Financial Results for the Fiscal Year
Ended March 31, 2024 (FY2023)

May 14, 2024

Jin Hagimoto

Chief Financial Officer
Terumo Corporation

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. Information about products (including products currently indevelopment) which is included in this material is not intended to constitute anadvertisement or medical advice.

©TERUMO CORPORATION

2 / 14

Highlights
FY23 Results
Record highs in revenue, operating profit, and net income
Revenue growth driven by Americas and Europe, +7% companywide (excluding
exchange rate effects)
Operating profit growth outpaced sales growth, +14% companywide (excludingexchange rate effects)

FY24 GuidanceContinued global growth, revenue growth +7% (excluding exchange rate effects)
Operating profit up 16% (excluding exchange rate effects) due to expansion ofhighly profitable businesses©TERUMO CORPORATION

3 / 14

P&L
Revenue: Record high. TIS, blood center business, Neuro, and Vascular led with double-digit growth
Operating profit: Record high. Steady progress in profit improvement measures. SG&A expenses increased
due to increased headcount to expand sales of therapeutic devices in North America
100M JPY

FY22 Q4 YTD

FY23 Q4 YTD Change

8,202
4,174

9,219
4,792（%）(50.9%)(52.0%)

2,383

2,759（%）(29.1%)(29.9%)

616

691（%）(7.5%)(7.5%)

-2
1,173

59
1,401（%）(14.3%)(15.2%)

1,380

1,568（%）(16.8%)(17.0%)

1,161

1,408（%）(14.2%)(15.3%)

893

1,064

Revenue
Gross Profit
SG&A Expenses
R&D Expenses

Other Income and Expenses
Operating Profit
Adjusted Operating Profit
Profit before Tax
Profit for the Year

12%
15%
16%
12%
19%
14%
21%
19%

(10.9%)(11.5%)（%）
Average exchange rate (USD/EUR) 135JPY/141JPY 145JPY/157JPY©TERUMO CORPORATION

Change excluding
FX impact

7%
9%

10%
8%
14%
8%

FY22 Q4

FY23 Q4

2,022990

2,389
1,243(49.0%)(52.0%)

597

737(29.5%)(30.9%)

160

199(7.9%)(8.3%)

5
238

39
346

(11.8%)(14.5%)

284

371(14.1%)(15.5%)

240

351(11.9%)(14.7%)

191

265(9.5%)(11.1%)

132JPY/142JPY 149JPY/161JPY

4 / 14

Change
18%
26%
23%
25%
651%
45%
30%
46%
38%

OP Variance Analysis (Q4): Profitability improvements as planned(100M JPY)

Price+35

G/Pincrement
bysalesincrease

Gross Reimbur- SG&A
margin sement increase R&D
increase
price

G/P increment by sales increase:
TIS, Neuro led the driver C&V

FX

Gross margin:
Mitigation of inflationary effects, and cost
reduction effects+6Price:
Global promotion of price revision
SG&A increase:
Increased sales force for expansion oftherapeutic devices sales in US

FY22 Q4 FY22 Q4OP
Adj. OP©TERUMO CORPORATIONFY23 Q4 FY23 Q4
Adj. OPOP

5 / 14FX:+3.6B JPY flow impact; -2.6B JPY stock impact

OP Variance Analysis (Q4 YTD): As planned in all areas(100M JPY)

Grossmargin
G/Pincrement
bysalesincrease

Price

G/P increment by sales increase:
Drivers were C&V and TBCT

+100

Reimbur- SG&A
sement increase R&DincreasepriceFX

Gross margin:
One-time costs offset by inflation mitigation, cost
reductions, and product mix improvements+27

Price:
Global promotion of price revision
SG&A increase:
Increased sales force for expansion of therapeutic
devices sales in US
FX:+10.2B JPY flow impact; -5.2B JPY stock impact

FY22FY22
Q4 YTD Q4 YTDOPAdj. OP©TERUMO CORPORATION

FY23
FY23
Q4 YTD Q4 YTD
Adj. OPOP

6 / 14

Revenue by Region: Therapeutic devices strong in Americas, Europe: Asia drove high growth rate
C&V: Cardiac and Vascular, TMCS: Medical Care Solutions, TBCT: Blood and Cell Technologies,
TIS: Interventional Systems, Neuro: Neurovascular, CV: Cardiovascular

