Annual Review

2020
Year ended March 31, 2020

Profile
Mochida Pharmaceutical Group (Mochida Pharmaceutical Co., Ltd. andits consolidated subsidiaries) responds to the widespread requirementsof medical care by putting into practice its motto of “farsighted, innovative
research.” With the advent in Japan of the aging society and a stronger
emphasis on quality of life (QOL) and a continued focus on health,expectations regarding medical care are growing daily.
We aim to do as much as one company can to contribute to the worldof medical care. At Mochida Pharmaceutical, we embrace that objective as
our mission, and we are proactive in the far-reaching areas that constitutemedical care.

Corporate Philosophy
Throughout the Company’s history, it has stressed the importance offarsighted creativity to develop unique products and technologies for the
medical and pharmaceutical world, thereby contributing to the improvement of
human health.

Co ntents
1

Consolidated Financial Highlights

2

Message from the President

4

The Year in Review

6

Business Activities

8

Research & Development

10

Production

12

Licensing Activities

14

Pharmaceuticals

18

Skin Care Products

20

Highlights of Our Growth22

Corporate Governance24

Main Product Listing25

Financial Section

33

Corporate Data

Cover: The stained-glass window
expresses a prayer for health anddepicts St. Luke, the patron saint of
the medical profession, administering
medicine to people who are suffering.

Consolidated Financial Highlights
Mochida Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
Years ended March 31

Thousands of
U.S.Dollars

Millions of Yen

Net sales

2020

2019

2020

¥101,799¥109,643$935,401

Operating income

8,807

10,59080,925

Income before income taxes and minority interests

6,273

11,642

57,643

Income taxes

1,675 *1

3,207 *2

15,391

Net income

4,598

8,435

42,251

Total assets

157,488

159,019

1,447,104

R&D expenditures¥11,884¥13,003$109,202

Capital expenditures

1,299

1,889
Yen

Net income per share*3
Cash dividends per share*

4

17,360U.S.Dollars¥117.6¥212.9$1.08

80.0

170.0

0.74

*1: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥2,349 million), income taxes-deferred (-¥674 million) is included.
*2: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥2,835 million), income taxes-deferred (¥371 million) is included.
*3: The Company implemented a stock split of 2 shares for each 1 share of common stock on April 1, 2019. Net income per share are calculated based on theassumption that the stock split had occurred at the beginning of the period ending March 2019.
*4: Cash dividends per share represent the actual payment prior to the relevant stock split.
Note: Unless otherwise indicated, all dollar figures herein refer to U.S. currency. Yen amounts have been translated into U.S. dollars, for convenience only, at the rateof ¥108.83=$1.00, the approximate exchange rate on March 31, 2020.

Mochida Pharmaceutical Group1

Message from the President

Working to continuously boost enterprise value
by meeting medical and healthcare needs as agroup of companies in the life and healthcare
business.
Mochida Pharmaceutical Group was founded in Tokyo in 1913 based on a belief
in “innovative research.” In addition to pharmaceuticals, the Company advanced
into the medical devices and skin care products fields from early on and has
played an important role in the development of Japanese medical care byproviding original innovative products.
Throughout the Company’s history, it has stressed the importance offarsighted creativity to develop unique products and technologies for the
medical and pharmaceutical world, thereby contributing to the improvement of
human health. This corporate philosophy is our universal mission. We believethat our raison d'être is to create and provide valuable products to patients andcustomers by capturing potential medical and healthcare needs to help people
suffering from illness or health problems.
While never forgetting the spirit of our founding, we will continue meeting
medical and healthcare needs as a group in the life and healthcare business.
While contributing in this way to people’s health and welfare, we will work tocontinuously boost enterprise value.

Review of FY2019
During fiscal year 2019 (ended March 31, 2020), the Japanese economy staged a gradual recovery, driven by
domestic demand amid improvement in employment and income conditions, despite weak external demand
due to slowdown in overseas economies. However, the COVID-19 pandemic has led to a sharp economic
downturn and conditions are expected to remain challenging moving forward.
In the Japanese pharmaceutical industry, the business environment remained harsh as the government
continued to advance measures to reduce drug costs against the background of securing fiscal sources forsocial security expenses and competition among companies intensified.
Under this environment, Mochida Pharmaceutical Group posted declines in net sales and income for the
fiscal year.

Basic Management Policy
In accordance with our corporate philosophy, “throughout the Company’s history, it has stressed theimportance of farsighted creativity to develop unique products and technologies for the medical andpharmaceutical world, thereby contributing to the improvement of human health,” Mochida Pharmaceutical
Group aims at being a unique and distinctive comprehensive healthcare company with the pharmaceuticals
business as its core, together with the skin care business and related new businesses.
To realize our corporate philosophy, the Company pursues enhanced corporate governance and absolutecompliance as key pillars of our management. Every group employee observes Mochida Pharmaceutical Group
Code of Conduct, and we are striving to boost enterprise value by responding to the trust and expectations of
our stakeholders.
To also respond to changes in the business environment and maintain sustainable growth, MochidaPharmaceuticals Group continues to place priority on “establishing businesses and specialized fields, where
Mochida has a competitive advantage” “placing a higher priority on partnerships,” and “thorough streamliningof resources” under the basic policy of emphasizing profit and continued investment for the future. We will
strive to continually increase our corporate value by taking full advantage of our agility and responsiveness as a
mid-sized firm.

2

Mochida Pharmaceutical GroupMedium-Term Management Plan Policies for Fiscal Years 2020 through 2022
The Medium-Term Management Plan (FY2020-2022) policies are as follows.
We will respond to medical and healthcare needs with concentration of the total power of the Group coveringresearch and development, manufacturing and marketing, pursue sustainable growth by promoting selection andfocusing processes, and restructure the earnings structure to respond to further environmental changes.
The business environment over the three years from FY2020 to FY2022 is forecast to be even more challenging,
given the continuing government policy of pharmaceutical cost reductions in the context of the need to secure stablefinancial resources for the social security system, further promotion of the use of generic drugs, and the impact of the
National Health Insurance (NHI) price revision this April on the heels of the revision in October last year.
Mochida Pharmaceutical Group will intensively focus on the following three key points so the Group can deal
with all types of changes in the environment :1. Focusing on new drugs, etc.
2. Making continuous investments to create next-generation leading products
3. Redistributing resources strategically through the selection and focusing processes
As the top priority issue, we will concentrate our resources on the targeted areas of cardiovascular medicine,obstetrics and gynecology, dermatology, psychiatry, and gastroenterology and focus on new drugs to maximize profit
in our core pharmaceutical business. In addition, we will further promote strategic alliances that stress the importanceof partnerships.
We are pursuing investments in business activities that will lead to future competitiveness in order to create
leading next-generation products. In pharmaceutical research, we are enhancing our development pipelines byin-licensing candidate drugs for development at an early stage through the promotion of open innovation. In addition,
we will work on the overseas expansion of our own products.
We will boost productivity by proceeding with selection and concentration in company-wide organizational
management, further promoting structural reform, and strengthening interdepartmental cooperation. We will also
strategically maximize the use of the Group’s finite human, material, and financial resources, while actively seeking
collaboration with external resources at the same time.
Aiming at specialty pharmaceuticals that will be valued globally, Mochida Pharmaceutical Group will strive tocontinually increase its corporate value as a group in the life and healthcare business by taking full advantage of theagility and responsiveness of a mid-sized firm.
As mentioned above, the environment surrounding the pharmaceutical industry is expected to grow increasingly
severe. In the first fiscal year (FY2020) of the 20-22 Medium-Term Management Plan, our profitability will be on arecovery track due to our continued focus on investments for the future in areas such as R&D (including in-licensing),
despite the impact of three straight years of NHI price revisions. We will aim to regain profitability during the period of
the Medium-Term Management Plan through our long-standing efforts in portfolio restructuring (shift to new drugs) andthe progress of our implemented measures.

To Our Shareholders and Investors
Mochida Pharmaceutical Group fulfills its social mission as a pharmaceutical company by creating and supplying
high-value-added products that meet customer needs based on its corporate philosophy “Throughout the Company’s
history, it has stressed the importance of farsighted creativity to develop unique products and technologies for the
medical and pharmaceutical world, thereby contributing to the improvement of human health.” We also conduct our
corporate activities with high ethical standards. We are working to become a specialty pharmaceutical company
whose presence is recognized worldwide, and to boost corporate value over the long term.
We thank our shareholders and other stakeholders for your continuing support.

August 2020

Naoyuki Mochida
President
Mochida Pharmaceutical Group3

T h e Ye a r i n R e v i e w

Overview of Performance
Mochida Pharmaceutical Group has continued to institute business reforms across all areas ofmanagement. That includes improving the Group’s management systems, maintaining an optimum
level of staffing, and increasing productivity on a companywide basis.
In the pharmaceutical business, the Group has focused its resources on our key therapeuticareas such as cardiovascular medicine, obstetrics and gynecology, dermatology, psychiatry, andgastroenterology. With the aim of establishing itself as a specialty pharmaceutical company, the Group
undertook an aggressive campaign to disseminate academic information concerning mainstay andother products.
In the skin care business, the Group has conducted business activities as a pioneer in skin careproducts for sensitive skin, and worked to further cultivate the market by stepping up its marketing
activities.
In the fiscal year ended March 31, 2020, Mochida Pharmaceutical Group realized consolidated
net sales of ¥101,799 million, a decrease of 7.2% from the previous year, reflecting the impact fromthe restriction of drug expenditures in the pharmaceutical business segment.

