year ended
March 31, 2023
89,325（Unit: Millions of yen）
For the fiscal year ended
March 31, 2024
106,374

2,519

2,487

6,970

16,022

9,489

18,50977,535

133,977

489

296

(425)

(341)

77,599133,932

87,089152,442

176,415

258,816

176,415

258,816

176,415

258,816

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

－ 12 －

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

(3) Consolidated Statement of Changes in Equity
For the fiscal year ended March 31, 2023
（Unit: Millions of yen）
Share
capitalEquity attributable to owners of the parent
Other
Capital Treasury Retained
components
surplussharesearnings
of equity

Balance as of April 1, 2022
38,716 51,921
Profit for the year
Other comprehensive income
Total comprehensive income
Acquisition of treasury shares(56)
Disposal of treasury shares(17)
Cancellation of treasury shares- (44,430)
Dividends
Transfer from retained earnings- 44,224
to capital surplus
Transfer from othercomponents of equity toretained earnings
Share-based payments
117
Total transactions with owners of(162)
the parent
Balance as of March 31, 2023
38,716 51,759

Total

Total equity(6,229)(50,003)138
44,430-846,978
89,32589,325(27,924)80,926 1,012,313
89,32587,08987,08987,089 176,415- (50,059)(121)
0- (27,924)

1,012,313
89,32587,089176,415(50,059)
0(27,924)-(44,224)

-

-

-

-

10,116(10,116)

-

-

123

-

76

318

318

(5,310)(62,031)(10,161) (77,665)(77,665)(11,539)874,272

157,855 1,111,063

1,111,063

For the fiscal year ended March 31, 2024
（Unit: Millions of yen）
Share
capitalBalance as of April 1, 2023
38,716
Profit for the year
Other comprehensive income
Total comprehensive income
Acquisition of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
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 March 31, 2024
38,716Equity attributable to owners of the parent
Other
Capital Treasury Retained
components
surplussharesearnings
of equity

Total

Total equity

51,759(7)(109)(9,788)-(11,539)(11,100)
194
9,788
-

874,272
106,374
106,374(32,020)9,866-(9,866)

-

-

-

-

-

15,919(15,919)

-

-

32

219

-

86

338

338

(7)

(896)

(25,967)(15,917) (42,789)(42,789)

51,752(12,436)

954,679

294,379 1,327,090

1,327,090－ 13 －

157,855 1,111,063- 106,374
152,442 152,442
152,442 258,816- (11,107)(84)
0- (32,020)

1,111,063
106,374
152,442
258,816(11,107)0(32,020)

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

(4) Consolidated Statement of Cash Flows
For the fiscal year
ended March 31,
2023
Cash flows from operating activities
Profit before tax
Depreciation and amortization
Impairment losses
Share of the (profit)/loss of investments accounted
for using the equity method
Increase/(decrease) in retirement benefit assets or
liabilities
Interest and dividend income
Interest expenses
Foreign exchange (gain)/loss(Gain)/loss on disposal of property, plant andequipment
Gain on business transfer and other
Gain on sale of shares of subsidiaries and affiliates(Increase)/decrease in trade and other receivables(Increase)/decrease in inventories
Increase/(decrease) in trade and other payables
OthersSub-totalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
Cash flow from investing activities
Payments for purchase of time deposits
Proceeds from withdrawal of time deposits
Payments for purchase of property, plant andequipment
Proceeds from sale of property, plant and equipment
Payments for purchase of intangible assets
Payments for purchase of financial instruments
Proceeds from sale of financial instruments
Payments for acquisition of shares of subsidiaries,
affiliates and other businesses
Proceeds from sale of shares of subsidiaries andaffiliates
Proceeds from business transfer and otherNet cash used in investing activities
Cash flow from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of long-term borrowings
Payments for redemption of corporate bonds
Repayments of lease liabilities
Payments for purchase of treasury shares－ 14 －

116,137
70,238(Unit: Millions of yen)
For the fiscal year
ended March 31,
2024

5,338

140,829
76,745
3,415

(171)

20

1,427

769

(1,620)
2,230
1,675

(2,518)
2,065
780

(5)

173

(3,855)(8,480)(39,256)
10,474(9,845)144,287
2,276(1,372)(27,655)
117,536(1,335)(16,420)(9,211)(4,996)(319)
189,998
3,307(1,295)(45,681)
146,330(242)
1(1,331)
4(52,697)(60,727)510(19,476)(1,361)
5,988

