Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

November 2, 2023

Consolidated Financial Results
for the Six Months Ended September 30, 2023
(Under Japanese GAAP)
Company name:
Mochida Pharmaceutical Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
4534
URL:
https://www.mochida.co.jp/english/
Representative:(Name) Naoyuki Mochida (Title) Representative Director, President
Inquiries:(Name) Kenichi Miyamoto (Title) Head of Finance & Accounting Department
Telephone:+81-3-3358-7211
Scheduled date to file quarterly securities report:
November 13, 2023
Scheduled date to commence dividend payments:
December 1, 2023
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
Yes (for analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to
September 30, 2023)(1) Consolidated operating results (cumulative)
Net sales
Six months ended(Percentages indicate year-on-year changes.)

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

September 30, 2023

49,476

(7.0)

3,952

(25.1)

4,053(25.5)

2,838(27.6)

September 30, 2022

53,200

(1.5)

5,279

(13.9)

5,443(14.6)

3,923(20.2)

Note: Total comprehensive income

Six months ended

For the six months ended September 30, 2023:¥4,921 million
For the six months ended September 30, 2022:¥3,389 million

Basic earnings per
share

Diluted earnings per
share

Yen

Yen

September 30, 2023

78.39

-

September 30, 2022

104.62-[45.2%][(12.3)%](2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen

September 30, 2023

156,400

127,305

81.4

March 31, 2023

158,831

126,775

79.8

Reference: Equity
As of September 30, 2023:
As of March 31, 2023:¥127,305 million¥126,775 million%

2. Cash dividends
Annual dividends per shareFirst
quarter-end

Secondquarter-end

Yen
Fiscal year ended

March 31, 2023
Fiscal year ending

March 31, 2024

Thirdquarter-end

Yen

-

40.00

-

40.00

Fiscal year-end

Yen

Fiscal year ending

March 31, 2024 (Forecast)

Total

Yen

Yen

-

40.00

80.00

-

40.00

80.00

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Millions ofyenOperating profit%

Millions ofyenProfit attributable toowners of parent

Ordinary profit%

Millions ofyenFull year
104,000
0.7
8,500
(0.1)
8,700
Note: Revisions to the financial result forecast most recently announced: None

Basic earnings
per share%

Millions of
yen

%

Yen

(4.2)

6,300

(5.3)

176.86* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in change inscope of consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2023

38,500,000 shares

As of March 31, 2023

38,500,000 shares(ii) Number of treasury shares at the end of the period
As of September 30, 2023

2,878,093 shares

As of March 31, 2023

1,967,279 shares(iii) Average number of shares outstanding during the period (cumulative)
Six months ended September 30, 2023

36,210,994 shares

Six months ended September 30, 2022

37,498,631 shares

* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants
or an audit corporation.
* Explanation of the proper use of financial result forecasts and other special matters
The financial result forecasts presented in this document are based on information that is currently available to
the Company as of the announcement of this document, and the Company does not guarantee to achieve them.
In addition, actual financial results may differ significantly from these forecasts due to a wide range of factors.
(How to obtain supplementary material on quarterly financial results)
Supplementary material on quarterly financial results will be posted on the Company’s website on Thursday,
November 9, 2023.

Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

1

As of September 30, 2023

47,01027,806
13,49914,644
1,453
8,307
4,656
117,379

34,75731,26813,49917,982
1,660
8,259
4,825
112,253

7,069
1,854
4,990
1,135
15,049
797

6,926
1,723
5,789
1,077
15,516736

14,2463,883
7,476
25,60541,452
158,831

17,574
2,898
7,420
27,89344,147
156,400

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Income taxes payable
Provision for bonuses
Other provisions
Other
Total current liabilities
Non-current liabilities
Retirement 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-sale securities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

2

As of September 30, 2023

9,047
910
501
2,313
169
14,31627,258

9,281
1,016
1,096
2,066
157
10,66024,280

4,133
664
4,798
32,056

4,138
676
4,814
29,094

7,229
1,871
118,943(7,114)
120,930

7,229
1,871
120,321(10,043)
119,378

5,655
189
5,844
126,775
158,831

7,760
166
7,927
127,305
156,400

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended September 30(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodCommission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Settlement income
Gain on sale of investment securities
Insurance claim income
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to owners of parent

For the six months ended
September 30, 2022
53,20024,771
28,42923,1495,279

For the six months ended
September 30, 2023
49,47623,961
25,515
21,563
3,952

1
171
57
229

1
181
70
253

—

0

—

115

7
59
66
5,443

8
27
152
4,053

6
—
4
10

11
15
—
27

41
41
5,412
1,489
3,923
3,923

31
31
4,049
1,210
2,838
2,838

3

Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended September 30(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent

For the six months ended
September 30, 2022
3,923

For the six months ended
September 30, 2023
2,838

(511)
(21)
(533)
3,389

2,105
(22)
2,082
4,921

3,389

4,921

4

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)
For the six months ended
September 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale of investment securities
Insurance claim income
Loss (gain) on sale and retirement of non-current assets
Share of loss (profit) of entities accounted for using
equity method
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses and commission fee
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in trade payables
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest expenses and commission fee paid
Proceeds from insurance income
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 sale of securities
Purchase of property, plant and equipment and intangible
assetsPurchase of investment securities
Proceeds from sale of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Dividends paid
Purchase of treasury shares
Proceeds from sale of treasury shares
Other, net
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 period5