Individual Business Segments
In the pharmaceutical business segment, sales fell 7.8% year on year to ¥96,477 million.
Against the backdrop of the NHI price revision in October 2019, sales of new drugs suchas Lexapro®, an antidepressant, Lialda®, a therapeutic agent for ulcerative colitis, and Goofice®,a therapeutic agent for chronic constipation, grew. Movicol ®, a therapeutic agent for chronic
constipation, launched in November 2018, also contributed to sales growth.
Sales of long-listed drugs such as Epadel, a therapeutic agent for hyperlipidemia andarteriosclerosis obliterans, Atelec®, the long-acting calcium channel blocker, and Dinagest, atherapeutic agent for endometriosis and adenomyosis, declined from the previous year, mainly due
to the impact of measures to promote use of generics and drug price revision. Sales of Tramcet ®, ananalgesic for chronic pain and pain after tooth extraction, also fell year on year, reflecting the launch ofgenerics in December 2018.
In the generics business, sales rose year on year, reflecting growth of the biosimilar Etanercept
BS MA and an authorized generic of Dinagest. The Company launched Teriparatide BS MOCHIDA, abiosimilar for osteoporosis in November 2019. There was also a decrease in royalty revenue, and net
sales in the pharmaceutical business segment overall fell 7.8% year on year, to ¥96,477 million.
In the skin care business segment, sales increased 6.8% year on year, to ¥5,322 million, in abusiness environment that saw an upward trend in market growth but intensifying competition.

4

Mochida Pharmaceutical GroupProfit and Loss
In terms of profits, SG&A expenses fell year on year, mainly due to decreased R&D expenses, but
lower gross profit associated with decreased net sales in the pharmaceutical business segment
caused operating income to fall 16.8% year on year, to ¥8,807 million while recurring income dropped
16.2% year on year, to ¥9,154 million. Net income was ¥4,598 million, down 45.5% from the previous
year, chiefly reflecting the recording of an extraordinary loss due to contract loss incurred on theamendment of the terms and conditions of partnership agreements concerning certain ethical drug
sales.

Research & Development
In terms of research, we are focusing on drug discovery activities in an effort to enhance ourdevelopment pipeline by introducing candidate drugs for development at an early stage through thepromotion of open innovation. We are also actively working to introduce drugs to treat schizophrenia
and chronic pain (TRPV1 antagonists).
Additionally, in March 2020, we signed a collaboration commitment with Gene Techno Science
Co., Ltd. to develop new regenerative medicine for the treatment of digestive rare and intractablediseases such as congenital isolated hypoganglionosis.
In terms of clinical development meanwhile, we obtained manufacturing and marketing approvalfor Teriparatide BS MOCHIDA (Development code: RGB-10) in September 2019. Fuji Yakuhin Co.,
Ltd. obtained manufacturing and marketing approval for Urece® (Development code: FYU-981), a
therapeutic agent for gout and hyperuricemia jointly developed with Mochida, in January 2020. We
obtained manufacturing and marketing approval of the indication for dysmenorrhea for Dinagest
in January 2020. MND-2119, a new high-purity EPA product, a pediatric indication of Lialda®, apediatric indication of Lexapro®, MD-120, an antidepressant we are developing in collaboration with
Pfizer Japan Inc., and MND-21, a therapeutic agent for hypertriglyceridemia we are developing incollaboration with Sumitomo Pharmaceuticals (Suzhou) Co., Ltd. in China, are all in the Phase III
clinical trial stage. MD-711, a therapeutic agent for pulmonary arterial hypertension, is in the Phase
II/III clinical trial stage. ACT-541468, a therapeutic agent for insomnia in relation to which we signed
a development and marketing agreement with Idorsia Pharmaceuticals Ltd. in December 2019, is in
the Phase II clinical trial stage. dMD-001, a therapeutic material for articular cartilage lesions is in thetherapeutic confirmatory trial study.
In addition, we signed an agreement concerning marketing rights for Epadel in Vietnam with Meiji
Seika Pharma Co., Ltd. in March 2020.
During the fiscal year under review, consolidated R&D expenditures totaled ¥11,884 million.

Research Center (Gotemba)
Mochida Pharmaceutical Group5

Business Activities

As the focus of attention turns increasingly toward QOL and the aging society,health-related issues have moved to center stage in many people’s lives.
As a group in the life and healthcare business, Mochida Pharmaceutical Group’s
mission is to make a lasting contribution to people’s health and welfare. Thus,
the Group is taking the initiative in providing innovative medical care over a wide
range of fields.
Through our activities as a key player in ethical drugs and in medical
treatment and diagnostic reagents, Mochida Pharmaceutical Group has beenable to develop an extensive and varied product line. We endeavor to provide
beneficial products that embody the Company’s approach of “farsighted,
innovative research” in our core pharmaceuticals business, and in the skin carebusiness and new businesses.

6

Mochida Pharmaceutical Group• Pharmaceuticals
Mochida Pharmaceutical Co., Ltd.
Mochida Pharmaceutical Co., Ltd. has devoted unstinting effort to developing and marketing abroad spectrum of innovative new drugs. The Company’s line of proprietary products began with thedevelopment of an agent for ophthalmologic disorders and grew to encompass hormones, enzymes,
and immunological products. Major successes include the development of Japan’s first topical antiviral
agent, Arasena-A; one of the world’s first human-derived enzyme inhibitors, Miraclid; and naturalinterferon preparations in the field of biotechnology. In the area of diagnostic reagents, the Company
developed Japan’s first pregnancy test kit, Gonavis, and reagents based on monoclonal antibodies
for use in the diagnosis of cancer. We are presently researching, developing and marketing, both
independently and with business partners, high value added pharmaceuticals such as world-firstnew drugs and pharmaceuticals that meet medical needs, including medicines for the treatment of
intractable diseases and biosimilars.
One of the main objectives of the Company is to maximize the business performance of ourdrugs after they are developed and released, such as the performance of Epadel in hyperlipidemia.
Mochida Pharmaceutical now has unique products and a distinctive product line in our priority
areas of cardiovascular medicine, obstetrics and gynecology, dermatology, psychiatry andgastroenterology, and we are developing marketing strategies to maximize those products’ value.
We will continue responding to medical needs and customer needs in every area, including
research and development and marketing, as we strive to achieve sustainable growth.
Mochida Pharmaceutical Plant Co., Ltd.
Mochida Pharmaceutical Plant Co., Ltd. (MPP) is engaged in the manufacturing of pharmaceuticals
and skincare products.
The Head Office Plant manufactures injectable, solid (oral) and topical medicines. Due to theircomplex nature, injectable solutions are manufactured using the latest technology under the PIC/S(Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme) GMP
Guide. Besides manufacturing Mochida Pharmaceutical’s products, the plant is also actively involvedin contracted manufacturing for other companies.
Saitama Plant manufactures skincare products.
• Skin Care Products
Mochida Healthcare Co., Ltd.
Mochida Healthcare Co., Ltd. (MHC) is able to draw on its extensive experience in the development ofpharmaceuticals to create skin care products for the general public, and these are supplied throughpharmacies, drugstores and mail-order sales.
The quality and reliability of the firm’s skin care products are widely recognized by physicians
and pharmacists, as well as consumers. Our skin care products business is currently expanding
product lines to meet growing demand for products in this field. Efforts are also focusing on increasingawareness of the Collage and Skina brands.

Strengthening Business Foundations through Partnerships
The companies of Mochida Pharmaceutical Group are doing everything possible to achieve theGroup’s aim of making significant contributions to the improvement of human health and welfare
as a group in the life and healthcare business. In our efforts to strengthen the foundations for thesustainable growth of each business, we emphasize the importance of partnerships with othercompanies to effectively complement and reinforce our businesses.

Mochida Pharmaceutical Group7

Research & Development

Mochida Pharmaceutical’s principal aim is to contribute to the health of thecommunity by bringing innovative new drugs to market. The motivating force behind
all Company endeavors begins with the initial quest for useful pharmaceuticals andcontinues through the often-lengthy R&D phase right up to the actual market launchof the product. Mochida Pharmaceutical maximizes the manifestation of foresightand originality in all processes based on our unique capabilities and diverse
technological know-how cultivated over the years.

As of May 15, 2020

Code

Name

Stage

Indications

Formulation

MD-0901

mesalazine

Phase III

Ulcerative colitis
Oral(pediatric indication)

MND-2119

ethyl icosapentate Phase III

Hyperlipidemia

Oral

In-house development<Japan>

MLD-55

escitalopram

Phase III

Depression
Oral(pediatric indication)

Licensed-in from Lundbeck
In-house development<Japan>

MD-120desvenlafaxine

Phase III

Depression

Oral

Remarks
Licensed-in from Shire Pharmaceuticals Group(now part of Takeda)
In-house development<Japan>

Co-development with Pfizer<Japan>

MND-21ethyl icosapentate Phase III

Hypertriglyceridemia Oral

Collaboration with Sumitomo Pharmaceuticals(Suzhou)<China>

MD-711

treprostinil

Phase II / III

Pulmonary arterial
hypertension

Inhalant

Licensed-in from United Therapeutics
In-house development<Japan>

Phase II

Insomnia

Oral

Co-development with Idorsia Pharmaceuticals
Japan<Japan>

ACT-541468 daridorexant[Medical device]					dMD-001

sodium alginate

Therapeutic
Articular cartilage
confirmatory study lesion

The development of biosimilars is not disclosed.

