November 4, 2021

Consolidated Financial Results
for the Second Quarter Ended September 30, 2021
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 to file quarterly securities report:
November 8, 2021
Scheduled date to commence dividend payments:
December 3, 2021
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly 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 six months ended September 30, 2021 (from April 1, 2021 toSeptember 30, 2021)(1) Consolidated operating results (cumulative)
RevenueSix months ended
September 30,
2021
September 30,
2020

Operating profit

Profit before tax

Profit for theperiodProfit attributableto owners ofparentTotal
comprehensive
incomeMillions ofyenMillions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

344,63721.7

65,85757.5

65,282

60.6

49,98857.4

49,98857.0

283,296(7.8)

41,824 (29.3)

Basic earnings
per share
Six months ended
September 30,
2021
September 30,
2020(Percentages indicate year-on-year changes.)

40,659 (30.0)

31,759 (30.4)

31,842 (30.3)%

58,146 209.0
18,815(7.0)

Diluted earnings
per share
Yen

Yen

66.11

66.07

42.21

42.08

Notes : Adjusted operating profit September 2021: 74,137 million yen

September 2020: 51,261 million yen(2) Consolidated financial position
Total assets
As ofTotal equity

Equity attributable toowners of parent

Ratio of equity
attributable to owners ofparent to total assets

Millions of yen

Millions of yen

Millions of yen

September 30, 2021

1,368,977

903,957

903,957

66.0

March 31, 2021

1,351,192

856,662

856,662

63.4

－ 1 －

%

2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

－

14.00

－

15.00

29.00

－

16.00
－

16.00

32.00

Fiscal year ending
March 31, 2022
(Forecast)Fiscal year-end

Total

Note: Revision from the dividend forecast, which is published in the most recent : Yes
The company revises second quarter and year-end dividends per share for the fiscal year ended March 2022
from 15yen to 16yen.
Please refer to the November 4th, 2021 press release, “Terumo Revises Interim Dividend Distribution andYear-End Dividends Forecast for Fiscal Year Ending March 31, 2022.”
3. Consolidated Forecast for the Fiscal Year Ending March, 2022 (From April 1, 2021 to March 31, 2022)(Percentages indicate year-on-year changes.)
Adjusted operating
profitRevenue
Fiscal Year ending
March, 2022

Profit for the year
attributable to ownersof parent

Operating profit

Basic earnings per
share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

685,000

11.6

137,000

18.2

120,000

22.0

92,00019.1

121.66

Notes: 1) Revision of forecast for fiscal year ending March, 2022 : None
2) Basic earnings per share is calculated by taking into consideration effects of the conversion of convertible
bonds in the six months.
• Assumed exchange rate for fiscal year ending March, 2022: USD1=JPY108, EUR1=JPY129－ 2 －[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

*Notes(1) Changes in significant subsidiaries during the current quarterly consolidated cumulative period (changes in
specified subsidiaries resulting in changes in the scope of consolidation): None
New － Company (Company Name) －, Excluded － Company (Company Name) －(2) Changes in accounting policies and changes in accounting estimates(i) Changes in accounting policies required by IFRS: None(ii) Changes in accounting policies other than (i): None(iii) Changes in accounting estimates: None
(3) Number of outstanding shares (common stock)(i) Number of outstanding shares at the end of
the period (including treasury shares)

As of September 30,
2021

759,521,040 shares As of March 31, 2021

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

As of September 30,
2021

3,251,382 shares As of March 31, 2021

3,508,047 shares(iii) Average number of shares during theperiod (cumulative quarterly)

Six months ended
September 30, 2021

Six months ended
September 30, 2020

754,465,111 shares

756,100,350 shares*Quarterly financial statements are not subject to quarterly reviews 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 based on
currently available information and assumptions believed to be reasonable by management. This is not apromise or guarantee by Terumo 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 8, "1. Overview of Financial Results
for the First Half of the Fiscal Year Ending March 31, 2022 (3) Forecasts, including the Consolidated
Financial Results for the Fiscal Year Ending March 31, 2022".
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.

－ 3 －[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

 Table of contents of attached materials
1. Overview of Financial Results for the First Half of the Fiscal Year Ending March 31, 2022 ................................ 5(1) Overview of Consolidated Business Results...................................................................................................... 5(2) Overview of Consolidated Statement of Financial Position .............................................................................. 8(3) Forecasts, including the Consolidated Financial Results for the Fiscal Year Ending March 31, 2022 .............. 8
2. Condensed Consolidated Financial Statements ...................................................................................................... 9(1) Condensed Consolidated Statement of Financial Position ................................................................................. 9(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement ofComprehensive Income ............................................................................................................................... 11(3) Condensed Consolidated Statements of Changes in Equity ............................................................................. 13(4) Notes Pertaining to Condensed Consolidated Financial Statements ................................................................ 13(i) Going Concern Assumption ......................................................................................................................... 13(ii) Segment information .................................................................................................................................. 14－ 4 －[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

