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

August 4, 2021

Naoki Muto
Chief Accounting and Financial Officer
Terumo Corporation

This is the presentation of the 1st quarter results for the fiscal year
ending March 31, 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 / 23(No notes)

2

Highlights
FY21 Q1 results
Revenue: Highest-ever quarterly revenue. Steady recovery in demand for Cardiac & Vascular.
Positive FX impact from both USD and EUR
Adjusted Operating Profit: Highest-ever quarterly adjusted operating profit. Although there weresome negative factors as expected, the revenue recovery in Cardiac & Vascular resulted in
improvement of product mix. Moderate expenses usage due to the remaining COVID-19 impact

Upward revision of FY21 guidance
Added 5.0 B JPY to revenue, and 7.0 B JPY to adjusted operating profit on top of the upper limit of
the previous guidance
Factored in the better Q1 performance than expected. Although negative possibilities still remainsuch as slowdown in the recovery of healthcare demand and supply risk due to lockdown etc.
caused by spread of the new variant, continuous recovery in healthcare demand including thenumber of procedures is anticipated©TERUMO CORPORATION

3 / 23First, this is a page for the highlights of this presentation.
1st quarter sales revenue was our highest-ever for a quarter. In
particular, there was a notable recovery of demand in the Cardiac and
Vascular Company, which had been greatly impacted by COVID-19. In
addition, both dollar and euro movements resulted in positive FX impact
for Terumo.
Adjusted operating profit and operating profit were also the highest-everfor a quarter. Along with the recovery in sales, improvement in productmix also pushed profitability upward. Negative impacts including
production adjustment and the national tender system in China had their
expected effects, but expenses rose only gradually due to COVID-19.
Taking into account these 1st quarter results, we are revising upward our
guidance for this fiscal year. We provide another page for the detail later.

3

P&L Results
Revenue: Highest-ever quarterly revenue. Steady recovery in demand for Cardiac & Vascular, especially for TIS. Positive FX impact from both USD
and EUR
Adjusted Operating Profit: Highest-ever quarterly adjusted operating profit. The negative impact from volume-based procurement (VBP) in China andlowered production level was as expected. The revenue recovery in Cardiac & Vascular resulted in improvement of product mix. Moderate expenses
usage due to the remaining COVID-19 impact

100 M JPY

FY20 Q1

FY21 Q1

Revenue
Gross Profit

1,313
689

1,717
943

(Gross Profit%)(52.5%)(54.9%)

401

465(30.5%)(27.1%)

SG&A Expenses(SG&A Expenses%)

R&D Expenses

112

117

(R&D Expenses%)(8.5%)(6.8%)

5
181

1
362

Other Income and Expenses
Operating Profit(13.8%)(21.1%)

Adjusted Operating Profit(Operating Profit%)

217

402

(Adjusted Operating Profit%)(16.5%)(23.4%)

Profit before Tax(Profit before Tax%)Profit for the Year
(Profit for the Year%)
Average Exchange Rate(USD/EUR)©TERUMO CORPORATION

179

360

(13.6%)(21.0%)YoY%

YoY% (FXN)

31%
37%

25%
30%

16%

12%

FY19 Q1
1,525
852

Change vs.
FY19 Q1

13%
11%(55.8%)

445

4%(29.2%)

4%

3%

118

-2%

(7.8%)

100%

85%

85%

73%

4
292

24%

(19.1%)

339

18%(22.3%)

101%

288

25%

(18.9%)

140279(10.7%)(16.2%)

99%

108JPY/119JPY

110JPY/132JPY

228

22%

(14.9%)
110JPY/123JPY

4 / 23

Here are the P&L results compared to both 1st quarter FY20 and FY19.
Sales revenue exceeded 170 billion yen to increase 31% year on year,
while adjusted operating profit reached 40 billion yen.
Operating profit and profit for the period were approximately double theprevious yearʼs results, which were from the period most impacted by
COVID-19.
Sales and marketing activities and R&D remained somewhat impacted by
COVID-19, so that expenses recovered more gradually than sales
revenue; however, we expect expenses to recover from the 2nd quarter
onward.

