Financial Results for the Second Quarterof Fiscal Year Ending March 31, 2024 (FY2023)

November 14, 2023

Naoki Muto
Chief Accounting and Financial Officer
Terumo Corporation

Hello. I am the CAFO, Muto. I will explain our earnings results
for the first half of the fiscal year ending March 31, 2024.

1

Forward-Looking Statements and Use of Document
Among the information that Terumo discloses, the forward-looking statements
including financial projections are based upon our assumptions using information
available to us at the time and are not intended to be guarantees of future
events or performance. Accordingly, it should be noted that actual results may
differ from those forecasts or projections due to various factors. Factors affecting
to actual results include, but are not limited to, changes in economic conditions
surrounding Terumo, fluctuations of foreign exchange rates, and state ofcompetition. Information about products (including products currently indevelopment) which is included in this material is not intended to constitute anadvertisement or medical advice.

©TERUMO CORPORATION

2 / 11

2

Highlights
Revenue
Highest-ever result for a half
C&V and TBCT grew in double digits to drive the Group overall

Operating profit
Highest-ever result for a half
Profitability improvement (price policy and cost reduction) on schedule

Shareholder return
Will execute 20B JPY share repurchase this fiscal year

©TERUMO CORPORATION

3 / 11

Here are the highlights of this earnings report.
Both revenue and adjusted operating profit in the first half
were our highest ever for a half. Business inquiries continued
to be strong globally as revenue grew 6% when excluding FX.
Operating profit increased 15% when excluding FX. Positive
impact from our earnings improvement measures continued
to exceed the negative impact of inflation, as we saw
progress as planned toward achieving the annual guidance.
In addition, the treasury stock acquisition of up to 20 billion
yen that we have previously announced is scheduled to be
performed within the fiscal year.
Next slide, please.

P&L
Revenue: Strong global demand continued; drivers TIS, blood center business, Vascular Graftgrew in double digits
Operating profit: One-time items and expected adjusted OP progress led to double-digit increase
100M JPY
Revenue
Gross Profit（%）

SG&A Expenses（%）

R&D Expenses（%）

Other Income and Expenses
Operating Profit（%）

Adjusted Operating Profit（%）

Profit before Tax（%）

Profit for the Year

FY22 Q2 YTD

FY23 Q2 YTD Change

4,033
2,070

4,439
2,283

(51.3%)(51.4%)

1,171

1,315

(29.0%)(29.6%)

297

318(7.4%)(7.2%)

-42
560

15
665

(13.9%)(15.0%)

704

756(17.5%)(17.0%)

546

664(13.5%)(15.0%)

403

501

10%
10%

6%
6%

12%

8%

7%

3%

19%

15%

7%

4%

22%
24%

(10.0%)(11.3%)（%）
Average exchange rate (USD/EUR) 134JPY/139JPY 141JPY/153JPY©TERUMO CORPORATION

Change excluding
FX impact

FY22 Q2

FY23 Q2

2,060
1,054

2,286
1,185

(51.1%)(51.8%)

605

664(29.4%)(29.0%)

157

164(7.6%)(7.2%)

-37
255

12
368

(12.4%)(16.1%)

345

411(16.8%)(18.0%)

250

366(12.1%)(16.0%)

179

275

Change
11%
12%
10%
5%
44%
19%
47%
54%

(12.0%)(8.7%)
138JPY/139JPY 145JPY/157JPY

4 / 11

Here are the P&L results.
Revenue was driven by the TIS and TA businesses of the
Cardiac and Vascular Company, and by the Blood Center
business of the Blood and Cell Technologies Company, all ofwhich grew in the double digits.
In operating profit, the positive impacts of price policy
revisions outside Japan and cost reductions throughout thegroup occurred as anticipated, while one-time businessportfolio optimization profits also contributed to large growth.
Comparing the three months of Q2 against the previous year,
both gross profitability and adjusted operating profitability
improved. I will explain this in detail on the next slide.

