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    4519   JP3519400000

CHUGAI PHARMACEUTICAL CO., LTD

(4519)
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Chugai Pharmaceutical : 1Q Results (Jan-Mar 2022)

04/25/2022 | 12:55pm EDT

NOTICE: For the convenience of capital market participants, Chugai makes efforts to provide English translations of the information disclosed in Japanese, provided that the Japanese original prevails over its English translation in the case of any discrepancy found between documentation.

CONSOLIDATED FINANCIAL STATEMENTS (IFRS) (Non-Audited)

(for the first quarter of the fiscal year 2022)

Name of Company:

Chugai Pharmaceutical Co., Ltd.

Stock Listing:

Tokyo Stock Exchange

Security Code No.:

4519 (URLhttps://www.chugai-pharm.co.jp/english)

Representative:

Osamu Okuda, President & CEO

Contact:

Toshiya Sasai, Head of Corporate Communications Department

Phone:

+81-(0)3-3273-0554

Date of Submission of Quarterly Marketable Securities Filings: April 26, 2022 Date on which Dividend Payments to Commence:

April 25, 2022

Supplementary Materials Prepared for the Quarterly Financial Statements: Yes

Presentation Held to Explain the Quarterly Financial Statements: Yes (for institutional investors, securities analysts and the media)

(Note: Amounts of less than one million yen are rounded.)

1. Consolidated results for the first quarter of FY 2022 (January 1, 2022-March 31, 2022)

(1) Consolidated operating results

Revenues

% change

Operating profit

% change

Net income

% change

First three months of FY 2022

First three months of FY 2021

¥360,554 million ¥168,817 million

113.6 (5.9)

¥187,007 million ¥63,967 million

192.3 (11.7)

¥131,775 million ¥47,411 million

177.9 (8.0)

Net income attributable to

Chugai shareholders

% change

Total comprehensive income

% change

First three months of FY 2022

First three months of FY 2021

¥131,775 million ¥47,411 million

177.9 (8.0)

¥127,822 million ¥51,688 million

147.3

3.1

Earnings per share

(Basic)

Earnings per share

(Diluted)

First three months of FY 2022

First three months of FY 2021

¥80.14 ¥28.84

¥80.09 ¥28.82

Note: Percentages represent changes compared with the same period of the previous fiscal year.

(2) Consolidated results (balance sheet)

Total assets

Total equity

Equity attributable to Chugai shareholders

Ratio of equity attributable to Chugai shareholders

As of Mar. 31, 2022

As of Dec. 31, 2021

¥1,584,948 million ¥1,538,694 million

¥1,240,510 million ¥1,188,017 million

¥1,240,510 million ¥1,188,017 million

78.3% 77.2%

2. Dividends

Annual dividends per share

End of first quarter

End of second quarter

End of third quarter

End of fiscal year

Total

FY ended Dec. 2021

FY ending Dec. 2022

- -

¥30.00

¥46.00

¥76.00

FY ending Dec. 2022 (Forecast)

¥38.00

¥38.00

¥76.00

Note: Whether the most recent dividend forecast has been revised: No

3. Consolidated forecasts on Core basis for FY 2022 (January 1, 2022-December 31, 2022)

Core revenues

% change

Core operating profit

% change

Core net income

% change

First three months of FY 2022 (Results)

¥268,639 million

+23.4

¥98,946 million

+22.5

¥70,595 million

+22.6

FY ending Dec. 2022 (Forecast)

¥1,150,000 million

+15.0

¥440,000 million

+1.4

¥312,500 million

+0.3

Core earnings per share

Core dividend payout ratio %

First three months of FY 2022 (Results)

¥42.91

+22.6

FY ending Dec. 2022 (Forecast)

¥190.00

+0.3

40.0

Notes: 1. Except for Core dividend payout ratio, percentages represent changes compared with the same period of the previous fiscal year for the forecasts, and the percentage of forecast levels that have been achieved to date for the results.

  • 2. Whether the most recent forecasts for consolidated figures have been revised: No

  • 3. The figures for the consolidated forecasts and actuals are calculated based on Core basis indicators established by Chugai and used on a consistent basis. Core EPS is diluted earnings per share attributable to Chugai shareholders on a

    Core basis.

4. Others

  • (1) Changes in the state of material subsidiaries during the period (Changes in the state of specific subsidiaries with change in scope of consolidation): None

  • (2) Changes in accounting policies and changes in accounting estimates

    • (a) Changes in accounting policies required by IFRS: None

    • (b) Changes in accounting policies other than those in (a) above: None

    • (c) Changes in accounting estimates: None

  • (3) Number of shares issued (common stock):

    • (a) Number of shares issued at the end of the period (including treasury stock)

    • (b) Number of treasury stock at the end of the period

    • (c) Average number of shares issued during the period (three months)

As of Mar. 31, 2022

1,679,057,667

As of Dec. 31, 2021

1,679,057,667

As of Mar. 31, 2022

34,584,281

As of Dec. 31, 2021

34,739,943

First three months of FY 2022

1,644,365,731

First three months of FY 2021

1,643,941,381

Notes:

The quarterly financial statements are not subject to quarterly reviews.

Explanation of the appropriate use of performance forecasts and other related items

(1) Portions of this report that refer to performance forecasts or any other future events are believed to be reasonable under information available at the time of the forecasts. Actual results may differ from these forecasts due to potential risks and uncertainties.

(2) The forecast which is published for shareholders and investors is based on the internal management indicator Core basis under International Financial Reporting Standards ("IFRS"). The difference between IFRS results and Core results will be explained at each event and presentation.