4

Adjusted Operating Profit Variance Analysis
Grossmargin(100 M JPY)

Price
-12
JP NHI
0

SG&A

Production
Adjustment

R&D Others

G/P increment by sales increase:
Positive revenue growth in all companies
compared with FY20 Q1 impacted by COVID-19
Gross margin:
Despite the negative impact of lowered
production level as planned for inventory level
optimization, larger positive impact of product mix
improvement from sales increase of Cardiac &Vascular, especially of TIS

FX

MDR
0
IT
-1

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

G/P
incrementby salesincrease

SG&A increase:
Large increase compared with FY20 Q1 in which
expense usage was slow due to COVID-19

FY20 Q1 FY20 Q1
Operating Adjusted
Profit Operating
Profit

FY21 Q1 FY21 Q1
Adjusted Operating
Operating Profit
Profit©TERUMO CORPORATION

5 / 23FX:
Positive impact from flow mainly by EUR and
CNY. Small impact from stockThis slide shows the adjusted operating profit variance analysis.
This is a comparison between this 1st quarter and the prior year period.
Gross profit increment by sales increase was 18.4 billion yen. I will share more on
this point when explaining sales revenue results by company.
Downward price pressures such as the volume-based procurement (VBP) in
China, and the reduction in gross profit due to production adjustment, all occurred
as anticipated but were absorbed by the sales increase.
SG&A increased compared to the COVID-19-impacted previous year, but the rateof increase was gradual.
Other expenses, including those related to new European regulations andstarting the new plasma collection business, also increased gradually as
COVID-19 impact remained.
FX had a positive impact of 2.8 billion yen.

5

Revenue by Region
Revenue (100 M JPY)
FY21 Q1
Regional
breakdown

FY19

Japan FY20

460
443
492

Europe

300
255
345

35%
(22%)

Americas

460
363
544

50%
(46%)

China

136
102
155

52%
(38%)

14%

169
151
182

21%
(13%)

7%

29%

32%

9%
11%

Change vs.
FY19 Q1() FXN

FY21

20%

YoY%

Asia and
Others©TERUMO CORPORATION

11%

7%

15%

18%

Comments on YoY% (C&V: Cardiac & Vascular,
GH: General Hospital, TBCT: Blood & Cell Technologies)
Japan: Double digit growth in GH with solid sales of Allianceand demand recovery of daily use products in General
hospital products as well as Pharmaceutical. Steadyrecovery of TIS and Neurovascular in C&V. Minor decline in
TBCTEurope: 30%+ growth in C&V with a strong recovery of TIS,
Neurovascular, and Vascular graft. With the positive FX
impact, high single growth in TBCT despite of decreased
convalescent plasma demand, low single digit growth in GH
Americas: 50%+ growth in C&V with a strong recovery of
TIS and Neurovascular. Double digit growth in TBCT
despite of decreased convalescent plasma demand. 20%+
growth in GH driven by a recovery in the veterinarianmarketChina: Solid growth in C&V with a strong recovery of TIS.
Double digit growth in TBCT with the positive FX impact.
Double digit growth in GH with a recovery of General
hospital products. Excluding the negative impact in FY20
1H from timing issue for order from distributors in
Neurovascular, 30%+ growth in 3 companies total
Asia and Others: Slow recovery in all companies, due tolockdown etc. in some countries. Double digit growth in
C&V driven by TIS and TBCT with a certain level ofrecovery. Double digit growth in GH with the positive FX
impact6 / 23This is sales revenue by region.
Europe, the United States, and China saw a recovery, especially in the
Cardiac and Vascular Company, as COVID-19 infection numbers
decreased, and even grew in double digits when comparing with FY19,
before COVID-19. In contrast, Asian countries and especially Latin
America saw a slower recovery in their results.

6

C&V:

Significant revenue increase in all divisions with substantial recovery of procedures especially in US and EU.