4

OP Variance Analysis (Q2): Less inflation impact, profitability improvement progress(100M JPY)

G/P
incrementbysales
increaseGrossmarginPrice+18

Reimbursement
price

SG&A
R&D
increase increase

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

FX

Gross margin:
Cost-reduction absorbed inflation impact+7

Price:
Global promotion of price revision
SG&A increase:
Increased sales force for expansion oftherapeutic devices sales in the US
FX:+2.6B JPY flow impact; slight stock impact

FY22 Q2 FY22 Q2
OP
Adj. OP©TERUMO CORPORATIONFY23 Q2 FY23 Q2
Adj. OPOP

5 / 11

Next is the profit variance analysis comparing the threemonths of Q2 against the same quarter of the previous year.
First, in gross profitability on revenue, the impact of inflationthat worsened in the second half of the previous fiscal year
was cancelled out by the positive impact of cost reductions
and business mix improvement. Compared to the samequarter of previous year, Q2 improved to plus/minus zero,from negative 700 million yen in Q1.
In “Price,” the impact of price policies that were revised
globally starting last fiscal year expanded, to combine withpositive impact from the reimbursement price revision in
Japan.
In SG&A, the effect of increased sales force continued from
Q1 to expand therapeutic device sales in North America.
In FX, the impact on stock was slight, resulting in positive
impact on flow only.

5With these Q2 results, Q2 YTD profit variance items are eachprogressing as planned.
The next slide explains this.

5OP Variance Analysis (Q2 YTD): As planned in all areas(100M JPY)
G/P increment by sales increase:
Drivers were C&V, TBCT
Price
+31
Gross
G/P
margin Reimbur- SG&A
increment
R&D
sement increasebyincrease
price
sales

increase

Gross margin:
Absorbed some of inflation increase that began
2H last fiscal year through cost-reduction andmix improvement

FX

Price:
Global promotion of price revision+14

SG&A increase:
Increased sales force for expansion oftherapeutic devices sales in the US
FX:+4.0B JPY flow impact partly absorbed by -1.5B
JPY in stock impact
FY22
FY22
Q2 YTD Q2 YTD
OP
Adj. OP©TERUMO CORPORATION

FY23
FY23
Q2 YTD Q2 YTD
Adj. OPOP

6 / 11

Here is the Q2 YTD adjusted operating profit varianceanalysis.
Profit increment by revenue increase is 17 billion yen for theyear, and therefore progressing as planned.
Gross Margin remains at the same negative level it was as of
Q1.
Later, I will explain in detail the quarterly progress andoutlook for Gross Margin.
SG&A increase is also progressing as planned against theannual guidance.
In FX, the positive impact on flow exceeded the negative
impact on stock. The FX breakdown is 4 billion yen positivein flow, and 1.5 billion yen negative in stock.
Next slide, please.

6

Gross Margin: Substantial 2H improvement expected
FY23 guidance OP variance analysis

Quarterly breakdown by item
Q1 Q2 Q3 Q4

Details, 2H expectation(100M JPY)

Gross Margin(5.8B JPY/Year)©TERUMO CORPORATIONa Result

Expectation• Improvement of all items
accelerates in 2H• Fall-off of temporary costs from
Q4 of last fiscal year

Inflation• Ease in 2H• Start global tender for freight cost

Profitability
improvement• Production transfer, operations
improvement• Further results in 2H

Mix
improvement,
others• 2H sales increase in high-margin
businesses like PS• Sizable YoY improvement in Q4

7 / 11The variance analysis chart on the left of the slide is theannual guidance for profit variance that we announced in
May of this year.
The Gross Margin results for Q1 and Q2, and outlook for Q3
and Q4, are shown on the upper right bar graph of the slide.
Improvement is happening each quarter, and Q4 in particularwill be an especially positive improvement as the one-time
expenses of Q4 last fiscal year go away.
The breakdown of each item is shown on the lower portion.
The three items shown are “inflation,” “profitability
improvement,” and “mix improvement and other.”
In Inflation, impact worsened in the second half of last fiscal
year as electricity prices rose in Japan, but they have trended
flat since then, and are expected to ease going forward.
In freight cost, we began cost reduction efforts during the first
half.

