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00 43472 3

  1. 1. Financial Results st for 1 Half FY2011 DATA BOOKTakeda Pharmaceutical Company Limited (TSE code 4502) Contact: Corporate Communications Dept. TEL: +81-3-3278-2037 FAX: +81-3-3278-2741 http://www.takeda.com/ Financial News http://www.takeda.com/financial/index.html
  2. 2. [Takeda-ism] We, the members of the Takeda Group, pledge to act with integrity at all times, especially when facing difficulties or challenges. “Integrity” refers to our compliance with the highest ethical standards, our fairness and honesty in conducting every activity, and our perseverance in pursuing the ideal forms for our operations and management. Through the demonstration of these qualities, we show our commitment to building trust and confidence in all the people around us, and our determination to continue to expand the business. These empower our progress in our global endeavors to fulfill our mission to “strive towards better health for patients worldwide through leading innovation in medicine.” 2011-2013 Mid-Range Plan ~ Transformation into a New Takeda ~ Vision Takeda’s vision is to embody global pharmaceutical leadership through innovation, culture and growth guided by an unwavering commitment to significantly improve the lives of patients. Innovation based on bold leadership in science and medicine resulting in the discovery, development and delivery of high-quality, differentiated products focused on patient needs. A culture based on good corporate citizenship that empowers employees through collaboration, inclusion, trust and timely decision making. Sustainable growth in corporate value by leveraging core therapeutic areas, and an industry-leading pipeline and product portfolio.
  3. 3. ContentsI. Overview of subsidiaries and affiliates 1 ■ Number of subsidiaries and affiliates by business segment 1II. Financial highlights 2-3III. Statements of Income 1. Statements of Income 4 2. Sales ■ Sales by Regions 5 ■ Ethical Drugs Sales (Consolidated basis) 5 ■ Subsidiaries and Affiliates 5 ■ Ethical drugs Sales (Consolidated basis) 6 (Major items and regional basis) ■ Sales of products outside Japan 6 ■ Ethical drugs: Major products domestic sales 7 ■ Consumer Healthcare: Major products sales 7 3. Selling, General and Administrative expenses 8 4. Non-operating income and expenses 8 5. Extraordinary gain and loss 8IV. Statement of cash flows 9V. Balance Sheets 10-11VI. Segment Information 12VII. Number of employees 13VIII. Shareholders 14IX. Financial ratios 15X. Pipeline 16-31XI. