Financial Results for the Third Quarter of
Fiscal Year Ending March 31, 2022 (FY2021)

February 9, 2022

Naoki Muto
Chief Accounting and Financial Officer
Terumo Corporation

I am the CAFO, Muto. I will now explain the 3rd-quarter results for the
fiscal year ending March 2022.

1

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 be guarantees
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 ofcompetition.
The market share information in this presentation is partly derived from our own independent research.
Information about products (including products currently in development) which is included in this material is notintended to constitute an advertisement or medical advice.

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

2 / 242

Highlights
FY21 Q3/Q3 YTD results
Revenue: Highest-ever quarterly and Q3 YTD revenue. Continued recovery of demand in
Cardiac & Vascular, steady performance in other companies
Adjusted Operating Profit: Over 20% profit increase in Q3 YTD, despite the negative effects
anticipated at the beginning of the fiscal year, as well as effects of cost inflation and lower
production level

Upward revision of FY21 guidance
Added 12.0 B JPY to revenue. No change in profits
Temporary decline in number of procedures and other healthcare demand is anticipated in Q4
due to COVID-19 resurgence. Also, despite some expected cost increase due to inflation andlower production level, we aim to achieve the guidance by expense control©TERUMO CORPORATION

3 / 24First, the highlights from the quarter.
Q3 standalone revenue grew 8% from the previous year. Year-to-daterevenue also grew 17%. The Cardiac and Vascular Company entered a
COVID-19 recovery pattern, growing 12% from the previous year. Withstrong demand, Blood and Cell Technologies Company grew the nextmost.
Adjusted operating profit slowed slightly in the 3rd quarter amid
continued production adjustment to normalize inventory down fromCOVID safety stock levels, as well as impact from higher freight and raw
materials costs caused by global supply chain disruption. Year-to-date
profit grew 21% from the previous year.
In light of these 3rd-quarter results, we will revise the annual guidance
for revenue only, upward by 12 billion yen. Although we anticipate a
temporary Q4 decrease in healthcare demand due to COVID Omicron
variant impact, we decided to account for Q3 exceeding expectations andexchange rate positive with the upward revision. However, despite
normalization of factory capacity utilization, issues including cost
increases from supply chain disruption and rising wages in the US willcontinue into the 4th quarter. Although we intensify our expense control
onward, we determined that an upward revision of profit guidance could
not be made.

3

P&L Results
Revenue: Highest-ever quarterly and Q3 YTD revenue. Cardiac & Vascular demand recovery continued, especially in TIS. In Q3, despite normalized
demand of thermometers and infection prevention products, disposable products demand further recovered and performance remained steady overall
Adjusted Operating Profit: Despite the negative impacts of production level adjustment and volume-based procurement (VBP) in China, as well as cost
inflation and lower production level, product mix improvement and positive FX impact contributed to 21% YTD growth

100 M 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

FY20 Q3 YTD

FY21 Q3 YTD

YoY%

YoY% (FXN)

4,486
2,413

5,235
2,788

17%
16%

12%
10%

(53.8%)(53.3%)

1,307

1,463

12%

8%

(29.1%)(27.9%)

359

375(8.0%)(7.2%)

6
753

-6
945

(16.8%)(18.0%)

885

1,072

(19.7%)(20.5%)

749

930(16.7%)(17.8%)

4%
25%

17%

21%

13%

24%

586

717

(13.1%)(13.7%)

106JPY/122JPY

111JPY/131JPY

1%

22%

FY20 Q3

FY21 Q3

YoY%

1,653
908

1,788
926

8%
2%

(54.9%)(51.8%)

447

507(27.1%)(28.4%)

128

128(7.7%)(7.2%)

2
334

-5
286

(20.2%)(16.0%)

372

330(22.5%)(18.5%)

343

278(20.7%)(15.5%)

268

217(16.2%)(12.1%)

13%
0%
-15%
-11%
-19%
-19%

105JPY/125JPY 114JPY/130JPY

4 / 24

Here are the P&L results.
The third row shows year-to-date revenue of 523.5 billion yen, for a
17% year-on-year increase. Adjusted operating profit was 107.2 billion
yen, for a 21% year-on-year increase and 20.5% profitability on revenue.
The second row from right shows Q3 standalone numbers. Revenue was
178.8 billion yen, for an 8% year-on-year increase. Adjusted operating
profit was 28.6 billion yen, for an 11% year-on-year decrease, and18.5% profitability on revenue.
The next slide shows a waterfall chart illustrating these numbers.

