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

August 3, 2023

Consolidated Financial Results
for the First Quarter of the Term Ending March 31, 2024
(Under Japanese GAAP)
Company name: TSUMURA & CO.
Listing:
Tokyo Stock Exchange
Securities code:
4540
URL:
https://www.tsumura.co.jp
Representative:
Terukazu Kato, President Representative Director and CEO
Inquiries:
Makoto Kitamura, Head of Corporate Communications Dept.
Telephone:+81-3-6361-7100
Scheduled date to file quarterly securities report: August 4, 2023
Scheduled date to commence dividend payments: Preparation of supplementary material on quarterly financial results: Yes
Holding of financial results briefing: Yes (for institutional investors and securities analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated business results for the first quarter of the term ending March 31, 2024 (from April 1, 2023
to June 30, 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Three-month period
endedOperating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2023

37,036

7.6

4,684(26.3)

5,989(30.9)

4,332(34.7)

June 30, 2022

34,417

8.3

6,353

3.3

8,665

19.6

6,632

23.1

Note: Comprehensive income

Three-month period ended June 30, 2023:
Three-month period ended June 30, 2022:

Basic earnings
per share
Three-month period
ended¥8,482 million¥13,453 million[(36.9) %][45.2 %]

Diluted earnings
per share
Yen

Yen

June 30, 2023

56.88

－

June 30, 2022

86.70

－

(2) Consolidated financial condition
Total assets
As of

Net assets

Millions of yen

Equity-to-asset ratio

Millions of yen%

June 30, 2023

405,437

279,091

63.2

March 31, 2023

396,813272,246

63.5

Reference:

EquityAs of June 30, 2023:
As of March 31, 2023:¥256,308 million¥252,046 million

2. Dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen
Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024－

Fiscal year-end

Total

Yen

Yen

32.00

－

32.00

64.00

32.00

－

32.00

64.00

－

Fiscal year ending
March 31, 2024
(Forecast)

Note: Revisions to dividends projection published most recently: No
3. Projections of consolidated business results for the term ending March 31, 2024
(From April 1, 2023 to March 31, 2024)(Figures in percentage show the rate of increase or decrease from the previous fiscal year for full-year
and from the second quarter of the previous fiscal year for second quarter (aggregate).)Profit attributable to
Net sales
Operating profit
Ordinary profit
Profit per shareowners of parent
Million yen

First half
Full-year

74,000150,500

%

5.6
7.5

Million yen

9,500
18,000% Million yen(18.6)(13.9)%

Million yen

9,800 (38.6)
18,600 (20.7)

6,800
13,000Note: Revisions to projections of consolidated business results published most recently: No%(42.8)(21.1)

Yen

89.46
171.02

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes
Note: For details, see “2. Quarterly Consolidated Financial Statements and Key Notes (4) Notes to the Quarterly
Consolidated Financial Statements (application of specific accounting treatment to the preparation of quarterly
financial statements)” on page 10 of the material attached hereto.
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

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

76,758,362 shares

As of March 31, 2023

76,758,362 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2023

831,832shares

As of March 31, 2023

367,332shares(iii) Average number of shares outstanding during the period
Three-month period ended June 30, 2023

76,171,530shares

Three-month period ended June 30, 2022

76,507,019shares

Note: At the beginning of the consolidated fiscal year under review, the Company introduced the Board Incentive
Plan Trust. As a result, the shares of the Company’s stock held by the trust are included in treasury shares that are
deducted in calculating the number of treasury shares at the end of the period and the average number of shares
outstanding during the period.
* This Consolidated Financial Results is not subject to audit procedures performed by a certified public
accountant or audit corporation.

*Explanation about the proper use of financial projections and other important notes(Note about forward-looking information)
Forward-looking statements such as financial projections, which are stated in this document, are based on
information currently available to the Company and certain assumptions deemed reasonable. There is apossibility that actual results, etc. will differ materially from forecasts due to various factors. Please see “1.
Qualitative information on quarterly results (3) Description of projections of consolidated business results” onpage 4 for information regarding the forecast of consolidated financial results.