1. Overview of Financial Results for the First Half of the Fiscal Year Ending March 31, 2022
(1) Overview of Consolidated Business Results
In the first half of the current fiscal year (from April 1, 2021 to September 30, 2021), the healthcare market
experienced a recovery in medical demand especially in North America and Europe with the spread of the
COVID-19 vaccination. There was increase in exams, diagnostics, hospitalizations, and elective procedures
which had been postponed across various clinical departments as the impacts of the COVID-19 pandemic
begun in the previous fiscal year largely eased. The Group’s sales trended strongly owing to this recovery in its
principal markets.
Financial results for the first half are as follows:(Unit: Millions of yen)

Revenue
Gross profit
Adjusted operating profit
Operating profit
Profit before tax
Profit for the period
Profit for the period
attributable to owners ofparent

For the six
months ended
September 30,
2020
283,296
150,463
51,261
41,82440,65931,759For the six
months ended
September 30,
2021
344,637
186,244
74,13765,85765,282
49,98831,842

49,988Growth (%)

Growthexcluding impactof FX
translations (%)

21.7
23.8
44.6
57.5
60.6
57.4

17.1
18.3
35.9
47.1
-

57.0

-

Revenue by geographic areas for the first half is as follows:(Unit: Millions of yen)
Growthexcluding impact
Growth (%)
of FXtranslations (%)

For the six
months ended
September 30,
2020

For the six
months ended
September 30,
2021

Japan

93,508102,4129.5

9.5

Europe55,52568,30723.0

14.0

Americas82,481

106,343

28.9

25.0

Asia and others

51,78067,574

30.5

21.7

Overseas total

189,788242,225

27.6

20.9

Total

283,296344,637

21.7

17.1

Geographic areas－ 5 －[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

Revenue
Revenue totaled ¥344.6 billion, an increase of 21.7% versus the same period in the previous fiscal year.
In Japan, overall revenue increased by 9.5% year on year, amid strong revenue in Alliance division, infusion andsyringe pumps in Hospital systems division of General Hospital Company, and, along with the steady recovery indemand in TIS division (interventional devices) and Neurovascular division of Cardiac and Vascular Company.
Revenue overseas increased by 27.6% in comparison with a year earlier amid indications of a robust recovery indemand in TIS division and Neurovascular division of Cardiac and Vascular Company as well as Blood and Cell
Technologies Company.
Gross profit
Gross profit came to ¥186.2 billion, an increase of 23.8% compared with the previous fiscal year, reflecting amid
rising revenue.
Adjusted operating profit
Adjusted operating profit came to ¥74.1 billion, an increase of 44.6% year on year, owing to the increase in grossprofit which exceeded the increase in selling, general and administrative expenses.
Adjusted operating profit factors out amortization expense for intangible assets obtained during acquisitions andone-off income and expenses from operating profit. In addition, adjusted operating profit is consistent withsegment profit. We are disclosing adjusted operating profit as we are using it as a performance indicator.
Operating profit
Operating profit came to ¥65.9 billion, an increase of 57.5% year on year, owing to the increase in adjusted
operating profit.
Profit before tax
Profit before tax was ¥65.3 billion, an increase of 60.6% versus the same period a year earlier owing to theincrease in operating profit.
Profit for the period attributable to owners of parent
Profit for the period attributable to owners of parent totaled ¥50.0 billion, an increase of 57.0% year on year,
driven by the increase in profit before tax.

－ 6 －[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

Revenue results of the reportable segments are as follows:(Millions of yen)
For the six
months ended
September 30,
2020

For the six
months ended
September 30,
2021

Growth (%)

Growthexcluding impactof FX
translations (%)

Revenue

149,424

194,341

30.1

23.9

(Japan)22,86225,005

9.4

9.4(Overseas)

126,562

169,335

33.8

26.5

Revenue

81,791

91,961

12.4

11.1(Japan)64,82571,726

10.6

10.6(Overseas)

16,966

20,234

19.3

12.6

Revenue

51,952

58,21012.0

7.2(Japan)

5,693

5,555

(2.4)

(2.4)

(Overseas)

46,25952,65513.8

8.4

Segment

Cardiac and
VascularCompany
GeneralHospitalCompany
Blood and Cell
Technologies
Company

Cardiac and Vascular Company
Global revenue increased 30.1% over the same period of the previous year to ¥194.3 billion. In Japan, sales
increased amid the recovery in demand of TIS division and Neurovascular division. Overseas, in North America
and Europe, there were indications of a robust recovery in demand in TIS division and Neurovascular division.
General Hospital Company
Global revenue increased 12.4% to ¥92.0 billion. In Japan, there were strong sales of infusion and syringe pumpsin Hospital systems division as well as growth in the B2B business with pharmaceutical companies in Alliancedivision. Overseas, there were indications of a robust recovery in demand for daily use products in Asia as well as
the veterinary market in North America.
Blood and Cell Technologies Company
Global revenue increased 12.0% to ¥58.2 billion. In Japan, mainly sales of blood center products declined slightly.
Overseas, there was a recovery in demand for whole blood collection, therapeutic apheresis systems, and cellprocessing products.