4Adjusted Operating Profit Variance Analysis (Q3 YTD)
(100 M JPY)
Gross
marginPrice-27
JP NHI-2

G/P
incrementby salesincrease

SG&A

Production
Adjustment

MDR
-2
IT
-2

Gross margin:
Negative effects of cost inflation (freight, rawmaterial, and labor cost), and lower
production level, were exceeded by positive
impact of product mix improvement fromsales increase in Cardiac & Vascular,
especially TIS

FX

R&D

G/P increment by sales increase:
The revenue increased in all companies,
particularly Cardiac & Vascular, comparedwith FY20 Q3 YTD impacted by COVID-19

OthersPrice:
Decline mainly due to VBP in China for TIS
products
SG&A:
Large increase compared with FY20 Q3 YTD
in which expense usage was slow due to
COVID-19

FY20
Q3 YTDOP

FY20
Q3 YTD
Adj. OP©TERUMO CORPORATION

FY21
Q3 YTD
Adj. OPFY21
Q3 YTDOP

FX:
Positive impact from flow mainly by CNY and
EUR. Small impact from stock

5 / 24This is the year-to-date adjusted operating profit variance analysis
compared to the previous year.
Revenue increases from each company helped to raise gross profit.
Further, in gross profitability on revenue, cost increases due to 3rdquarter shipping and raw materials inflation was downward factors.
However, the positive effect of product mix improvement in TIS andother businesses exceeded downward impacts, to total a positive 300
million yen.
Impacts from price erosion, production adjustment, SG&A, and EU
regulatory changes were higher than the COVID-affected previous year,
but are the result of sales activities and normalization, and indicate
progress happening as planned.
The steady progress of R&D and other costs, such as startup costs forthe source plasma business, is a little slow due to COVID-19.
FX impact was a positive 7.1 billion yen. The impact on stock is minor.

5Adjusted Operating Profit Variance Analysis (Q3)(100 M JPY)

Gross margin:
Decrease due to effects of cost inflation(freight, raw material, and labor cost),
and lower production level

GrossmarginG/Pincrementby salesincrease

FY20 FY20Q3Q3OP Adj. OP©TERUMO CORPORATION

Price
-7
JP NHI-1

G/P increment by sales increase:
Improved recovery level from COVID-19
and sales increase driven by Cardiac &Vascular

SG&A

Price:
Decline mainly due to VBP in China for
TIS products

FX

R&D
Others

Production
Adjustment

SG&A:
Large increase compared with FY20 Q3
in which expense usage was slow due
to COVID-19

MDR
-2
IT
-3

FY21 FY21Q3
Q3Adj. OP OP

FX:
Positive impact from flow mainly by
CNY and EUR. Small impact from stock

6 / 24This is the adjusted operating profit variance analysis for 3rd quarterstandalone, compared to the previous year.
Gross profitability on revenue was impacted by cost inflation, as well as atemporal lower production level, resulting in minus 3.6 billion yen yearon-year.
SG&A increased significantly compared to the COVID-affected previous
year; however, this indicates that activities are normalizing andprogressing as planned. EU regulatory compliance costs were processing
in line with its progress.
R&D costs reflect some delays due to COVID-19, but research anddevelopment is firmly progressing.
FX had a positive impact of 2.5 billion yen.

6

Revenue by Region
FY21
Q3 YTD
Regional
breakdown

FY21 Q3 YTD
YoY%

Revenue (100 M JPY)
Q3 YTDQ3

FY19Japan FY20
FY21

1,478
1,483
1,550

519
548
526

Europe

887
875
1,040

Americas

1,416
1,311
1,612

31%

China

9%

Asia and

11%

Others30%

20%©TERUMO CORPORATION

305
320
357

() FXN

5%

Comments (C&V: Cardiac & Vascular,
GH: General Hospital, TBCT: Blood & Cell Technologies)
Continued strength in GH driven by Alliance and General hospital
products. Continued growth in C&V driven by recovery of TIS and
Neurovascular. Minor decline in TBCT. QoQ (comparison of FY21Q3
to Q2) slowdown in GH as the vaccine syringe and thermometer
demand returned to normal, while TBCT was steady and C&V
approached double-digit growth

19%
(11%)

All companies continued to grow, led by TIS and Vascular graft.
QoQ, C&V drove growth, GH was also steady, and TBCT saw adecline due to blood component collection orders concentrating in
Q2

23%
(17%)

All companies continued to grow, led by TIS and Neurovascular.
QoQ, all companies accelerated, with drivers including blood center
products, Neurovascular, and Vascular graft

370 126
334 131
446
145

34%
(21%)

