May 15, 2023

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
Terumo Corporation〔IFRS〕
Company name:TERUMO CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
4543
URL:
https://www.terumo.com/
Representative:
Shinjiro Sato, President and CEO
Inquiries:
Kenichi Hata, General Manager, Investor Relations Dept.
Telephone:+81-3-6742-8550
Scheduled date of annual general meeting of shareholders:June 27, 2023
Scheduled date to file annual securities report:
June 28, 2023
Scheduled date to commence dividend payments:
June 28, 2023
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, 2023 (from April 1, 2022 to March 31,
2023)(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, 2023
March 31, 2022

820,209703,303

16.6
14.6

117,332
115,960

1.2
17.9

116,137
114,501

1.4
18.0

89,32588,8130.6
15.0

89,32588,8130.6
14.9

176,415
178,394

(1.1)
54.1

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, 2023

119.00118.95

8.4

7.6

14.3

March 31, 2022

117.45117.38

9.5

8.1

16.5

(Note) Share of profit/(loss) of investments accounted for using the equity method March 2023: 171 million yen
March 2022: 440 million yen
Adjusted operating profit March 2023: 138,025 million yen March 2022: 134,441 million yen(2) Consolidated financial position
Total assets
As ofMillions of yen

Total equity
Millions of yen

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
assetsMillions of yen

%

(Yen)

March 31, 2023

1,602,225

1,111,063

1,111,063

69.3

1,492.15

March 31, 2022

1,473,693

1,012,313

1,012,313

68.7

1,338.46

(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended

Cash flows frominvesting activities

Cash and cash
equivalents at the end of
the year

Cash flows fromfinancing activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2023

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

187,322

March 31, 2022

141,467(78,454)(70,879)

205,251

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)

Millions of yen

%

%

Yen

Yen

Yen

Yen

Yen

－

16.00

－

18.00

34.00

25,714

28.9

2.8

40.00

29,946

33.6

2.8

44.00

Fiscal year ended
March 31, 2022
March 31, 2023

－

19.00

－

21.00

Fiscal year ending
March 31, 2024
(Forecast)

－

22.00

－

22.00

32.4

3. Consolidated Forecast for the Fiscal Year Ending March, 2024 (From April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)
Adjusted operating
profitRevenue
Fiscal year ending
March, 2024

Profit for the year
attributable to ownersof the parent

Operating profit

Earnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

854,000

4.1

151,000

9.4

132,500

12.9

101,000

13.1

135.64(Note) Assumed exchange rate for the fiscal year ending March, 2024: USD1=130 JPY, EUR1=145 JPY

*Notes(1) Changes in significant subsidiaries during the year (changes in specified subsidiaries resulting in the change inscope of consolidation): Yes
Newly included: －Company (Company Name) －Excluded: 1 Company (Company Name) Terumo Yamaguchi D&D Corporation
As of October 1, 2022, Terumo Yamaguchi D&D Corporation is excluded from the scope of consolidation
due to its extinguishment following the exclusion of an absorption-type merger in which Terumo Yamaguchi
Corporation, the Company’s subsidiary, was the surviving company and Terumo Yamaguchi D&D
Corporation was the extinguished company.
(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 [Attachment], 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 outstanding shares at the end of
the year(including treasury shares)

As of March 31,2023

747,682,540 shares As of March 31, 2022

759,521,040 shares(ii) Treasury shares at the end of the year

As of March 31,2023

3,074,907 shares As of March 31, 2022

3,194,976 shares(iii) Average number of shares during the year

As of March 31,2023

750,614,507 shares As of March 31,2022

756,209,050 shares* Financial statements are not subject to audits by certified accountants or audit firms.
* Explanation on appropriate use of financial results forecasts and other special notes
1. Forward-looking statements, including earnings forecasts, contained in these disclosure materials are basedon currently available information and assumptions believed to be reasonable by management. This is not apromise or guarantee by the Company that it will achieve these goals. In addition, actual results may differ
significantly due to several factors. For the assumptions that are the premise of the earnings forecast and theprecautions for using the earnings forecast, refer to [Attachment], page 6, “1. Overview of Financial Results
for the Fiscal Year Ended March 31, 2023 (4) Mid- to Long-term Outlook.”
2. Adjusted operating profit factors out amortization expense for intangible assets obtained during acquisitions
and one-off income and expenses 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] Financial Results for the Fiscal Year Ended March 31, 2023