Double digit growth in both revenue and profit compared with FY19 Q1 (before COVID-19)(100 M JPY)
Q1

Comments

Q1 Rev.
YoY() FXN

996

885
673

Revenue+48%(+40%)

294

245
Adjusted
Operating
ProfitAdj. OP%©TERUMO CORPORATION-14% 124(-11%)

TIS: While the COVID-19 impact remained in Japan, Latin America, andAsia, significant recovery in US and EU. Double digit growth compared with
FY19 Q1, despite JP NHI price cut and price erosion due to Chinese VBP
for PCI products+204

Neurovascular: Significant recovery in the number of aneurysm treatments
in US and EU. 15%+ growth compared with FY19 Q1 driven by new
products and the aspiration catheter+65

Cardiovascular: Steady hardware sales generated by reopening of hospital
investments in addition to significant recovery of procedures in US.
Continuous good momentum in JP driven by hardware such as ECMO.
Close to 10% growth compared with FY19 Q1+28

Vascular graft: Significant recovery of procedures in US and EU. 30%
growth compared with FY19 Q1 driven by new products

+26

+137%
(+112%)

FY19

FY20

FY21

28%

18%

29%

Adj. +1%
OP: Double digit growth compared with FY19 Q1 as the positive impact
from product mix improvement surpassed the negative impact from Chinese
VBP of TIS products and lowered production level for inventory level
optimization. Moderate expenses usage due to the remaining COVID-19 impact

7 / 23This is the results of Cardiac and Vascular company.
In sales revenue, TIS business benefitted from the global recovery incases to both absorb and far exceed impacts including the China nationaltender system, to achieve double-digit growth in both sales and profit
compared to the 1st quarter of FY19.
In Neurovascular, the number of cases of neurovascular treatment
recovered especially strongly in North America and Europe. This
combined with the positive impact of new products and strong suction
catheter growth to result in high-double-digit percentage growthcompared to the 1st quarter of FY19.
In C, a recovery in surgical procedures combined with steady instrument
demand to result in positive growth of over 10% compared to the 1stquarter of FY19.
Vascular saw further growth exceeding 30% due to recovering numbersof cases and the effect of new products. Stent graft sales were strong inEurope, North America, and Japan.
In profit, expenses remained controlled at a low level amid large sales
revenue growth, resulting in a 29% adjusted operating profit percentage.

7

GH:

Globally driven by daily use General hospital products.
Double digit growth in both revenue and profit compared with FY19 Q1 as well as FY20 Q1(100 M JPY)
Q1

Comments() FXN

398

392

438

Revenue+12%(+10%)

52

52

Adjusted
Operating
ProfitAdj. OP%©TERUMO CORPORATION64

Q1 Rev.
YoY

General hospital products: Double digit growth driven by daily use productswith a recovery of medical demand in JP, US, and Asia. Special demandfor infection control products ran its course. Despite a minor decline in Asia
compared with FY19 Q1 due to slow recovery, high single digit growth as a
whole

+26

Pharmaceutical: mid single digit growth in IV solutions although therecovery in demand had been slow and yet to come back to the before
COVID-19 level. Continuous solid momentum in pain management andadhesion barrier. Low single digit growth compared with FY19 Q1+7

DM Healthcare: Continuous positive growth in DM since FY20 Q3. While
the special demand for thermometers had peaked out in FY20 Q3, thedemand for blood pressure monitors remain high still+4

Alliance: Continuous double digit growth driven by CDMO business

+8

+25%
(+24%)

FY19

FY20

FY21

13%

13%

15%

Adj. OP: Moderate expenses usage due to the remaining COVID-19 impact

8 / 23This is the results of General Hospital Company.
In Japan, which accounts for 70% of sales revenue, the company saw
high demand for general hospital products such as syringe pumps andinfusion pumps, and also increased sales of infusion sets and otherdisposable products.
Although the recovery of pharmaceuticals including infusion solutions is
slower, pain management and anti-adhesion products returned to strong
growth as the number of surgeries recovered.
In DM, blood glucose self-measurement tips saw growth, and in
Healthcare, demand increased for blood pressure monitors as healthcare
systems continued to be strengthened.
In the Alliance business, steady and rapid growth continued as planned.
In profit, factors including a more favorable mix in general hospital
products and growth in the Alliance business contributed to gross margin
improvement. In contrast to the growth in sales, expenses trended up
more slowly.