All companies continued to grow, led by TIS. Grew 20% in China
overall excluding negative impact of Neurovascular distributor ordertiming in FY20 1H. QoQ growth was steady in the mid-single-digits
when excluding the concentration of Neurovascular distributor orders
in Q2

550
482
586

22%
(15%)

489
487
549

189
167
212

All companies exceeded 20% YoY growth in the 3 months of Q3,
after previous slow recovery. Double-digit QoQ growth in TBCT and
C&V, while GH slowed as the demand returned to normal

7 / 24

Next is revenue by region.
Japan was minus 4% in the 3rd quarter. Year-to-date, it grew 5% year-on-year
and the same 5% compared to FY19. Cardiac and Vascular Company grew 9%
compared to Q2 with a gradual recovery in demand, but was minus 2%compared with the previous year, when there was a temporary restoration ofdemand during COVID-19 pandemic. Similarly, compared to the previous year
in which there was high demand for COVID-19-related products such as
infection prevention and thermometers in General Hospital company, as well as
Blood and Cell Technologies company saw corresponding negative growth asthat demand decreased.
EU grew 11% in the 3rd quarter and 19% year-to-date. The Cardiac and
Vascular Company was strong, growing 17% year-on-year, and 9% comparedto the 2nd quarter. In addition to the strong TIS and Neurovascular businesses,
CV and TA grew significantly. On the other hand, Blood and Cell Technologies
saw negative growth in the 3rd quarter after seeing demand concentrated in
the 2nd quarter. However, the overall trend is strong for the company.
The Americas grew 13% in the 3rd quarter and 23% year-to-date. Cardiac and
Vascular company grew 15% thanks to strong TIS, Neurovascular, and TA.
Quarter-to-quarter growth from Q2 was 4%. With their businesses steady,General Hospital and Blood and Cell Technologies maintained strong growth in
the high single digits.
China grew 10% in the 3rd quarter and 34% year-to-date. The Cardiac and
Vascular Company grew 7% in the 3rd quarter and 35% year-to-date.

7

Compared to the 2nd quarter, Access within the TIS business grew 3%, as thenumber of procedures maintained its solid trend. In addition, blood component
collection in the Blood and Cell Technologies Company is growing strongly,
driving the company as a whole.
In other Asian countries, the recovery from COVID-19 gained momentum,
resulting in 27% growth in Q3 an 22% growth year-to-date.

7

C&V:

Continued recovery of number of procedures in US and EU, and of sales growth in all businesses.
Negative effects on Q3 profit were mitigated by strong sales and positive FX impact(100 M JPY)
Q3 YTD

Q3

Comments

Q3 YTD
Rev. YoY() FXN

2,635

2,944
2,384

TIS: Continued recovery outside Japan, centered in US and EU. Clear
recovery QoQ (comparison of FY21Q3 to Q2) from decline in number ofprocedures during Q2 spread of COVID-19 Delta variant. 8% growth QoQ
when excluding backorder of an Access device due to materials supply
issues+342

Neurovascular: Continued recovery of aneurysm treatment, led by US and
EU. Aspiration catheter also maintained high growth. Double-digit QoQ
growth when excluding concentration of China distributor orders in Q2+111

Cardiovascular: In addition to clear recovery of number of procedures in
US and EU, hardware sales were strong as investment by hospitals
resumed. US and EU grew in high-single-digits QoQ+51

Vascular graft: Continued recovery pattern in US and EU. Recovery fromCOVID-19 resurgence was seen QoQ, accelerating as EU and US grewover 20% QoQ+55

Revenue+23%(+17%)

909

890

1,001
+12%

688

560

Adjusted
Operating
ProfitAdj. OP%723+29%(+20%)

216

240

215
-10%

FY19 FY20 FY21

FY19 FY20 FY21

26%

24%

©TERUMO CORPORATION

24%

25%

27%

22%

Adj. OP: Positive impacts from strong sales and FX mitigated some of thenegative impact of cost inflation and lower production level in addition to
VBP of TIS products in China, production level adjustment for inventory
level optimization

8 / 24

I will now explain results by company, starting with Cardiac and Vascular.
Revenue grew 12% in the 3rd quarter, and 23% year-to-date. It was 6%
growth quarter-on-quarter.
TIS revenue has increased 34.2 billion yen year-to-date, driving overall
growth. Access led within TIS. However, a backorder in vascular closure
devices occurred due to delays in materials procurement caused bysupply chain disruption, as well as temporarily reduced production levelamid rising COVID-19 infections. Production delays were resolved by theend of January, and we are working to fully eliminate the backordersituation.
In Neurovascular, the number of brain aneurysm procedures increased in
the EU and US, and aspiration catheter for stroke sales was in particular
growing well. Some products are seeing stiffer competition, but ourbroad portfolio is serving tremendous demand.
In CV as well, there was strong instrument demand along with therecovery in surgical procedures, driving growth especially in the US andEU.
Like other businesses, TA enjoyed a growth tailwind from recovery in thenumber of procedures, but also made progress expanding its portfolio
and regional sales activities, to accelerate growth and approach 30%
from the 2nd to the 3rd quarter.

