MEDICAL SYSTEM NETWORK Co., Ltd.
Second Quarter of Fiscal Year Ending March 2021

Earnings Report

First Section of Tokyo Stock Exchange; Securities Code: 4350
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights ReservedAbout contents covered※ The contents of this report pertaining future earnings described are based on
information the company has held, and on certain assumptions supervisingrational judgement, and are not what the company promises to achieve.
There are numerous factors that may cause actual earnings to differ. Caution
is given to the accuracy of information, and we do not take responsibility forloss etc., as a result of misinformed information.
※ Furthermore, this report is not prepared for the purposes of investment
solicitation. Readers are responsible for their own judgement in any decision
regarding investments.

Please see the following link for our English information.

https://www.msnw.co.jp/eng/

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

2

Table of Contents

Earnings Highlight・・・

４

Business Summary and Core Strategies

・・・

10

Earnings Forecast for FY3/2021 andInterim dividend

・・・

21

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved3

Earnings Highlight

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

4FY3/2021 2Q : Consolidated results
Earnings
Summary• Despite steady growth in network affiliates we saw a drop in net sales due to fewer medical
examinations as a result of COVID-19 leading to less prescriptions• Rise in profit attributable to a shift to high margin generic drugs and cost reductions throughstreamlining operations

Year-on-year

FY3/2021

FY3/2020

FY3/2021

2Q

2Q

52,21651,045(1,171)(2.2%)

103,000

49.6%

Operating profit

796

1,355

1.5%

2.7%

+ 70.1%

2,500

Profit margin

+ 558

54.2%

Ordinary profit

784

1,397

1.5%

2.7%

+ 78.1%

2,500

Profit margin+ 612

Profit attributableowners of parent

218

578

750

0.4%

1.1%

+ 360 + 165.1%

Earnings per share

7.19

19.08

+ 11.89

－

2,275

2,787

+ 511

+ 22.5%（Unit: million yen）

Net sales

Profit margin

(Yen)
*1

EBITDA※

ChangeChange (%)

Full year

Progress rate

forecast *2

2.4%

2.4%

0.7%

55.9%
77.2%

24.73

－

－

－

*1 EBITDA is the calculated value of “operating profit + depreciation + amortization of goodwill”*2 Values presented are the full year earnings forecast revision announced on November 6, 2020
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

5FY3/2021 2Q : Results in each segment part• Pharmaceuticals Network Business : Steady growth of network affiliates. A drop inprescriptions due to COVID-19 led to a decline in net sales. Profitability improved fromshifting to high margin generic drugs and reducing costs through streamlining operations

Earnings
Summary• Other 3 segments: Less meal catering and construction orders on account of COVID-19■Net sales

FY3/2020

FY3/2021

2Q

2Q（Unit: million yen）

Net sales
Community Pharmacy
Network Segment*1

Other 3 Segments

51,045(1,171)(2.2%)

49,29048,540(749)(1.5%)

3,343

2,796

(546)

(16.4%)

(417)

(292)

+ 124

Adjustments※（Unit: million yen）

Segment profit
Community Pharmacy
Network Segment*1

Other 3 Segments※

Adjustments*2

Change (%)

52,216*2■Operating profit

ChangeFY3/2020

ProfitFY3/2021

Profit2Q

margin2Q

marginChange－Change (%)

796

1.5%

1,355

2.7%

+558

+ 1.2 pt

+ 70.1%

1,736

3.5%

2,369

4.9%

+633

+ 1.4 pt

+ 36.5%

(5)

－

(10)

－

(5)

－

－

(934)

－

(1,003)

－

(69)

－

－

*1 Pharmaceutical Network Business, Dispensing Pharmacy Business, Manufacture and Market Pharmaceuticals Business*2 Leasing and Facility related Segment, Meal Catering Segment, Home Visit Nursing Segment
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

6FY3/2021 2Q: Comparison to previous term
■ Net sales
FY3/2020 2Q results(Unit: million yen)

■ Operating profit

FY3/2020 2Q results

Pharmaceuticals
networkPharmaceuticals
network

Dispensing
pharmacy

Existing pharmacies
Drop in prescriptions andrising drug charge etc.

