SEIKAGAKU CORPORATION Financial Results
for the Fiscal Year 2023
(April 1, 2023 - March 31, 2024)
（TSE：4548）
Contents
FY2023 Results | P3-8 |
Overview
Domestic Pharmaceuticals
Overseas Pharmaceuticals
Bulk Products / CDMO, Royalty, LAL Business
Trend in R&D Expenses
FY2024 Forecasts | P9-13 |
Exploring the Innovative
Promise of Glycoscience
Research and Development | P14-19 |
SI-6603 (Lumbar disc herniation)
SI-614 (Dry Eye)
SI-722(Interstitial cystitis and bladder pain syndrome)
SI-449 (Adhesion Barrier)
Other Topics | P20-23 |
Overview
Domestic Pharmaceuticals
Overseas Pharmaceuticals
Bulk Products / CDMO, Royalty, LAL Business
< Cautionary Notes >
This material contains forward-looking statements regarding future management strategies or performance | |
forecasts. These statements are based on judgments derived from information that is currently available to | |
Seikagaku and are subject to risk and uncertainty. Actual results and developments may differ significantly from | |
these forward-looking statements due to various factors. | |
Information about pharmaceutical products or medical devices (including products currently in development) | 2 |
included in this material is not intended to constitute an advertisement or medical advice. |
Exploring the Innovative
Promise of Glycoscience
FY2023 Results
3
FY2023 Results
Overview
Exploring the Innovative Promise of Glycoscience
Net sales：Up 8.2% on sales volume growth from domestic pharmaceuticals and from ARTZ for China and other overseas pharmaceuticals, in addition to an increase in royalty income
Operating Income：Down 79.5% due mainly to an inventory write-down, bringing forward of facilities maintenance, and higher expenses in the LAL business
Ordinary Income：Down 44.9%, falling less steeply than operating income due to an increase in foreign exchange gain
Net Income：Down 2.2%
(Millions of Yen)
Net Income
Operating
Income
Ordinary
Income
Net Income
Net Income
per Share
R&D Expenses
(excluding royalty
income)
ROE
Average Exchange
Rate (1US$)
FY2022 Results
33,456
2,114
3,069
2,236
¥40.49
7,951
3.3％
¥135.48
FY2023 Results
36,213
433
1,691
2,186
¥40.08
7,484
3.1%
¥144.62
-
of
Change
＋8.2% -79.5%
-44.9%-2.2%
ー
-5.9%
-0.2%
ー
Net sales by
Business Segment
33,456 | 36,213 | |
Domestic Pharma | 12,100 | |
11,271 | ||
Overseas Pharma | ||
Bulk Products / | 8,534 | 10,059 |
CDMO | ||
Royalty | 2,916 | 3,083 |
LAL | 1 | 699 |
10,732 | 10,271 | |
'23.3 | '24.3 |
Overseas Sales
Ratio
(excluding royalty income)
Domestic Overseas
60.7%
Year-on-Year
+0.4pt
39.3%
Outer circle：'24.3
Inner circle：'23.3
4
FY2023 Results
Domestic Pharmaceuticals
Exploring the Innovative Promise of Glycoscience
Sales trend
(Millions of Yen)
11,452 11,44711,271 12,100
'21.3 '22.3 '23.3 '24.3
*Source：Copyright © 2024 IQVIA. Calculated based on
JPM April 2022 - March 2024 by SKK , Reprinted with permission
FY2023 Results | Sales up, with volume increases for ARTZ and the |
+ 7.3% (Sales） | OPEGAN Series, compensating for the impact of NHI |
price reductions |
Joint-functionimproving agent (Unit deliveries to medical institutions)
Market（-1.8%*）
- Slight market contraction
ARTZ（+9.3%*）
- Volume and market share up（71.4%/+7.3pt*）
Ophthalmic viscoelastic devices (Unit deliveries to medical institutions)
Market（+2.8%*）
- Market growth trend accompanying population aging
OPEGAN Series（+2.6%*）
- Volume down due to market expansion and the impact of limited shipments of competing products
- Market share at the prior-year level （51.9%/-0.2pt*）
Other Products (Unit deliveries to medical institutions)
JOYCLU
- Gathering of side effects reports and other information and provision of safety-
related information
HERNICORE / MucoUp
• Volume at the prior-year level | 5 |
FY2023 Results
Overseas Pharmaceuticals
Exploring the Innovative Promise of Glycoscience
Sales trend
(Millions of Yen) | ||||
＜Breakdown＞ | ||||
Gel-One in the U.S | SUPARTZ FX in U.S | |||
ARTZ in China | Others | |||
FY2023 Results
- 17.9%
(Sales）
U.S. (Value basis) Market in the U.S.