8

Mochida Pharmaceutical Group

In-house development<Japan>

Open Innovation Pharmaceutical ResearchWith its extensive technical resources and expertise, Mochida Pharmaceutical has
established itself as a leader in developing pharmaceuticals utilizing natural bioactive
substances.
Mochida is introducing a schizophrenia drug candidate and a chronic
pain drug candidate (TRPV1 antagonists) developed in our drug research anddevelopment activities.
Mochida Pharmaceutical strives to provide medicines that correspond topatients ongoing requirements as quickly as we can. We maximize foresightand originality in all processes, based on our unique research and development
capabilities and diverse technological know-how cultivated over many years.
In order to make our pharmaceutical research even more efficient, we areenhancing development pipelines by introducing candidate drugs for development
at an early stage by promoting “open innovation.” We conduct pharmaceuticalresearch activities in collaboration with academic institutions, for example, entering
into collaboration agreements with Kyushu University and Nagoya City University
and launching the MOIRe (Mochida Open Innovation Research) program.

Epadel: The Outcome of Farsighted, Innovative Research
A drug that epitomizes the unique and innovative strengths of MochidaPharmaceutical’s R&D capabilities is Epadel, a drug for hyperlipidemia andarteriosclerosis obliterans. Epadel is the world’s first high-purity ethyl icosapentate(EPA-E). Working in cooperation with Nippon Suisan, Mochida Pharmaceuticalmade a historic breakthrough by turning purified EPA-E into a pharmaceutical.
EPA is a biologically active substance present in fish oil. A global epidemiologicalstudy on the relationship between diet and disease has found that people who
consume EPA as part of their diet are much less likely to suffer from such diseases
as high blood pressure and arteriosclerosis-induced myocardial infarction thanthose who do not consume EPA.

GEMTAB®: Development of High Value-Added Products
Mochida is developing high value-added products in response to drug market
needs. GEMTAB® is a formulation technology developed by Mochida which coats
the surface of small tablets with a thickener that turns into a gel with saliva andwater. Tablets with GEMTAB® technology are easy to swallow and easy to takesince the coating masks any bitterness. GEMTAB® is being recognized in medical
practice as a high value-added product from the patient’s point of view.

Mochida Pharmaceutical Group9

Production

A company operating in the pharmaceutical fieldmust have advanced technological capabilities, notjust in R&D but in manufacturing processes as well. While coordinating personnel,
facilities, and technology of the highest levels, Mochida Pharmaceutical Plant
Co., Ltd. (MPP) ensures systematic control over manufacturing and quality,from individual processes to the overall procedures. This is intrinsic to a quality
assurance system designed to ensure that only products of outstanding quality
leave the company. MPP takes a proactive approach to achieving superior quality
in all aspects of operations. It is an approach that demonstrates the Group’s
indomitable spirit of “farsighted, innovative research.”

10

Mochida Pharmaceutical GroupState-of-the-Art Manufacturing and Quality Control
In addition to efficacy and safety, high quality is essential to pharmaceutical products, which directly
impact life and health. MPP ensures strict adherence to the quality standards on which marketing
approval is based. It is by observing Good Manufacturing Practice (GMP) that MPP’s pharmaceuticalmanufacturing unit has achieved high levels in both manufacturing and quality control. MPP’s basic
approach and a prerequisite for all manufacturing is to introduce products of superior quality to
the market. While ensuring that each employee operates within the scope of these rules, MPP still
maintains its own unique approach and continues to find new ways to achieve better quality.

Utilizing the Advances in “Hardware” and Technology
MPP manufactures injectable, solid (oral), and topical medicines.
Conforming to FDA and EMA quality control standards, all phases of production at the Injectable
Medicines building, from receipt of raw materials to the shipping of final products, are managed withcomputer systems. MPP utilizes this exacting production system in the manufacture of enzyme,
protein, and biological products and other injectable drugs, processes which require the highest levelsof technology. MPP’s flexible production system further enhances stability in production to cover thevariable order sizes in contract manufacturing, including orders for oral and topical medicines. MPP is
also actively working to improve packaging technology to prevent the misuse of drugs and increase
conformity with universal design.

Extensive Experience in the Development and Manufacturing of New Medicines
As a manufacturer working in the development and manufacturing of new medicines, MPP has vast
experience in scaling up manufacturing and in technology transfer of products developed in-house.
MPP has arranged a system to advance efficient technology transfer for contract manufacturing.

Giving Careful Consideration to Environmental Protection
MPP’s commitment to protecting natural resources, maintaining natural beauty, and preserving theenvironment around us is not only a fundamental aspect of MPP’s corporate activities, it is based on
MPP’s wish to contribute responsibly in its dealings with the larger community. As
part of this awareness, in all its production activities, MPP places great emphasis on the carefulselection of raw materials for products, reduction of the amount of packaging used, and safe andproper disposal of waste. In recognition of these efforts, the Head Office Plant (Otawara) was awarded
ISO 14001 certification by the International Standards Organization for its environmental management
system. This plant, which used heavy oil as fuel,switched to liquefied natural gas (LNG) and electricity
in March 2009, in an effort to further reduce theamount of carbon dioxide emissions.

Mochida Pharmaceutical Plant Co., Ltd. (Otawara)

Mochida Pharmaceutical Group11

Licensing Activities

Mochida Pharmaceutical actively creates andpropels alliance opportunities with partners toachieve the mutual goal to deliver new medications
that improve patients’ lives. Our partnerships
extend from research, development, marketing andsales promotion, and manufacturing, and we value
highly these alliances of excellence as we takeon challenges together to satisfy unmet medical
needs.
Business Development
Functions

12

Mochida Pharmaceutical GroupCollaboration with Other Companies
Mochida Pharmaceutical prioritizes cardiovascular medicine, obstetrics and gynecology, dermatology, psychiatry andgastroenterology in allocating sales resources for the core pharmaceutical business.
We are strengthening our product pipeline, maximizing product value, and advancing the development ofhigh value-added products to meet unmet medical and customer needs through numerous domestic andinternational partnerships.
We have developed and launched Beselna, a therapeutic agent for condyloma acuminatum and actinic
keratosis, licensed in Japan by iNova Pharmaceuticals Pte Limited, Dinagest, a therapeutic agent for endometriosis,
adenomyosis and dysmenorrhea, licensed by Jenapharm (now a member of the Bayer AG Group), an antidepressantLexapro®, licensed by Lundbeck, Treprost ®, a therapeutic agent for pulmonary arterial hypertension originatedby United Therapeutics Corporation, and Lialda®, a therapeutic agent for ulcerative colitis, licensed by the Shire
Pharmaceuticals Group (now part of Takeda).
Mochida is co-marketing Lexapro® together with Mitsubishi Tanabe Pharma Corporation, and co-promoting the
drug together with Yoshitomiyakuhin Corporation.
We entered into an agreement with Ajinomoto Pharmaceuticals Co., Ltd. (now EA Pharma Co., Ltd.) concerning
the joint development and joint marketing of two drugs for the treatment of chronic constipation. In 2018, EA PharmaCo., Ltd. obtained manufacturing and marketing approval for the two drugs and EA Pharma Co., Ltd. and Mochidaare now marketing them under the brand names Goofice® and Movicol ®.
We concluded a contract with Fuji Yakuhin Co., Ltd. for the joint development and marketing of a therapeutic
agent for gout and hyperuricemia. Fuji Yakuhin Co., Ltd. obtained manufacturing and marketing approval for it in 2020
and Mochida began marketing it under the brand name Urece®.
Meanwhile, we have signed developing and marketing agreements with United Therapeutics Corporation
for MD-711, a therapeutic agent for pulmonary arterial hypertension, with Pfizer Japan Inc. for the antidepressantMD-120, and with Idorsia Pharmaceuticals Ltd. for ACT-541468, a therapeutic agent for insomnia.
In the area of regenerative medicine, we have concluded a joint commercialization agreement with Gene Techno
Science Co., Ltd. on the medical product utilizing human dental pulp stem cells.
In biosimilars, Mochida jointly developed Filgrastim BS with Fuji Pharma and launched it in 2013. We have also
entered into agreements with LG Chem, Ltd. in relation to an etanercept biosimilar and an adalimumab biosimilar.
In 2018, Mochida obtained manufacturing and marketing approval for Etanercept BS, and AYUMI Pharmaceutical
Corporation began marketing it.
In 2019, we launched Teriparatide BS, which we had been developing under a business tie-up with Gedeon
Richter Plc.
Mochida concluded agreements with Janssen Pharmaceutical K.K. concerning Tramcet ®, an analgesic forchronic pain/pain after tooth extraction, and Doxil ®, an anticancer agent, and has begun marketing both agents.
Mochida is promoting the overseas expansion of its own proprietary high-purity EPA products. We enteredinto an agreement with Meiji Seika Pharma Co., Ltd. concerning their marketing in Thailand and Vietnam. The Thai
subsidiary of Meiji Seika Pharma Co., Ltd. filed an application for manufacturing and marketing approval in 2019. We
have also concluded a contract with Sumitomo Pharmaceuticals (Suzhou) Co., Ltd., which is the Chinese subsidiaryof Sumitomo Dainippon Pharma Co., Ltd., and we are pursuing clinical development in China.
Mochida also entered into anagreement with Amarin Corporation Plc forthe development and commercialization ofhigh-purity EPA formulations in the UnitedStates and certain other territories by
Amarin Corporation Plc.
Through collaboration with ourvaluable partners, Mochida Pharmaceuticalcontinues fulfilling our mission of providing
pharmaceutical products to meet unmet
medical needs.
Mochida Pharmaceutical Group13

Pharmaceuticals

A pharmaceutical company’s work does not
end when the product is successfully launched.
Drugs must be used properly in order to be
fully effective. This means that there must be aprocess for providing appropriate information
on drugs to medical institutions, for collecting
feedback from the institutions once the drugs arein use, and for informing the various institutionsof the Company’s evaluations and responses on
key issues. Mochida Pharmaceutical sees thistype of information-disseminating activity as away to further contribute to society.