 Table of contents of attached materials
1. Overview of Financial Results for the Fiscal Year Ended March 31, 2023 ..........................................................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, 2023 ...........................................................................5(4) Mid- to Long-term Outlook ..........................................................................................................................6(5) Basic policy for profit distribution, dividend payouts in the fiscal year ended March 31, 2023 and payout
plan for the fiscal year ending March 31, 2024 .............................................................................................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) Subsequent Events ................................................................................................................................20
4. Others .................................................................................................................................................................21－ 1 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

1. Overview of Financial Results for the Fiscal Year Ended March 31, 2023
(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 vision in response to the major paradigm shifts taking place in healthcare,including the number of people living with chronic diseases rapidly increasing due to aging populations, andpersonalized medicine gaining traction through the evolution of genomic medicine and artificial 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, thefirst fiscal year of this 5-Year Growth Strategy, were as follows.
(Unit: Millions of yen)
Growthexcluding impactof FX
translations (%)

For the fiscal
year ended
March 31, 2022

For the fiscal
year ended
March 31, 2023

Revenue

703,303820,209

16.6

5.4

Gross profit

369,341

417,369

13.0

2.4

Adjusted operating profit

134,441

138,025

2.7

(6.1)

Operating profit

115,960

117,332

1.2

(5.4)

Profit before tax

114,501

116,137

1.4－

Profit for the year

88,81389,325

0.6－

Profit for the year
attributable to owners of theparent88,81389,3250.6－

Growth (%)

Revenue by geographic areas for the fiscal year under review is as follows:(Unit: Millions of yen)
Growthexcluding impactof FX
translations (%)

For the fiscal
year ended
March 31, 2022

For the fiscal
year ended
March 31, 2023

Japan

206,143

207,3850.6

0.6

Europe140,417160,017

14.0

4.9

Americas220,400

286,580

30.0

8.6

China

59,35071,94621.2

7.2

Asia and others

76,991

94,27922.5

9.1

Overseas total

497,159

612,823

23.3

7.5

Total

703,303820,209

16.6

5.4

Geographic areas－ 2 －Growth (%)

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

Revenue
Revenue totaled ¥820.2 billion, an increase of 16.6% versus the previous fiscal year.
In Japan, overall revenue increased by 0.6% year on year, amid strong revenue from Pharmaceutical Solutions
division, which pursues alliance business with pharmaceutical companies, and from new products in Vascular
Graft division, despite a delayed recovery in medical demand due to the COVID-19 pandemic.
Overseas revenue increased by 23.3% year on year. This was because overall medical demand recovered, despitesome localized impacts caused by COVID-19 in China etc., and all companies recorded double digit growth
driven by Vascular Graft division.
ProfitGross profit totaled ¥417.4 billion, an increase of 13.0% versus the previous fiscal year, because the effects ofhigher revenue and hikes to selling prices partially offset increases in manufacturing costs caused by adeteriorating macro economic environment.
Adjusted operating profit was ¥138.0 billion, an increase of 2.7% versus the previous fiscal year. This was
attributed to stricter measures to control costs which partially offset the increase in selling, general andadministrative expenses resulting from yen weakness.
Similarly, operating profit, profit before tax and profit for the year attributable to owners of the parent each rose.
Adjusted operating profit is a non-IFRS performance indicator that we disclose. Adjusted operating profit factors
out amortization expense for intangible assets obtained during acquisitions and one-off income and expenses
from operating 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 Terumo Group’s earnings.