Manufacture and market
pharmaceuticals

Existing pharmacies
Decrease in labor costs
and expenses etc.

Leasing and facility

Greater weight ofhigh margin drugs

Meal catering

Leasing and facility

Other

FY3/2021 2Q results(Unit: million yen)

Effect of
COVID-19

Other

FY3/2021 2Q results

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

7

FY3/2021 2Q : Consolidated balance sheet
Point

Assets: Decrease in Cash & Deposits and Goodwill
Liabilities and Net Assets: Decrease in Accounts Payable and Loans■End of FY3/2020（Unit: million yen）

■End of FY3/2021 2Q（Unit: million yen）

Assets

66,464 Liabilities

57,045

Assets63,269 Liabilities

53,451

Current assets

20,578 Current liabilities

23,296

Current assets

18,232 Current liabilities

21,933

Cash and deposits

11,722 Short-term loans*1

8,550

Cash and deposits

8,936 Short-term loans*1

8,388

Fixed liabilities

33,74945,885 Long-term loans

27,601

25,126 Net assets

9,418

14,615 Capital stock

2,128

Goodwill

14,179 Capital surplus

1,183

Investments andother assets

6,143 Retained earnings

6,414

Fixed assets
Tangible fixed
assetsIntangible fixed
assetsFixed liabilities

31,51845,037 Long-term loans

25,42024,602 Net assets

9,817

14,060 Capital stock

2,128

Goodwill

13,607 Capital surplus

1,182

Investments andother assets

6,374 Retained earnings

6,838

Fixed assets
Tangible fixed
assetsIntangible fixed
assetsTreasury stock(206)

Total liabilities
and net assets

66,464

Total assets

Equity ratio

14.2%

Equity ratio

15.5%（Equity ratio with taking into account net cash*2*1 Includes long-term loans that will be repaid within the year
*2 Own capital/(Total assets – Cash and deposits)

17.2%)（Equity ratio with taking into account net cash*2

18.1%)

Total assets

66,46463,269MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

Treasury stock(225)

Total liabilities
and net assets

63,2698

FY3/2021 2Q : Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

million yen

EBITDA*
Income taxes paid
Changes in working capital(862)

Acquisition of buildings, etc.
Payments of guarantee deposits(472) million yen(283) million yen(2,716)

Loan amount reduced
Repayments of lease obligations(2,343) million yen(190) million yen

803

million yen

million yen

2,787 million yen(570) million yen(1,583) million yen* Calculated by “operating profit + depreciation + amortization of goodwill”

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

9

Business Summary andCore Strategies

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

10FY3/2021: Core strategies

Republish

 Steadily promote business initiatives while handling COVID-19 related
challenges－ Will review quantitative goals of Fifth Mid-Term Management considering the wider COVID-19 impact
Summary: first 2 years
Pharmaceuticals
Network BusinessCommunity
Pharmacy
Network
Segment

Dispensing
Pharmacy
Business

Manufacture andMarketPharmaceuticals
Business•

5,000 affiliates expansion achieved 2 years
earlier than anticipated•Core strategies this term

Increase 1,200 affiliates

Strengthened roadmap framework for “8items for streamlining distribution”

Make use of inventory management system; promotestreamline distribution•

Start of business efficiency projects

Stronger community pharmacy functions•

Digital medication history; stronger IT for
automated orderingCentralize on generic drugsIncrease productivity•

Restructure of management in response to
notification 0402 from the Ministry of Health,
Labor and Welfare Secure prescriptions
 Improve profit•

