Financial Results for the

First Three Months of Fiscal Year

Ending December 2023

I Summary Information

P. 1

①

Financial Results

P. 1

②

Financial Conditions

P. 1

③

Capital Expenditures

P. 1

④

Depreciation/Amortization

P. 1

II Financial Results for the First Three Months of FY2023

P. 2

①

Statement of Income

P. 2

②

Sales of Products

P. 4

③

Research and Development

P. 5

III Financial Forecasts for the FY2023

P. 6

①

Statement of Income

P. 6

②

Sales of Products

P. 8

  • This material is prepared based on Japan GAAP.
  • Amounts are rounded down to the nearest million yen.
  • The forecasts presented in this material are forward-looking statements. Reflecting assumptions based on information available on the date of publication, these statements are subject to inherent risks and uncertainties. Accordingly, unforeseen factors may cause actual results to differ materially from the projections contained herein.
    Torii will not necessarily revise this material regardless of any new information, future events or other results.

April 28, 2023

TORII PHARMACEUTICAL CO., LTD.

I Summary Information

The forecasts for the FY2023 have not been changed from the previous forecasts announced at the FY2022 financial results announcement on February 10, 2023.

  • R&D expenses fluctuate significantly due to aggressive business investments for medium-/long-term growth. For this reason, Torii sets operating income before deduction of R&D expenses as a numerical income indicator in the medium-term management plan.
  • Financial Results

FY2022

FY2023

Change

FY2022

FY2023

Progress

(Millions of Yen)

First three

First three

Change

(%)

Full year

Forecast

ratio (%)

months

months

A

B

B-A

(B-A)/A

C

B/C

Net sales

10,960

11,811

851

7.8

48,896

50,900

23.2

Operating income or loss

1,292

(437)

(1,729)

－

5,540

4,100

－

Ordinary income or loss

1,246

(404)

(1,650)

－

5,537

4,400

－

Net income or loss

882

(288)

(1,170)

－

3,944

3,100

－

(Reference)

R&D expenses

176

2,057

1,880

－

1,661

3,530

58.3

Operating income before

※

1,468

1,619

151

10.3

7,201

7,630

21.2

deduction of R&D expenses

Earnings per share

(￥)

31.40

(10.28)

(41.68)

140.39

110.33

(EPS)

Return on equity

(%)

0.8

(0.2)

(1.0)

3.3

(ROE)

Ratio of ordinary income

(%)

1.0

(0.3)

(1.3)

4.2

to total assets

Ratio of operating income

(%)

11.8

(3.7)

(15.5)

11.3

to net sales

Return on assets

(%)

0.7

(0.2)

(0.9)

3.0

(ROA)

  • Financial Conditions

(Millions of Yen)

December 31,

March 31,

Change

Change

2022

2023

(%)

A

B

B-A

(B-A)/A

Total assets

133,689

129,577

(4,111)

(3.1)

Total equity

119,224

117,067

(2,157)

(1.8)

Equity ratio

89.2

90.3

1.1

Book value per share (BPS)

(￥)

4,243.08

4,166.32

(76.76)

  • Capital Expenditures

FY2022

FY2023

Change

FY2022

FY2023

(Millions of Yen)

First three

First three

Change

（%）

Full year

Forecast

months

months

A

B

B-A

(B-A)/A

C

Capital expenditures

PP&E

353

31

(322)

(91.2)

504

180

Intangible assets

55

10

(45)

(81.0)

158

120

  • Depreciation/Amortization

FY2022

FY2023

Change

FY2022

FY2023

(Millions of Yen)

First three

First three

Change

（%）

Full year

Forecast

months

months

A

B

B-A

(B-A)/A

C

Depreciation and amortization

102

109

6

6.3

454

490

of intangible assets

prepaid expenses

197

166

(30)

(15.5)

767

660

－1－

II Financial Results for the First Three Months of FY2023

The forecasts for the FY2023 have not been changed from the previous forecasts announced at the FY2022 financial results announcement on February 10, 2023.

  • R&D expenses fluctuate significantly due to aggressive business investments for medium-/long-term growth. For this reason, Torii sets operating income before deduction of R&D expenses as a numerical income indicator in the medium-term management plan.
  • State of Income

(Millions of Yen)

Net sales

Sales of products

Renal disease and hemodialysis

Skin disease

Allergens

Other

Other sales

Cost of sales

Cost of products sold

Other cost

Gross profit

Selling, general and

administrative expenses

R&D expenses

Others

Operating income or loss Operating income before

deduction of R&D expenses ※ Non-operating income and expenses Ordinary income or loss Extraordinary income and loss Income before income taxes

Net income or loss

(Reference) Ratio to net sales

(%)

SG&A

R&D expenses

Operating income or loss

deduction of R&D expenses

※

Ordinary income or loss

Net income or loss

FY2022

FY2023

Change

FY2023

Progress

First three

First three

Change

(%)

Forecast

ratio (%)

months

months

A

B

B-A

(B-A)/A

C

B/C

10,960

11,811

851

7.8

50,900

23.2

10,867

11,734

866

8.0

50,600

23.2

2,651

2,545

(105)

(4.0)