14

Mochida Pharmaceutical GroupProducing Products with Beneficial Effects Tailored to Specific Fields• Cardiovascular medicine
Epadel is the first drug in the world containing EPA-E (ethyl icosapentate: one of thepoly-unsaturated fatty acids contained in fish oil) which was successfully extracted
from fish oil and purified to a high degree. This drug has opened up a new field in
the treatment for arteriosclerosis obliterans and hyperlipidemia.
Mochida also provides other unique products in the cardiovascular field,
including Atelec® and Atedio®, therapeutic agents for high blood pressure,
Treprost ®, a therapeutic agent for pulmonary arterial hypertension and Urece®, atherapeutic agent for gout and hyperuricemia.
Epadel (icosapent)
Epadel is the world’s first ethical drug
containing high-purity ethyl icosapentate
extracted from fish oil. It is used for treatingarteriosclerosis obliterans and hyperlipidemia.

Atelec® (cilnidipine) and Atedio® (valsartan/
cilnidipine)
Atelec® is a dual L/N type calcium channel
blocker with a long-acting hypotensive effect.
Atedio® is the first combination drug of valsartan(an angiotensin II receptor blocker) andcilnidipine in Japan.

Treprost ® (treprostinil)
Treprost ®, a therapeutic agent for pulmonary
arterial hypertension, is a Prostaglandin I2
analog, which can be administrated byeither continuous intravenous infusion or bycontinuous subcutaneous infusion using asmall ambulatory infusion pump.

Urece® (dotinurad)
Urece® is a therapeutic agent for gout andhyperuricemia. This agent lowers serum urate
level by the suppression of urate reabsorption
in the kidney via its selective inhibition of URAT1(urate transporter 1).

• Obstetrics and Gynecology
Mochida Pharmaceutical has traditionally placed a strong emphasis on the Ob/Gyn area, where it has built animpressive record with hormonal preparations and pregnancy test kits. Estriel is widely recognized for a therapeutic
agent of menopausal disorders, vaginitis, and geriatric osteoporosis. The launch of Dinagest, an oral progestin, in 2008,
expanded medication for patients suffering from endometriosis, alongside the GnRH analogue Suprecur ®.

Dinagest (dienogest)
Dinagest is an oral therapeutic agent forendometriosis that selectively activatesprogesterone receptors, and has the therapeutic
effect of inhibiting ovarian function and theproliferation of endometrial cells. It is indicatedfor the reduction of pain caused by adenomyosis
and the treatment of dysmenorrhea.

Doxil ® (doxorubicin)
Anticancer agent Doxil ® is a DDS formulationof doxorubicin liposome injection which isindicated for the treatment of ovarian cancer
exacerbated after the chemotherapy, andAIDS-related Kaposi’s sarcoma.

Suprecur ® (buserelin)Suprecur ® is a GnRH analogue. Nasal solution(spray) and micro particle injection are available.
They are used for treating endometriosis anduterine myoma. Suprecur ® nasal solution has
also been approved for a therapeutic agent ofcentral precocious puberty.
Mochida Pharmaceutical Group15

Pharmaceuticals• Dermatology
Florid ®, an antimycotic drug, is a leading product in this treatment area. The drug is provided in the form of a cream fordermatomycosis. Arasena-A is the first antiviral drug for the topical treatment of herpes zoster and herpes simplex to be
developed in Japan. Beselna was launched in 2007 as the first therapeutic agent for condyloma acuminatum (external genitaland perianal warts) in Japan, which gives patients a new treatment option other than surgical therapies.

Florid ® (miconazole)
Florid ®-F injection is an antimycotic drug fortreating systemic mycosis. We also provide avaginal suppository, a cream, and an oral gelwith indications for candidiasis of the oral cavity
and esophagus.

Arasena-A (vidarabine)
Arasena-A Ointment is the first topical antiviraldrug developed in Japan. Arasena-A Ointment
and Cream are used for treating herpes zosterand herpes simplex. Arasena-A for I.V. Infusion
is used for herpes simplex encephalitis andherpes zoster in patients with immunosuppression.

Beselna (imiquimod)
Beselna is the first therapeutic agent for
condyloma acuminatum (external genital andperianal warts) in Japan. It has also been
approved for a therapeutic agent of actinic
keratosis.

• Psychiatry
The antidepressant Lexapro® (escitalopram), which went on sale in 2011, is aselective serotonin reuptake inhibitor (SSRI). The drug is approved in over 97
countries worldwide, and has been highly evaluated overseas as an antidepressantthat provides a good balance between efficacy and tolerability. Lexapro® has
become a new treatment option in Japan as well. With the addition of Lexapro®
to our tetracyclic antidepressant Tecipul and our autonomic symptoms drug
Grandaxin, Mochida Pharmaceutical is committed to improving the QOL for
psychiatric patients.

16• Gastroenterology
Mochida launched Lialda®, a therapeutic agent for ulcerative colitis in 2016. In
2017, the Company launched Calprotectin Mochida, the first in-vitro diagnostic
agent for ulcerative colitis in Japan. In 2018, we launched two therapeutic agentsfor chronic constipation, Goofice® and Movicol ®. Also in terms of these diseases in
the gastroenterology area, we are meeting the patient’s needs.

Lexapro® (escitalopram)
Lexapro® selectively inhibits the reuptake ofserotonin and has an antidepressant effect. It
provides a good balance between efficacy andtolerability as a first-line therapy in the treatment
of depression. It is also indicated for thetreatment of social anxiety disorder.

Lialda® (mesalazine)
Lialda® is a new DDS formulation of
mesalazine. The drug is designed tocontinuously release the active pharmaceuticalingredient to and throughout the colon, andis approved as a once-daily oral therapeutic
agent in both active and remission phases ofulcerative colitis.

Movicol ®(macrogol 4000, sodium chloride,sodium bicarbonate, potassium chloride)
Movicol ® is the first polyethylene glycol
preparation indicated for treatment of chronic
constipation in Japan. The drug increases andretains the moisture in the intestinal tract by theosmolality of polyethylene glycol, to promote
defecation. It is available for adults and children
2 years of age and older.

Mochida Pharmaceutical Group

Goofice® (elobixibat)
Goofice ® is a once-daily oral agent with a novel
mechanism of action for chronic constipation.
The drug inhibits the bile acid transporter andsuppresses the reabsorption of bile acids, thus
enhancing natural defecation. It has the dual
action of moisture secretion in the bowel andbowel movement promotion.

• Other Products

Tramcet ® (tramadol/paracetamol)
Tramcet®, an analgesic for chronic pain
and pain after tooth extraction which theCompany started co-marketing with Janssen
Pharmaceutical K.K. from 2013, is the firstanalgesic combining tramadol hydrochloride
and acetaminophen in Japan.

Heparin Sodium MOCHIDA
Heparin Sodium MOCHIDA, an anticoagulant
derived from porcine intestinal mucosa, isindicated for the treatment of disseminatedintravascular coagulation syndrome, andprevention of thromboembolism, etc.

Miraclid (ulinastatin)
Miraclid, a multivalent enzyme inhibitor,
represents the first ethical drug using ulinastatin
purified from human urine. Its indications are
acute circulatory failure and acute pancreatitis.

• Drugs for Treatment of Intractable Diseases
Mochida is working on the development of new therapeutic agents for patients with intractable diseases, including Trepost ®,a therapeutic agent for pulmonary arterial hypertension launched in 2014, and Lialda®, a therapeutic agent for ulcerative colitis
launched in 2016.
We are committed to developing drugs for the treatment of intractable diseases, and will continue to embrace challenges
in new medical fields.
• The Generics and Biosimilars
Mochida Pharmaceutical Group is focusing on business lines with strong business potential such as
the authorized generic drug of Dinagest and biosimilars.
The biosimilar market is expected to grow in line with medical economics needs.
Leveraging the biomedicine experience and technologies built up to date, MochidaPharmaceutical has developed and launched a filgrastim biosimilar for the treatment of neutropenia
caused by cancer chemotherapy, an etanercept biosimilar for the treatment of rheumatoid arthritis,
and a teriparatide biosimilar for the treatment of osteoporosis. We will also work on the developmentof biosimilars from the viewpoints of reducing medical expenses and lessening the economic burden
on patients.
• The Prominence of EBM
Mochida Pharmaceutical considers evidence-based medicine (EBM) to be important. The Company participated in a largescale clinical trial, the Japan EPA Lipid Intervention Study (JELIS), investigating whether Epadel can prevent cardiovascular
events in hyperlipidemic patients. The results were presented at the American Heart Association’s (AHA’s) Scientific Sessions
2005; results showing Epadel significantly suppressed onset of major coronary events received much attention from experts inthe field.
A stream of useful information has been being derived from JELIS. Utilizing these results, Mochida Pharmaceutical isproviding beneficial and high-quality information to medical experts.