7

Freight contracts were previously executed separately ineach region, but we will now consolidate them into global
tenders. In the second half, we expect to see the positiveeffects of this.
In profitability improvement measures, the effects of the
Costa Rica production transfer are already appearing, and in
the second half we expect to see further gains as Japanfactory operations improvements also bear fruit.
Regarding “mix improvement and others”: In addition tosecond-half increases in sales of high-profitability businesses
such as Pharmaceutical Solutions, the absence of one-time
expenses that occurred in Q4 last fiscal year—for example,
emergency freight costs associated with Blood and Cell
Technologies delivery delays, and the costs of transferring
Cardiac and Vascular and Blood and Cell Technologies
production to Costa Rica—lead us to anticipate drastic
improvement in Q4.
Next slide, please.

7

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

FY23 Q2 YTDYoY change

Revenue (100M JPY)

FY23 Q2 YTDRegional
breakdown

Q2 YTD( ) FX Neutral

Q2

1,063
1,381
1,537

519

Japan

1,024
1,012
1,011

532
514
536

23%

Europe

683
772
896

338
386
452

16%
(6%)

20%

China

301
384
411

147
190
211

7%
(8%)

Asia and
Others

374
484
585

Americas
35%

9%
13%

©TERUMO CORPORATION

FY21
FY22
FY23

719
797

11%
(6%)

-0%

193
251
290

21%
(16%)

Comments
Americas: Neuro of C&V grew in double digits;
Vascular Graft grew over 30%
Japan: TIS, Vascular Graft of C&V were
drivers; TBCT trended steadily. TMCS sales
down due to sell-off of nutrition business,
return to normal of thermometer demand
Europe: TIS of C&V grew in double digits;
Neuro and Vascular Graft drove with double
digit growth
China: TIS, blood center business were drivers.
Slight impact by decrease in number ofprocedures with anti-corruption campaign.
Neuro: distributor inventory adjustment impact
eased in Q2. TIS access products subject tovolume-based procurement (VBP) starting in
Dec. or later
Asia and Others: Sizable sales increase due to
TBCT blood center business tender timing.
C&V, TMCS also grew in double digits

8 / 11

Here is revenue by region. In the main markets of the UnitedStates and Europe, therpaeutic devices including
Neurovascular and stent grafts continued to be strong. In
addition, emerging markets including China and other Asian
countries drove the growth rate.
In Japan, although negative factors continued including therevenue decrease due to selling off the nutrition business andthe return to normal of thermometer demand, thereimbursement price revision and other factors had positive
impact, returning the region as a whole to the previous year
levels.
In China, despite limitations on sales promotion activities
under recent anti-corruption campaigns, there was only slightnegative top-line impact due to a decreased number ofprocedures. Also, although there was impact from
Neurovascular product sales being held back by distributors

8during Q1, this eased in Q2 and revenue has recovered.
Finally, regarding TIS Access product group purchasing: In
September there was a joint tender held for 20 government
ministries. The impact of this is expected to appear in thesecond half.
In Asia, a tender in which the Blood and Cell Technologies
Company participated occurred in the first half instead of thesecond half, causing a drastic increase in revenue.
Next slide, please.

8

C&V:

Americas, EU drove continuing strong sales; profit progress as planned（100M JPY）

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

Q2 YTD

Q2

Comments( ) FX Neutral

TIS:

2,657

Double-digit growth outside Japan; EU and China
were drivers. Access products subject to volumebased procurement (VBP) in China starting in Dec.
or later+186

Double-digit growth in US, EU to continue
strength. China distributor inventory adjustment
impact eased in Q2+34

Cardiovascular:

Japan hardware demand returned to normal, but
US, Asia sales stayed strong+40

VascularGraft:

US, EU were drivers. New hybrid product sales
trended strongly. Stent graft continued sales
expansion

+43

2,354
1,943
Revenue

13%
(8%)

948

1,186

1,351

Neurovascular:

14%

508

529

Adjusted
Operating
ProfitProfit%

576
9%
(4%)

214

249

308

Q2 YTD
YoY

24%

FY21

FY22

FY23

FY21

FY22

FY23

26%

22%

22%

23%

21%

23%

©TERUMO CORPORATION

Profit：Sales increase and profitability improvement pushed
back inflation impact. Increased sales force for
expansion of therapeutic devices sales in the US

9 / 11

I will now explain the results by company. First, Cardiac and
Vascular.
Revenue grew 8% when excluding FX; the TA and
Neurovascular businesses, and Americas and Europe
regions, led strong global performance.
Profit decreased in Q1 due to inflation and FX stock impact,
but increased drastically in Q2 due not only to increased
revenue, but also price policy revision impact.
Cost reduction effects will further increase in the second half,
and we look to achieve the annual guidance margin rate of24%.
Next slide, please.