10,850

23.5

2,993

3,131

138

4.6

13,130

23.9

4,080

4,691

610

15.0

20,360

23.0

1,142

1,365

223

19.6

6,260

21.8

92

77

(15)

(16.5)

300

25.8

5,673

6,288

615

10.8

26,800

23.5

5,659

6,275

616

10.9

13

12

(0)

(5.5)

5,287

5,522

235

4.5

24,100

22.9

3,995

5,960

1,965

49.2

20,000

29.8

176

2,057

1,880

－

3,530

58.3

3,818

3,903

84

2.2

16,470

23.7

1,292

(437)

(1,729)

－

4,100

－

1,468

1,619

151

10.3

7,630

21.2

1,246

(404)

(1,650)

－

4,400

－

(0)

(1)

(1)

1,246

(405)

(1,651)

－

882

(288)

(1,170)

－

3,100

－

FY2022

FY2023

First three

First three

Change

months

months

A

B

B-A

51.8

53.2

1.4

36.4

50.5

14.1

1.6

17.4

15.8

11.8

(3.7)

(15.5)

13.4

13.7

0.3

11.4

(3.4)

(14.8)

8.0

(2.4)

(10.4)

－2－

: Increase in sales quantity Increase in purchasing unit price
Increase due to the effect of foreign exchange rates
: Increase due to upfront licensing fees for license agreement with Nogra Pharma Limited Increase in clinical study expenses（TO-208）
: Increase in sales promotion expenses Decrease in contract MR

【Factors in increase/decrease compared with the same term of the last fiscal year】

Operating loss (¥437 million : Decrease ¥1,729 million year-on-year)

  • Increased sales and decreased profits due to increased R&D expenses, despite increased sales of Allergens and CORECTIM

(Millions of yen)

2,500

2,000

(615)

1,500

+851

1,000

500

1,292

(1,880)

0

(84)

(437)

(500)

FY2022

Net sales

Cost of sales

R&D expenses

Others

FY2023

First three months

First three months

Major factors in increase/decrease (Rounded down to the nearest 0.1 billion yen)

Net sales

Renal disease

:

Decrease ¥0.1 billion in sales

REMITCH Decrease ¥0.2 billion (impact of generic drugs and drug price

and hemodialysis

revisions)

Skin disease

: Increase ¥0.1 billion in sales

CORECTIM Increase ¥0.2 billion (increase in sales quantity)

Allergens

:

Increase ¥0.6 billion in sales

CEDARCURE Increase ¥0.3 billion, MITICURE Increase ¥0.2 billion (increase

in sales quantity)

Other

:

Increase ¥0.2 billion in sales

BIO-THREE Increase ¥0.1 billion, ORLADEYO Increase ¥0.1 billion (increase

in sales quantity)

Cost of sales

R&D expenses

Others

Ordinary loss (¥404 million : Decrease ¥1,650 million year-on-year)

Special remarks: None

Net income (minus ¥288 million : Decrease ¥1,170 million year-on-year)

Special remarks: None

(Reference)

Operating income before deduction of R&D expenses (¥1,619 million : Increase ¥151 million year-on-year)

(Millions of yen)

2,500

2,000

(615)

+851

1,500

(84)

1,000

1,468

1,619

500

0

FY2022

Net sales

Cost of sales

Others

FY2023

First three months

First three months

－3－

② Sales of Products

FY2022

FY2023

(Millions of Yen)

First three

First three

Change

Change (%)

months

months

A

B

B-A

(B-A)/A

Sales of Products

10,867

11,734

866

8.0

[Renal disease and hemodialysis]

Riona

1,453

1,543

90

6.2

Agent for hyperphosphatemia, Iron-deficiency anemia

REMITCH

858

650

(207)

(24.1)

Oral anti-pruritus agent

KAYEXALATE

※

301

254

(47)

(15.7)

Agent for hyperkalemia

Others

37

96

58

153.6

Total

2,651

2,545

(105)

(4.0)

[Skin disease]

CORECTIM

1,309

1,586

276

21.1

Topical Janus kinase (JAK) inhibitor

ANTEBATE

※

1,011

968

(43)

(4.3)

Topical corticosteroid

LOCOID

※

375

366

(9)

(2.5)

Topical corticosteroid

ZEFNART

221

211

(10)

(4.6)

Topical antifungal agent

Others

75

(0)

(75)

－

Total

2,993

3,131

138

4.6

[Allergens]

CEDARCURE

※

2,120

2,428

307

14.5

Japanese cedar pollinosis (Allergen Immunotherapy)

MITICURE

※

1,909

2,204

294

15.4

House dust mite allergy (Allergen Immunotherapy)

Others

50

58

7

15.1

Total

4,080

4,691

610

15.0

[Other]

BIO-THREE

724

852

127

17.6

Viable bacterial preparations

ORLADEYO

193

306

112

57.9

Plasma kallikrein inhibitor

Others

223

207

(16)

(7.2)

Total

1,142

1,365

223

19.6

  • In-houseproducts

(References) Sales and ratio of in-house products

(Millions of Yen)

First three

First three

Change

Change (%)

months

months

A

B

B-A

(B-A)/A

Sales of in-house products

5,939

6,433

494

8.3

（%）

54.7

54.8

0.1

－

－4－

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TORII Pharmaceutical Co. Ltd. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 06:16:09 UTC.