○Contents of accompanying materials
1. Qualitative information on quarterly results ·····························································································

2(1) Description of operating results ········································································································

2(2) Description of financial condition ·····································································································

4(3) Description of projections of consolidated business results ········································································

4

2. Quarterly Consolidated Financial Statements and Key Notes ··········································································

5(1) Quarterly Consolidated Balance Sheets ·······························································································

5(2) Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ···················

7

Quarterly Consolidated Statements of Income
For the First Quarter Consolidated Accumulative Term···········································································

7

Quarterly Consolidated Statements of Comprehensive Income
For the First Quarter Consolidated Accumulative Term···········································································

8(3) Quarterly Consolidated Statements of Cash Flows ·················································································

9(4) Notes to the Consolidated Financial Statements ····················································································

10(Notes on premise of a going concern) ······························································································

10(Notes on case of extreme change in shareholder's equity amount) ····························································

10(Application of specific accounting treatment to the preparation of quarterly financial statements) ······················

10(Significant subsequent events) ·······································································································

101

1. Qualitative information on quarterly results(1) Description of operating results
Consolidated business results for the first quarter under review were as follows:[Consolidated business results](Million yen)
FY 3/2023 1Q

YoY Change
Percent Change

FY 3/2024 1Q

34,41737,036＋2,618＋7.6％

Domestic business

31,562

32,988＋1,426＋4.5％

China business

2,855

4,047

＋1,191＋41.7％

Cost of sales

16,462

20,341＋3,879＋23.6％

Selling, general and administrative
expenses

11,601

12,009＋408＋3.5％

Operating profit

6,353

4,684

(1,668)（26.3）％

Domestic business

6,404

4,684

(1,719)（26.9）％

China business

(50)

0

＋51
－

Ordinary profit

8,665

5,989

(2,676)（30.9）％

Profit attributable to owners ofparent

6,632

4,332

(2,300)（34.7）％Net sales

Net sales increased 7.6% year on year, to 37,036 million yen.
Net sales of domestic business increased 4.5% year on year, to 32,988 million yen. Sales of 129 prescription Kampo preparations
increased 5.2% year on year due to continuous growth of prescriptions in the cardiovascular area and ones for symptoms such as
anxiety/insomnia and dizziness, in addition to resumption of e-promotion, which had been partially restricted, reflecting the end oflimits on shipments. Total sales of drug fostering formulations*1 grew 1.2% year on year while total sales of growing formulations*2
rose 8.0% year on year.

2

Sales of“Drug fostering” program formulations and“Growing” formulations (unit: millions of yen)
Rankingin salesNo. / Product Name

FY 3/2023

FY 3/2024

YoY Change/

1Q

1Q

Percent Change

1100

Daikenchuto

2,505

2,515

＋9

＋0.4％

“Drug

2

54

Yokukansan

1,933

1,940

＋6

＋0.4％

fostering”
program4

43

Rikkunshito

1,860

1,861

＋1

＋0.1％

formulations

9

107

Goshajinkigan

932

995

＋62

＋6.7％

23

14

Hangeshashinto

359

370

＋11

＋3.2％

7,591

7,683

＋92

＋1.2％

Total of "Drug Fostering" Program formulations

Growing
formulations:3

41

Hochuekkito

1,881

1,931

＋49

＋2.6％

5

17

Goreisan

1,542

1,801

＋259

＋16.8％

624

Kamishoyosan

1,296

1,305

＋9

＋0.7％

17

137

Kamikihito

501

590

＋88

＋17.7％

18

108

Ninjin`yoeito

507

561

＋54

＋10.6％

5,730

6,191

＋461

＋8.0％

16,956

17,964＋1,007＋5.9％30,277

31,838＋1,560＋5.2％

Total of Growing formulations
Total of 119 prescriptions excluding “Drug fostering”
program formulations and Growing formulations
Total of 129 prescription Kampo products