Mochida Pharmaceutical Group17

Skin Care ProductsHigh Performance Value Added Skin Care Products based on
Dermatology
Under the motto “farsighted, innovative research,” as a member of MochidaPharmaceutical Group, Mochida Healthcare Co., Ltd. (MHC) focuses on developing
high-performance, value-added skin care products based on dermatologythat only a pharmaceutical company can make through communications withdermatologists, obstetrician-gynecologists, and nurses.
These products include Skina Babe, which is the first skin care product thatbabies experience, the Collage series, which provides total skin care for sensitive
skin, and the Skina series of easy hygiene products for the bedridden. They also
include the Collage Furfur series developed from skin research, which are the first
personal care products in Japan that contain an antimycotic (antifungal) agent.
MHC never compromises in the production of its skin care products for theskins of customers of all ages, from babies to senior citizens. We will continue
developing innovative products using the capabilities we have fostered through thedevelopment of pharmaceuticals.

18

Mochida Pharmaceutical GroupDevelopment of Cosmetics with Foresight and Originality
MHC’s foresight and originality are evident in the development of the Collage
series, the nation’s first skin care products that contain natural soluble collagen(S-Collagen).
We have spent many years developing basic skin care products for people
with sensitive skin and offering a range of products as a series. We develop
dermatology-based skin care products that only a pharmaceutical company
can create and we provide products that meet the trust and expectations of
our customers based on our philosophy that “because sensitive skin is prone toirritation, we will develop products that are as gentle to the skin as possible.”
Wanting to put smiles on the faces of as many customers with sensitive skinas possible, we launched the Collage Repair series in 2019.
The Company is focusing on product development that responds to changing
customer needs. For example, it has released a mild soap series, which provides achoice of products suited to a range of skin types and uses.

Collage Repair series

Collage Furfur Soap series

Medically Based Technology and Experience
MHC’s products based on dermatology – including the Collage Soap series of
low-irritant soap formulated for each specific skin type, the Collage D Medi Power
series of moisturizing products for dry skin, and Japan’s first shampoo containing
an antimycotic agent – are highly regarded by consumers for their effectiveness. We
currently provide Collage Furfur Next shampoo and rinse containing an antimycotic
agent, and are developing this into an antimycotic series including body soap. We
have recently launched the Collage Furfur Premium Shampoo, which contains
deodorant ingredients for people concerned about scalp odor. The Collage Furfur
Hair Growth series contains female hormones to tackle the issue of hair loss. MHC
will continue to improve the quality of life for people with skin troubles throughproducts such as these.

Collage Furfur Next shampoo and rinse

From Baby Care to Geriatric CareIn the field of baby care products, Skina Babe, having the biggest share in baby
bath oil, has continued to protect infants’ skin since it was introduced around 50
years ago. In 2018, we launched Skina Babe Milky Lotion, which protects theskin by providing very rich moisture. From these early days, MHC has also beendeveloping products for senior citizens, and these will become even more necessary
in the future. The Company markets Skina Fukifuki and Skina Clen, skin cleansing
and bed bath products, and Skina Dry Shampoo, a foam-type hair shampoo thateliminates the need for rinsing. These products contribute to the betterment of
nursing care for the bedridden. The Company aims to continue developing productsthat will be beneficial to the skin care of every generation.

Skina Babe

Skina Babe Milky Lotion

Collage Furfur Premium Shampoo

Collage Furfur Hair Growth series

Skina series

Mochida Pharmaceutical Group19

Highlights of Our Growth

Ryokichi Mochida

Nobuo Mochida

Ei Mochida

1913

Mochida was established by Ryokichi Mochida, and started production and marketingof Luestin (antiluetic) and Ogoko (ophthalmic ointment).

1918

The Company was renamed Mochida Pharmaceutical Company.

1932

Pelanin (first estrogen preparation developed in Japan)

1945

The Company was incorporated.

1951

Sprase (first hyaluronidase preparation developed in Japan)

1954

Began overseas marketing with exports to Taiwan.

1956

Thrombin Mochida (hemostatic enzyme)

1959

Transferred focus of sales strategy to obstetrics and gynecology.

1962

Established the Immunology Division.

1963

Listed on the Second Section of the Tokyo Stock Exchange (TSE).

1964

Nobuo Mochida was appointed president.
Gonavis (Japan’s first immunological pregnancy test kit); Kimotab (anti-inflammatory)

1967

Completed the Research Laboratory in Oji.

1970

Established the Paramedical Division.
Gonavislide (pregnancy test kit); Uronase (fibrinolytic); Skina Babe (baby bath oil)1972

Established the Medical Electronics and Equipment Division.
Completed the Shizuoka Plant.

1975

Listed on the First Section of the TSE.

1976

Completed the new headquarters office building in Yotsuya.

1978

Received a Noteworthy Invention Testimonial from the Science and Technology Agency for
the Medilaser balance-type surgical laser head.

1979

Rocornal

1980

Developed monoclonal antibody technology for an immunodiagnostic test.
Medilaser-S

1981

Signed an agreement with Hayashibara Biochemical Laboratory, Inc. for joint research of interferon.

1982

Completed the Fuji Central Research Laboratory.

1983

Established the Mochida Memorial Foundation for Medical and Pharmaceutical Research.

1984

Nobuo Mochida was awarded the Medal with Purple Ribbon for research on the first surgicallaser unit developed in Japan.
Arasena-A

1985

Ei Mochida was appointed president.
Miraclid

1986

Florid ®-F injection; Grandaxin

1987

Ei Mochida was awarded the Medal with Purple Ribbon for R&D activities on an
immunochemical diagnostic reagent.

1988

Signed an agreement with Taisho Pharmaceutical Co., Ltd., allowing that company to market
Dermarin, an OTC drug for treating dermatomycosis.
Collage Soap series; Isoprinosine ®; IFNα Mochida; IFNβ Mochida

1989

Finalized agreements with Upjohn Co. for developing and marketing its prostaglandin derivative.
Tecipul1990

Susumu Watanabe was appointed president.
Concluded a marketing agreement with Matsushita Electric Industrial Co., Ltd. for the
Medilaser-10S fiber-optic carbon dioxide surgical laser unit.
Epadel Capsule 300

1991

Commenced operations at the Otawara Plant.
Concluded agreement of an antimycotic agent with Imperial Chemical Industries, PLC.
Mammotec

1992

Signed agreements with Ostex International, Inc. for the commercialization and marketing ofOsteomark ®; and with Yokogawa-Hewlett-Packard, Ltd. to market an obstetric care unit.
Commenced J-MIC (EBM study for Rocornal ).

1994

Additional indication for Epadel (for hyperlipidemia) was approved.

1995

Signed agreements with Smithkline Beecham Seiyaku K.K. for co-marketing of Arasena-A.

Susumu Watanabe

20

Mochida Pharmaceutical Group

1996

Signed agreements with Norian Corporation for the development and marketing in Japan of
Norian SRS ®; and with Dainippon Pharmaceutical Co., Ltd. for co-marketing of Epadel
in Japan.
Commenced JELIS (EBM study for Epadel ).

1997

Concluded distribution agreement with Ajinomoto Co., Inc. for Atelec ®.
Gonastick

1998

Co-marketed Dainippon Pharmaceutical’s Cetapril ® (ACE inhibitor).

1999

Naoyuki Mochida was appointed president.
Concluded distribution agreement with Janssen Kyowa Co., Ltd. for Ortho ® 777-28/M-21.
Licensed a patent of Fas/FasL (for gene therapy) to Novartis.
Licensed a patent of Fas/FasL (for screening) to Bristol Myers Squibb.
Epadel S 300 and 600; Collage Furfur; Miotecter ®

2000

Signed agreements with RIKEN for co-research in structural genomics.

2001

Signed agreements with 3M for the development and marketing of Aldara.

2002

Signed agreements with Aventis Pharma Ltd. for the distribution and co-promotion ofSuprecur ®; and with Lundbeck A/S for co-development and co-marketing of escitalopram.

2003

Signed agreements with Novo Nordisk for the distribution of Novo-Heparin.
Started operation of Mochida Medical Systems Co., Ltd.
Thrombin Mochida Soft bottle; Novo-Heparin; Collage S series

2004

Started operation of Mochida Healthcare Co., Ltd.
Started operation of Mochida Siemens Medical Systems Co., Ltd.
Epadel S 900

2005

Started operation of Mochida Pharmaceutical Plant Co., Ltd.

2007

Signed agreements with JCR Pharmaceuticals Co., Ltd. for co-development andcommercialization of a cellular-based drug (agreement terminated 2011); with Novartis Pharma
K.K. for co-promotion of Diovan ® (agreement terminated end of 2008); and with United
Therapeutics Corporation for the distribution of Remodulin ®.
Beselna2008

Signed a license agreement with Wyeth Pharmaceuticals Inc. for TRPV1 antagonists(agreement terminated 2010).
Dinagest; Divigel ®; Collage White Peel2009

Signed a license agreement with Shire Pharmaceuticals Group plc (U.K.) for Lialda ®.
Gonastick W; Collage Furfur Next

2010

Signed agreement with Fuji Pharma Co., Ltd. for co-development of G-CSF; and with
Mitsubishi Tanabe Pharma Corporation for co-marketing of escitalopram.