FY23 Q4 YTD
Regional
breakdown

36%

23%

21%
9%
12%

FY23 Q4 YTD
YoY change

Revenue (100M JPY)

Q4 YTD
FY21Americas FY22FY232,2042,8663,280

Japan2,061
2,0742,111Europe

1,4041,6001,915

China

594
719
794

Asia andOthers

770
943
1,118

©TERUMO CORPORATION( ) FX Neutral

Q4592

Comments

742
898
511
503
524

364
414
525
147
153
194
184
209
249

14%
(8%)

C&V’s Neuro / Vascular, TBCT’s blood center
business grew double digits even whenexcluding exchange rate effects

2%

All companies grew. Vascular performed
favorably at C&V, PS at TMCS, and the blood
center business at TBCT

20%
(8%)

Double-digit growth in Neuro / Vascular in C&V,
even when excluding exchange rate effects;
sustained growth in the TBCT blood centerbusiness

10%(8%)All companies grew. C&V was led by doubledigit growth in TIS. TBCT’s blood center
business and TMCS also performed well, withdouble-digit growth19%(13%)7 / 14All companies continued to grow. Double-digit
growth in TIS, CV, blood center business, andapheresis therapy, even when excluding
exchange rate fluctuations

C&V: Continued global demand, driven by double-digit growth in Vascular and Neuro（100M JPY）

(C&V: Cardiac and Vascular, TIS: Interventional Systems)

Q4 YTD

Q4Comments( ) FX Neutral

4,806

Access and therapeutic demand expanded globally.
Volume-based procurement (VBP) in China caused
distributors to hold off from buying; however
double-digit growth continued+451

Neurovascular:

Stroke device market share recovered in US andEurope. China decreased due to return to normal
after FY22 initial inventory buildup by new
distributors; demand remains steady+122

Cardiovascular:

Japan hardware demand returned to normal, but
US and Asia sales stayed strong+76

VascularGraft:US and Europe were drivers. Hybrid product andstent graft sales expansion continued+102

5,557TIS:

16%
(9%)

3,971
Revenue

1,027 1,217

1,48022%

932

1,122

Adjusted
Operating
ProfitProfit%

1,239
10%
(7%)

209

286

319
12%

FY21 FY22 FY23

FY21 FY22 FY23

23%

20%

©TERUMO CORPORATION

23%

22%

23%

Q4 YTD
YoY

Profit:22%
8 / 14

Increased sales and profitability improvement.
SG&A increased due to sales force expansion forgrowth of therapeutic devices sales in US

Increased revenue and profit despite impact of Nutrition businessdivestiture, return to normal of thermometers

TMCS:(TMCS: Medical Care Solutions)

Q4 YTD

Q4Comments( ) FX Neutral

1,853 1,917
Revenue

1,976

3%1%(1%)
(-0%)

466

462

503
3%
9%

236
148

Adjusted
OperatingProfit

Profit%

198
33%
(31%)
27%
(25%)

43

2269%
72%

FY21 FY22 FY23

13%

9%

©TERUMO CORPORATION

10%5%

Q4 YTD
YoY

HCS
Hospital CareSolutions:

In Japan, the company is rebounding fromthe decline in sales resulting from thedivestiture of its nutrition business by revising
its pricing policy and strong performance ininfusion sets. Overseas sales were solid,driven by Asia and Latin AmericaLCS
Life CareSolutions:

Thermometer demand returned to normal.
Japan blood glucose self-measurement
product sales down due to stiffer competition-18

PS
Pharmaceutical
Solutions:

The CDMO business performed well inJapan+29

Profit:Substantial increase due to ease of inflation
impact and price policy revision effects

38

FY21 FY22 FY238%（100M JPY）

8%
9 / 14+48

TBCT: Strong blood center business drove large profit increase（100M JPY）

(TBCT: Blood and Cell Technologies)

Q4 YTD

Q4Comments( ) FX Neutral

1,476

Q4 YTD
YoY

Blood CenterSolutions:

Whole blood collection-related products
performed well in Asia and Americas+183

TherapeuticSolutions:

Cell collection demand expanded in US.
Therapeutic apheresis for hospitals
strong in Asia

+44

11%
18%

Cell Therapy
Technologies:

Minus YoY due to sale of a business.
Cell therapy investment expansion led tosteady trend in cell processing system
sales

25

Profit:Significant increase in profit due to higher
sales revenue. The positive effects of thepricing policy and the transfer of production
to Costa Rica also contributed. Q4 recorded
a one-time expense for impairment ofintangible assets

1,683

1,206
Revenue14%
13%(8%)

304

208
112

Adjusted
OperatingProfit

Profit%342405164
47%
7%(52%)(11%)

37-18-16%

FY21 FY22 FY23

FY21 FY22 FY23

17%

12%

©TERUMO CORPORATION

8%10%-5%

6%
10 / 14-21

FY24 Guidance
Revenue: Continued growth led by Blood & Cell Technologies, +7% growth (excluding exchange rate effects)
Operating profit: Double-digit growth due to expanded sales of high-profit products and further strengthening ofprofitability improvement measures
FY23 ActualAmount (100 M JPY)

FY24 Guidance

YoY%FX Neutral YoY%

Revenue

9,219

9,8006%

7%

Operating Profit (OP %)1,401 (15.2%)

1,650 (16.8%)

18%

16%

Adjusted Operating Profit (Adj. OP %)1,568 (17.0%)

1,850 (18.9%)

18%

16%

Profit for the Year

1,064

1,220

15%

ROIC

7.1%

7.6%

ROE

8.7%

8.9%

145JPY/157JPY

Exchange Rate (USD/EUR)

145JPY/155JPY( ) FX NeutralAmount

YoY%

Amount

YoY%

C&V

5,818

5% (5%)

1,415

14%

Adjusted
Operating Profit％
24%

TMCS

2,1006% (6%)

235

19%

11%

TBCT

1,880

12% (12%)

235

43%

12%

FY24 by Company(100 M JPY)

Revenue

Adjusted Operating Profit(C&V: Cardiac and Vascular, TMCS: Medical Care Solutions, TBCT: Blood and Cell Technologies )©TERUMO CORPORATION

11 / 14

Profit Variance Analysis (FY24 Guidance)(100 M JPY)

Grossmargin

G/P increment by sales increase:
Continuation of growth mainly in Blood & Cell
Technologies and C&V

Price
SG&A

FX
R&D

Gross margin:
Continuation of profit improvement measures,and effects of product mix improvement

G/P
incrementby salesincrease

Price:
Continuation of pricing policy, including impact ofVBP in China
SG&A increase:
Increase due to business expansion

FY23 FY23OP Adj. OP©TERUMO CORPORATIONFY24 FY24Adj. OP OP

12 / 14

Assumptions Underlying FY24 Guidance(C&V: Cardiac and Vascular, TMCS: Medical Care Solutions, TBCT: Blood and Cell Technologies )C&V• Despite the impact of volume-based procurement (VBP) in China and official price revisions inJapan, this is expected to be covered by all businesses, and sales are expected to grow

• Profitability improving due to continued profit improvement measures andthe effect of improved product mixesTMCS• Despite assumptions of raw material cost increases, 6% sales growth is expected due to priceactions and double-digit growths in the Pharmaceutical Solutions business• Impacts on performance from the first overseas CDMO project (to be closed soon) and the Antibody
for Alzheimer’s disease are limited.

TBCT• Assumes acceleration of plasma innovation business rollout andstable growth in core business• Profitability improvement of 2 percentage points total©TERUMO CORPORATION

13 / 14

Dividend Proposal: Continuous increase per shareholder return policy
Shareholder return policy: Continue stable increase in dividend, aiming for 50% total payout ratio

26
Unit: YenFigures in parentheses represent payout ratio

221712.5(19.3%)

FY1713.5

14(24.8%)(24.6%)FY18

FY1914.5(28.9%)20(33.6%)(30.8%)(28.3%)

FY20

FY21

FY22

FY17-FY23: Dividend amounts per share are adjusted based on the number of shares issued and outstanding as of 1st April 2024.