9Increased sales and profit despite impact of Nutrition business divestiture,
return to normal of thermometers

TMCS:（100M JPY）

(TMCS: Medical Care Solutions)

Q2 YTD

Q2

Comments( ) FX Neutral

920

938

Revenue

HCS
Hospital Care
Solutions:

940

0%
(-1%)

482

478

503

5%

Adjusted
Operating
ProfitProfit%

134
81

83

70
37

2%
(1%)

55
49%

FY21

FY22

FY23

FY21

FY22

FY23

15%

9%

9%

15%

8%

11%

©TERUMO CORPORATIONIn Japan: Sell-off of Nutrition businessabsorbed by reimbursement priceimprovement, infusion set/pump strength.
Asia, Latin America drove outside JapanLCSLife Care
Solutions:

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

PS
Pharmaceutical
Solutions:

Sales impacted in all markets by delivery
timing change. Steady progress in
production investment toward mid- to longterm growthProfit:Q2 YTD
YoY

+21

-13

-6

Price policy effects absorbed the negative
impacts of Japan power cost inflation thatbegan 2H last fiscal year and temporary
product mix issues

10 / 11“TMCS” is the Terumo Medical Care Solutions Company.
In revenue, negative impacts included the return to normal ofdevice demand in the Life Care Solutions business.
The positive impact of reimbursement price revisions in the
Hospital Care Solutions business helped to push back thenegative impact of delivery timing changes in the
Pharmaceutical Solutions business to result in a slightrevenue decrease when excluding FX.
In profit, Q2 saw a QonQ improvement due to inflation easing
and product mix improvement, as well as a 1st Half YTD YoY
profit increase.
In the second half, the effect of the price policy revision weenacted on October 1st will appear, and we anticipate seeing
progress as planned toward achieving the annual guidance
margin rate of 10%.
Next slide, please.

10

TBCT:

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

(TBCT: Blood and Cell Technologies)

Q2 YTD

Q2

Comments

Q2 YTD
YoY( ) FX Neutral

841

Blood Center
Solutions:

740
582
Revenue
14%
(9%)

395

432

299

Therapeutic
Solutions:

9%

Cell Therapy
Technologies:

118
91
Adjusted
Operating
ProfitProfit%

106
17%
(21%)

58

55

+88

Cell collection demand expanded in US.
Therapeutic apheresis for hospitals strongin Asia+27

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

-14

48
-13%

FY21

FY22

FY23

FY21

FY22

FY23

20%

12%

13%

19%

14%

11%

©TERUMO CORPORATION

Earlier timing of Asia tenders increased
sales. Whole blood collection productsales strong in Latin America, EU

Profit:Large profit increase through sales growth.
Continued positive impact from price revision
and Costa Rica production transfer

11 / 11

The final company is TBCT, which is the Blood and Cell
Technologies Company.
In revenue, a higher-than-anticipated growth was maintained,even though the revenue increase due to elimination of backorders that had continued from last fiscal year into Q1 wasgone by Q2; this was because tenders scheduled for thesecond half were moved earlier into the first half.
In profit, there was a large increase in Q1 due to the one-time
impact of inventory evaluation adjustment; however, thiscalmed in Q2.
In the first half, we were able as a Group to make progress asplanned in both revenue and profit. In the second half, we
aim to achieve the annual guidance by realizing further
impact from our profitability improvement measures.
This concludes my explanation of our earnings.

