Consolidated Financial Results
for the Fiscal Year Ended 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. | R&D Expenses, Capital Expenditure & Depreciation Expense | P.6 |
6. | Development pipeline | P.7-9 |
7. Consolidated Financial Results and full year Forecast | P.10 | |
【Reference】 | ||
8. P&L Summary | P.12-13 | |
9. BS Summary | P.14 | |
10. | Financial summary | P.15 |
11. Kyorin Pharmaceutical result | P.16-19 |
May 10, 2024
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
(JPY millions) | FY2020 | FY2021 | FY2022 | FY2023 | Change | FY2024 | Change |
(%) | (Forecast) | (%) | |||||
Net sales | 102,904 | 105,534 | 113,270 | 119,532 | +5.5 | 123,400 | +3.2 | ||
Operating profit | 5,786 | 5,007 | 5,123 | 6,013 | +17.4 | 6,500 | +8.1 | ||
Ordinary profit | 6,447 | 5,569 | 5,827 | 6,602 | +13.3 | 6,900 | +4.5 | ||
Profit attributable to | 6,130 | 3,932 | 4,723 | 5,322 | +12.7 | 5,000 | -6.1 | ||
owner of parent | |||||||||
Net income per share (¥) | 106.99 | 68.62 | 82.44 | 92.74 | +12.5 | 87.03 | -6.2 | ||
Total assets | 167,126 | 171,924 | 176,045 | 177,679 | +0.9 | - | - | ||
Total equity | 124,661 | 124,507 | 125,461 | 130,783 | +4.2 | - | - | ||
Consolidated Financial Results for FY2023
[Net sales] Sales of new drugs etc. (Japan) increased from year on year by the effort to spread of the product, while the impact of the NHI drug price revision. Sales of generic drugs decreased. As a result, net sales were 119,532 mil. (an increase of 6,262 mil. year on year)
[Profit] Gross profit was 51,408 mil.(an increase of 1,240 mil. year on year) due to increase in sales. On the other hand, SG&A expenses increased 350 mil. (R&D expenses decreased 2,884 mil.). As a result, operating profit was 6,013 mil. (increased 890 mil., year on year). Extraordinary income of 1,404 mil. and extraordinary loss of 987 mil. caused to profit attributable to owner of parent of 5,322 mil.(increased 598 mil., year on year).
Consolidated Financial Results for FY2024 (Forecast)
Net sales of new drugs (Japan) are expected to increase in FY2024 by sales increase in "Beova", "Lasvic" and "Lyfnua" etc., though affect by NHI drug price revisions, and sales increase in generic drugs. Operating profit are expected to increase, since gross profit are expected to increase by an increase in net sales and SG&A are expected to remain flat. From the above, in terms of consolidated results for FY2024, net sales are forecast to be 123.4 billion yen (+3.2% year on year), operating profit to be 6.5 billion (+8.1% year on year), and profit attributable to owners of parent to be 5.0 billion (-6.1% year on year).
2
Highlights of Business Performance
(JPY billions)
120.0
100.0 | Cost of | |
Sales | ||
63.1 | ||
80.0 | Cost of | |
Sales Ratio | ||
60.0 | Net Sales 55.7% | |
113.3 | ||
R&D | ||
40.0 | 10.9 | |
SG&A | ||
(excluding R&D) | ||
20.0 | 34.1 | |
0.0
SG&A
45.0
Operating
Income
5.1
Cost of
Sales
68.1
Cost of
Sales Ratio
Net Sales 57.0%
119.5
8.0R&D
SG&A
(excluding R&D)
37.4
6.0
SG&A
45.4
Operating
Income
6.0
(JPY billions)
Net sales increased (+ 6.2 )
- Increase in sales of new drugs
- New drugs grew (Beova, Lasvic etc.)
- Increase in sales of long-listed products (Kipres, Mucodyne)
Cost of sales ratio increased (+1.3 %point)
- Increase in sales of new drugs (Beova, Lasvic etc)
- Increase in the ratio of new drugs
- Impact of NHI drug price revisions (Kyorin Pharmaceutical: 7% range)
- Loss on disposal of generic drugs
- Effect of exchange rate
Gross profit increased (+ 1.2)
SG&A cost increased (+ 0.4)
- R&D expenses decreased (- 2.9)
- Reactionary drop of milestone payment
- Decline of expenses regarding of ActivX
- SG&A (excluding R&D) increased (+ 3.3)
- Increase in selling expenses, personnel expenses, depreciation expenses and license fees etc.