－ 3 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

Revenue results of the reportable segments are as follows:(Unit: Millions of yen)
For the fiscal
year ended
March 31, 2022

For the fiscal
year ended
March 31, 2023

Growth (%)

Growthexcluding impactof FX
translations (%)

Revenue

397,130

480,61021.0

7.0(Japan)51,14451,9001.5

1.5(Overseas)

345,986

428,709

23.9

7.8

Revenue

185,335

191,749

3.5

0.3(Japan)142,735

143,5020.5

0.5(Overseas)

42,59948,247

13.3

(0.6)

Revenue

120,586

147,605

22.4

8.4(Japan)12,012

11,738

(2.3)

(2.3)

(Overseas)

108,573

135,866

25.1

9.5

Segment

Cardiac and
VascularCompany
Medical Care
SolutionsCompany
Blood and Cell
Technologies
Company

Cardiac and Vascular Company
In Japan, revenue increased amid growth in sales of new products such as drug-eluting coronary stent andthoracic stent graft, which offset weaker demand caused by the impacts of the resurgence of COVID-19 cases.
Overseas, all divisions performed well due to a steady recovery in medical demand as the market returned to a
growth trajectory. The revenue for Vascular Graft division was solid amid launches of several new products in
the United States.
As a result, Cardiac and Vascular Company revenue increased by 21.0% over the previous fiscal year to ¥480.6
billion.
Medical Care Solutions Company
In the Company’s primary market of Japan, sales of new adhesion barrier products and pre-fillable syringes of
Hospital Care Solutions division grew, offsetting impacts from the resurgence of COVID-19 cases. Additionally,
sales of Pharmaceutical Solutions division, which pursues alliance business with pharmaceutical companies,
trended strongly globally.
As a result, Medical Care Solutions Company revenue increased by 3.5% over the previous fiscal year to ¥191.7
billion.
Blood and Cell Technologies Company
In Japan, revenue declined amid weaker demand for blood bags in terms of products for blood centers. Overseas,revenue increased substantially, driven by the recovery in blood transfusion demand in Asia and other regions aswell as strong demand for blood component collection systems in North America.
As a result, Blood and Cell Technologies Company revenue increased by 22.4% over the previous fiscal year to¥147.6 billion.

－ 4 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

(2) Overview of Consolidated Financial Position
Total assets stood at ¥1,602.2 billion, an increase of ¥128.5 billion. This was mainly owing to an increase ininventories of ¥51.1 billion due to the impacts of yen weakness in foreign exchange rates and growth in thesize of business operations, as well as property, plant and equipment of ¥37.0 billion and goodwill andintangible assets of ¥23.4 billion due to the aforementioned foreign exchange rates impact and investment in
manufacturing facility and new IT systems, which offset the decrease in cash and cash equivalents of ¥17.9
billion from acquisition of treasury shares.
Total liabilities came to ¥491.2 billion, an increase of ¥29.8 billion. This was mainly attributed to the increases
in bonds and borrowings of ¥5.9 billion similarly due to the aforementioned foreign exchange rates impact andin trade and other payables of ¥16.2 billion owing to foreign exchange rates impact and raw materials
purchases.
Total equity was ¥1,111.1 billion, an increase of ¥98.7 billion. This mainly reflects an increase from posting
profit for the year of ¥89.3 billion, as well as the booking of other comprehensive income associated with theaforementioned foreign exchange rates impact resulted in a ¥87.1 billion increase, which offset the decrease of¥50.1 billion from the acquisition of treasury shares and the decrease of ¥27.9 billion from dividends fromretained earnings.
(3) Cash flow trends in the fiscal year ended March 31, 2023
(Millions of yen)
For the fiscal
year ended
March 31, 2022

For the fiscal
year ended
March 31, 2023

Cash flows from operating activities

141,467

117,536(23,931)

Cash flows from investing activities(78,454)(59,121)

19,332

Cash flows from financing activities(70,879)(86,559)(15,679)

Cash and cash equivalents at the end of the year

205,251

187,322(17,929)

ChangeCash flows from operating activities
Net cash provided by operating activities was ¥117.5 billion. The main factors for this were profit before tax of¥116.1 billion, depreciation and amortization of ¥70.2 billion, an increase in inventories of ¥39.3 billion, andincome taxes paid of ¥27.7 billion.
Cash flows from investing activities
Net cash used in investment activities was ¥59.1 billion. The main factors for this were expenditures of ¥52.7
billion for the acquisition of property, plant and equipment following capital expenditures for manufacturing
facility and expenditures of ¥19.5 billion for the acquisition of intangible assets following investment in new IT
systems.
Cash flows from financing activities
Net cash used in financing activities was ¥86.6 billion. The main factors for this were expenditures of ¥50.1
billion for the payments for purchase of treasury shares and dividend payments of ¥27.9 billion.
In addition to the above, there was a ¥10.2 billion yen increase 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 ¥187.3 billion,
down ¥17.9 billion from the end of the previous fiscal year.