Sales of OTC Kampo formulations in the domestic business decreased 7.2% year on year to 837 million yen because formulations related
to cold symptoms and other products have remained in short supply.
Net sales of China business increased 41.7% year on year, to 4,047 million yen, due to significant growth in sales on crude drug platforms(of Ping An Tsumura Pharmaceutical Co., Ltd., Shenzhen Tsumura Medicine Co., Ltd., etc.), which primarily include sales of crude
drugs and crude drug pieces for decoction.
Cost of sales increased 23.6% year on year, to 20,341 million yen, mainly reflecting the growth in net sales, rising crude drug
procurement costs, and surges in the prices of energy and raw and other materials. The cost-to-sales ratio rose 7.1 percentage points year
on year, to 54.9%.
Selling, general and administrative expenses increased 3.5% year on year, to 12,009 million yen. The increase mainly reflected system
expenses related to systems for the DX of the Kampo value chain. The SGA ratio fell 1.3 percentage points year on year, to 32.4%.
As a result, operating profit decreased 26.3% year on year, to 4,684 million yen. The operating profit margin was 12.6%, falling 5.9
percentage points from a year ago. Ordinary profit declined 30.9% year on year, to 5,989 million yen, due in part to a decrease in foreignexchange gains, and profit attributable to owners of parent decreased 34.7% year on year, to 4,332 million yen.
*1 “Drug fostering” program formulations:
Formulations the Company is addressing by looking hard at the structure of diseases in recent years, targeting diseases that are difficult
to treat with new drugs for which prescription Kampo preparations prove specifically effective in domains where demand for medical
treatment is high, and calling the establishment of evidence “drug fostering”*2 Growing formulations:
Growth drivers aimed at registration in clinical practice guidelines as strategic formulations after five drug fostering program
formulations by constructing evidence (such as data on safety and effectiveness) in domains where the degree of satisfaction with medical
treatment and the degree of drug contribution are low[Situation of limited shipments]
The Company was limiting shipments for 28 items starting in August 2022 due to factors including the COVID-19 pandemic. The
Company ended limits on shipments of all the items on July 31, 2023. Moving forward, the Company will take measures to further
reinforce the supply system, including ahead-of-schedule shipments from the Tianjin Plant, where preparations are underway for the
beginning of operations.

3(2) Description of financial condition
The financial position at the end of the first quarter under review was as follows:
Total assets at the end of the first quarter increased 8,623 million yen from the end of the previous fiscal year, to 405,437 million yen.
Current assets increased 4,048 million yen from the end of the previous fiscal year, mainly due to a rise in inventories. Non-current
assets increased 4,574 million yen from the end of the previous fiscal year, mainly due to increases in property, plant and equipment,
intangible assets and investment securities.
Total liabilities were 126,345 million yen, an increase of 1,779 million yen from the end of the previous fiscal year. Current liabilities
increased 2,197 million yen from the end of the previous fiscal year. Non-current liabilities decreased 418 million yen from the end of
the previous fiscal year.
Net assets totaled 279,091 million yen, an increase of 6,844 million yen from the end of the previous fiscal year. Shareholders’ equity
rose 567 million yen from the end of the previous fiscal year, mainly reflecting an increase in retained earnings. Accumulated othercomprehensive income climbed 3,694 million yen from the end of the previous fiscal year, chiefly due to an increase in foreign
currency translation adjustment. Non-controlling interests increased 2,582 million yen from the end of the previous fiscal year.
As a result, the equity ratio fell 0.3 percentage point, to 63.2%.
Cash flows in the first quarter under review were as follows:
Cash and cash equivalents as of the end of the first quarter under review was 88,917 million yen, a decrease of 5,812 million yen fromthe end of the previous fiscal year.
Cash flows in the first quarter under review and year-on-year changes in cash flows were as follows.
Cash used in operating activities was 152 million yen. Looking at its breakdown, a major cash inflow item was profit before income
taxes of 5,980 million yen, while a major cash outflow item was income taxes paid of 2,901 million yen. Compared to a year ago, cash
outflow rose 4,937 million yen.
Cash used in investing activities was 4,906 million yen. Looking at its breakdown, a major cash outflow item was the purchase ofproperty, plant and equipment of 3,623 million yen. Compared to a year ago, cash outflow rose 760 million yen.
Cash used in financing activities was 1,579 million yen. Looking at its breakdown, major cash flow items were proceeds frompayments from non-controlling interests of 2,158 million yen, purchase of treasury shares of 1,315 million yen and dividends paid of
2,397 million yen. Compared to a year ago, cash outflow decreased 839 million yen.
(3) Description of projections of consolidated business results
The projections of consolidated business results for the fiscal year ending March 31, 2024, which were published on May 9, 2023,
remain unchanged.