Operating profit increased (+ 0.9)
FY2022FY2023
3
Consolidated Financial Results
(JPY billions) | (Year on Year) | (vs Forecast) | ||||||
■Net sales | 119.5 | (+6.2) | (+3.3) | |||||
●New drugs (Japan) | 82.6 | (+7.8) | (+3.5) | |||||
FY2022 | FY2023 |
(JPY billions) | FY2022 |
Net sales | 113.3 |
New drugs, etc | 74.8 |
(Japan) | |
New drugs | 0.3 |
(Overseas) | |
Generic drugs | 38.2 |
FY2023 Change
- +6.2
- +7.8
0.4 +0.1
36.6 -1.6
・Beova | 12.9 | ⇒ | 18.1 | ( +5.2) | ( -0.8) | ||||
・Lasvic | 2.5 | ⇒ | 4.9 | ( +2.4) | ( +1.7) | ||||
・Lyfnua | 0.2 | ⇒ | 0.8 | ( +0.6) | ( -0.5) | ||||
・Desalex | 8.5 | ⇒ | 8.9 | ( +0.4) | ( | 0) | |||
・Flutiform | 12.0 | ⇒ | 12.9 | ( +0.9) | ( +1.5) | ||||
・Pentasa | 12.8 | ⇒ | 12.3 | ( -0.5) | ( +0.5) | ||||
・Kipres | 6.6 | ⇒ | 7.0 | ( +0.4) | ( +1.7) | ||||
・Mucodyne | 3.5 | ⇒ | 4.2 | ( +0.7) | ( +1.2) | ||||
・Nasonex | 2.5 | ⇒ | 2.0 | ( -0.5) | ( +0.8) | ||||
・Uritos | 0.7 | ⇒ | 0.5 | ( -0.2) | ( +0.3) | ||||
●New drugs (Overseas) | 0.4 | (+0.1 ) | (0) | ||||||
●Generic drugs | 36.6 | (-1.6) | (0) | ||||||
Decrease sales in AG products | |||||||||
Decrease sales in supplies to other companies | |||||||||
Items launched in FY2023 contribute to sales | |||||||||
■Operating profit | 6.0 | (+0.9) | (0) | ||||||
●Cost of sales ratio : 57.0%(FY2022: 55.7%)
[Factors of decrease] Increase in sales of new drugs (Beova, Lasvic etc.) - Increase in the ratio of new drugs
[Factors of increase] NHI drug price revisions, Loss on disposal of generic drugs effect of exchange rate
Operating profit | 5.1 |
Ordinary profit | 5.8 |
6.0 +0.9
6.6 +0.8
●R&D : 8.0(FY2022: 10.9 )
Reactionary drop of milestone payment, decline of expenses regarding of ActivX, etc.
●SG&A (excluding R&D expenses) : 37.4 (FY2022: 34.1)
Increase in selling expenses, personnel expenses, depreciation expenses and license fees etc.
■ Profit attributable to owner of parent 5.3 (+0.6) | (+0.4) |
Profit attributable | 4.7 |
to owner of parent | |
5.3 +0.6
Extraordinary profit 1,404 mil.: gain on sale of investment securities of 993 mil. etc.
Extraordinary loss 987 mil.: expenses regarding voluntary retirement program of 869 mil. etc.
4
Main Product Sales Update
(JPY billions) | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | Change | Change |
(%) | |||||||
FY2024
(Forecast)
New drugs, (Japan)
Beova (Kyorin)
(β3 adrenergic receptor agonist overactive bladder therapeutics )
Lasvic
(New quinolone synthetic antibacterial agent)
Lyfnua
(selective P2X3 receptor antagonist for the treatment of chronic cough)
Desalex
(Antiallergic Agent)
Flutiform
(Combination drug for asthma treatment)
Pentasa
(Ulcerative colitis and Crohn's disease treatment)
Kipres
(Leukotriene Receptor Antagonist)
Mucodyne
(Mucoregulant)
Uritos (Kyorin)
(Therapeutic agent for overactive bladder)
Milton
(Disinfectant)
Rubysta
(Disinfectant)
4.3 | 7.3 | 8.6 | 12.9 | 18.1 | +5.2 | +40.3 |
1.1 | 0.9 | 1.8 | 2.5 | 4.9 | +2.4 | +99.5 |
- | - | - | 0.2 | 0.8 | +0.6 | +323.9 |
2.6 | 5.7 | 7.1 | 8.5 | 8.9 | +0.4 | +3.7 |
14.6 | 13.3 | 12.6 | 12.0 | 12.9 | +0.9 | +7.1 |
13.3 | 12.8 | 14.0 | 12.8 | 12.3 | -0.5 | -4.0 |
11.8 | 8.3 | 8.4 | 6.6 | 7.0 | +0.4 | +5.9 |
5.8 | 3.3 | 3.5 | 3.5 | 4.2 | +0.7 | +20.6 |
5.8 | 2.3 | 1.3 | 0.7 | 0.5 | -0.2 | -26.4 |
2.4 | 2.1 | 2.1 | 2.0 | 1.9 | -0.1 | -6.7 |
1.5 | 2.0 | 2.1 | 2.1 | 1.5 | -0.6 | -25.8 |
22.0
6.4
1.5
9.6
12.5
11.6
5.3
4.3
0.3
1.9
1.5
Montelukast tablets "KM" | 11.5 | 10.8 | 12.2 | 13.3 | 12.3 | -1.0 | -7.7 | |
(Leukotriene Receptor Antagonist) | ||||||||
Generic | Mometasone Nasal 50μg "KYORIN" | 2.8 | 3.8 | 3.6 | 4.7 | 4.5 | -0.2 | -2.7 |
drugs | (Spray type allergic rhinitis remedy) | |||||||
Imidafenacin tablets & OD "KYORIN" | - | 0.7 | 0.8 | 0.7 | 0.6 | -0.1 | -14.0 | |
(Therapeutic agent for overactive bladder) |
11.8
4.3
0.5
5