－ 5 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

(Reference) Cash flow indicators
For the fiscal
year ended
March 31, 2021

For the fiscal
year ended
March 31, 2022

For the fiscal
year ended
March 31, 2023

63.4

68.7

69.3

223.8

191.1

166.1

2.4

1.8

2.3

114.3

107.8

85.6

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 FY2023, medical demand is expected to return to a growth trajectory and, as such, we anticipate thatrevenue will grow not only in Europe and North America, but also China and Japan as well. The macro
economic environment appears to be headed in a positive direction, but the situation is expected to remainchallenging due to further increases in raw materials prices and energy related costs such as electricity andgas. In this environment, the financial results forecast factors in further revisions in pricing policy (priceincreases), cost effective operations, and implementation of cost reduction measures ahead of schedule. In
fields that are expected to grow, we will proactively invest in CAPEX centered on increases in production
capacity. In addition, we will tackle the challenge of providing more complex solutions that address the issues
and needs of healthcare, including shortages of healthcare workers and the need to promote greater operational
efficiencies.
Despite the challenging environment for the corporate management, we will actively work to seize theseopportunities and increase corporate value. In February 2023, we announced four additional measures. These
are aggressive pursuit of M&A opportunities, acceleration of profit improvement, reinforcement of capital
policy, and promotion of sustainability management. In terms of sustainability management, we establishedthe Sustainability Committee in April 2023 to set specific KPIs for our ESG and CSV related action plans in
the 5-Year Growth Strategy, and to lead the execution of these action plans. We will introduce a system thatlinks these KPIs to directors’ performance-based remuneration, and work to further heighten its effectiveness.

－ 6 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

The forecast of financial results for the fiscal year ending March 2024 is as follows.
Consolidated forecast of financial results for the year ending March 2024
(Millions of yen)820,209

For the fiscal year
endingMarch 31, 2024
Financial Results
Forecast
854,000

138,025

For the fiscal year
ended
March 31, 2023
Financial Results
Revenue
Adjusted operating
profitAdjusted operating
profit ratio
Operating profit

Rate of Change(%)

Change33,7904.1

151,000

12,974

9.4

16.8%

17.7%

-

-

117,332

132,500

15,167

12.9

Operating profit ratio

14.3%

15.5%

-

-

Profit for the year
attributable toowners of the parent

89,325101,000

11,674

13.1

Actual exchange rate for the fiscal year ended March 31, 2023: 1 USD equals 135 JPY and 1 EUR equals 141 JPY
Exchange rate assumption for the fiscal year ending March 31, 2024: 1 USD equals 130 JPY and 1 EUR equals
145 JPY(5) Basic policy for profit distribution, dividend payouts in the fiscal year ended March 31, 2023 and payout
plan for the fiscal year ending March 31, 2024
As a measure to secure high profit margins and sustainable growth, the Terumo 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, 2023, the Company plans to pay cash dividends per share of ¥40.
Therefore, the fiscal year-end dividend is ¥21 per share, and the interim dividend, which has already been
paid, was ¥19 per share.
In the fiscal year ending March 31, 2024, the Company plans to pay an annual cash dividend of ¥44 per share(interim dividend of ¥22).
Cautionary note:
Forward-looking statements, including earnings forecasts, 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] Financial Results for the Fiscal Year Ended March 31, 2023

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] Financial Results for the Fiscal Year Ended March 31, 2023

3. Consolidated Financial Statements and Main Notes(1) Consolidated Statement of Financial Position（Unit: Millions of yen）
As of
March 31, 2023

As ofMarch 31, 2022
AssetsCurrent assets
Cash and cash equivalents

205,251

187,322

Trade and other receivables

135,998

150,635

Other current financial assets

63

106

198,536

249,618

Current tax assets

778

2,920

Other current assets

18,086

20,793

Total current assets

558,713611,396

Property, plant and equipment

333,864

370,869

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

514,801

538,210

4,133

3,680

25,93734,421

Deferred tax assets

20,19820,458Other non-current assets

16,04323,187

Total non-current assets

914,979

990,829

1,473,693

1,602,225

Inventories

Non-current assets

Total assets－ 9 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

（Unit: Millions of yen）
As of
March 31, 2023

As ofMarch 31, 2022
Liabilities and Equity
Liabilities
Current liabilities
Trade and other payables