11

Reference©TERUMO CORPORATION

12 / 1112

Revenue by Segment and Region©TERUMO CORPORATION

13 / 11

Quarterly Revenue Trend
FY23 Q2: +11% vs. FY22 Q2, +6% vs. FY23 Q1(100M JPY)
2,500

2,000

1,500
TBCT
TMCS
1,000

C&V

500

0

FY19 FY20 FY21 FY22 FY23
Q1

©TERUMO CORPORATION

FY19 FY20 FY21 FY22 FY23

FY19 FY20 FY21 FY22 FY23

FY19 FY20 FY21 FY22 FY23

X

Q2

Q3

Q4

Q5

14 / 11

Profitability Improvement Progress
1H progress

1 Price policy

1H progress

2 VC2 impact

12.0B JPY Q2

3.6B JPY Q2

2H

2H
2H

2H
VC2: Group-wide production and SG&A cost-reduction project

1H
results2H
expectation©TERUMO CORPORATION

Reimbursement price revision
positive impact, along with
global price policy revision

Costa Rica transfer
cost reduction impact
Further impact through automation,

Expand to more products, regions
continuous impact expected

optimization and operations
improvement in Japan factories
15 / 1115

P&L (QoQ)(100M JPY)

FY22 Q2

Q3

Q4

FY23 Q1

Q2(Jul-Sep)(Oct-Dec)(Jan-Mar)(Apr-Jun)(Jul-Sep)

Revenue

2,060

2,147

2,022

2,153

2,286

Gross Profit

1,054 (51.1%)

1,114 (51.9%)990 (49.0%)

1,098 (51.0%)

1,185 (51.8%)

SG&A Expenses

605 (29.4%)

615 (28.6%)

597 (29.5%)

651 (30.2%)664 (29.0%)

R&D Expenses

157 (7.6%)

159 (7.4%)

160 (7.9%)

154 (7.2%)

164 (7.2%)

Other Income and Expenses

-37

35

Operating Profit

255 (12.4%)375 (17.5%)

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

Adjusted Operating Profit

345 (16.8%)

392 (18.2%)

284 (14.1%)

345 (16.0%)

411 (18.0%)

138JPY
139JPY

142JPY
144JPY132JPY
142JPY

137JPY
150JPY

145JPY
157JPY

Quarterly
Average Rate©TERUMO CORPORATION

USD
EUR

5

3

12

16 / 1116

SG&A (QoQ)(100M JPY)

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

R&D Expenses(%)

FY22 Q2(Jul-Sep)

Q3(Oct-Dec)

Q4(Jan-Mar)FY23 Q1(Apr-Jun)

Q2(Jul-Sep)

312
44
47
59
142
605

316
52
49
60
138
615

307
45
44
58
143
597

336
49
47
58
161
651

349
44
46
61
164
664

(29.4%)(28.6%)(29.5%)(30.2%)(29.0%)

157

159

160

154

164

(7.6%)(7.4%)(7.9%)(7.2%)(7.2%)

Total

761

774

757

805

828

(%)

(37.0%)(36.0%)(37.4%)(37.4%)(36.2%)

Quarterly Average Rate©TERUMO CORPORATION

USD

138JPY

142JPY132JPY

137JPY

145JPY

EUR

139JPY

144JPY

142JPY

150JPY

157JPY

17 / 1117

SG&A (YoY)(100M JPY)
FY23 Q2
YTD

YoY

YoY%

YoY%
excluding
FX impact

610
90
91

685
93
94

75
3
2

12%
3%
2%

115

119

4

(%)

265
1,171
(29.0%)

325
1,315(29.6%)

R&D Expenses(%)

297(7.4%)

Total
(%)

1,468
(36.4%)

FY22 Q2YTD

Salaries & Wages
Sales Promotion
Logistical Costs
Depreciation andAmortization
OthersSG&A Expenses©TERUMO CORPORATION

FY22 Q2

FY23 Q2

YoY

YoY%

7%
-1%
-1%

312
44
47

349
44
46

37
-0
-1

12%
-0%
-0%

3%

0%

59

61

2

0%

60
144

23%
12%

18%
8%

142
605
(29.4%)

164664(29.0%)

22
59

15%
10%

318
(7.2%)

21

7%

3%

157
(7.6%)

164(7.2%)