©TERUMO CORPORATION(31.6%)

14 / 14FY23

FY24GuidanceReference©TERUMO CORPORATION

15 / 14

Revenue by Segment and Region©TERUMO CORPORATION

16 / 14Quarterly Revenue Trend
FY23 Q4: +18% vs. FY22 Q4 -0% vs. FY23 Q3(100M JPY)
3,000
2,5002,000
TBCT

1,500

TMCS
C&V

1,0005000

FY19 FY20 FY21 FY22 FY23Q1©TERUMO CORPORATION

FY19 FY20 FY21 FY22 FY23FY19 FY20 FY21 FY22 FY23Q2

Q317 / 14

FY19 FY20 FY21 FY22 FY23Q4

P&L (QoQ)(100M JPY)

FY22 Q4Revenue

FY23 Q1

Q2

Q3

Q4

(Jan-Mar)(Apr-Jun)(Jul-Sep)(Oct-Dec)(Jan-Mar)2,0222,153

2,2862,3912,389

Gross Profit

990 (49.0%)

1,098 (51.0%)

1,185 (51.8%)

1,266 (52.9%)

1,243 (52.0%)

SG&A Expenses

597 (29.5%)

651 (30.2%)664 (29.0%)

707 (29.6%)

737 (30.9%)

R&D Expenses

160 (7.9%)

154 (7.2%)

164 (7.2%)

173 (7.3%)

199 (8.3%)

Other Income and Expenses

53

125

39

Operating Profit

238 (11.8%)296 (13.8%)368 (16.1%)

390 (16.3%)

346 (14.5%)

Adjusted Operating Profit

284 (14.1%)

345 (16.0%)

411 (18.0%)

441 (18.5%)

371 (15.5%)

132JPY
142JPY

137JPY
150JPY

145JPY
157JPY

148JPY
159JPY

149JPY
161JPYQuarterly
Average Rate©TERUMO CORPORATION

USD
EUR

18 / 14SG&A (QoQ)(100M JPY)

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

R&D Expenses
(%)

Total
(%)

Quarterly Average Rate©TERUMO CORPORATION

USD
EUR

FY22 Q4(Jan-Mar)

FY23 Q1(Apr-Jun)

Q2(Jul-Sep)

Q3(Oct-Dec)

Q4(Jan-Mar)

307
45
44
58
143
597(29.5%)
160(7.9%)757(37.4%)

336
49
4758
161
651(30.2%)
154(7.2%)805(37.4%)

349
444661
164664(29.0%)
164(7.2%)
828(36.2%)

371
54
4965
168
707(29.6%)
173(7.3%)
881(36.8%)

373
54
51
66
192
737
(30.9%)
199(8.3%)
937(39.2%)

132JPY
142JPY

137JPY
150JPY19 / 14145JPY
157JPY

148JPY
159JPY

149JPY
161JPY

SG&A (YoY)(100M JPY)
FY23 Q4
YTD

YoY

YoY%

YoY%
excluding
FX impact

1,233
187
184

1,429
201
193

197
14916%
8%
5%

234

250

16545
2,383

685
2,759

140
376

(29.1%)(29.9%)

616

691(7.5%)(7.5%)

2,999

3,450

(36.6%)(37.4%)

FY22 Q4
YTD

Salaries & WagesSales Promotion
Logistical Costs
Depreciation andAmortization
OthersSG&A Expenses(%)

R&D Expenses(%)

Total(%)©TERUMO CORPORATION

74451

FY22 Q4

FY23 Q4

YoY

YoY%

9%
3%-0%

307
45
44373
54
51

66
9
722%
21%
16%

7%

3%

58

66

813%

26%
16%

20%
10%

143597

192
737

49
140

34%
23%

(29.5%)(30.9%)

160

199

39

25%

(7.9%)(7.3%)

757

937

179

24%

(37.4%)(39.2%)

12%

15%

20 / 148%9%Adjusted Operating Profit: Adjustment Items(100M JPY)