2011

Signed a license agreement with Merck (MSD outside the United States and Canada) for the
potential treatment for type-2 diabetes (agreement terminated 2015).
Lexapro ®

2012

Fastic ®

2013

Co-marketed Janssen Pharmaceutical’s Tramcet ®.
Epadel switch-OTC drug; Collage B.K. Age series; Filgrastim BS MOCHIDA

2014

Atedio ®; Collage series; Treprest ®

2016

Signed agreement with Ajinomoto Pharmaceuticals Co., Ltd. for co-development of AJG533.
Lialda ®

2017

Signed agreement with Fuji Yakuhin Co., Ltd. for co-development of FYU-981; with United
Therapeutics Corporation for the distribution of Tyvaso®; with Ajinomoto Pharmaceuticals Co.,
Ltd. for co-development of AJG555; and with Janssen Pharmaceutical K.K. for the distributionof Doxil ®.
Calprotectin MOCHIDA

2018

Goofice®; Etanercept BS「MA」; Collage Furfur Premium Shampoo; Movicol ®

2019

Signed agreement with Pfizer for co-development of MD-120; with Idorsia Pharmaceuticals
Japan for co-development of ACT-541468.
Collage Repair series; Teriparatide BS MOCHIDA

2020

Signed a joint commercialization agreement with Gene Techno Science Co., Ltd. on theregenerative medical product.
Gonacard W; Urece®

Naoyuki Mochida

Mochida Pharmaceutical Group21

Corporate Governance

Basic Policy on Corporate GovernanceMochida Pharmaceutical strives to increase its Group’s corporate value by placing the fulfillmentof corporate governance and the reinforcement of compliance at the axis of its overall Groupmanagement, to better respond to its stakeholders’ trust and expectations.
As part of our policy on reinforcing corporate governance, important management decisions
are discussed thoroughly by the Management Policy Meeting, if necessary, and are made throughdiscussion by the Board of Executive Managing Directors and the Board of Group Management,
both of which meet on a weekly basis. We clearly separate the functions of the Board of Directors
into management decision-making and the supervision of business operations. For the purpose of
expediting management decision-making and business operations, the Group has introduced an
Executive Officer system.
For the purpose of strengthening objectivity and accountability for the nomination of Board
Directors, Executive Officers and Audit & Supervisory Board Members and for the determination of
remuneration for Board Directors and Executive Officers, we have established the Nomination andCompensation Advisory Committee, a majority of which comprises independent Outside Directors, as
an advisory body to Representative Directors, and our corporate decisions on such nomination andcompensation are made in light of the opinions of said Committee.
Governance Structure
Mochida Pharmaceutical put in place the Board of Directors (including Outside Directors) and the
Audit & Supervisory Board (including Outside Audit & Supervisory Board Members) as organizations
under the Companies Act.
Corporate Governance Structure

22

Mochida Pharmaceutical GroupAs reasons for adopting this governance structure, considering the Company’s size andbusiness nature, we judge that at this point in time, the most suitable governance structure (1) topursue management efficiency and (2) to ensure the appropriate function of checking the management
simultaneously requires: (1) management decision-making by the Board of Directors with a reasonable
number of members, comprising Inside Directors with thorough knowledge of the Company and its
business and Outside Directors with abundant knowledge and experience in specialized fields, and(2) a system for checking the management by Audit & Supervisory Board Members including Outside
Audit & Supervisory Board Members.
Outside Directors and Outside Audit & Supervisory Board Members respectively supervise
management and perform audits from an independent standpoint, because they have no special
interests or conflict of interests (including business relationship) with Mochida Pharmaceutical Group or
its management, or conflict of interests with other shareholders in general.
Internal Control System, Risk Management System, Compliance System, and CSR
Mochida Pharmaceutical maintains, operates and evaluates its internal control system based on
resolutions by the Board of Directors under the Companies Act and on the Financial Instruments
and Exchange Act. Specifically, we maintain a companywide risk management system based on the“Mochida Pharmaceutical Group Risk Management Rules” to manage major risks affecting our overallbusiness, as part of our internal control system based on the Companies Act.
As measures for reinforcing compliance, we maintain our compliance system by (1) establishingthe “Code of Conduct of Mochida Pharmaceutical Group”, (2) holding regular meetings of the Ethics
Committee which includes outside experts, and (3) establishing the Corporate Ethics Promotion
Department etc.; and we run regular training programs on compliance for our group officers andemployees. Mochida Pharmaceutical Group will continue striving to ensure full compliance, andto respond promptly to various environmental changes, by receiving appropriate advice from ourattorneys and certified public accountants as necessary.
While the concerned departments are earnestly addressing Corporate Social Responsibility(CSR), we have also established the CSR Promotion Committee as a basic body to promote CSR
throughout Mochida Pharmaceutical Group and to meet more precisely social demands.
Audit Structure
Mochida Pharmaceutical has established the Internal Audit Department as an internal audit
organization which (1) implements internal audits of the business operations of MochidaPharmaceutical Group in its entirety from the viewpoint of compliance and risk management,(2) reports the results of such audits and provides advice to the Board of Executive Managing Directors
and the Board of Directors and (3) reports such results to the Audit & Supervisory Board Members.
To secure lawfulness and transparency of management decision-making and business operations, inaccordance with fiscal year auditing policy and plans, each Audit & Supervisory Board Member strives to(1) smoothly communicate with Board Directors, the Internal Audit Department etc., (2) collect the relevant
information and improve the auditing environments. Each Audit & Supervisory Board Member also attends
meetings of the Board of Directors and other important meetings, and investigates business operations andassets at the headquarters, main business offices and subsidiaries of Mochida Pharmaceutical, including
supervision and verification of the status of the internal control system, the independence of the Accounting
Auditor, and the appropriate execution of audits by the Accounting Auditor.
Mochida Pharmaceutical is also audited by our Accounting Auditor, Ernst & Young ShinNihon
LLC, based on the provisions of the Companies Act and the Financial Instruments and Exchange Act.
The Internal Audit Department, Audit & Supervisory Board Members, and Accounting Auditor work
closely to ensure the effectiveness of the audits.

Mochida Pharmaceutical Group23

Main Product Listing

Ethical Drugs
Cardiovascular Agents• Epadel [icosapent] (capsule)
Arteriosclerosis obliterans, Hyperlipidemia• Atelec® [cilnidipine] (tablet) Hypertension• Atedio® [valsartan/cilnidipine] (tablet) Hypertention• Rocornal [trapidil] (tablet, fine granule)
Angina pectoris• Treprost ® [treprostinil] (injection)
Pulmonary arterial hypertension (PAH)• Urece® [dotinurad] (tablet)
Gout and hyperuricemia
Analgesic Agent• Tramcet ® [tramadol/paracetamol] (tablet)
Chronic pain, Pain after tooth extraction
Gastrointestinal Agent• Lialda® [mesalazine] (tablet) Ulcerative colitis• Goofice® [elobixibat] (tablet) Chronic constipation• Movicol ® [macrogol 4000, sodium chloride, sodium
bicarbonate, potassium chloride] (powder) Chronic
constipation
Hormone Preparations• Dinagest [dienogest] (tablet) Endometriosis (1mg),
Pain caused by adenomyosis (1mg),
Dysmenorrhea (0.5mg)• Divigel ® [estradiol] (gel) Menopausal symptoms
such as hot flash and hidrosis• Suprecur ® [buserelin] (nasal solution, micro particle
injection) Endometriosis, Uterine myoma,
Central precocious puberty (injection)• Desopan® [trilostane] (tablet) Antiadrenal cortical
hormone• Estriel [estriol] (tablet, vaginal tablet) Menopausal
disorders (tablet), Geriatric osteoporosis (tablet),
Vaginitis• HCG Mochida [human chorionic gonadotrophin](injection) Infertility, Threatened miscarriage,
Habitual abortion
Neurological Agents• Lexapro® [escitalopram] (tablet)
Depression and depressive symptoms, Social
anxiety disorder• Grandaxin [tofisopam] (tablet, fine granule)Autonomic symptoms• Tecipul [setiptiline] (tablet) Depression anddepressive symptoms
Anti-Infectives• Florid ® [miconazole] (injection, vaginal suppository,
cream, oral gel) Mycosis• Arasena-A [vidarabine] (injection, ointment, cream)
Herpes zoster, Herpes simplex, Herpes simplex
encephalitis (injection)• Isoprinosine ® [inosine acedoben dimepranol] (tablet)
Subacute sclerosing panencephalitis (SSPE)• Beselna [imiquimod] (cream) Condyloma
acuminatum, Actinic keratosis
Antidiabetes Agent• Fastic ® [nateglinide] (tablet) Diabetes
24

Mochida Pharmaceutical Group

Anticancer Agent• Doxil ® [doxorubicin] (injection) Ovarian cancer
exacerbated after the chemotherapy, AIDS-related
Kaposi’s sarcoma
Biological Preparations• Miraclid [ulinastatin] (injection) Acute circulatory
failure, Acute pancreatitis• Thrombin [thrombin] (liquid, fine granule)
Hemostatic• Heparin Sodium MOCHIDA [heparin sodium](injection) Thrombosis• Uronase [urokinase] (injection) Acute myocardial
Infarction (120,000 units), Cerebral Thrombosis(60,000 units)
Biosimilar• Filgrastim BS MOCHIDA[filgrastim] (injection) Neutropenia• Etanercept BS「MA」[etanercept] (injection)
Rheumatoid arthritis, Polyarticular-course juvenile
idiopathic arthritis (vial)• Teriparatide BS MOCHIDA [teriparatide] (injection)
Osteoporosis

Diagnostic Reagents
Reagents for Fertility/Infertility• Gonastick25 (hCG)• Gonastick W (hCG)• Gonacard W (hCG)
Other Reagents• Cand-Tec® [Candida kit]
• Calprotectin MOCHIDA [Calprotectin kit]

Skin Care Products
Mochida Healthcare Co., Ltd.