81,54597,736

Bonds and borrowings

1,121

11,223

Other current financial liabilities

7,228

7,597

Current tax liabilities

14,10423,563499

329

Other current liabilities

73,22277,551

Total current liabilities

177,721

218,001

Bonds and borrowings

224,875

220,714

Other non-current financial liabilities

30,297

29,639Deferred tax liabilities

12,746

8,870

Retirement benefit liabilities

5,811

4,703

113

127

Other non-current liabilities

9,813

9,106

Total non-current liabilities

283,658

273,161

461,379

491,162

Share capital

38,716

38,716

Capital surplus

51,92151,759Treasury shares(6,229)(11,539)

Retained earnings

846,978874,272

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

80,926

157,855

1,012,313

1,111,063

1,012,313

1,111,063

1,473,693

1,602,225

Provisions

Non-current liabilities

Provisions

Total liabilities
EquityTotal liabilities and equity－ 10 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

(2) Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income(Consolidated Statement of Profit or Loss)

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Other income
Other expenses
Operating profit
Finance income
Finance costs
Share of profit/(loss) of investments
accounted for using the equity method
Profit before tax
Income tax expenses
Profit for the year

For the fiscal year ended
March 31, 2022
703,303333,962
369,341
250,891
2,500
4,990
115,960
1,062
2,961

（Unit: Millions of yen）
For the fiscal year ended
March 31, 2023
820,209402,839
417,369
299,861
9,959
10,134
117,332
2,649
4,016

440

171

114,501
25,68788,813

116,137
26,811
89,325Attributable to:
Owners of the parent
Total profit for the year

88,81388,81389,32589,325

Earnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)117.45117.38119.00118.95－ 11 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

(Consolidated Statement of Comprehensive Income)

Profit for the year

For the fiscal year ended
March 31, 2022
88,813（Unit: Millions of yen）
For the fiscal year ended
March 31, 2023
89,325

(29)

2,519

6,699

6,970

6,670

9,489

83,02977,535

(458)

489

340

(425)

82,91077,59989,58187,089178,394

176,415

178,394

176,415

178,394

176,415

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/(loss)
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] Financial Results for the Fiscal Year Ended March 31, 2023

(3) Consolidated Statements of Changes in Equity（Unit: Millions of yen）
Share
capitalBalance as of April 1, 2021
Profit for the year
Other comprehensive income
Total comprehensive income
Acquisition of treasury shares
Disposal of treasury shares
Dividends
Transfer from othercomponents of equity toretained earnings
Share-based payments
Conversion of convertible
bonds
Total transactions with owners of
the parent
Balance as of March 31, 2022

Equity attributable to owners of the parent
Other
Capital Treasury Retained
components
surplussharesearnings
of equity

Total

Total equity

38,716－－－－－－

51,829
－
－
－
－
(10)
－

(6,838)
－
－
－
(3)
49
－

775,078
88,813－88,813－－(23,440)(2,123) 856,662－
88,81389,581
89,581
89,581 178,394
－
(3)
(38)
0
－ (23,440)

856,662
88,81389,581
178,394(3)
0(23,440)

－

－

－

6,527

(6,527)

－

－

－

114

91

－

35

241

241

－

(11)

470

－

－

459

459

－

92

608

(16,913)(6,531) (22,742)(22,742)

38,71651,921(6,229)846,978

80,926 1,012,313

1,012,313（Unit: Millions of yen）
Share
capitalBalance as of April 1, 2022
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 to－retained earnings
Share-based payments－
Total transactions with owners of－
the parent
Balance as of March 31, 2023
38,716Equity attributable to owners of the parent
Other
CapitalTreasury Retained
components
surplussharesearnings
of equity

Total

Total equity

51,921
－
－
－
(56)
(17)
(44,430)－(6,229)－－－(50,003)138
44,430－846,978
89,325－89,325－－－(27,924)

44,224－(44,224)

－

－

－

－

－

10,116(10,116)

－

－

117

123

－

76

318

318

(162)