8

In profit, the price erosion and production adjustment we anticipated at
the outset of the year combined with inflation, but these negative factors
were approximately offset by product mix improvement due to revenue
increase. As a result, adjusted operating profitability was 22%, and 25%
year-to-date in line with our guidance. Lower production level has alsobottomed out and entered a recovery trend recently.

8

GH:

Pumps and disposables drove General hospital products. Although multiple negative factors
impacted profit, secured guidance level margin in YTD(100 M JPY)
Q3 YTD

Q3

Comments

Q3 YTD
Rev. YoY() FXN

1,278 1,290
Revenue

1,387

+8%
(+6%)

450

472

468
-1%

198

205

Adjusted
Operating
ProfitAdj. OP%

193
-6%
(-5%)

72

88

59

General hospital products: Demand recovery in disposables in Asia
and Japan, and COVID-19 pump demand drove double-digit growth.
Infection prevention product demand returned to normal. Mid-teens %QoQ (comparison of FY21Q3 to Q2) growth with drivers of pumps andvaccine syringes in Japan, and disposables in Asia

+51

Pharmaceutical: Low-single-digit growth with slow demand recovery
for IV solutions. Continued strong growth in pain management andadhesion barrier. Steady demand recovery QoQ led to mid-single-digit
QoQ growth+10

DM & consumer healthcare: Thermometer demand returned to normal,
blood pressure monitors remained strong in Asia and Japan. WhileDM grew steadily in mid-single-digits QoQ, consumer healthcaredemand returned to normal+6

Alliance: CDMO business drove mid-teens % growth

+30

-33%

FY19 FY20 FY21

FY19 FY20 FY21

16%

16%

©TERUMO CORPORATION

16%

14%

19%

13%

Adj. OP: Despite negative impact from normalized product mix due to thermometer
demand, FX impact on manufacturing cost in China, and cost inflation, secured
guidance level margin in YTD

9 / 24

Next, the General Hospital Company.
Revenue growth was minus 1% in the 3rd quarter, and positive 8% yearto-date. It was minus 3% quarter-on-quarter.
In General Hospital Products, increased supply of vaccine syringes andenormous demand for syringe pumps and infusion pumps drove thatbusinessʼs overall results. In the second-largest market following Japan,
Asia, revenue saw growth above 20% both in Q3 standalone and yearto-date, amid high healthcare demand due to COVID-19.
The recovery of IV solutions and other pharmaceuticals is gradual, butadhesion spray within that business recovered along with the number ofprocedures, and thanks to progress in marketing activities, to grow 20%
year-on-year and over 10% from the 2nd quarter.
Healthcare saw a return to normal for products such as thermometers
and blood pressure monitors that saw higher demand amid COVID-19.
This resulted in negative year-on-year growth, but with DM steady, yearto-date growth is positive.
Alliance remains strong, with 16% year-to-date growth.
In profit, Q3 saw multiple negative impacts coincide, including inflation, a
return to normal in demand for thermometers after COVID-19 increases,
and CNY appreciation. Year-to-date adjusted operating profitability was
14%, staying in line with our guidance.

9

TBCT:

Continued demand recovery of whole blood collection. Although negative impacts
on profit grew in Q3, profitability improvement continued in YTD(100 M JPY)
Q3 YTD

Q3

Comments

Q3 YTD
Rev. YoY() FXN

787

810

Revenue

902

+11%
(+6%)

270

291

319
+10%
+10%

144
Adjusted
Operating
ProfitAdj. OP%

172

Blood center solutions: Continued recovery of whole blood collection
in US and EU. Component collection was strong in Asia and China,
absorbed the impact of decreased COVID-19 convalescent plasma
demand. Mid-single-digit growth QoQ (comparison of FY21Q3 to Q2)
with strong whole blood collection in US and Asia

+61

Therapeutic solutions: Double-digit growth in US and EU driven by
investment at hospitals to support higher number of procedures.
Double-digit QoQ growth as well, driven by US and EU+24

Cell therapy technologies: Following FY20 1H deployment delays due
to COVID-19, recovery after 2H in US indicates a return to growthtrajectory