Collage Series
Face and Body Care
• Collage Repair series		 (Moisture lotion, moisture milk, moisture cream,
UV protection, cleansing milk, soap, powder wash)• Collage B.K.AGE series• Collage Soap series• Collage D Medi Power series• Collage Furfur Soap series
Hair Care• Collage Furfur Next series
		 (Shampoo and conditioner for dandruff)• Collage Furfur Premium Shampoo• Collage Furfur Scalp Shampoo• Collage Furfur Hair Growth Lotion and Spray• Collage Shampoo S• Collage Rinse S
Skina Babe and Skina Series• Skina Babe (Baby bath oil, baby milky lotion)• Skina (Cleanser)• Skina Clen (Gentle skin cleanser)• Skina Fukifuki (Cleanser)• Skina Dry Shampoo

Financial Section
26 Six-Year Summary
27 Consolidated Statement of Income
Consolidated Statements of Comprehensive Income (Unaudited)
28 Consolidated Balance Sheets (Unaudited)
30 Consolidated Statements of Changes in Net Assets (Unaudited)
32 Consolidated Statements of Cash Flows (Unaudited)

Mochida Pharmaceutical Group25

S i x - Ye a r S u m m a r y
Mochida Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
Years ended March 31

Millions of Yen
Years ended March 31

2020

2019

2018

2017

2016

2015

For the Year:¥101,799¥109,643¥106,761¥97,349¥92,272¥87,252

Cost of sales

Net sales

49,882

55,46853,194

41,03937,27133,904

Selling, general and administrative expenses

43,112

43,584

41,90444,93642,84541,658Operating Income

8,807

10,59011,662

11,374

12,154

11,689

Income before income taxes and minority interests

6,273

11,642

12,116

11,58312,097

11,141

Income taxes

1,675*1

3,207*2

3,092*3

3,057*4

3,946*5

3,597*6

Net income

4,598

8,435

9,023

8,526

8,150

7,544

Total current assets¥116,894¥115,334¥113,151¥112,016¥102,043¥91,904

Total current liabilities

28,56228,44429,57430,26925,79522,443

At Year-End:

Working capital

88,332

86,88983,577

81,74776,247

69,461

Total property, plant and equipment

13,851

13,58913,91515,00915,79916,622

8,260

5,465

5,786

6,233

6,988

6,443

Total net assets

Total long-term liabilities

120,665

125,110

119,687

111,869

104,929

98,670Total assets

157,488

159,019

155,047

148,372

137,713

127,557

1,889

1,299

1,001

1,060

1,539

1,272

Other Statistics:
Capital expenditures

Yen

Per Share Data:
Net income*7
Cash dividends*

8

Number of employees (people)
Number of shares outstanding at end of year (thousand)*9¥117.6¥212.9¥227.3¥214.7¥205.2¥188.6

80.0

170.0

170.0

155.0

150.0

150.0

1,581

1,617

1,666

1,713

1,726

1,746

40,63020,315

20,315

20,51520,98021,100*1: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥2,349 million), income taxes-deferred (-¥674 million) is included.
*2: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥2,835 million), income taxes-deferred (¥371 million) is included.
*3: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥3,363 million), income taxes-deferred (-¥270 million) is included.
*4: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥4,072 million), income taxes-deferred (-¥1,014 million) is included.
*5: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥4,345 million), income taxes-deferred (-¥398 million) is included.
*6: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥3,265 million), income taxes-deferred (+¥331 million) is included.
*7: The Company implemented a stock split of 2 shares for each 1 share of common stock on April 1, 2019. Net income per share are calculated based on theassumption that the stock split had occurred at the beginning of the period ending March 2015.
*8: Cash dividends represent the actual payment prior to the relevant stock split.
*9: Increase in the number of shares outstanding arises from the stock split.

26

Mochida Pharmaceutical GroupConsolidated Statement of Income / Consolidated Statements of Comprehensive Income (Unaudited)
Mochida Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
Years ended March 31

Consolidated Statements of Income (Unaudited)Years ended March 31

Net Sales

Thousands of
U.S.Dollars

Millions of Yen

2020

2019

2018

2020

¥101,799¥109,643¥106,761$935,401

Cost of Sales

49,88055,46853,194458,331

Gross profit

51,91954,17553,566

477,069

43,112

43,584

41,904396,144

8,807

10,59011,66280,925

Selling, General and Administrative Expenses
Operating income
Other Income (Expenses):
Interest and dividend income

254

247

224

2,335

Interest and charge (commission) expense

(41)

(39)

(39)

(384)

Real estate rent

76

75

68

701

Others

59

53

93

544

347

337

346

3,196

9,154

10,92812,00884,122Gain on sales of investment securities

1

254

–

16

Gain on sales of fixed assets

–

0

194

Settlement received

3

1,557

–

29

Compensation income

5

37

–

52

Recurring income
Extraodinary Gains (Losses):Gain on sale of businesses

185

–

–

1,699

Loss on sales and disposal of fixed assets

(77)

(154)

(86)

(711)

Impairment loss
Contract loss

Income before income taxes and minority interests

–

(981)

–

0

(3,000)––(27,565)(2,881)

714

107(26,478)

6,273

11,642

12,116

57,643

Income taxes

1,675*1

3,207*2

3,092*3

15,391

Net income

4,598

8,435

9,023

42,251¥4,598¥8,435¥9,023$42,251

Profit attributable to owners of parent

Consolidated Statements of Comprehensive Income(Unaudited)Years ended March 31

Income before minority interests

Thousands of
U.S.Dollars

Millions of Yen

2020

2019

2018

2020

¥4,598¥8,435¥9,023$42,251(3,753)

2,971

2,049

(34,485)

Other comprehensive income, net of tax
Unrealized gain on available-for-sale securities
Remeasurements of defined benefit plans, net of tax

28

60

184

260

(3,724)

3,032

2,233

(34,225)873

11,467

11,257

8,026

Owners of parent

873

11,467

11,257

8,026

Minority interests

–

–

–

–

Total: Other comprehensive income, net of tax
Total comprehensive income
Total comprehensive income attributable to:*1: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥2,349 million), income taxes-deferred (-¥674 million) is included.
*2: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥2,835 million), income taxes-deferred (¥371 million) is included.
*3: As a result of tax effect accounting, corporate tax, resident tax and business tax (total ¥3,363 million), income taxes-deferred (-¥270 million) is included.
Note: Unless otherwise indicated, all dollar figures herein refer to U.S. currency. Yen amounts have been translated into U.S. dollars, for convenience only, at the rateof ¥108.83 = $1.00, the approximate exchange rate on March 31, 2020.
Mochida Pharmaceutical Group27

Consolidated Balance Sheets (Unaudited)
Mochida Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
March 31

Thousands of
U.S.Dollars

Millions of Yen

2020

2019

2020

¥53,291¥51,032$489,680

28,06628,938257,896

382

402

3,514

Marketable securities

7,999

7,999

73,507

Inventories

25,07324,644230,390

Other current assets

2,080

2,316

19,115

Total current assets

116,894

115,334

1,074,105

Buildings and other structures

5,112

5,402

46,977

Machinery and equipment and transportation equipment

1,970

1,971

18,103

Land

5,290

5,290

48,615

Others

1,478

923

13,581Intangible fixed assets

674

372

6,193

Total fixed assets

14,525

13,961

133,472

Investments in securities

16,256

21,671

149,374

Deferred income taxes

4,612

2,296

42,384

Others

5,198

5,756

47,768

Total investments and other assets

26,067

29,723

239,527¥157,488¥159,019$1,447,104

ASSETS
Current Assets:
Cash and time deposits
Notes and accounts receivable
Electronically recorded monetary claims-operating

Fixed Assets:
Property, plant and equipment:

Investments and Other Assets:

Total Assets

Note: Unless otherwise indicated, all dollar figures herein refer to U.S. currency. Yen amounts have been translated into U.S. dollars, for convenience only, at the rateof ¥108.83=$1.00, the approximate exchange rate on March 31, 2020.