(5,310)(62,031)(10,161) (77,665)(77,665)

51,759(11,539)874,272

157,855 1,111,063

1,111,063－ 13 －

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)

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

(4) Consolidated Statement of Cash Flows
For the fiscal year
ended March 31,
2022
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(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 andequipment
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
and other businesses
Proceeds from business transfer and otherNet cash used in investing activities
Cash flow from financing activities
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Payments for redemption of corporate bonds
Repayments of lease liabilities
Payments for purchase of treasury shares
Payments for dividends
Net cash provided by financing activities－ 14 －

114,501
58,882(Unit: Millions of yen)
For the fiscal year
ended March 31,
2023－

116,137
70,238
5,338

(440)

(171)

646

1,427

(640)
1,833
2,187

(1,620)
2,230
1,675

472

(5)

－

(895)
(8,166)55
3,799
172,236
1,033(1,312)(30,489)
141,467(3,855)(8,480)(39,256)
10,474(9,845)144,287
2,276(1,372)(27,655)
117,536

(3)
7

(242)
1

(53,515)(52,697)26

510(20,590)(1,705)
180(19,476)(1,361)
5,988(2,853)(142)－(78,454)8,298(59,121)－－(30,670)(10,000)(6,750)(3)(23,455)(70,879)

677(677)(1,242)－(7,331)(50,085)(27,900)(86,559)

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

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

12,347

10,215

4,481
200,770
205,251(17,929)205,251
187,322(5) Notes Pertaining to Consolidated Financial Statements(i) Going concern assumption
Not applicable(ii) Changes in accounting policy
The Group has adopted the standards and interpretations below from the fiscal year ended March 31, 2023.
Adopting the standard has no impact on the Group's consolidated financial statements.
Standard/Interpretation
IFRS 3Business Combinations

Outline of the new standards, interpretations and amendments
Updating reference to the revised Conceptual Framework for
Financial Reporting－ 15 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023(iii) Segment information(1) General information on reportable segments
The reportable segments of the Group represent business units for which separate financial information isavailable, and are reviewed regularly at the Board of Directors meeting to make decisions about allocation ofmanagement resources and assess the performance of the business.
The Group applies 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.
The three segments are Cardiac and Vascular Company, Medical Care Solutions Company, and Blood and Cell
Technologies Company.
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,
Nutritious food, Adhesion barriers andothersBlood 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 and others

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

(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, 2022
(Unit: Millions of yen)
Reportable Segments

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)

Adjustments(Note 1)

Amountrecorded on
consolidated
financialstatements

703,052251

703,303

20,841

137,673(3,232)

134,441(8,487)(15,939)(125)(16,064)

Cardiac and
VascularCompany

MedicalCare
SolutionsCompany

Blood and
Cell
Technologies
Company

397,130

185,335

120,586

93,227

23,604(7,451)－

Total(2,415)

Operating profit

115,960

Finance income

1,062

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
method(2,961)

Profit before tax

114,501

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

440

29,776

14,17815,61359,568(686)

58,882

31,954

15,285

17,59964,8394,390

69,230(Note 1) Amounts in “Adjustments” are as follows:(1) ¥251 million adjustment to Revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥(3,232) million adjustment to Segment profit mainly includes ¥(301) million for inventories and¥(2,630) million for preparation expenses to comply with Medical Device Regulation in EU.
(Note 2) ¥(2,415) million non-recurring profit or loss mainly includes ¥(215) million for the change in fairvalue of contingent consideration and ¥(1,645) million for business reorganization expenses.
(Note 3) Amortization expenses of acquired intangible assets in business combinations are included in“Depreciation and amortization”.

－ 17 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

For the fiscal year ended March 31, 2023
(Unit: Millions of yen)
Reportable Segments

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)

Adjustments(Note 1)

Amountrecorded on
consolidated
financialstatements

819,965243

820,209

11,163

138,167(142)

138,025(10,020)(18,972)

156(18,816)

Cardiac and
VascularCompany

MedicalCare
SolutionsCompany

Blood and
Cell
Technologies
Company

480,610

191,749

147,605

112,155

14,848(8,951)－

Total(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 ¥(1,755) million for impairment lossof technologies, ¥(3,563) million for impairment loss of goodwill, ¥(2,541) million for businessreorganization expenses, ¥1,347 million for the change in fair value of contingent considerationand ¥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”.