8

TBCT:

Fully mitigated the declining convalescent plasma’s negative impact by solid sales of other products.
Continued increase in revenue and profit with product mix improvement and expense control(100 M JPY)
Q1

Comments

Q1 Rev.
YoY() FXN

242

247

283

Blood center solutions: Double digit growth in whole blood collection
products with a recovery in US and EU. Solid sales of blood component
collection system in US and Asia. Fully mitigated the negative impact fromdecline of COVID-19 convalescent plasma demand as a whole

+19

+14%
(+9%)

Therapeutic solutions: 30%+ growth in US generated by investment at
hospitals to support higher number of procedures. High single digit growthcompared with FY19 Q1+12Cell therapy technologies: Despite the delay in implementation due to
COVID-19 in FY20 1H, recovered in Q3, Q4 and came back to the growthtrajectory. High single digit growth compared with FY19 Q1+5

Revenue

60
Adjusted
Operating
ProfitAdj. OP%©TERUMO CORPORATION

39
26

+54%
(+30%)

FY19

FY20

FY21

11%

16%

21%

Adj. OP: Product mix improvement with the demand recovery of Therapeutic solutions andCell therapy technologies surpassed the normalization of product mix due to the recovery inwhole blood collection. Moderate expenses usage due to the remaining COVID-19 impact

9 / 23This is the results of Blood and Cell Technologies Company.
In sales revenue, there was some slowing of convalescent plasma
demand. However, in North America especially, blood center products
such as Trima, and hospital investments in therapeutic apheresis systems
such as Optia grew along with the number of patients, to drive thecompany to double-digit growth. In addition, China and APAC also helped
drive growth across the entire company.
Adjusted operating profit saw a gross margin contribution from sales
growth, while promotional and development expenses grew more slowly,
to exceed 20% for the quarter.

9

Major Topics• Selected for the global ESG investment index “FTSE4Good Index Series”
Corporateand “FTSE Blossom Japan Index”• Donated Additional 1 M USD to support the COVID-19 solidarity responsefund for WHO

Cardiac &Vascular

GeneralHospital

Blood & Cell
Technologies©TERUMO CORPORATION• Received approval of the additional indication to peripheral artery disease
for intravascular imaging system “OFDI” as the first in JP market

Diagnosis of artery diseaseutilizing “OFDI”• Launched peripheral embolization system “AZUR Vascular Plug” in US• Launched “Flumazenil I.V. infusion” as the first pre-filled type in JP market

Peripheral embolization system“AZUR Vascular Plug”• Launched continuous glucose monitoring “Dexcom G6 CGM System” in JP• Joined Cell and Gene Therapy Catapult Process Analytical Technology (PAT)Consortium

Continuous glucose monitoring“Dexcom G6 CGM System”

10 / 23

This is the slide for recent Major Topics.
We would like to pick up the news that we were selected for two “FTSE”
ESG investment indexes.
In products, we are happy to report that the Dexcom G6 continuous
glucose monitoring (CGM) system recently received regulatory approval.

10

Upward Revision of FY21 Guidance(100 M JPY)

Original Guidance

Revised Guidance

Revenue

6,700-6,800

6,850

Operating Profit

1,070-1,130

1,200

(%)

(16.0-16.6%)(17.5%)

Adjusted Operating Profit

1,240-1,300

1,370

(%)

(18.5-19.1%)(20.0%)

Profit for the Year820-865

920

Exchange Rate (USD/EUR)

107JPY/128JPY

108JPY/129JPY

Change inamount
+50
+70
+70
+55

Factored in the better Q1 performance than expected
Although negative possibilities still remain such as slowdown in the recovery of healthcare demand and supply risk
due to lockdown etc. caused by spread of the new variant, continuous recovery in healthcare demand including thenumber of procedures is anticipated©TERUMO CORPORATION

11 / 23

This is the upward revision of FY21 guidance.
In response to this 1st quarter results and changes in the market
environment, we are revising upward the upper limit of our sales revenue
range, by 5 billion yen.
Based on this upward revision of sales revenue guidance, we are also
revising upward our operating profit and adjusted operating profit 7
billion yen each above the initial guidance, to 120 billion yen and 137
billion yen, respectively.
This amount consists of the positive FX impact, gross profit increment bysales increase, and the slow pace of increase in expenses. With regard to
expenses, we expect that the slow increase of the 1st quarter will notcontinue, but instead return to a normal proportion of sales revenue
going forward.

11

FY21 Guidance by Company
RevenueAmount (100 M JPY)

Adjusted Operating Profit
YoY%

Amount (100 M JPY)

% to Revenue() FXN

Comments
YoY%() FXN() FXN

FY19

3,506

Cardiac &Vascular FY20

3,285

FY21

GeneralHospital

3,855

1,710
1,755
1,825

Blood & Cell
Technologies

17%
(15%)

4%
(3%)

1,072
1,095
1,170

7%
(5%)

©TERUMO CORPORATION

869

25%

744

23%

960

25%

252

15%

257

15%

250

14%

151

14%

191

17%

215

18%

29%
(21%)

-3%
(-1%)

13%
(5%)

Despite the impact from Chinese
VBP of TIS products, expect
double digit growth in TIS and
Vascular Graft, and close to 20%
growth in Neurovascular, driven
by sales recovery mainly in US
Alliance, DM and pain
management products are themajor drivers. Though special
demand for Healthcare products
runs its course, expect recovery
in daily use products in General
hospital products andPharmaceutical
Mitigate the declining COVID-19
convalescent plasma therapy
demand by recovery of bloodtransfusion demand, sales
increase in Therapeutic solutions
and Cell therapy technologies

12 / 23

This is the guidance by company.
In Cardiac and Vascular, despite impact from the PCI product tenderpricing reduction in China, we anticipate demand recovery in markets
including the United States leading to double-digit growth in TIS,
Neurovascular, and Vascular, with expectations for Neurovascular to
approach 20% growth, and the company sales revenue as a whole togrow 17%.
In General Hospital, pain management is expected to become a sales
revenue growth driver, in addition to Alliance and DM. On the other hand,
we expect that sales of commodities like general hospital products andpharmaceuticals will recover, and the Alliance business up-front
investment burden will remain, to a degree that maintains the profit level
overall.
In Blood and Cell Technologies, we anticipate that demand recovery intransfusions overall will combine with steady growth in therapeutic
apheresis to increase sales revenue slightly and bring operating profit
back to the strong level seen in FY19.
This is the end of presentation.

12

Reference©TERUMO CORPORATION

13 / 23

13

FY21 New Product Pipeline
Category
Coronary

Oncology

Neurovascular

Vasculargraft

Products
Drug-eluting stent

Region Launch

Category

JP

Biodegradable drug-eluting
microsphere

EU

Peripheral embolization coil

JP

Peripheral embolization plug

US

Generalhospital
products

Launched
Pharmaceutical

Products

Region Launch

Infusion pump

JP

Small size syringe pump

JP

FN syringe (16mm needle)

JP

Launched

Flumazenil I.V. infusion

JP

Launched

Sterile connecting deviceJP

Launched

Flow diverter

EU, US

Balloon guide catheter

EU, US

GelclairJP

Coil assist stent

EU, USContinuous glucose monitoring system

JP

Launched

Insulin patch pumpEU

Launched

100th anniversary thermometerJP

Non-contact data link thermometerJP

Automated blood processing system

GlobalValue-added services

GlobalStent graft for thoracic aortic
aneurysm

US

Surgical hybrid stent graft

US

Stent graft for abdominal aortic
aneurysm

JP

DM andconsumerhealthcare

Blood and cell
technologies©TERUMO CORPORATION

Launched

14 / 23

14

Revenue by Segment and Region©TERUMO CORPORATION

15 / 23

15

Quarterly Trend of Revenue and Operating Profit
Revenue: Increased by +31% YoY and by +13% against FY19 Q1. Large increase in C&V by +13% withpositive impact of FX such as EUR
Operating Profit: Product mix improved by C&V sales increase. Better than FY20 Q3, highest-ever quarterly
operating profit(100 M JPY)
1,717

1,800
1,600
1,400

1,548

1,525

1,629 1,653

1,520

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

271

238

FY19 FY20 FY21
1

Q2

334

244

FY19 FY20 FY21
1

Q3

231

FY19 FY20 FY211Q416 / 23

16

Quarterly Results(100 M JPY)

Revenue

FY20 Q1(Apr-Jun)

Q2(Jul-Sep)

Q3(Oct-Dec)

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

1,313

1,520

1,653

1,652

1,717

Gross Profit

689 (52.5%)

816 (53.7%)

908 (54.9%)854 (51.7%)

943 (54.9%)

SG&A Expenses

401 (30.5%)458 (30.2%)447 (27.1%)

488 (29.5%)465 (27.1%)

R&D Expenses

112 (8.5%)

119 (7.8%)