762(18,047)(4,936)
6

(142)

(559)

-

2,921

8,298

433
(81,472)(59,121)677(677)(1,242)(7,331)(50,085)-(1,325)(10,000)(7,632)(11,111)

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

Payments for dividends
Net cash used in financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year

(27,900)(86,559)(32,010)(62,079)

10,215

14,782(17,929)205,251
187,322

17,560187,322204,883(5) Notes Pertaining to 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 fiscal year ended March 31, 2024.
Standard/Interpretation

Outline of the new standards, interpretations and amendments

IAS 12

Income taxes

Clarification of the accounting for deferred tax on leases anddecommissioning obligations (Transactions for which companies
recognize both an asset and a liability)

IAS 12

Income taxes

Requirement to disclose certain information related to Pillar Two
income taxes

There is no material effect of adopting these standards on the Group’s consolidated financial statements for the
fiscal year ended March 31, 2024.

－ 15 －

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024(iii) Segment information(1) General information on reportable segments
The reportable segments of the Group represent business units which have available discrete financial
information and are reviewed regularly at the Board of Directors meeting to make decisions about allocationof management resources and assess segment performance.
The Group adopts 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.
Therefore, the Group consists of three reportable segments, Cardiac and Vascular Company, Medical Care
Solutions Company, and Blood and Cell Technologies Company, which are organized by the product groups
based on the in-house company system.
Reportable Segments

Sub-segments
Interventional Systems(TIS)

Cardiac and VascularCompany

Neurovascular

Cardiovascular
Vascular Graft
Hospital Care Solutions

Medical Care
Solutions Company

Life Care Solutions

Pharmaceutical Solutions

Blood and Cell
Technologies
Company－－ 16 －

Main Products
Angiographic guidewires, Angiographic
catheters, Introducer sheaths, Vascularclosure devices, PTCA balloon catheters,
Coronary stents, Self-expanding peripheral
stents, IVUS, Imaging catheters and others
Coils, Stents and Intrasaccular devices fortreating cerebral aneurysm, Embolization
system, Aspiration catheters and Clot
retrievers for treating ischemic stroke andothers
Oxygenators, Cardio-pulmonary bypass
systems and others
Artificial vascular grafts, Stent grafts andothersSyringes, Infusion pumps, Syringe pumps,
Infusion lines, I.V. solutions, Peritoneal
dialysis fluid, Pain management products,
Adhesion barriers and others
Blood glucose monitoring systems,
Disposable needles for pen-injector,
Insulin patch pumps, Blood pressure
monitors, Digital thermometers and others
Contract manufacturing of prefilled
syringes, Devices to pharmaceuticalcompanies for use in drug kits (Prefillable
syringes, Needles for pharmaceuticalpackaging business) and others
Blood bags, Component collection
systems, Automated blood processing
systems, Pathogen reduction systems,
Centrifugal apheresis systems, Cell
expansion systems, Plasma donation
system and others

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

(2) Reportable segment information
Revenue and operating results of the reporting segments of the Group are described below.
For the fiscal year ended March 31, 2023
(Unit: Millions of yen)
Reportable Segments
Cardiac and
VascularCompany
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)

MedicalCare
SolutionsCompany

Blood and
Cell
Technologies
Company

Total

Adjustments(Note 1)

Amountrecorded on
consolidated
financialstatements

480,610

191,749

147,605

819,965243

820,209112,155

14,848

11,163

138,167(142)

138,025(8,951)-(10,020)(18,972)

156(18,816)(1,876)

Operating profit

117,332

Finance income

2,649

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
method(4,016)

Profit before tax

116,137

Other items
Depreciation andamortization(Note 3)
Increase in property,
plant andequipment andintangible assets

171

35,247

15,927

18,89170,066

171

70,23831,936

20,885

21,48674,308

1,465

75,774(Note 1) Amounts in “Adjustments” are as follows:(1) ¥243 million adjustment to Revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥(142) million adjustment to Segment profit mainly includes ¥349 million for inventories and¥(3,540) million for preparation expenses to comply with Medical Device Regulation in EU.
(Note 2) ¥(1,876) million non-recurring profit or loss mainly includes ¥(1,775) million for impairment
loss of technologies, ¥(3,563) million for impairment loss of goodwill, ¥(2,541) million
for business reorganization expenses, ¥1,347 million for the change in fair value of contingent
consideration and ¥3,855 million for gain on business transfer and other.
(Note 3) Amortization expenses of acquired intangible assets in business combinations are included in“Depreciation and amortization”.
－ 17 －