－ 7 －[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

(2) Overview of Consolidated Statement of Financial Position
Total assets stood at ¥1,369.0 billion, an increase of ¥17.8 billion. This was mainly owing to an increase inproperty, plant and equipment of ¥7.9 billion from investments in manufacturing facility and an increase ingoodwill and intangible assets of ¥3.0 billion from investments in new IT systems.
Total liabilities came to ¥465.0 billion, a decrease of ¥29.5 billion. This was mainly attributed to a decline intrade and other payables of ¥10.8 billion due to the payments related to facilities and a decrease in bonds andborrowings of ¥9.9 billion due to repayment of corporate bonds.
Total equity was ¥904.0 billion, an increase of ¥47.3 billion. This mainly reflects an increase of ¥50.0 billion
from posting profit for the period of and booking of other comprehensive income associated with the impactsof yen weakness in FX that resulted in an ¥8.2 billion increase, compared to a decrease of ¥11.3 billion due tothe payment of dividends from retained earnings.
(3) Forecasts, including the Consolidated Financial Results for the Fiscal Year Ending March 31, 2022
At present, we must continue to monitor risks such as uncertainty about subsequent waves of COVID-19
infections and risks posed by a drop in demand, supply chain interruptions, and soaring transportation and raw
materials costs, among others. Nevertheless, the Group plans to pour energies into the introduction andexpansion of highly value-added products that will boost the quality and efficiency of healthcare, along withfurther improvement to manufacturing costs, and effective use of selling, general and administrative expenses.

－ 8 －[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

2. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statement of Financial Position（Unit: Millions of yen）
As of
September 30, 2021

As ofMarch 31, 2021
AssetsCurrent assets
Cash and cash equivalents

200,770

202,927

Trade and other receivables

128,770

126,290

Other current financial assets

1,116

1,446

175,576

180,446

Current tax assets

510

444

Other current assets

17,222

17,977

Total current assets

523,966

529,532

Property, plant and equipment

299,679

307,551

Goodwill and intangible assets

471,834

474,802

Inventories

Non-current assets

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

3,644

3,924

19,44921,224

Deferred tax assets

23,72921,698Other non-current assets

8,887

10,244

Total non-current assets

827,225

839,445

1,351,192

1,368,977

Total assets－ 9 －[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

（Unit: Millions of yen）
As of
September 30, 2021

As ofMarch 31, 2021
Liabilities and Equity
Liabilities
Current liabilities
Trade and other payables

83,52872,700Bonds and borrowings

42,072

31,918Other current financial liabilities

7,784

6,316

Current tax liabilities

14,311

13,873374

432

Other current liabilities

63,29560,586

Total current liabilities

211,366

185,828

Bonds and borrowings

218,497

218,781

Other non-current financial liabilities

32,12230,444

Deferred tax liabilities

15,962

12,817Retirement benefit liabilities

6,639

6,829

96

98

Other non-current liabilities

9,845

10,220Total non-current liabilities

283,163

279,191

494,530

465,020

Share capital

38,716

38,716

Capital surplus

51,82951,825

Treasury shares(6,838)(6,338)Retained earnings

775,078

813,741

Other components of equity(2,123)6,011

856,662

903,957

856,662

903,957

1,351,192

1,368,977

Provisions

Non-current liabilities

Provisions

Total liabilities
EquityTotal equity attributable to ownersof parent
Total equity
Total liabilities and equity－ 10 －

[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement ofComprehensive Income(Condensed Consolidated Statement of Profit or Loss)（Unit: Millions of yen）
For the six months ended
For the six months ended
September 30, 2020
September 30, 2021
Revenue
283,296344,637
Cost of sales
132,832
158,393
Gross profit
150,463
186,244
Selling, general and administrative expenses
109,026
120,215
Other income
1,757
1,128
Other expenses
1,369
1,299
Operating profit
41,82465,857
Finance income
581
439
Finance costs
1,027
1,342
Share of profit/(loss) of investments
(719)
326
accounted for using the equity method
Profit before tax
40,65965,282
Income tax expenses
8,900
15,294
Profit for the period
31,75949,988Attributable to:
Owners of parent
Non-controlling interests
Total profit for the period

31,842(83)
31,75949,98849,988

Earnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)

42.21
42.08

66.11
66.07

－ 11 －

[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

(Condensed Consolidated Statement of Comprehensive Income)

Profit for the period

For the six months ended
September 30, 2020
31,759（Unit: Millions of yen）
For the six months ended
September 30, 2021
49,988

663

265

136

15

799

280

(14,299)

7,734

141

64

414

78

(13,743)

7,878(12,943)

8,158

18,81558,146

18,89858,146(83)-

18,81558,146

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 reclassified
subsequently to profit or loss
Total other comprehensive income/(loss)
for the period
Total comprehensive income for the period
Attributable to
Owners of parent
Non-controlling interests
Total comprehensive income for the period
Note:

Items in the above statement are net of tax.