－ 18 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023(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, 2022

For the fiscal year ended
March 31, 2023

88,81389,3250－88,81389,325756,209,050

750,614,507

100,892－

350,982

321,019756,660,924

750,935,526

117.45117.38119.00118.95

Profit for the year attributable to owners of theparent (millions of yen)
Profit for the year adjustments
Adjustments relating to convertible bonds withshare subscription rights (millions of yen)
Profit for the year used to calculate diluted earnings
per share (millions of yen)
Weighted average number of ordinary shares(shares)
Increase in the number of ordinary shares
Convertible bond with share subscription rights(shares)
Stock option plan (shares)
Weighted average number of ordinary shares after
dilution (shares)
Basic earnings per share (yen)Diluted earnings per share (yen)(Note) Basic earnings per share is calculated by dividing profit for the year attributable to ordinary shareholders of
the parent by the weighted average number of ordinary shares outstanding during the year.

－ 19 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023(v) Impairment of non-financial assets
In the fiscal year ended March 31, 2023, impairment losses of ¥5,338 million recorded are as follows.
(1) Impairment loss of the Autologous Biologics business unit in Blood and Cell Technologies Company
Autologous Biologics business unit was classified as assets held for sale and directly related liabilities in thefiscal year ended March 31, 2023, based on the transfer agreement with Globus Medical, Inc. As the disposalgroup classified as assets held for sale is measured at fair value less cost to sell, an impairment loss of ¥3,563
million was recorded.
The fair value was determined based on the expected selling price in the transfer agreement with Globus
Medical, Inc. and this fair value has been classified as Level 3 in the hierarchy.
The impairment loss recognized on “Goodwill and intangible assets” is included in "Other expenses" in theConsolidated Statement of Profit or Loss. The transfer of the business was completed on October 11, 2022.
(2) Impairment loss of certain technologies in intangible assets in Cardiac and Vascular Company
In the fiscal year ended March 31, 2023, ¥1,775 million for an impairment loss of certain technologies inintangible assets was recorded with the decision for discontinuing a portion of product.
The recoverable amount was measured based on the value in use, and the value was determined to be zero.
The impairment loss is included in “Other expenses” in the Consolidated Statement of Profit or Loss.
(vi) Subsequent events
Significant capital investment
The Company resolved at the Board of Directors meeting held on April 12, 2023 to establish a manufacturing
line for the Medical Care Solutions Company in a new plant at Kofu Factory (Showa-cho, Nakakoma-gun,
Yamanashi Prefecture), which will be utilized for the contract development and manufacturing organization(CDMO) business, as well as products related peritoneal dialysis. The Company's CDMO business develops
devices that combine material technologies suitable for drugs and delivers the combination products.
Total amount of capital investment based on this resolution is expected as ¥52.2 billion. Please refer to the
May 15, 2023 press release, "Terumo to Construct a New Manufacturing Facility at its Kofu Factory for the
Medical Care Solutions Company”.
The construction is scheduled to be completed in the fiscal year ending March 31, 2026.
The impact of this capital investment on the consolidated financial results for the fiscal year ended March 31,
2023 is immaterial.

－ 20 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2023

4. Others
Overview of Production, Orders Received and Sales(i) Production results
For the fiscal year ended
Year-to-year
March 31, 2023
comparison
Millions of yen%
Cardiac and Vascular Company
510,684
31.5
Medical Care Solutions Company
184,908
1.7
Blood and Cell Technologies Company
161,60941.3
Total
857,20225.2(Note1) The amount is based on the selling price and before intersegment transfer.
(Note2) Regarding the product of segment, refer to the page 16, “General information on reportable segments”
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
Blood and Cell Technologies Company
Adjustments
Total

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

For the fiscal
year ended
March 31,
2023
Millions of yen
319,396
70,91554,48935,807
129,794
24,72637,228
147,605243
820,209

Year-to-yearcomparison
%
21.0
21.9
15.1
29.4
1.4
(7.4)
21.6
22.4
(2.9)
16.6

(Note)¥243 million adjustment is mainly proceeds from outward temporary staffing that is not attributable toreportable segments.

－ 21 －