First Quarter Consolidated Financial Results for the Fiscal Year Ending March 31, 2024
1.
Overview of Consolidated Financial Results
P.2
2.
Highlights of Business Performance
P.3
3. Consolidated Financial Results
P.4
4.
Main Product Sales Update
P.5
5.
Financial Results and Forcast
P.6
6.
Development pipeline
P.7~9
August 2, 2023
KYORIN Pharmaceutical Co., Ltd.
■Disclaimer
This material contains performance forecasts, goals and plans, and other forward-looking
statements related to the Group.
These statements are based on the judgment of the Group′s assumptions and outlooks based on the information and forecasts available at the time of preparation of this material, and contain known or unknown risks and uncertainties. Therefore, due to various factors that may occur, the actual performance, progress / success / failure of the development and other insights may differ significantly from the description. It also contains information about medicines (including those under development), but the description is not for the purpose of advertising or medical advice.
Notice: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
1
Overview of Consolidated Financial Results for FY2023
FY2020
FY2021
FY2022
FY2023
Change
Interim term
Change
Full term
Change
(JPY millions)
FY2023
FY2023
1Q (Apr-Jun)
1Q (Apr-Jun)
1Q (Apr-Jun)
1Q (Apr-Jun)
(%)
(%)
(%)
(Forecast)
(Forecast)
Net sales
24,689
24,695
24,619
27,854
+13.1
53,700
+9.4
116,200
+2.6
Operating profit
2,014
-756
489
710
+45.1
600
-22.9
6,000
+17.1
Ordinary profit
2,265
-491
779
913
+17.2
900
-23.2
6,500
+11.5
Profit attributable to
1,609
-462
1,183
676
-42.8
700
-43.7
4,900
+3.7
owner of parent
First Quarter Consolidated Financial Results for FY2023
[Net sales] Sales of new drugs etc. (Japan) increased from year on year by sales increase in Beova, Lasvic etc. by the efforts to spread of the product, while the impact of the NHI drug price revision. And also sales of generic drugs increased. As a result, net sales were 27,854 million yen (an increase of 3,234 million, yen year on year)
[Profit] Gross profit was 12,232 million yen (an increase of 1,193 million yen year on year) due to increase in sales. On the other hand, SG&A expenses increased 972 million yen (R&D expenses decreased 273 million yen) . As a result, operating profit was 710 million yen (a increase of 220 million yen, year on year). Profit attributable to owner of parent was 676 million yen (a decrease of 506 million yen) , compare to an extraordinary income of 879 million yen in previous year.
Consolidated Financial Results for FY2023 (Forecast)
The forecast for the interim term and full term announced on May 11, 2023 remain unchanged at this moment. (Progress compared with the forecast for the interim term, net sales: 51.9%, operating income: 118.4%) There is no change to the dividend plan announced on May 11, 2023 (Annual dividend of 52 yen per share).
2
Highlights of Business Performance
(JPY billions)
(JPY billions)
Net sales increased (+ 3.3 )
25.0
20.0
15.0
10.0
5.0
0.0
Cost of
Sales
13.6
Cost of
Sales Ratio
Net Sales 55.2%
24.6
R&D
2.3
SG&A
(excluding R&D)
8.3
SG&A
10.5
Operating
Income
0.5
Net Sales
27.9
Cost of
Sales
15.6
Cost of
Sales Ratio
56.1%
R&D
2.0
SG&A
(excluding R&D)
9.5
0.7
SG&A
11.5
Operating
Income
0.7
Increase in sales of new drugs
Main products (Beova, Lasvic) grew
Increase in sales of generic drugs
Cost of sales ratio increased (+0.9 %point)
Increase in sales of new drugs
Impact of NHI drug price revisions (Kyorin Pharmaceutical: 7% range)
Increase in sales of generic drugs
Gross profit increased (+ 1.2)
SG&A cost increased (+ 1.0 )
R&D expenses decreased (-0.3)
Dissolution of ActivX (Mar 2023)
SG&A (excluding R&D) increased (+1.2)
Increase in license fee, personnel expenses
Operating profit increased (+ 0.2)
FY2022 1Q
FY2023 1Q
3
Consolidated Financial Results
(JPY billions)
FY2022 1Q
FY2023 1Q
Change
(JPY billions)
(Year on Year)
■ Net sales
27.9
(+3.3)
●New drugs (Japan)
18.9
(+2.5)
FY2022 (1Q)
FY2023 (1Q)
・Beova
2.7
⇒
4.2
( +1.5)
・Lasvic
0.4
⇒
1.1
( +0.7)
・Lyfnua
0.1
⇒
0.2
( +0.1)
Net sales
24.6
New drugs (Japan)
16.4
New drugs
0.1
(Overseas)
Generic drugs
8.1
Operating profit
0.5
Ordinary profit
0.8
Profit attributable
1.2
to owner of parent
27.9 +3.3
+2.5
0
8.9 +0.8
0.7 +0.2
0.9 +0.1
0.7 ー0.5
・Desalex
1.6
⇒
1.6
(
0)
・Flutiform
2.9
⇒
3.1
(
+0.2)
・Pentasa
3.4
⇒
3.1
( -0.3)
・Kipres
1.5
⇒
1.3
( -0.2)
・Mucodyne
0.8
⇒
1.0
( +0.2)
・Nasonex
0.4
⇒
0.2
( -0.2)
・Uritos
0.2
⇒
0.1
( -0.1)
●New drugs (Overseas)
0.1
(
0)
●Generic drugs
8.9
(+0.8)
Increase sales in AG products (Kipres AG, Nasonex AG)
Items launched in June 2023 contribute to sales
■ Operating income
0.7
(+0.2)
●Cost of sales ratio : 56.1%(FY2022 1Q: 55.2%)
[Factors of decrease] Increase in sales of new drugs
[Factors of increase] NHI drug price revisions, sales increase in generic drugs
FY2022 1Q: Extraordinary profit of gain on insurance of ¥879M regarding a fire at Nishinihon delivery center.
4
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Kyorin Pharmaceutical Co. Ltd. published this content on 02 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2023 07:16:10 UTC.
Kyorin Pharmaceutical Co Ltd, formerly Kyorin Holdings Inc, is a Japan-based company mainly engaged in the pharmaceuticals business. The Pharmaceuticals segment is mainly engaged in the manufacture, purchase, sales and testing of pharmaceutical products, the purchase of raw materials for pharmaceuticals, the evaluation of technologies, the inspection, analysis and negotiation of license affiliations, the operations related to clinical trials and information gathering such as searching for drug discovery seeds, as well as the drug candidate compound discovery research and compound evaluation business. The Company also conducts the diagnostic businesses and verifies and creates research targets that are directly linked to drug discovery.