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

For the fiscal year ended March 31, 2024
(Unit: Millions of yen)
Reportable Segments
Cardiac and
VascularCompany
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)

MedicalCare
SolutionsCompany

Blood and
Cell
Technologies
Company

Total

Adjustments(Note 1)

Amountrecorded on
consolidated
financialstatements

555,716

197,569

168,328

921,614248

921,863

123,850

19,78916,394160,034(3,249)156,785(9,553)-(10,642)(20,195)

167(20,028)

3,339

Operating profit

140,096

Finance income

3,529

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
method(2,775)

Profit before tax

140,829

Other items
Depreciation andamortization(Note 3)
Increase in property,
plant andequipment andintangible assets(20)

37,361

16,76920,69774,828

1,916

76,74541,536

15,634

17,25674,427

3,999

78,426(Note 1) Amounts in “Adjustments” are as follows:(1) ¥248 million adjustment to Revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥(3,249) million adjustment to Segment profit mainly includes ¥(1,370) million for inventories and¥(2,831) million for preparation expenses to comply with Medical Device Regulation in EU.
(Note 2) ¥3,339 million Non-recurring profit or loss mainly includes ¥3,385 million for settlement received,¥1,335 million for gain on sale of shares of subsidiaries and affiliates, which is related to the saleof shares of Olympus Terumo Biomaterials Corporation, ¥(2,338) million for businessreorganization expenses, and ¥453 million for the change in fair value of contingent
consideration.
(Note 3) Amortization expenses of acquired intangible assets in business combinations are included in“Depreciation and amortization”.
－ 18 －

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024(iv) Earnings per share
The basis for calculating basic earnings per share and diluted earnings per share attributable to the Company's
ordinary shareholders is as follows:
For the fiscal year ended
March 31, 2023
Profit for the year attributable toowners of the parent (millionsof yen)Profit for the year adjustments
Profit for the year used to
calculate diluted earnings per
share (millions of yen)
Weighted average number ofordinary shares (shares)
Increase in the number ofordinary shares
Stock option plan (shares)
Weighted average number ofordinary shares after dilution(shares)
Basic earnings per share (yen)Diluted earnings per share (yen)For the fiscal year ended
March 31, 2024

89,325

106,374--

89,325

106,374

1,501,229,015

1,487,841,999

642,038

561,416

1,501,871,053

1,488,403,415

59.50
59.48

71.50
71.47

(Note 1) Basic earnings per share is calculated by dividing profit for the year attributable to ordinary shareholdersof the parent by the weighted average number of common stock outstanding during the year.
(Note 2) The Company conducted a two-for-one share split for its common stock effectively on April 1, 2024.
Basic earnings per share and diluted earnings per share have been calculated on the assumption that theshare split had been carried out at the beginning of the previous fiscal year.

－ 19 －

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024(v) Impairment of non-financial assets
In the fiscal year ended March 31, 2024, impairment losses of ¥3,415 million recorded are mainly as follows.
(1) Closure of certain manufacturing facilities
In the fiscal year ended March 31, 2024, ¥1,860 million for an impairment loss in property, plant andequipment in Blood and Cell Technologies Company was recorded due to the decision not to put certain
manufacturing facilities into operation.
The recoverable amount was measured based on the value in use, and the value was determined to be zero.
The impairment loss in construction in progress is included in “Cost of sales” in the Consolidated Statement ofProfit or Loss.
(2) Termination of certain development projectIn the fiscal year ended March 31, 2024, ¥1,266 million for an impairment loss in Blood and Cell
Technologies Company was recorded due to the decision to terminate further development of a certain project.
The recoverable amount was measured based on the value in use, and the value was determined to be zero.
The impairment loss in capitalized development costs is included in “Selling, general and administrative
expenses” in the Consolidated Statement of Profit or Loss.
(vi) Material subsequent events
Share split
In accordance with the resolution of the Board of Directors made on February 7, 2024, the Company executeda share split effective on April 1, 2024. The details are as follows.
(1)

Purpose of the share split
The objective of the share split has been to lower the investment price per trading unit to create a moreinvestor friendly environment.
(2) Overview of the share splita) Method of the share split
Each share of the Company’s common stock owned by shareholders recorded in the closing register ofshareholders on the record date of March 31, 2024*1, was split into two shares.
*1 Since this day falls on a non-business day of the shareholder registry administrator, the actual record date
was March 29, 2024.
b) Number of shares to be increased by the share split
Common stock: 745,348,640 sharesc) Timetable
Date of public notice of the record date

March 11, 2024

Record date

March 31, 2024

Effective date

April 1, 2024d) Impacts on earnings per share
For the details on impacts on earnings per share, refer to the page 19, “(iv) Earnings per share”.