－ 12 －

[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

(3) Condensed Consolidated Statements of Changes in Equity（Unit: Millions of yen）
Equity attributable to owners of parent
Other
Capital Treasury Retained
components
surplussharesearnings
of equity

Share
capitalBalance as of April 1, 2020
Profit for the period
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 ofparentBalance as of September 30,
2020

38,716-51,858-(14,103)(0)43-705,765
31,842
31,842
0(10,531)

-

-

-

1,529

-

(100)

99

-

(27)

38,716

Noncontrolling Total equity
interests

Total(27,423) 754,813
31,842(12,943) (12,943)(12,943)
18,898(0)(43)
0- (10,531)

69
(83)
(0)
(83)
-

754,883
31,759(12,943)
18,815(0)0(10,531)(1,529)

-

-

-

102

24

125

-

125

6,206

(116)

-

6,062

-

6,062

(128)

6,347

(9,015)(1,548)(4,344)-(4,344)51,730(7,755)728,593(41,916)

769,367(14)

769,353（Unit: Millions of yen）
Equity attributable to owners of parent
Other
Capital Treasury Retained
components
surplussharesearnings
of equity

Share
capitalBalance as of April 1, 2021
Profit for the period
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 ofparentBalance as of September 30,
2021

38,716-

51,829(4)-(6,838)(1)
30-

775,078
49,98849,988(11,340)

-

-

-

15

(15)

-

10

91

-

-

(8)

378

-

-

(3)

499

38,716

51,825(6,338)-856,662
49,988
8,158
58,146(1)
0(11,340)

-

-

-

17

119

-

119

-

369

-

369

(11,324)(23) (10,851)-(10,851)

813,741

6,011-

903,957(4) Notes Pertaining to Condensed Consolidated Financial Statements(i) Going Concern Assumption
Not applicable－ 13 －

Noncontrolling Total equity
interests

Total(2,123) 856,662
49,988
8,158
8,158
8,158
58,146(1)(25)
0- (11,340)

903,957

[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022(ii) 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 in-housecompany plans their own comprehensive domestic and international strategies and conducts their own businessactivities.
The three segments are Cardiac and Vascular Company, General Hospital Company, and Blood and Celltechnologies Company.

－ 14 －

[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

(2) Reportable segment information
Revenue and operating results of the reportable segments of the Group are described below.
For the six months ended September 30, 2020

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)(Unit: Millions of yen)Amountrecorded on
Adjustments
condensed(Note 1)
consolidated
financialstatements

Cardiac and
VascularCompany

GeneralHospitalCompany

Blood and
Cell
Technologies
Company

149,424

81,791

51,952

283,169127

283,296

32,017

11,7188,880

52,616(1,355)51,261(3,479)-(4,037)(7,516)340(7,176)Total(2,259)Operating profit

41,824

Finance income

581

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax(1,027)(719)
40,659(Note 1) Amounts in “Adjustments” are as follows:(1) ¥127 million adjustments to Revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥(1,355) million adjustment to segment profit consists of ¥385 million for inventories and ¥(1,189)
million for preparation expenses to comply with Medical Device Regulation in EU.
(Note 2) ¥(2,259) million Non-recurring profit or loss mainly includes ¥(1,852) million for the change infair value of contingent consideration and ¥(321) million for business reorganization expenses.

－ 15 －

[Terumo Corporation] Financial Results for the First Half of the Fiscal Year Ending March 31, 2022

For the six months ended September 30, 2021

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(Unit: Millions of yen)Amountrecorded on
Adjustments
condensed(Note)
consolidated
financialstatements

Cardiac and
VascularCompany

GeneralHospitalCompany

Blood and
Cell
Technologies
Company

194,341

91,961

58,210344,513124

344,637

50,782

13,44011,75575,978(1,840)74,137(3,623)-(4,146)(7,769)(144)(7,913)

Total

(366)

Operating profit

65,857

Finance income

439(1,342)Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax

326
65,282

Note: Amounts in “Adjustments” are as follows:(1) ¥124 million adjustments to Revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥(1,840) million adjustment to segment profit consists of ¥(535) million for inventories and¥(1,184) million for preparation expenses to comply with Medical Device Regulation in EU.

－ 16 －