Expanded lineup with bundle products

Expand sales to pharmaceutical network affiliates•

Improved occupancy rates for Wisteria Senri
Chuo and M1

Achieve 90% occupancy in all establishments; steady
operation

Meal Catering Segment, Home
Visit Nursing Segment•

Base relocation and cost revisions

Steady balance of payments

Finance•

Responses to large investments

Implement measures to increase equity ratio to goalof 30%•

Recognized as 2020 Certified Health &Productivity Management Outstanding
Organization in the “large organization”
categoryProjects according to SDGs; promote CSR activities

Leasing and facility related
Segment

ESG/Health management

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

11

Pharmaceuticals Network Business: Earnings summary(as of September 30, 2020)

Our headline growth in network affiliates slowed somewhat in the first half given a temporary cancellation ofa few large network clients.
We look for a recovery in pace in the second half and continue with our 1,200 affiliates addition target.

■Network aﬃliates (actual) （Unit: No. of network aﬃliates） ■Network aﬃliates (net increase)（Unit: No. of network aﬃliates）
8,000

6,000

2,000

Full year
2Q
FY3/2021 2Q

0

5,636

3,790

4,000

2,000

5,245

1,770

FY3/2017

1,500

Full year
2Q
FY3/2021 2Q

1,000

FY3/2018

FY3/2019

FY3/2020

FY3/20210+1,455

+739

2,509
500

+1,281+1,200 for
FY3/2021
target

+391

+370
+197
FY3/2017

+242

+467

+770

FY3/2018

FY3/2019

FY3/2020

+887

+869

-73

-99

-83

FY3/2019
19/下
second half

FY3/2020
2020/3期
20/上
first
half
上期

FY3/2020
20/下
second half

FY3/2021■Ordering volume of pharmaceuticals （Unit: one hundred million yen）
4,000

3,000

1,000

Full year

3,367

2Q
FY3/2021 2Q

2,000

1,374

2,337

0

1,000

0

1,918

1,691

500

656

777

1,019

FY3/2017

FY3/2018

FY3/2019

1,550
FY3/2020

FY3/2021

-500

+768

+793

+518

-51
New

-402

Withdrawal
FY3/2019
2019/3期
first half

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

FY3/2021
2021/3期
21/上
first
half
上期

12

Pharmaceuticals Network Business:
Network affiliates distribution map (as of September 30, 2020)

5,709 network affiliates
as of November 2, 2020
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

13

Dispensing Pharmacy Business: Trends in number of pharmacies
2 new outlets and 9 outlet closures/transfers since end of previous fiscal year
Hokkaido area

end of
FY3/2020
Outlets at end of
previous term

122
outlets

Outlets at

Outlets at

end ofOutlets as of

FY3/2021

November 2

2Q

420

416

409

Chugoku/Shikoku
area

8

2

3

21 outlets

Openings
Closings andtransferring

(15)

(9)

businesses
3

－

2

Total

416

409

413

22 outlets

Kyushu area

(1)

M&A

Tohoku area

Kanto/Koshinetsu area

59 outlets
Kinki area

Tokai/Hokuriku
area

87 outlets

55 outlets 46 outlets

As of November 2■Dispensing pharmacy outlet number trends of the past 10 years*

FY3/2021

FY3/2012

FY3/2013

FY3/2014

FY3/2015

FY3/2016

FY3/2017

FY3/2018

FY3/2019

FY3/2020

6

21

14

10

9

8

8

5

8

2

(3)

(8)

(7)

(13)

(8)

(4)

(5)

(14)

(15)

(9)

M&A

6

33

45

27

7

20

19

30

3

－

Number of outlets

223

269

321

345

353

377

399

420

416

409

Openings
Closings and transferringof businesses

2Q*FY3/2012 was a six-month period owning to a change in the fiscal year end
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

14

Dispensing Pharmacy Business: Monthly dispensing fee（YoY)(Unit:%)

20.0

10.0

FY3/2020
10.1
7.7

7.4

6.4

5.7

0.0

FY3/2021

2.5

(0.2)