FY22 Q4 YTD

FY23 Q4 YTD

1,380284

Adjustment 1. Amortization of
acquired intangible assets

1,568371-188-200-44-54

Adjustment 2. Non-recurring profit or loss

-1933-2

29

1,173

1,401238346

Adjusted Operating Profit

Operating Profit

FY22 Q4

FY23 Q4<General examples of adjustment items>• Acquisition related cost

• Impairment loss

• Nonlife insurance income• Lawsuit settlement• Restructuring loss

• Loss on disaster• Other one-time profits & losses
FY22 Q4 YTD

FY23 Q4 YTD

Restructuring loss
Goodwill amortization related to sale of part ofcell processing business-25-23-36-Profit from sale of nutrition business3941334
10Adjustment 2. Non-recurring profit or loss

Profit from sale of Olympus Terumo Biomaterials stock
Litigation-related gains (losses)
Others©TERUMO CORPORATION

21 / 14

CAPEX, Depreciation and Amortization, R&D Expenses
FY20
CAPEX
Depreciation and Amortization
Amortization ofacquired intangible assets
OthersFY21

FY22772
484

692
532

758
635

146

161

338

371

(100M JPY)
FY24
FY23
Guidance(100M JPY)

784702

930
770

188

200200

447

502

570

CAPEX = Construction in progress record basis, lease depreciation (IFRS16) is not included in Depreciation

FY23 CAPEX (78.4B JPY): Mainly TIS, Neurovascular, and Pharmaceutical Solutions, continued investment in IT, including increased
production facilities for Blood and Cell Technologies Company, raw material plasma collection, R&D investment, and core system(SAP); construction of a new building in the Kofu Plant to strengthen the production system for CDMO (contracted development andmanufacturing) and other services
FY24 CAPEX (93.0B JPY): Including the projects mentioned above, investments are planned for production capacity expansion andnew growth drivers.

FY20R&D Expenses©TERUMO CORPORATION

491

FY21

FY22518
22 / 14616

FY23691

FY24Guidance715

Cash Flows (Q4 YTD)
Operating CF+1,463

767

1,408

1,873

Depreciation
andamortization

Investing & Financing CF-1,288-457
Incometaxes, etc.

-256
Working
capitalgains andlosses

-784

CAPEX

Profit beforetax

Cash at the endof FY22©TERUMO CORPORATION(100M JPY)

-100
Redemptionof bonds-111
Sharebuy back

CAPEX = Construction in progress record basis
Aligned with period-end account balance "Cash and cash equivalents" on B/S23 / 14-320

28

Dividends

136
Others

2,049

Cash at the endof FY23

Cash Flows (Q4)
Operating CF+551

206

351

Depreciation
andamortization

Investing & Financing CF
-139
-75

Incometaxes, etc.

(100M JPY)

69
Working
capital188
gains andlosses

-270
CAPEX

-32

163

Share
buy back

OthersProfit before
tax

163

156

183

2,049

1,636

Cash at the endof FY23 Q3©TERUMO CORPORATIONCAPEX = Construction in progress record basis
Aligned with period-end account balance "Cash and cash equivalents" on B/S

24 / 14

Cash at the endof FY23 Q4

FY23 Q4 YTD FX Impact Breakdown (Flow and Stock)
FX impact vs. FY22 Q4 YTD +5.0B JPY
Flow +10.2B JPY: USD and EUR appreciation positive impact
Rate (JPY)FY23 Q4 YTD
Average Rate

FY22 Q4 YTD
Average Rate

Variation

USD

135

145

10EUR

141

157

16CNY

19.7

20.1

0.4

Stock -5.2B JPY: FX impact from elimination of unrealized profit on inventory assets
Rate (JPY)FY23
End of MarchFY22End of March

Variation

USD

134

151

17EUR

14616317©TERUMO CORPORATION

25 / 14

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

USD

EUR

CNYRevenue

221139Adjusted Operating Profit

0523USD

EUR

CNY-2.5-0.6-2.0

Impact of 1 JPY depreciation (Stock)
Adjusted Operating Profit©TERUMO CORPORATION

26 / 14