R&D Expenses, Capital expenditure & Depreciation expense
(JPY millions) | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | Change | FY2024 | |
(%) | (Forecast) | |||||||
R&D expenses | 10,987 | 9,703 | 8,897 | 10,903 | 8,019 | -26.5 | 8,500 | |
Capital expenditure | 3,590 | 4,307 | 3,624 | 5,252 | 6,587 | +25.4 | 6,600 | |
Depreciation | 3,221 | 3,564 | 3,714 | 3,840 | 4,290 | +11.7 | 4,500 | |
expense | ||||||||
(JPY Billions) | FY2022 | FY2023 | FY2024 | |
(Forecast) | ||||
Plant facilities | 4.2 | 5.5 | 5.1 |
Equipment for | 0.5 | 0.5 | 0.9 |
control, sales | |||
activities | |||
Equipment for | 0.5 | 0.5 | 0.6 |
research | |||
6
Development pipeline
Main R&D Activities -1 (as of May 10, 2024)
Ph 3 ~ Launch
Stage | Code | Proposed Indication | Origin | Features | Note | |||
Japan | Overseas | |||||||
Ph 3 | Ph 3 | KRP-R120 | Interstitial lung disease: | aTyr | It is a fusion protein drug having the action to | |||
(Sep 2022) | (aTyr pharma, | ILD | pharma | suppress, by binding to neuropilin-2 (NRP2) | ||||
USA) | (pulmonary sarcoidosis) | receptor, the excessive activation of immune | ||||||
cells, and is a potential first-in-class therapy | ||||||||
to treat inflammatory diseases such as | ||||||||
pulmonary sarcoidosis | ||||||||
POC Project(Ph1 ~ Ph2) | ||||||||
Stage | ||||||||
Japan | Overseas | Code | Proposed Indication | Origin | Features | Note | ||
Ph 1 | KRP-114VP | Overactive bladder | Merck | It selectively acts on β3 receptors in the | Additional | |||
(Aug 2022) | bladder and increases bladder capacity by | Indication | ||||||
enhancing the bladder-relaxing effect of | for Beova | |||||||
noradrenaline during the urinary storage | in pediatric | |||||||
phase, resulting in the improvement of | patients | |||||||
incontinence symptoms of urinary urgency, | ||||||||
frequent urination and urge urinary | ||||||||
incontinence with OAB. | ||||||||
― | Ph 1 | KRP-A218 | Rhinovirus infection at | In-house | It is antiviral drug that suppresses viral | |||
(Apr 2021, | risk of potentially severe | growth by targeting host molecules | ||||||
England) | ||||||||
7
Development pipeline
Main R&D Activities -2 (as of May 10, 2024)
Licensing development (License-in)
Stage | Proposed | |||||
Code | Origin | Features | Note | |||
Over | ||||||
Japan | Indication | |||||
seas | ||||||
Ph 2 | ― | AKP-009 | Benign | ASKA | Novel androgen receptor | -ASKA Pharmaceutical granted |
(Dec 2019) | Prostatic | Pharmaceuti | modulator mode of action with | KYORIN Pharmaceutical the joint | ||
ASKA | Hyperplasia | cal | the potential to exhibit prostatic | development and | ||
Pharmaceutical | shrinkage and to improve urinary | commercialization rights for AKP- | ||||
function as a novel therapeutic | 009 in Japan (Sep 2020) | |||||
agent for Benign Prostatic | -Additional Ph1 study at a higher | |||||
Hyperplasia | dose has been completed (ASKA) | |||||
- Ph1 trial is being conducted again (ASKA Pharmaceutical)
- Development of GMAC for Fabry disease is terminated
Licensing development (License-out)
Stage | Compound / | Licensee | Therapy | Origin | Features | Note |
Code | area / Action | |||||
Ph 3 | KRP-203 | Priothera | ― | In-house | Sphingosine-1-Phosphate | Transfer of intellectual |
Receptor Agonist | property(patents and data required | |||||
for the development and sale) and | ||||||
APIs (Sep 2020) | ||||||
8
Other (as of May 10, 2024)
Code | Proposed | Origin | Note |
Indication | |||
KRP-DT123 | Tinnitus | SUSMED | Collaboration research and sales agreement for development of Digital |
Therapeutics (DTx) in otolaryngology Field (Nov 2022) | |||
Specified clinical trial is in progress (Sep 2023) | |||
9
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Disclaimer
Kyorin Pharmaceutical Co. Ltd. published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 00:09:04 UTC.