2.8

2.2

3.4

2.6

(0.3)

0.7

1.5
(1.7)

(7.7)

(0.7)

(3.0)

1.5

(3.9)

(5.5)

(1.3)

(6.3)

(10.0)(8.5)

Dispensing fee of all pharmacies (YoY)
Dispensing fee of existing pharmacies (YoY)(20.0)

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

FY3/2020（unit:%）

Jun

Jul

Aug

Sep

FY3/2021

FY3/2021

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2Q

6.4

7.4

10.1

2.6

7.7

3.4

(0.2)

(7.7)

2.5

(3.0)

(5.5)

(0.7)

(2.4)

2.2

2.8

5.7

(0.3)

0.7

1.5

(1.7)

(8.5)

1.5

(3.9)

(6.3)

(1.3)

(3.4)

Dispensing fee ofall pharmacies(YoY)
Dispensing fee ofexisting pharmacies(YoY)※ “Existing pharmacies” refer to pharmacies that continue to be in business on or after April 1, 2018 and April 1, 2019.
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

15

Dispensing Pharmacy Business: Comparison of monthly prescription
volume and unit price
Point(Unit:%)
30.0

-

-

Increase of unit price from higher volume of long-term prescriptions as
a result of COVID-19
Seeing a gradual recovery in number of prescriptions

All pharmacies

15.0
0.0

FY3/2020

5.0

4.8

6.8

1.3

2.5

3.1

7.6

(4.6)

▲15.0
Unit price (YoY)12.8

FY3/2021
18.5

12.3

6.3

9.5

8.2

3.1

5.2

1.3
(6.4)

(8.3)

Number of prescriptions (YoY)(15.8)(17.8)(10.3)

(8.4)

(5.7)

▲30.0
Oct

30.0
15.0

Nov

Existing pharmacies

6.3

0.0
(3.8)

Dec

3.5

4.4

(0.7)

1.2

Jan

7.5

(6.0)

▲15.0

Feb

6.5

Mar
FY3/2020

12.9

18.2

12.2

Jun

Jul

9.2

8.1

Aug

3.0

Sep

5.4

(0.2)
(9.9)

Unit price (YoY)AprMay
FY3/2021

Number of prescriptions (YoY)(7.1)(16.8)(18.5)(11.1)

(9.1)

(6.3)

Aug

Sep

▲30.0
Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

Jul

16

Dispensing Pharmacy Business: Dispensing fee breakdown- Decrease in number of prescriptions as a result of COVID-19- Rise in unit price due to increase in long-term prescriptions

Point■All pharmacies
No. of prescriptions (1000) a
Drug charge per
Unit price(yen)prescription
Technical fee perprescription
Total bDispensing fee (million yen)
c=axb

■Existing pharmacies
No. of prescriptions (1000) a
Drug charge per
Unit price(yen)prescription
Technical fee perprescription
Total bDispensing fee (million yen)
c=axb

FY3/2020

FY3/2021

2Q

2Q

4,531

4,043

Change(488)

Change(%)

【Prescription unit price trends 】（Unit: yen）

(10.8%)

7,507

8,322

+815

+10.9%

2,262

2,360

+98

+4.3%

9,769

10,681

+913

+9.3%

44,27043,188

FY3/2020

FY3/2021

2Q

2Q

4,427
7,524

3,915
8,323

(1,082)

Change(511)+798(2.4%)
Change(%)(11.6%)+10.6%

2,266

2,371

+104

+4.6%

9,791

10,693

+903

+9.2%

43,344

41,872(1,472)(3.4%)