+7

104
+19%
(+8%)

37

56

54
-2%

FY19 FY20 FY21

FY19 FY20 FY21

13%

14%

©TERUMO CORPORATION

18%

19%

19%

Adj. OP: Positive effects from sales growth and FX offset some of thenegative impacts from normalized product mix due to whole blood collection
demand recovery, preparation expenses for the new business, cost inflation,and lower production level. Continued profitability improvement in YTD

17%
10 / 24

Next is Blood and Cell Technologies Company.
Revenue grew 10% in the 3rd quarter, and 11% year-to-date. It was 7%
growth quarter-on-quarter.
In the Blood Center Solutions business, there was a strong increase indemand for blood component collection in the US and EU, in addition torecovery in whole blood, as well as component collection demand
increase in China and other Asian countries. These factors combined toresult in growth above 10%, against a previous year comparable withhigh COVID-19 treatment demand.
Apheresis saw more procedures as instrument demand increased, while
Cell Therapy Technologies demand also recovered. Both businesses
thereby maintained double-digit growth, and the overall business grew inthe double digits in Q3 year-on-year.
In profit, it was caused by a recovery in whole blood collection demand
led product mix to normal level and inflation, Q3 adjusted operating
profitability was 17%, which was negative growth year-on-year. Year-todate the figure was 19%, or an 8% increase. Production level isrecovering at Vietnam and other sites.

10

Upward Revision of FY21 Guidance(100 M JPY)

Original Guidance

Revised Guidance

Revenue

6,850

6,970

Operating Profit

1,200

1,200

(17.5%)(17.2%)(%)

Adjusted Operating Profit

1,370

1,370

(20.0%)(19.7%)

Profit for the Year

920

920

Exchange Rate (USD/EUR)

108 JPY/129 JPY

112 JPY/130 JPY(%)

Change inamount+120-

Factored in the better Q3 YTD performance including favorable FX impact
Temporary decline in number of procedures and other healthcare demand is anticipated in Q4 due to COVID-19
resurgence. Also, despite some expected cost increase due to cost inflation and lower production level, we aim toachieve the guidance by expense control©TERUMO CORPORATION

11 / 24

As I mentioned in the highlights at the beginning, we will revise ourannual guidance. We will revise the annual guidance for revenue, upward
by 12 billion yen to 697 billion yen. There are no other revisions to our
guidance.

11

Major Topics
Corporate• Announced five-year growth strategy “GS26”• Established “Terumo Group Sustainability Policy” and revised the Sustainability Priorities
Drug-eluting coronary stent“Ultimaster Nagomi”• Launched drug-eluting coronary stent "Ultimaster Nagomi" in Japan
Cardiac &Vascular• Received the “Prime Minister’s Award for Japanese Healthcare Research and Development,”
for the research and development, commercialization, and spread of ECMO technology• Obtained manufacturing and sales approval in Japan for the thoracic stent graft “RelayPro”

Thoracic stent graft“RelayPro”• Launched the small size syringe pump “TE-362” in Japan
GeneralHospital• Launched liquid bandage “Gelclair oral gel” in Japan

Small size syringe pump“TE-362”

Liquid bandage“Gelclair oral gel”

• Reached a comprehensive partnership agreement in the diabetes field with Diabeloop SA.
Blood & Cell
Technologies

Centrifugal apheresis system“Spectra Optia”• Established agreement with Immunicom, Inc. to launch breakthrough cancer immunotherapy treatment in Europe©TERUMO CORPORATION

12 / 24

Lastly, the main topics for the 3rd quarter.
First, we announced our five years Growth Strategy, GS26, in December.
With this year as a foundation, we will strive toward even greater growth.
In support of these, we already see the next-generation Ultimasterlaunch, Relaypro regional expansion, development of diabetes business
partnerships, innovation in blood and cell technologies, and many otherefforts progressing in each company.
This concludes my overview of this earnings results.
Thank you.

12

Reference©TERUMO CORPORATION

13 / 24

13

FY21 New Product Pipeline
Category
Coronary

Oncology

Neurovascular

Vasculargraft

Products

Region Launch

Category

Products

Region Launch

Infusion pump

JP

Small size syringe pumpJP

Launched

Launched

FN syringe (16mm needle)

