Outline of Consolidated Financial Results for the Second Quarter Ended September 30, 2021
November 10, 2021
Name of the listed company: NIPPON SHINYAKU CO., LTD.
Listing stock exchange: Tokyo
Code No.: 4516
URL http://www.nippon-shinyaku.co.jp/
Representative: Toru Nakai, President and Representative Director
Contact: Hideyuki Fujii, Department Manager and Finance & Accounting Dept.
Tel. +81-75-321-9116
Scheduled date for submission of quarterly Securities Report: November 12, 2021
Scheduled start of payment: December 3, 2021
Supplementary material:
Yes
Financial result meeting:Yes (for institutional investors and securities analysts)* All amounts are rounded down to the nearest million yen.
1. Consolidated Results for the Second Quarter Ended September 30, 2021 (April 1 to September 30, 2021)(1) Operating results
Net sales(¥ million)

Net income attributableto owners of the parent

Operating income

Ordinary income

21,50493.0%

22,25097.8%

16,561105.1%

11,1401.0%

11,248(0.2%)

8,073(2.6%)

Second quarter ended
71,56823.8%
September 30, 2021
Second quarter ended
57,8170.8%
September 30, 2020
Note: Comprehensive income
As of September 30, 2021: ¥15,714 million 61.0%

As of September 30, 2020: ¥9,758 million 30.8%

Net income per share (¥)
BasicDiluted－
Second quarter ended September 30, 2021
245.89－Second quarter ended September 30, 2020
119.87
Note: Percentage figures for net sales, operating income, ordinary income and net income represent year-on-year comparisons.
(2) Financial position(¥ million)
Total assets

Net assets

As of September 30, 2021
204,052
As of March 31, 2021
197,028
Note: Owners’ equity
As of September 30, 2021: ¥174,594 million

Equity ratio

174,890
162,543

Net assets per share (¥)

85.6%
82.4%

2,592.22
2,409.01

As of March 31, 2021: ¥162,254 million

2. Dividends
Cash dividends per share (¥)
st1 quarter
Year ended March 31, 2021
Year ending March 31, 2022
Year ending March 31, 2022 (forecast)
Note: Revisions to forecast for the current quarter: None.

nd2 quarterrd

3 quarter

49.00
51.00

－－

Year-end

Annual－

50.00

99.00

－52.00103.003. Business Forecast for the Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)(¥ million)
Net sales

Operating income

Ordinary income

Net income
Net income perattributable toshare (¥)
owners of the parent

Full term
135,000 10.8% 28,000
7.1% 28,500
6.5% 21,000
1.4%Notes: 1. Percentage figures represent the percentage of increase or decrease against the same period of the previous year.
2. Revisions to forecast for the current quarter: None.

- 1 -311.79

4. Others(1) Changes in the scope of consolidation
Inclusion: None
Exclusion: None
Note: Changes in specified subsidiaries involved changes in the scope of consolidation(2) Adoption of special accounting methods for preparation of quarterly financial statements: None
(3) Changes in accounting policies and accounting estimates, and restatement
1. Changes in accounting policies arising from revision of accounting standards: Yes
2. Changes arising from other factors: None
3. Changes in accounting estimates: Yes
4. Restatement: None
(4) Number of shares outstanding (ordinary shares)
Number of shares outstanding (including treasury stock)
As of September 30, 2021:
70,251,484 shares
As of March 31, 2021:

70,251,484 shares

Number of shares of treasury stock
As of September 30, 2021:

2,898,203 shares

As of March 31, 2021:

2,898,183 shares

Average number of shares outstanding (total for the consolidated period)
As of September 30, 2021:
67,353,287 shares
As of September 30, 2020:
67,353,653 shares
Note:
This summary of quarterly financial results is exempt from the quarterly review procedures under the Financial Instruments andExchange Act. At the time of disclosure, published figures in this financial release have not been completed to a quarterly review offinancial statements based on the Financial Instruments and Exchange Law.
This financial release contains certain statements about the future, which are based information available and deemed reasonable toNippon Shinyaku at the time of announcement, and are not the commitments made by Nippon Shinyaku.
Readers are advised that actual results may differ substantially from the above forecasts due to various unforeseeable factors.