Sales up, with volume growth from ARTZ for China and SUPARTZ FX compensating for lower sales of Gel-One
*Foreign exchange impact on Overseas Pharmaceuticals: approx. +775 million yen
10,059 |
8,534 |
7,652 |
6,776 |
Insurance reimbursement system change in effect since July 2022
Gel-One
Local sales and Down despite a gradual trend toward recovery from the impact of an insurance Seikagaku sales： reimbursement system change
SUPARTZ FX
Local sales：Up because of preference for a low-priced product due to a system change
Seikagaku sales：Up due to a shipping timing adjustment and yen depreciation
China, Other Regions. (Value basis)
Market in China
Trend toward recovery from the impact of COVID-19
ARTZ in China
Local sales：Up amid recovery in the patient consultation rate following a COVID-related decline
Seikagaku sales：Up sharply, reflecting a rebound following the absence of shipments in 1Q FY2022 due to a packaging material change and bringing forward of product shipments
Seikagaku sales：Increase from HyLink in Taiwan, decrease from SUPARTZ in Italy
'21.3 | '22.3 | '23.3 | '24.3 | 6 |
FY2023 Results
Bulk Products / CDMO, Royalty, LAL Business
Exploring the Innovative Promise of Glycoscience
Bulk Products / CDMO
FY2023 Results：+ 5.7%
*Foreign exchange impact on Bulk Products/CDMO: approx. +70million yen
Revenue up on higher sales of contract development and
Overseas
LAL Business
FY2023 Results：- 4.3%
*Foreign exchange impact on LAL Business : approx. +620million yen
manufacturing and other services of subsidiary Dalton Chemical Laboratories and yen depreciation
Sales trend (Millions of Yen)
2,916 3,083
Sales down as special demand at subsidiary ACC accompanying the spread of COVID-19 infection subsided, despite the positive impact of yen depreciation
Domestic
Sales at the prior-year level
Sales trend (Millions of Yen)
2,607
1,846
'21.3 | '22.3 | '23.3 | '24.3 |
Royalty
Up from ¥1 million yen in FY2022 (＋¥697 mil)
10,732 10,271
9,155
6,941
＜Breakdown＞ Overseas Domestic
LAL Business：
The manufacturing and sales of Endotoxin detection reagents used in the quality control of pharmaceuticals and medical devices
7
'21.3 | '22.3 | '23.3 | '24.3 |
FY2023 Results
Trend in R&D Expenses
Continuing to focus on drug discovery specializing in Glycoscience
Undertaking improvement in R&D efficiency
Exploring the Innovative Promise of Glycoscience
(Millions of Yen) 30.0% | 29.7% | 29.2% | ||
28.3% | 26.7% | |||
26.7% | 25.2% | 23.8% | ||
8,000 | 21.1% |
6,000 | 8,649 | 7,834 | 8,408 | 7,209 | 9,005 | 7,951 | 7,484 | |
4,000 | 7,148 | 6,877 | ||||||
2,000
0
'16.3 | '17.3 | '18.3 | '19.3 | '20.3 | '21.3 | '22.3 | '23.3 | '24.3 |
8
Exploring the Innovative
Promise of Glycoscience
FY2024 Forecasts
9
FY2024 Forecasts
Overview
Net sales：Projected year-on-year increase from higher royalty income
Operating Income：Projected increase due to the revenue growth and lower R&D expenses
Ordinary Income：Projected increase due to the revenue growth Net Income:：Projected increase despite higher tax expenses
Exploring the Innovative Promise of Glycoscience
(Millions of Yen)
Net Income
Operating
Income
Ordinary
Income
Net Income
Net Income
per Share
R&D Expenses
(excluding royalty
income)
Average Exchange
Rate (1US$)
FY2023 Results
36,213
433
1,691
2,186
¥40.08
7,484
¥144.62
FY2024
Forecasts
40,000
3,950
4,550
3,450
¥63.23
6,900
¥145.00
-
of
Change
＋10.5%
＋812.1%
＋169.0%
＋57.8%
ー
-7.8%
ー
Net sales by Business Segment
Domestic Pharma | 36,213 | 40,000 |
12,000 | ||
Overseas Pharma 12,100 | ||
Bulk Products / | 9,050 | |
10,059 | ||
CDMO | 2,870 | |
Royalty | 3,083 | 4,550 |
LAL | 699 |
10,271 | 11,530 |
'24.3 | '25.3 |
（Forecast） | |
10
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Disclaimer
Seikagaku Corporation published this content on 16 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 07:23:03 UTC.