JP

Launched

US

Launched

Flumazenil I.V. infusion

JP

Launched

Flow diverter

EU, USEU:
Launched

Sterile connecting deviceJP

Launched

Balloon guide catheter

EU, US

GelclairJP

Launched

Coil assist stent

EU, USEU:
Launched

Continuous glucose monitoring system

JP

Launched

Stent graft for thoracic aortic
aneurysm

US

Launched

Insulin patch pumpEU

Launched

Surgical hybrid stent graft

US

100th anniversary thermometerJP

Launched

Stent graft for abdominal aortic
aneurysmJP

Non-contact data link thermometerJP

Launched

Automated blood processing system

GlobalValue-added services

GlobalDrug-eluting stentJP

Biodegradable drug-eluting
microsphere

EU

Peripheral embolization coil

JP

Peripheral embolization plug

Launched
Generalhospital
products

PharmaceuticalDM andconsumerhealthcare

Launched
Blood and cell
technologies©TERUMO CORPORATION

Launched

14 / 24

14

Revenue by Segment and Region
2021年度 第3四半期 セグメント別売上収益

Revenue by Segment for the Third Quarter of FY2021（百万円 / millions of yen)

Q3 YTD
FY2020
日本
JPN

心臓血管
カンパニー

欧州

米州

中国

EuropeAmericas

China

Asia andothers *a

合計
WW

日本
JPN

%YoY

海外
Overseas

欧州

%YoY

%YoY

Europe

米州

アジア他

中国

%YoY

Americas

Asia andothers * a

%YoY

China

%YoY

合計
WW

%YoY

構成比
% to total * b

TIS

TIS

23,015

138,760

38,686

61,502

22,055

16,517

161,776

24,055

4.5%

171,970

23.9%

47,15921.9%77,36925.8%

27,04722.6%

20,39423.5%

196,025

21.2%

37.4%

ニューロバスキュラー

Neurovascular

3,330

27,766

10,10012,141

2,612

2,911

31,096

4,084

22.7%

38,14337.4%

12,362

22.4%

16,266

34.0%

6,397

144.9%

3,117

7.1%

42,228

35.8%

8.1%

カーディオバスキュラー

Cardiovascular

8,344

22,243

3,793

13,911

1,146

3,392

30,588

8,249

-1.1%

27,473

23.5%

4,809

26.8%

17,191

23.6%

1,551

35.4%

3,919

15.5%

35,722

16.8%

6.8%

8.9%

18,33640.8%

10,154

39.1%

6,075

49.9%

1,225

27.6%

880

23.8%

20,425

36.7%

3.9%

血管

Vascular Graft

Cardiac and Vascular Company

1,918

13,026

7,301

4,052

960

711

14,9442,088

36,608201,796

59,88191,60826,77323,532

238,405

38,4785.1%

255,924

26.8%

74,48724.4%

116,903

27.6%

36,221

35.3%

28,312

20.3%

294,403

23.5%

56.2%

医療器

General Hospital Products

38,741

17,511

1,969

4,840

923

9,777

56,25340,503

4.5%

20,810

18.8%

2,076

5.4%

6,006

24.1%

1,008

9.2%

11,72019.9%

61,314

9.0%

11.7%

医薬品

Pharmaceutical

34,397

-

-

-

-

-

34,39735,429

3.0%

-

-

-

-

-

-

-

-

-

-

35,4293.0%

6.8%

DM・ヘルスケア

DM and Consumer Healthcare

17,624

2,126

598

7

701

818

19,751

17,437

-1.1%

2,906

36.7%

619

3.5%

25

246.0%

852

21.6%

1,408

72.0%

20,3433.0%

3.9%

ホスピタルシステム小計

Hospital Systems Sub Total

90,764

19,637

2,568

4,847

1,625

10,596

110,40293,3702.9%

23,717

20.8%

2,695

4.9%

6,031

24.4%

1,861

14.5%

13,12823.9%

117,087

6.1%

22.4%

アライアンスAlliance

ホスピタル
カンパニー

General Hospital Company
血液・細胞
テクノロジー
カンパニー

海外
Overseas

Q3 YTD
FY2021

アジア他

11,830

6,791

4,693

1,561

100

435

18,621

14,294

20.8%

7,352

8.3%

4,987

6.2%

1,511

-3.2%

144

44.2%

708

62.6%

21,646

16.2%

4.1%

102,594

26,429

7,262

6,408

1,725

11,032129,023

107,6644.9%

31,069

17.6%

7,682

5.8%

7,543

17.7%

2,005

16.2%

13,83725.4%

138,733

7.5%

26.5%

血液センター

Blood Center Solutions

8,480

51,782

16,012

20,0584,296

11,41560,262