- 2 -5. Consolidated Financial Statement(1) Consolidated Balance Sheet
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable
Electronically recorded monetary claimsSecurities
Merchandise and finished goods
Semi-finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netLand
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Long-term prepaid expenses
Retirement benefit asset
Other
Total investments and other assets
Total non-current assets
Total assets

As of September 30, 2021

47,77039,289508
13,02918,2926,050
890
10,2912,968(0)
139,090

54,30038,952541
14,09916,079
5,792
1,993
11,6883,340(0)146,788

9,010
7,430
4,866
21,306
677

9,403
7,430
4,845
21,679725

22,113
1,518
9,390
621
2,310
35,95457,937
197,028

20,466
2,074
8,624
1,425
2,268
34,86057,264
204,052

(Millions of yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable
Accounts payable
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilitiesRetirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

As of September 30, 2021

9,543
8,131
6,679
3,096
4,064
31,514

7,173
7,288
6,041
3,079
2,572
26,155

2,646
324
2,970
34,485

2,682
324
3,006
29,162

5,174
4,445
147,391(2,476)
154,535

5,174
4,445
160,585(2,476)
167,728

8,911

7,952

11
(96)
(1,107)

20
(111)
(995)

7,719

6,865

288
162,543
197,028296
174,890
204,052

(2) Consolidated Statements of Income(Millions of yen)Six months ended
September 30, 2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and allowances
Provision for bonuses
Promotion expenses
Retirement benefit expenses
Depreciation
Research and development expenses
Other
Total selling, general and administrativeexpenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Gain on sale of investment securities
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Donations
Rental expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes – current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interestsProfit attributable to owners of parent

Six months ended
September 30, 2021

57,817
24,99432,82371,56824,58946,979

4,132
2,021
2,420
260
186
7,659
5,000

4,099
2,043
2,522
262
185
10,005
6,356

21,68225,474

11,14021,504

8
267
234
－
－
89
600

7239
231
529
76
42
1,127

1216
70
150
53
492
11,248
11,248
3,387
(221)
3,166
8,081
8
8,073

0208
73
－
98
380
22,25022,250
5,826
(144)
5,682
16,568
7
16,561

(Consolidated Statements of Comprehensive Income)(Millions of yen)Six months ended
September 30, 2020
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

Six months ended
September 30, 2021

8,081

16,568

1,586

(959)

(10)
78(15)

92

112

1,676
9,758(854)
15,7149,750

15,70787

(3) Consolidated Statements of Cash Flows for the Quarter(Millions of yen)Six months ended
September 30, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in provisions
Decrease (increase) in retirement benefit
asset
Increase (decrease) in retirement benefit
liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption
taxes
Increase(decrease)
inothercurrent
liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of securities
Proceeds from redemption of securities
Proceeds from sale of investment securities
Purchase of investment securities
Purchase of property, plant and equipment
Purchase of long-term prepaid expenses
Other, net
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Dividends paid
Purchase of treasury shares
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Six months ended
September 30, 2021

11,2481,740
23

22,2501,453(16)－(653)(648)

46(276)
1(32)
－
3,975
(4,286)
(7)
(988)

(246)
0(3)
(529)
303
(28)
(351)
(2,369)

(142)

(51)

(621)

(334)

38
10,025276(1)(2,173)44
19,514246(0)(6,427)

8,127

13,333

(80)
30
(500)
510
－
(300)
(1,018)
(694)
(18)

(60)
30
－
529
627
(0)
(1,272)(1,580)(228)(2,071)(1,954)(2,898)(1)(3,365)(0)(2,899)(3,365)

40

(12)

3,196

7,999

44,29847,49457,88365,883