4

2. Quarterly Consolidated Financial Statements and Key Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Other
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Allowance for employee share benefits
Provision for share awards for directors (and otherofficers)
Other
Total non-current liabilities
Total liabilities

5

As of June 30, 2023

94,752
58,087
11,257
14,43076,03813,933(178)
268,32088,954
61,634
12,65917,064
77,777
14,473(193)
272,369

91,197
107,260(105,042)
93,41591,763110,336(107,569)
94,5308,480
6,166
14,6478,522
7,182
15,705

11,160
2,518
6,750
(0)
20,429128,492
396,813

13,364
2,627
6,839
(0)
22,831133,067
405,437

16,443
10,313
3,233
17,21447,205

16,60910,313
2,507
19,972
49,40260,0009,377
59－

60,000
9,377
51
104

111

138

7,814
77,361
124,566

7,271
76,943
126,345(Millions of yen)
As of March 31, 2023
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

As of June 30, 2023

30,142
13,739194,224(1,068)237,037

30,142
13,739196,107(2,384)
237,605

2,647
29
2,673
10,455(796)
15,00820,199272,246
396,813

4,174
609
2,673
12,032(787)
18,70322,782
279,091
405,437

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income / For the First Quarter Consolidated Accumulative Term

34,417
16,462
17,954
11,601
6,353(Millions of yen)Three-months ended
June 30, 2023
(From April 1, 2023
to June 30, 2023)
37,036
20,341
16,69412,009
4,684

115
134
1,999
102
2,351

247
141
929
85
1,404

34
5
39
8,665

96
2
99
5,989

1
1

0
0

6
6
8,661
1,911
6,750
117
6,632

8
8
5,980
1,637
4,343
10
4,332

Three-months ended
June 30, 2022
(From April 1, 2022
to June 30, 2022)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7

Quarterly Consolidated Statements of Comprehensive Income / For the First Quarter Consolidated Accumulative Term
(Millions of yen)Three-months ended
Three-months ended
June 30, 2022
June 30, 2023
(From April 1, 2022
(From April 1, 2023
to June 30, 2022)
to June 30, 2023)
Profit
6,750
4,343
Other comprehensive income
Valuation difference on available-for-sale securities
239
1,527
Deferred gains or losses on hedges
511
580
Foreign currency translation adjustment
5,916
2,021
Remeasurements of defined benefit plans, net of tax
0
8
Share of other comprehensive income of entities
34－
accounted for using equity method
Total other comprehensive income
6,703
4,139
Comprehensive income
13,453
8,482
Comprehensive income attributable toComprehensive income attributable to owners of parent
11,964
8,026
Comprehensive income attributable to non-controlling
1,488
455
interests8

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Three-months ended
June 30, 2023
(From April 1, 2023
to June 30, 2023)

Three-months ended
June 30, 2022
(From April 1, 2022
to June 30, 2022)
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Loss (gain) on sale and retirement of property, plant andequipment
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of short-term and long-term investment
securities
Proceeds from sale and redemption of short-term andlong-term investment securities
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury shares
Proceeds from share issuance to non-controllingshareholders
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9

8,661
2,456
119
(4)
(249)
34

5,980
2,454
126
12
(389)
96

4

8

(1,879)
746
146
(108)
2
(2,351)
7,576
206
(49)
(2,948)
4,785(3,270)(4,476)
(144)
(98)
(5)
2,069
2,364
411
(25)
(2,901)(152)(6)(3,763)
1
(134)

(6)
(3,623)0(1,018)

(734)

(1)

732

－

(164)
0
(77)
(4,145)－0(257)(4,906)－(1,315)－2,158(2,401)(16)(2,418)2,266
486
67,53668,022(2,397)(24)(1,579)825(5,812)
94,73088,917

(4) Notes to the Quarterly Consolidated Financial Statements(Notes on premise of a going concern)
No relevant items.
(Notes on case of extreme change in shareholder's equity amount)
No relevant items.
(Application of specific accounting treatment to the preparation of quarterly financial statements)(Deferment of cost variance)
Cost variance caused by seasonal changes in operation rates, etc. is expected to be eliminated for the most part by the end of the costaccounting period, which is, therefore, deferred as “current assets (other) or current liabilities (other).”(Significant subsequent events)
Tsumura & Co. passed a resolution to conclude an equity interest transfer agreement for the sale of a 100% equity interest in Shaanxi
Unisplendour Life Care Pharmaceutical Co., Ltd. (hereinafter “Unisplendour”) by Ping An Tsumura Inc. (hereinafter, “Ping An
Tsumura”), a group company of Tsumura in China, at the Board of Directors held on July 27, 2023, and procedures for the equity
interest transfer were completed on July 31.
1. Reasons for the equity interest transfer