8,307

-2.0%

58,075

12.2%

16,8295.1%

21,982

9.6%

5,244

22.1%

14,01822.8%

66,382

10.2%

12.7%

アフェレシス治療他

Therapeutic Solutions

355

14,738

3,793

8,393

507

2,044

15,094300-15.6%

17,161

16.4%

4,363

15.0%

9,645

14.9%

904

78.3%

2,248

10.0%

17,462

15.7%

3.3%

細胞処理

Cell Therapy Technologies

118

5,532

598

4,663

92

178

5,650

92

-21.7%

6,216

12.4%

633

6.0%

5,145

10.3%

229

149.4%

208

16.5%

6,309

11.7%

1.2%

8,954

72,053

20,403

33,115

4,896

13,63881,007

8,700

-2.8%

81,45313.0%

21,8277.0%

36,772

11.0%

6,378

30.3%

16,475

20.8%

90,154

11.3%

17.2%

Blood and Cell Technologies Company
その他

Others

191

-

-

-

-

-

191

190

-0.4%

-

-

-

-

-

-

-

-

-

-

190

-0.4%

0.0%

合計

Total

148,349

300,279

87,547

131,132

33,39548,203448,628

155,0344.5%

368,447

22.7%

103,99718.8%

161,21922.9%

44,605

33.6%

58,625

21.6%

523,482

16.7%

100.0%

33.1%

66.9%

19.5%

29.2%

7.4%

10.7%

100.0%

29.6%

売上比率

% to Total（期中平均為替レート）(Average Exchange Rates)(USD1=\106.11)(EUR1=\122.44)

19.9%

30.8%

8.5%

11.2%

100.0%(USD1=\111.14)(EUR1=\130.60)*a 「中国」の売上を開示したことに伴い、「アジア他」から「中国」の売上を除いています。

*a Sales in China is not included in "Asia and others" from this reportable segment.

*b 構成比は、小数点第2位を四捨五入して表示しており、合計が100％にならない場合があります。

*b The composition ratio is rounded at the second decimal point, and the total may not be 100%.

©TERUMO CORPORATION

70.4%

15 / 24

15

Quarterly Trend of Revenue and Operating Profit
Revenue: Increase by +8% YoY. Against FY19 Q3, +10% growth overall, driven by C&V increased by +10% with positive impact of
FX such as EUR
Operating Profit: Although the negative GP impact from cost inflation and lower production level in addition to VBP in China andproduction level adjustment, mitigated those impacts by strong sales and positive FX impact(100 M JPY)

1,600
1,400

1,788

1,729

1,717

1,800

1,629 1,653

1,548 1,520

1,525

1,588 1,652

1,313

1,200

TBCT (Revenue)

1,000

GH (Revenue)

800

C&V (Revenue)

600

Total (Operating Profit)

400
200
0

292

181

362

300

FY19 FY20 FY21
Q1

©TERUMO CORPORATION

238

296

271

FY19 FY20 FY21
1

Q2

334

286

244

FY19 FY20 FY21
1

Q3

231

FY19 FY20 FY211Q416 / 24

16

P&L (Quarterly Results)(100 M JPY)

Revenue

FY20 Q3(Oct-Dec)

Q4(Jan-Mar)FY21 Q1(Apr-Jun)

Q2(Jul-Sep)

Q3(Oct-Dec)

1,653

1,652

1,717

1,729

1,788

Gross Profit

908 (54.9%)854 (51.7%)

943 (54.9%)

920 (53.2%)

926 (51.8%)

SG&A Expenses

447 (27.1%)

488 (29.5%)465 (27.1%)

490 (28.4%)

507 (28.4%)

R&D Expenses

128 (7.7%)

132 (8.0%)

117 (6.8%)

130 (7.5%)

128 (7.2%)

Other Income
and Expenses

2

-2

1

-3

-5

Operating Profit

334 (20.2%)

231 (14.0%)362 (21.1%)

296 (17.1%)

286 (16.0%)

Adjusted
Operating Profit

372 (22.5%)274 (16.6%)

402 (23.4%)

339 (19.6%)

330 (18.5%)

Average
Rate

USD

105 JPY

106 JPY

110 JPY

110 JPY

114 JPY

EUR

125 JPY

128 JPY

132 JPY

130 JPY

130 JPY©TERUMO CORPORATION

17 / 24

17

Operating Expenses (Quarterly Results)(100 M JPY)

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

FY20 Q3(Oct-Dec)

Q4(Jan-Mar)FY21 Q1(Apr-Jun)

Q2(Jul-Sep)

Q3(Oct-Dec)

231
35
38
47
97
447

240
43
37
49
119
488

249
30
38
48
99
465

249
40
39
50
112
490

255
44
39
51
118
507
(28.4%)(27.1%)(29.5%)(27.1%)(28.4%)

R&D Expenses

128

132

117

130

128

(%)