128 (7.7%)

132 (8.0%)

117 (6.8%)

Other Income
and Expenses

5

-1

2

-2

1

Operating Profit

181 (13.8%)

238 (15.6%)

334 (20.2%)

231 (14.0%)362 (21.1%)

Adjusted
Operating Profit

217 (16.5%)

296 (19.5%)

372 (22.5%)274 (16.6%)

402 (23.4%)

Average
Rate

USD

108 JPY

106 JPY

105 JPY

106 JPY

110 JPY

EUR

119 JPY

124 JPY

125 JPY

128 JPY

132 JPY©TERUMO CORPORATION

17 / 23

17

Quarterly Results (Operating Expenses)(100 M JPY)

FY20 Q1(Apr-Jun)

Q2(Jul-Sep)

Q3(Oct-Dec)

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

224
20
33
46
78
401

232
31
36
49
110
458

231
35
38
47
97
447

240
43
37
49
119
488

249
30
38
48
99
465

(SG&A Expenses%)(30.5%)(30.2%)(27.1%)(29.5%)(27.1%)

R&D Expenses

112

119

128

132

117

(R&D Expenses%)(8.5%)(7.8%)(7.7%)(8.0%)(6.8%)

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

Operating Expenses Total(Operating Expenses%)
Average Rate©TERUMO CORPORATION

USD
EUR

513

578

575

620

581

(39.0%)(38.0%)(34.8%)(37.5%)(33.9%)

108 JPY
119 JPY

106 JPY
124 JPY

105 JPY
125 JPY

106 JPY
128 JPY

110 JPY
132 JPY

18 / 23

18

Operating Expenses(100 M JPY)
FY20 Q1
Salaries & Wages
Sales Promotion
Logistical Costs
Depreciation &Amortization
OthersSG&A Expenses Total(SG&A Expenses%)

R&D Expenses(R&D Expenses%)

Operating Expenses Total(Operating Expenses Total%)©TERUMO CORPORATION

FY21 Q1

YoY

YoY%

YoY%
(FXN)

FY19 Q1

Change vs.
FY19 Q1

224
20
33

249
30
38

25
10
5

11%
49%
16%

7%
44%
12%

219
49
35

14%
-38%
11%

46

48

2

4%

-1%

45

5%

78
401

99
465

22
64

28%
16%

24%
12%

97
445

2%
4%

(30.5%)

112(8.5%)

513(39.0%)(27.1%)

117(29.2%)

54%3%(6.8%)

581

118

-2%

(7.8%)

6913%(33.9%)

10%

564

3%

(37.0%)

19 / 23

19

Adjusted Operating Profit: Adjustments(100 M JPY)
FY20 Q1

FY21 Q1

181
35
1
217

Operating Profit
Adjustment 1. Amortization of acquired intangible assets
Adjustment 2. Non-recurring profit or loss

Adjusted Operating Profit

362
39
1
402

<General examples of adjustment items>• Acquisition related cost
• Lawsuit settlement• Impairment loss
• Restructuring loss
• Nonlife insurance income• Loss on disaster

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

FY21 Q1

1• Other one-time profits & losses©TERUMO CORPORATION

20 / 23

20

CAPEX, Depreciation and R&D Expenses
FY18

FY19

FY20

FY21 Q1(100 M JPY)
FY21
Guidance

CAPEX
Depreciation

608
440

895
477

772
484

167
126

850
530

Amortization of acquired intangible assets
Others

146
294

157
320

150
334

38
88

155
375

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

FY21 Q1 (16.7 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)FY21 guidance (85.0 B JPY): Other than above, investment for plasma collection and production facilities for
vaccine syringes, etc. Controlling investment considering FY21 performance

FY18

R&D Expenses©TERUMO CORPORATION

FY19

477

506

FY20

491

FY21 Q1

FY21
Guidance

117

529

21 / 23

21

Cash Flows
Operating CF
+299

360

139

110

Depreciation
andamortization

Incometaxes

Investing & Financing CF-439(100 M JPY)

91
Working
capital

167
CAPEX

103
Debt
repayment&
redemptionof bonds

Profitbefore tax

112
Dividends

58
Others

2,008
1,867

Cash atthe end of
FY20©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 Q1

22 / 23

22

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

23 / 2323

24