(3) For the specifics of the forecasts, please refer to "Consolidated Forecasts and Other forward-looking Statements" on page 6 of the attachment.

(4) Chugai is scheduled to hold a tele-conference as noted below. The presentation materials, the verbal recording, the Q&A, and other related documents will be posted on the Chugai's website following the conclusion of the conference.

Tele-conference for institutional investors, securities analysts and the media (Japanese only): April 25, 2022, Monday (Japan time).

The English translation of the presentation materials will be posted on the website on the next business day.

Index of the Attachment

1. Qualitative Information ................................................................................................................................................. 2

(1) Consolidated operating results ................................................................................................................................... 2

(2) Consolidated financial position .................................................................................................................................. 5

(3) Consolidated forecasts and other forward-looking statements ................................................................................ 6

2. Interim Condensed Consolidated Financial Statements and Major Notes .............................................................. 7

(1) Interim condensed consolidated income statement and interim condensed consolidated statement of

comprehensive income ................................................................................................................................................ 7

(2) Interim condensed consolidated balance sheet ........................................................................................................... 9

(3) Interim condensed consolidated statement of cash flows ........................................................................................... 10

(4) Interim condensed consolidated statement of changes in equity ................................................................................ 11

(5) Notes regarding the going concern assumption .......................................................................................................... 12

(6) Notes regarding the interim condensed consolidated financial statements ................................................................ 12

Chugai Pharmaceutical Co., Ltd. (4519) CONSOLIDATED FINANCIAL STATEMENTS (1st quarter of FY 2022)

1. Qualitative Information

(1) Consolidated operating results in billions of yen

First three months of

FY 2022.12

(Jan. 1, 2022-Mar. 31, 2022)

First three months of

FY 2021.12

(Jan. 1, 2021-Mar. 31, 2021)

% change

Core results

Revenues

268.6

168.8

+59.1

Sales

242.7

130.3

+86.3

Royalties and other operating income

25.9

38.6

(32.9)

Cost of sales

(114.1)

(55.0)

+107.5

Gross profit

154.5

113.8

+35.8

Marketing and distribution

(16.7)

(15.8)

+5.7

Research and development

(32.9)

(28.7)

+14.6

General and administration

(6.0)

(3.9)

+53.8

Operating profit

98.9

65.4

+51.2

Net income

70.6

48.4

+45.9

IFRS results

Revenues

360.6

168.8

+113.6

Operating profit

187.0

64.0

+192.2

Net income

131.8

47.4

+178.1

Consolidated financial highlights (IFRS results)

Revenues for the three months under review were ¥360.6 billion (an increase of 113.6% year on year), operating profit for the three months under review was ¥187.0 billion (an increase of 192.2% year on year), and net income for the three months under review was ¥131.8 billion (an increase of 178.1% year on year). These results include non-Core items, such as amortization of intangible assets of ¥0.3 billion, impairment loss of intangible assets of ¥0.2 billion, and restructuring expenses etc. of ¥3.4 billion, as well as the income from the lump-sum payment of ¥91.9 billion recognized as a result of a settlement agreement between Chugai and Alexion Pharmaceuticals, Inc., which are excluded from the Core results that Chugai adopts to manage recurring business activities.

Consolidated financial highlights (Core results)

Revenues for the three months under review were ¥268.6 billion (an increase of 59.1% year on year), due to a significant increase in sales, despite a decrease in royalties and other operating income.

Of revenues, sales were ¥242.7 billion (an increase of 86.3% year on year). Within domestic sales the sales grew significantly over the previous fiscal year primarily due to the favorable sales of the mainstay product Hemlibra, the steady market penetration of new products such as Polivy, Evrysdi and Enspryng, and the supply of Ronapreve to the government, while sales were affected by the NHI drug price revisions of April 2021 and market penetration of generic drugs. Overseas sales increased significantly compared to the previous fiscal year due to the major increase in the exports of Hemlibra and Actemra to Roche. Royalties and other operating income amounted to ¥25.9 billion (a decrease of 32.9% year on year), due to a significant decrease in royalty income from initial shipments of Hemlibra. Furthermore, cost to sales ratio was 47.0%, a 4.8 percentage point deterioration year on year, reflecting a change in the product mix and other factors. As a result, gross profit amounted to ¥154.5 billion (an increase of 35.8% year on year).

Operating expenses were ¥55.6 billion (an increase of 14.6% year on year). Marketing and distribution expenses were ¥16.7 billion (an increase of 5.7% year on year) due to increased activities by the overseas subsidiaries and the effects of foreign exchange. Research and development expenses amounted to ¥32.9 billion (an increase of 14.6% year on year) due to an increase in expenses associated with the progress of projects, etc. General and administration expenses amounted to ¥6.0 billion (an increase of 53.8% year on year) primarily due to increases in the enterprise tax (pro forma standard taxation) and various expenses. As a result, operating profit was ¥98.9 billion (an increase of 51.2% year on year) and net income was ¥70.6 billion (an increase of 45.9% year on year).

Disclaimer

Chugai Pharmaceutical Co. Ltd. published this content on 25 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2022 16:49:40 UTC.


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Net income 2022 342 B 2 529 M 2 529 M
Net cash 2022 571 B 4 225 M 4 225 M
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Tatsuro Kosaka Manager-Pharmaceutical Business Strategy Office
Osamu Okuda Manager-Life Cycle Management II
Itagaki Toshiaki CFO, Manager-Information Technology & Accounting
Hisafumi Okabe Senior Executive Officer & Head-Research
Junichi Nezu Executive Officer, GM-Research & Development
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