Issuance of bonds
In accordance with the resolution of the Board of Directors made on December 14, 2023, the Company issued
unsecured straight bonds with a payment date of April 25, 2024, under the following terms and conditions.
Terumo Corporation 10th series Unsecured Straight Bond with inter-bond pari passu clause (3-year bond)
1. Issue size: ¥40 billion
2. Issue price: 100 yen per 100 yen of each bond amount
3. Coupon rate: 0.519% per annum
4. Payment due date: April 25, 2024
5. Maturity date: April 23, 2027
－ 20 －

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

6. Redemption method: full redemption upon maturity
7. Use of proceeds: to be allocated to a repayment of borrowings due at the end of April 2024
Terumo Corporation 11th series Unsecured Straight Bond with inter-bond pari passu clause (5-year bond)
1. Issue size: ¥30 billion
2. Issue price: 100 yen per 100 yen of each bond amount
3. Coupon rate: 0.686% per annum
4. Payment due date: April 25, 2024
5. Maturity date: April 25, 2029
6. Redemption method: full redemption upon maturity
7. Use of proceeds: to be allocated to a repayment of borrowings due at the end of April 2024

Significant borrowings
In accordance with the resolution of the Board of Directors made on December 14, 2023, the Company
concluded a syndicated loan contract on April 23, 2024, for which Mizuho Bank, Ltd. and The MUFJ Bank,
Ltd. act as arrangers and Mizuho Bank, Ltd. acts as the agent, and received borrowings on April 25, 2024.
1.
2.
3.
4.
5.
6.
7.
-

Purpose: To be mainly allocated to a repayment of borrowings due at the end of April 2024
Lenders: 22 financial institutions
Loan amount and interest rate: ¥30 billion with a fixed interest rate
Loan execution date: April 25, 2024
Repayment due date: April 24, 2026
Pledged assets: There are no assets pledged.
Financial covenants
After financial closing on March 31, 2025, the amount of total equity on the Consolidated Statement of
Financial Position at each fiscal year-end shall be maintained at 75% or more, of whichever is higher
between the amount of total equity on the Consolidated Statement of Financial Position at the end of the
fiscal year immediately prior to the fiscal year in question, or the amount of total equity on theConsolidated Statement of Financial Position on March 31, 2024.
- In the two consecutive fiscal years after financial closing on March 31, 2025, the amount of profit
before tax less other income plus other expenses on Consolidated Statement of Profit or Loss for eachfiscal year shall not be a negative amount.
The first judgment related to compliance with these covenants shall be executed for the fiscal year ending
March 31, 2026, and the fiscal year immediately prior to that fiscal year.

－ 21 －

[Terumo Corporation] (4543) Financial Results for the Fiscal Year Ended March 31, 2024

4. Others
Overview of Production, Orders Received and Sales(i) Production results
For the fiscal year ended
March 31, 2024
Millions of yen

Reportable Segments

Year-to-yearcomparison%

576,606
12.9
Cardiac and Vascular Company
192,891
4.3
Medical Care Solutions Company
173,166
7.2
Blood and Cell Technologies Company
942,664
10.0
Total(Note 1) The amount is based on the selling price and before intersegment transfer.
(Note 2) Regarding the product of segment, refer to the page 16, “General information on reportable segments”.
(ii) Orders received

Order status is omitted as the Group mainly engages in prospective production.
(iii) Sales results

Reportable Segments

Cardiac and Vascular Company

Medical Care Solutions Company

Sub-segments
Interventional Systems (TIS)
Neurovascular
Cardiovascular
Vascular Graft
Hospital Care Solutions
Life Care Solutions
Pharmaceutical Solutions

For the fiscal year
ended
March 31, 2024
Millions of yen
364,468
83,153
62,10845,985
134,551
22,93040,086Year-to-yearcomparison
%
14.1
17.3
14.0
28.4
3.7
(7.3)
7.7

Blood and Cell Technologies
168,328
14.0
Company
Adjustments
248
2.1
Total
921,863
12.4(Note) ¥248 million adjustment is mainly proceeds from outward temporary staffing that is not attributable toreportable segments.

－ 22 －