For the six months ended
September 30, 2023

5,412
1,285
—
(4)
41

4,049
1,330
(15)
—
31

—

115

(543)
(71)
(172)
7
1,919
113
1,715
(2,051)
(698)
(132)
6,821
172
(4)
38
(1,854)
5,174

(246)
(28)
(182)
9
(3,461)(3,496)(1,471)340(1,972)(518)(5,517)
182
(7)
—
(587)
(5,930)(7,100)6,500(4,500)4,500(6,900)7,100(4,500)4,500(1,513)(1,721)——(25)(2,139)

(300)
15
14
(1,790)(1,879)(937)—(0)(2,816)70
289
40,51540,804(1,462)(2,930)0(6)(4,399)67(12,053)
38,01025,957

Supplementary Materials for Consolidated Financial Results（Six months ended September 30, 2023）

1. Capital expenditures(Millions of yen)
FY2022Six months

1,391

Full year

2,105

FY2023
1,187(Forecast)

1,600

2. Depreciation(Millions of yen)
FY2022Six months(Property, plantand equipment)
Full year(Property, plantand equipment)

FY2023

1,285

1,330

746

690

2,672

(Forecast)

1,586

2,800
1,500

3. Research and development expenses(Millions of yen)
FY2022Six months

6,448(% of Revenue)

12.1 %

Full year(% of Revenue)

FY2023
4,855
9.8 %

13,283(Forecast)

12.9 %

13,80013.3 %

6

Sales of Main Products（Six months ended September 30, 2023)（Billions of yen）
Products

Fiscal year ended

Fiscal year ending

March 31, 2023

March 31, 2024

Apr-Sep

Apr-MarApr-Sep

Apr-Mar
forecast

SixmonthsY o Ychanges%Treatment of ulcerative colitis

Lialda®

6.7

13.5

7.1

15.0

+ 6%

Treatment for chronic constipation

Goofice®

3.3

6.9

3.7

9.0

+ 12%

Drug for hyperlipidemia andarteriosclerosis obliterans

Epadel

3.6

7.1

3.8

7.4

+ 5%

AntidepressantLexapro®

7.9

11.0

2.6

6.5

△ 66%

Treatment for chronic constipation

Movicol®

2.7

5.4

2.8

6.2

+ 5%

Gout and hyperuricemia

Urece®

1.0

2.2

1.5

4.0

+ 54%

Calcium channel blocker with a longacting hypotensive effectAtelec®

1.4

2.6

1.2

1.9

△ 15%

Treatment of ulcerative colitis

Omvoh®

-

-

0.2

1.9

-

Analgesic for chronic pain and pain
after tooth extraction
Treatment for pulmonary arterial
hypertension

Tramcet®

1.5

2.9

1.2

1.8

△ 24%

Treprost®

0.7

1.6

1.0

1.8

+ 26%

Heparin Sodium
MOCHIDA

0.6

1.2

0.6

1.2

+ 3%

Dinagest

1.2

1.8

0.5

1.1

△ 52%

Beselna

0.5

1.1

0.5

1.0

+ 3%

Generic drugs

13.5

29.5

15.0

30.9

+ 11%

Skin Care Products

3.0

5.9

3.1

6.3

+ 6%

Anticoagulant agent
Therapeutic agent for endometriosis,
adenomyosis and dysmenorrhea
Therapeutic agent for condyloma
acuminatum and actinic keratosis

Lexapro® sales of the fiscal year ended march 31, 2023 are the sum of Mochida's own sales and sales to
Mitsubishi Tanabe Pharma Corporation.
Atelec® sales are the sum of Atelec® and Atedio® sales.

7

Development Pipeline【Ethical drug】
Development code
<Generic name>* MD-110<pegfilgrastim>* ACT-541468<daridorexant>

MD-0901<mesalazine>

FYU-981<dotinurad>MD-711<treprostinil>

MND-21<icosapent>Stage

Indications

Formulation

Remarks<Development country>

Approved

Decreasing the incidence
Biosimilarof chemotherapy-induced Injection Co-development with Kidswell Bio Corporation<Japan>febrile neutropenia

Filed

Insomnia

Oral

Co-development with Idorsia Pharmaceuticals Japan<Japan>Phase Ⅲ

Ulcerative colitis（pediatric indication）

Oral

Licensed-in from Takeda Pharmaceuticals U.S.A., Inc.
In-house development<Japan>Phase Ⅲ

Gout andhyperuricemia(pediatric indication)

Oral

Co-development with FUJI YAKUHIN Co., Ltd.
<Japan>Phase Ⅱ / Ⅲ

Pulmonary hypertension
associated withinterstitial lung disease

Phase Ⅲ

Hypertriglyceridemia

Licensed-in from United Therapeutics Corporation

Inhalant In-house development<Japan>Oral

Collaboration with Sumitomo Pharma (Suzhou) Co., Ltd.
<China>【Medical device】
Development code or
Common nameｄMD-001

ｄMD-002* ｄMD-003* Nerve Cuff

Stage

Intended use or indications

Remarks<Development country>

Articular cartilage lesion

In-house development<Japan>Therapeutic
Cavernous nerve injury
exploratory study

In-house development<Japan>Therapeutic
confirmatory
study

Post-operative adhesion

In-house development<Japan>Filed（510(k)）

Peripheral nerve injury

In-house development
<USA>

Filed

Stages of Medical devices are classified into “Therapeutic exploratory study” and “Therapeutic confirmatory study”.

＊ Updates from August 4, 2023

8