28

Mochida Pharmaceutical GroupThousands of
U.S.Dollars

Millions of Yen

2020

2019

2020

¥12,606¥12,327$115,835

Electronically recorded obligations-operating

1,052

1,138

9,667

Income taxes payable

1,042

913

9,579

Provision

3,034

3,244

27,881Other current liabilities

10,826

10,81999,482

Total current liabilities

28,56228,444262,446

Net defined benefit liability

4,800

5,066

44,106

Other long-term liabilities

3,460

399

31,796

Total long-term liabilities

8,260

5,465

75,903

Total liabilities

36,82233,909338,350

Paid-in capital

7,229

7,229

66,433

Capital surplus

1,871

1,871

17,198Retained earnings

110,800

109,537

1,018,109(6,854)(4,870)(62,984)

113,047

113,767

1,038,756

7,524

11,277

69,136

93

65

861

7,617

11,342

69,998120,665

125,110

1,108,754¥157,488¥159,019$1,447,104

LIABILITIESCurrent Liabilities:
Notes and accounts payable

Long-Term Liabilities:

NET ASSETS
Shareholders’ equity:

Treasury stock
Total Shareholders’ equity
Accumulated other comprehensive income:Unrealized gain on available-for-sale securities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total Liabilities and Net Assets

Mochida Pharmaceutical Group29

Co n s o lid a t e d S t a t e m e n t s of C h a n g es i n N et A s s et s ( U naudi t ed)
Mochida Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
Years ended March 31

Shareholders’ equity
Common stock

Balance at beginnig of year

Capital surplus¥7,229

Retained earnings¥1,871¥104,625

Change in the fiscal year:
Dividends from surplus(3,523)

Net income

8,435

Acquisition of treasury stock0

Disposal of treasury stock
Net changes of items other than shareholders’ equity
Total
Balance at end of year

Balance at beginnig of year

–

0

4,911

7,229

1,871

109,537¥7,229¥1,871¥109,537

Change in the fiscal year:
Dividends from surplus(3,334)

Net income

4,598

Acquisition of treasury stock
Disposal of treasury stock0

Net changes of items other than shareholders’ equity
Total
Balance at end of year

Balance at beginnig of year

0

1,263

7,229

1,871

110,800$66,433$17,197$1,006,497

Change in the fiscal year:
Dividends from surplus(30,639)

Net income

42,251

Acquisition of treasury stock
Disposal of treasury stock

1

Net changes of items other than shareholders’ equity
Total
Balance at end of year

30

Mochida Pharmaceutical Group

–1

11,612

66,433

17,1981,018,109

Millions of yen

Year ended March 31, 2019
Valuation and translation adjustments
Treasury stock

Unrealized gain (loss) on
available-for-sale securities

Total¥(2,349)¥111,376¥8,305

Remeasurementsof defined benefit plans

Total net assets

Total

¥4

¥8,310¥119,687(3,523)(3,523)

8,435

8,435

(2,521)(2,521)(2,521)

0

0

0
2,971

60

3,032

3,032

(2,520)

2,391

2,971

60

3,032

5,423

(4,870)113,767

11,27765

11,342

125,110¥11,277¥65¥11,342¥125,110

Millions of yen

Year ended March 31, 2020
¥(4,870)¥113,767(3,334)(3,334)

4,598

4,598

(1,984)(1,984)(1,984)000(3,753)28(3,724)(3,724)(1,983)(719)(3,753)28(3,724)(4,444)(6,854)

113,047

7,524

93

7,617

120,665$103,622$600$104,223$1,149,595

Thousands of U.S.Dollars$(44,755)$1,045,371(30,639)(30,639)

42,251

42,251(18,232)(18,232)(18,232)

3

4

4(34,485)260(34,225)(34,225)(18,228)(6,615)(34,485)260(34,225)(40,840)(62,984)

1,038,756

69,136861

69,998

1,108,754

Note: Unless otherwise indicated, all dollar figures herein refer to U.S. currency. Yen amounts have been translated into U.S. dollars, for convenience only, at the rateof ¥108.83=$1.00, the approximate exchange rate on March 31, 2020.

Mochida Pharmaceutical Group31

Consolidated Statements of Cash Flows (Unaudited)
Mochida Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
Years ended March 31

Thousands of
U.S.Dollars

Millions of Yen

Cash flows from operating activities:
Income before income taxes and minority interests
Depreciation and amortization
Settlement received
Loss (gain) on sales of investment securities
Loss (gain) on sale of businesses
Loss (gain) on sale and disposal of fixed assets
Impairment loss
Contract loss
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefits liability
Interest and dividend income
Interest and charge (commission) expense
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in other current liabilities
Other
SubtotalInterest and dividends received
Interest and commission paid
Settlement package received
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities:
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of short-term investment securities
Proceeds from sales of short-term investment securities
Payment for purchases of tangible and intangible fixed assets
Proceeds from sales of investment securities
Proceeds from sale of businesses
Other
Net cash used in investing activities
Cash flows from financing activities:
Dividends paid
Payment for acquisition of treasury stock
Proceeds from disposal of treasury stock
Other
Net cash used in financing activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents
Net increase (decrease) in cash and cash equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year

2020

2019

2020

¥ 6,273
2,731
(3)
(1)
(185)
77
–
3,000
(123)
(224)
(254)
41
890
(428)
(115)
192
(317)
(477)
11,076254(35)
3(1,950)9,347¥ 11,642
2,917$ 57,643
25,101(29)(16)(1,699)711(18,500)
18,500(5,000)5,000(1,958)7185
5(1,760)(18,500)
18,500(5,000)5,000(1,368)463(216)(1,121)(169,989)
169,989(45,943)
45,943(17,996)
73
1,699
47
(16,175)(3,338)(1,990)0(0)(5,328)02,259
35,532
37,791(3,525)(2,523)0(46)(6,094)0
5,349
30,18235,532(30,675)(18,285)
4(1)(48,958)
4
20,763
326,491
347,254(1,557)
(254)
–

154
981
–

(40)
(220)
(247)
39
2,429
362
522
(3,032)
2,340(1,756)
14,279
247
(37)
1,557
(3,481)
12,565–27,565(1,134)(2,067)(2,335)384
8,186(3,938)(1,059)1,769(2,914)(4,388)
101,778
2,335
(330)
29
(17,919)
85,893

Note: Unless otherwise indicated, all dollar figures herein refer to U.S. currency. Yen amounts have been translated into U.S. dollars, for convenience only, at the rateof ¥108.83=$1.00, the approximate exchange rate on March 31, 2020.

32

Mochida Pharmaceutical GroupCorporate Data

Mochida Pharmaceutical Co., Ltd. Corporate Data (As of June 26, 2020)
Founded

Subsidiaries

April 16, 1913

Mochida Pharmaceutical Plant Co., Ltd.
431, Nakadawara,
Otawara, Tochigi 324-0062, Japan

Incorporated
April 28, 1945

Paid-in Capital¥7.2 billion

Stock Exchange Listing
Tokyo Stock Exchange, First Section

Employees
1,581 (Consolidated)

Head Office
1-1, Ichigaya-Honmura cho,
Shinjuku-ku, Tokyo 162-0845, Japan
Phone: +81-3-3358-7211
Facsimile: +81-3-3358-7887
Internet Home Page:
http://www.mochida.co.jp/

Mochida Healthcare Co., Ltd.
Paxxs Building,
2-12, Ichigaya-Honmura cho,
Shinjuku-ku, Tokyo 162-8451, Japan
Mochida Pharmaceutical Sales Co., Ltd.
Paxxs Building,
2-12, Ichigaya-Honmura cho,
Shinjuku-ku, Tokyo 162-0845, Japan
Technonet Co., Ltd.
1-1, Ichigaya-Honmura cho,
Shinjuku-ku, Tokyo 162-0845, Japan
Technofine Co., Ltd.
342, Gensuke,
Fujieda, Shizuoka 426-8640, Japan

Research Laboratories• Research Center(Gotemba, Shizuoka)• Pharmaceutical Laboratory(Fujieda, Shizuoka)

Mochida’s Former Head Office＊ in Tokyo＊The head office is currently being rebuilt.

Board Directors

Executive Directors

Executive Officers■ Representative Directors

Yutaka Kawakami, Ph.D.

Takayuki Kato

Yoshiharu Hashimoto

Kazumasa Fukuchi

President
Naoyuki Mochida
Senior Executive Managing
Director
Chu Sakata■ Directors

Senior Executive Managing

Hitoshi Mizuno■ Outside Directors

Tomoo Kugisawa

Kazunari Nakao

Hirokuni Sogawa

Shigeharu Suzuki

Audit & Supervisory Board
Members■ Full-time Audit & Supervisory

Director

Board Members

Keiichi Sagisaka

Ichiro Takahashi

Executive Managing Directors
Yoichi Kono

Taiji Hayano

Kazuhiro Miyaji

Tomokazu Matsusue
Takeshi Mochida
Tadashi Morikawa
Yoshitaka Hosaka, Ph.D.
Masayoshi Takeda
Reiko Nakano■ Outside Audit & Supervisory

Junichi Sakaki, Ph.D.

Board Members

Kiyoshi Mizuguchi, Ph.D.

Hiroshi Watanabe
Kyosuke Wagai
Akiko Suzuki
Mochida Pharmaceutical Group33

“Plaisir”
This sculpture is “Plaisir” (Joy), a work created by thewell-known Japanese artist Taro Okamoto (1911–1996)
for the Company’s 65th anniversary in 1978. “Plaisir”
was named after our wish to be tied to people with joy,and our joy in contributing to human health and welfare,
as a group in the life and healthcare business.

http://www.mochida.co.jp/

Printed in Japan
2020.8