(7.7%)(8.0%)(6.8%)(7.5%)(7.2%)

Operating Expenses Total(%)
Average Rate©TERUMO CORPORATION

USD
EUR

575

620

581

621

635

(34.8%)(37.5%)(33.9%)(35.9%)(35.5%)

105 JPY
125 JPY

106 JPY
128 JPY

110 JPY
132 JPY

110 JPY
130 JPY

114 JPY
130 JPY

18 / 24

18

Operating Expenses (YTD and Quarterly Results)(100 M JPY)
FY20 Q3
YTD
Salaries & Wages
Sales Promotion
Logistical Costs
Depreciation &Amortization
OthersSG&A Expenses Total(%)

R&D Expenses(%)

Operating Expenses Total(%)©TERUMO CORPORATION

FY21 Q3
YTD

YoY

YoY%

YoY%
(FXN)

FY20 Q3

FY21 Q3

YoY

YoY%

66
29
10

10%
34%
9%

5%
30%
6%

231
35
38

255
44
39

24
10
2

10%
28%
4%

687
86
106

753
114
117

142

149

6

5%

2%

47

51

4

8%

285
1,307

330
1,463

45
156

16%
12%

12%
8%

97
447

118
507

21
60

22%
13%

(27.1%)(28.4%)

0

0%

60

10%

(29.1%)(27.9%)

359

375(8.0%)(7.2%)

1,665

1,837

(37.1%)(35.1%)

16

4%

1%

128
(7.7%)

172

10%

6%

128
(7.2%)

575

635(34.8%)(35.5%)

19 / 24

19

Adjusted Operating Profit: Adjustments(100 M JPY)
FY20 Q3 YTD

FY21 Q3 YTD

753

945

334

286

Adjustment 1. Amortization of acquired
intangible assets

108

118

37

39

Adjustment 2. Non-recurring profit or loss

24

9

1

5

885

1,072

372

330

Operating Profit

Adjusted Operating Profit

FY20 Q3

FY21 Q3<General examples of adjustment items>• Acquisition related cost
• Lawsuit settlement• Impairment loss
• Restructuring loss
• Nonlife insurance income• Loss on disaster• Other one-time profits & losses©TERUMO CORPORATION

Main items in
Adjustment 2. Non-recurring profit or loss

FY21 Q3
YTD

FY21 Q3

Business reorganizing cost

6

3

Others2

2

20 / 24

20

CAPEX, Depreciation and R&D Expenses
FY18

FY19

FY20

FY21 Q3
YTD(100 M JPY)
FY21
Guidance

CAPEX
Depreciation

608
440

895
477

772
484

492
390

770
530

Amortization of acquired intangible assets
Others

146
294

157
320

150
334

108
282

155
375

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

FY21 Q3 YTD (49.2 B JPY): Continued investment mainly for TIS, Neurovascular, Alliance, and Blood & Cell
Technologies in production capacity and space, R&D as well as IT infrastructure (SAP)FY18

R&D Expenses©TERUMO CORPORATION

FY19

477

506

FY20

491

FY21 Q3
YTD

FY21
Guidance

375

515

21 / 24

21

Cash Flows (Q3 YTD)
Operating CF+984
433
Depreciation
andamortization
930

Investing & Financing CF
-942

275
Incometaxes

105Working
capital492
CAPEX

Profitbefore tax

108
Debt
repayment&
redemptionof bonds

234
Dividends

2,008

Cash atthe end of
FY20©TERUMO CORPORATION(100 M JPY)CAPEX = C.i.P. record basis
Cash at the end of each period is equal to “cash and cash equivalents” on B/S

109
Others
2,049

Cash atthe end of
FY21 Q3

22 / 24

22

Cash Flows (Q3)
Operating CF
+316
149
278

Depreciation
andamortization(100 M JPY)

Investing & Financing CF
-296

107

4

Incometaxes

Working
capital

168

3

CAPEX

Debt
repayment

Profitbefore tax

121

5

Dividends

Others

2,049
2,029

Cash atthe end of
FY21 Q2©TERUMO CORPORATIONCAPEX = C.i.P. record basis
Cash at the end of each period is equal to “cash and cash equivalents” on B/S

Cash atthe end of
FY21 Q3

23 / 24

23

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

USD

EUR

CNY

Revenue17

835

Adjusted Operating Profit

0

5

15

<Reference> Impact when JPY is depreciated by 10%
North
Latin
America America

Adjusted Operating Profit©TERUMO CORPORATION

-1

10

EMEA

Asia

EUR

OthersCNY

Others

65

13

23

36

24 / 2424

25