7

5%

1,633
(36.8%)

165

11%

7%

761
(37.0%)

828(36.2%)

66

9%18 / 1118

Adjusted Operating Profit: Adjustment Items(100M JPY)

FY22 Q2YTD

FY23 Q2YTD

FY22 Q2

FY23 Q2

Adjusted Operating Profit

704

756

345

411

Adjustment 1. Amortization of
acquired intangible assets

-95

-97

-49

-50

Adjustment 2. Non-recurring profit or loss

-49

6

-40

8

Operating Profit

560

665

255

368

<General examples of adjustment items>• Acquisition related cost • Impairment loss

• Nonlife insurance income• Restructuring loss

• Other one-time profits & losses• Loss on disaster

Adjustment 2. Non-recurring profit or loss

FY22 Q2
YTD

Restructuring loss

Others©TERUMO CORPORATIONFY23 Q2YTD-10Goodwill amortization related to sale of part ofcell processing businessProfit from sale of Olympus Terumo Biomaterials stock• Lawsuit settlement

-7

-35

-

-4

13
-

19 / 1119

CAPEX, Depreciation and Amortization, R&D Expenses
FY20

FY21

FY22

(100M JPY)
FY23 Q2
FY23
YTD(100MGuidance
JPY)

CAPEX

772

692

758

327

800

Depreciation and Amortization
Amortization of
acquired intangible assets
Others

484

532

635

335

675

146

161

188

97

175

338

371

447

238

500

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

FY23 Q2 YTD (32.7B JPY): Continued investment mainly for TIS, Neurovascular, Pharmaceutical Solutions,
TBCT in production capacity, Plasma Innovations, R&D as well as IT infrastructure (SAP). Investment on
construction of a new plant building in the premises of the Kofu Factory to strengthen production system for
CDMO (Contract Development and Manufacturing Organization) business etc.
FY23 Guidance ROE 8.5%, ROIC 7.0%

R&D Expenses©TERUMO CORPORATION

FY20

FY21

FY22

FY23 Q2
YTD

FY23
Guidance

491

518

616

318

650

20 / 1120

Cash Flows (Q2 YTD)
Investing & Financing CF-536

Operating CF
+536

368

664

226

Incometaxes, etc.

Depreciation
andamortization

270

Working
capitalgains andlosses327

CAPEX

Profitbefore tax

100

Redemptionof bonds

156

47

Dividends

Others

1,873

Cash at the endof FY22©TERUMO CORPORATION(100M JPY)CAPEX = Construction in progress record basis
Aligned with period-end account balance "Cash and cash equivalents" on B/S

1,873

Cash at the endof FY23 Q2

21 / 1121

Cash Flows (Q2)
Investing & Financing CF-149

Operating CF+421(100M JPY)

51
188
Depreciation
andamortization

366

Incometaxes, etc.

82
Working
capitalgains andlosses

191

42

CAPEX

Others156

1,601

Cash at the endof FY23 Q1©TERUMO CORPORATION

1,873

Profitbefore tax

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

Cash at the endof FY23 Q2

22 / 1122

FY23 Q2 YTD FX Impact Breakdown (Flow, Stock)
FX impact vs. FY22 Q2 YTD +2.5B JPY
Flow +4.0B JPY: USD, EUR appreciation positive impact
Rate (JPY)FY22 Q2 YTD
Average Rate

FY23 Q2 YTD
Average Rate

Variation

USD

134

141

7

EUR

139

153

15

CNY

19.9

19.7

-0.1

Stock -1.5B JPY: FX impact from elimination of unrealized profit on inventory assets• Rapid JPY depreciation in September, variation between average rate and quarter-end rate resulted in negative impact

Rate (JPY)FY22
End of March

FY23
End of September

Variation

USD

134

150

16

EUR

146

158

12

©TERUMO CORPORATION

23 / 11Foreign Exchange Sensitivity
Annual impact of 1 JPY depreciation (Flow)(100M JPY)

USD

EUR

CNY

Revenue

22

11

39

Adjusted Operating Profit

0

5

23

USD

EUR

CNY

-2.5

-0.6

-2.0

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

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