12,000

9,000

6,000

Drug charge

9,769Technical fee

10,681

8,322

Drug charge+815yen

2,262

2,360

Technical fee+98yenFY3/2020 2Q

FY3/2021 2Q

7,507

3,000

0

【Prescription unit price trends 】（Unit: yen）

12,000

9,000

6,000

Drug charge

9,791

Technical fee

10,693

8,323

Drug charge+798yen

2,266

2,371

Technical fee+104yen

FY3/2020 2Q

FY3/2021 2Q

7,524

3,000

0

* “Existing pharmacies” on this page refer to pharmacies continue to be in business on or after April 1, 2019.
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

17Dispensing Pharmacy Business: Dispensing fee revision
Acquisition of each dispensing fee progresses almost as planed

Basic dispensing fee
ratio(points)
Pre-revision
Basic fee 1
42
Basic fee 2
26
Basic fee 3-b
16Special basic fee 11

FY3/2021 2Q

FY3/2021 plan(End of March 2020)(End of September 2020)（End of March 2021）

Results(Pre-revision)

Results(Post-revision)

Targetpremium ratio (points)
Post-revision
85% or higher 28
80% or higher 22
75% or higher 15

9points

9points
2outlets
0.5%

11points
1outlets
0.2%

16points
42points
203outlets 205outlets
Post-revision
48.9%
49.5%
Basic fee 14226points
Basic fee 2
26
6outlets
Basic fee 3-b
16
1.4%
Special basic fee 9

Generic drug dispensing

Pre-revision
85% or higher 26
80% or higher 22
75% or higher 18

FY3/2020 results

26points
4outlets
1.0%

0.7%
16points
42points
190outlets 214outlets
46.3%
52.2%

16points

42points

47.6%

50.2%

26points
1.5%

Weighted average per prescription
30.0 points

Weighted average per prescription
30.6 points

0points
65outlets
15.7%
18points
26points
57outlets
175outlets
13.7%
42.2%
22points
118outlets
28.4%

0points
57outlets
13.9%
15points
28points
56outlets
190outlets
13.7%
46.3%
22points
107outlets
26.1%

Weighted average per prescription
18.9 points

Weighted average per prescription
19.8 points

35points
157outlets
37.8%
0points
258outlets
43.2%

38points
177outlets
0points
233outlets 43.2%

Weighted average per prescription
15.7 points

Weighted average per prescription
18.7 points

Weighted average per prescription
30.2 points
0points
15points 13.1%
8.8%

28points
22points

52.4%

25.7%

Weighted average per prescription
21.2 points

Community support system
premium ratio (points)
Pre-revision

35

Post-revision
38

56.8%

0points
58.3%

38points
41.7%

Weighted average per prescription
18.3 points* Excludes suspended pharmacies ( FY03/2020 results includes pharmacies closed on March 31 and FY3/2021 2Q includes pharmacies closed on September 30)

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

18

Manufacture and Market Pharmaceuticals Business: New generic drugs of
9 components and 12 products for sale as of the end of first half.
(Unit : No.
of affiliates)

1,200

Trends in products &number of available locations(Unit : No.
of products)

90

affiliates

63 products
883 affiliates

products

Our first eye drop products
released on July 22

32 components 63 products

60

800

400

As of end of September 2020
Available components ＆ products

51 products
369 affiliates

30

34 products
153 affiliates(FY3/2022 target: 100 products)
Number of available locations

883 affiliates(FY3/2021 target: 1,000 affiliates)00Mar/2019

Mar/2020

Sep/2020

Leasing and Facility related Business: Occupancy rate trends in Wisteria
Senri Chuo turned to the black in first half results
M1 is expected to achieved profitability for the full year100%

●98.7%（Wisteria Kiyota）●95.1%（Wisteria Otaru Inaho）●89.1%（Wisteria N17）
●81.7%（Wisteria Senri Chuo）

80%*●62.1%（Wisteria M1）

60%
40%

End of FY 3/2021 target:

Over 90% in all facilities

20%
0%*Sales activity was canceled for the first half
Mar/2019

Jun/2019

Sep/2019

Dec/2019

Mar/2020

Jun/2020

Sep/2020

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

19Digital Shift Business: Establishment of PharmaShift Co., Ltd.
Business
description

・DX support for pharmacies andother healthcare industries
・New innovative platform-【Vision】
Create a new patient-centered healthcare
platform for the new digital age

Provide services using an official account on LINEʼs application;
features include sending prescriptions, digital medication history,
and follow-up consultation during medication period【Business scheme】

MSNW
Investment ratio: 51％

Investment ratio︓100%

RePharmacy（Product development）

OPT Inc.