On April 13, 2023, Ping An Tsumura announced that it would acquire a 100% equity interest in Unisplendour (hereinafter,
the “Project”). However, after all the procedures for the Project were completed (on May 9, 2023), the City Governmentof Baoji, Shaanxi Province (hereinafter, the “City Government”) informed Tsumura that discrepancies were found in theinterpretation of the national policy, related laws and regulations, and other aspects by the department in charge of the City
Government. Later, Tsumura held extensive consultations with the department in charge of the City Government, but
decided that the conditions for continuing to implement the Project would not be fulfilled. Therefore, based on its
understanding of and respect for the opinions of the City Government, Tsumura transferred the equity interest in
Unisplendour as described below.
2. Outline of Ping An Tsumura

(1)
(2)

Name of company
Location(3)

Business description(4)

Major shareholder andstockholding

Ping An Tsumura Inc.
Shanghai, China
Business related to strengthening the crude drug procurement structure, business
related to analysis and research focusing on traditional Chinese medicines, andbusiness related to traditional Chinese medicines, health food and healthcarerelated daily necessities and other operations and markets, etc.
-Tsumura China Inc.: 56%-China Ping An Life Insurance Co., Ltd.: 44%

3. Outline of the transferred subsidiary (Ziguang Chenji)

(1)
(2)
(3)
(4)

Name of company
Location
Business description
Business relationship

Shaanxi Ziguang Chenji Pharmaceutical Co., Ltd.
Baoji, Shaanxi Province, China
Production and sale of pharmaceuticals and other relevant businesses
There is no related information.

4. The entity to which the equity will be transferred

(1)
(2)

Name of company
Location(3)

Business description(4)

Business relationship

Shenzhen Warranty Asset Management Co., Ltd.
Shenzhen, Guangdong, China
Asset management, investment consulting (not including restricted items),
business investment, and sales business
There is no related information.

* The percentage of equity interest in Shaanxi Unisplendour Life Care Pharmaceutical Co., Ltd. to be transferred toShenzhen Warranty Asset Management Co., Ltd. is 66% of the total.

10

(1)
(2)

Name of company
Location

Baoji Investment (Group) Co., Ltd.
Baoji, Shaanxi Province, China
Investment in urban construction and infrastructure facilities, industrial
investment, investment in traffic and transportation, cultural and educational(3) Business description
investment, tourism investment, ecological investment, real estate development,
real estate management, and charging fees for using roads and bridges in urban
areas(4) Business relationship
There is no related information.
* The percentage of equity interest in Shaanxi Unisplendour Life Care Pharmaceutical Co., Ltd. to be transferred to Baoji
Investment (Group) Co., Ltd. is 34% of the total.
5. Equity interest to be sold by Ping An Tsumura, acquisition cost, and percentage of equity interest before and after the sale

(1)
(2)
(3)
(4)

Number of shares held before
100% of equity interest
the transfer
Number of shares to be sold 100% of equity interest
Sale value
254,788 thousand RMB (approximately 4.854 billion yen) 1RMB = 19.05 yen
Number of shares held after
0% of equity interest
the transfer

6. Schedule

(1)
(2)
(3)

Date of resolution by the
Board of Directors
Contract date
Date of share transfer

July 27, 2023
July 27, 2023
July 31, 2023

7. Impact of capital increase on business results

The impact of this project on the Group’s consolidated results for the fiscal year ending March 31, 2024 will be minor.
8. Future impact on the business in China
Under its long-term management vision, Tsumura Vision “Cho-WA” 2031, Tsumura has expressed its intention to work in
the treatment, pre-symptomatic, and prevention (healthcare) domains, including new businesses. In its China business,
Tsumura aims to contribute to the health of Chinese people through the businesses of crude drug, crude drug pieces,traditional Chinese medicinal product, and Medical & Health (Yakushokudogen health food and functional food, etc.). This
policy will remain unchanged.

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