・Diamond Technology Partnerof the LINE Biz Partner Program・Focused on digital shift
support business

Investment ratio: 49％

Business Entity
PharmaShift Co., Ltd（consolidated subsidiary）

・Service is scheduled to begin in Jan 2021
・Aiming to become the core platform for the pharmacy industry
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved20

Earnings Forecast for FY3/2021
and Interim dividend

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

21

Earnings forecast for FY3/2021: Consolidated forecasts• We foresee the trend of fewer medical examinations to continue until the end of the fiscal

year on account of new COVID-19 cases during the winter season. On the other hand, we
continue to see strong growth in network affiliates

Point• Anticipated increase in profit from continuing shift to high margin generic drugs and reducing
costs through streamlining operations(Unit: million yen)

Net sales
Operating profit
Profit margin

Ordinary profit
Profit margin

Profit attributable to owners of parent
Profit margin

Earnings per share(Yen)

FY3/20FY3/21

105,241

103,000(2,241)(2.1 %)

1,615

2,500
2.4 %

+ 884

+ 0.9 pt

+ 54.8 %

1,560

2,500
2.4 %

+ 939

+ 0.9 pt

+ 60.2 %

(895)
－

750

0.7 %

+ 1,645－(29.48)24.73+ 54.21－(results)(plan)

1.5 %

1.5 %

ChangeChange (%)－* Values presented are the full year earnings forecast revision announced on November 6, 2020
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

22

Earnings forecast for FY3/2021: Forecast in each segment■Net sales(Unit: million yen)

FY3/19FY3/20*3(results)

Change(plan)

Change (%)

105,241

103,000(2,241)(2.1 %)

Community Pharmacy
Network Segment※1

99,617

97,909(1,707)(1.7 %)

Other 3 Segments※2

6,389

5,678

(710)

(11.1 %)

Adjustments

(764)

(588)

+ 175

－

Net sales■Operating Profit(Unit: million yen)
Profit percentage in brackets

FY3/19FY3/20Change(plan)(results)

Change (%)

1,615

1.5 %

2,500

2.4 %

+ 884

+ 0.9 pt

+ 54.8 %Community Pharmacy
Network Segment※1

3,743

3.8 %

4,704

4.8 %

+ 937

+ 1.0 pt

+ 25.7 %Other 3 Segments※2

(70)

－

30

0.5 %

+ 101

－

－

(2,057)－(2,235)

－

(177)

－

－

Segment profit

Adjustments*1 Pharmaceutical Network Business, Dispensing Pharmacy Business, Manufacture and Market Pharmaceuticals Business*2 Leasing and Facility related Segment, Meal Catering Segment, Home Visit Nursing Segment*3 Values presented are the full year earnings forecast revision announced on November 6, 2020
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

23Interim dividend■ The projected dividend for FY3/21 is 10 yen per share(interim and year-end dividend of 5 yen each per share)[Annual dividend per share](Unit: yen)
10

8

5

5

5

《Reference》① FY3/20 interim dividend
Base date : September 30, 2020
P a y m e n t : D e c e m b e r 1 4 , 2020
Dividend per share: 5 yen

5Year-end

6

10
4

2

5

5

5

5

② Shareholder return index
Projected year-end dividend per share: 10 yen
Projected payout ratio: 40.4%

Interim0
FY3/18

FY3/19FY3/20FY3/21(Actual)(Actual)(Actual)(Projected)

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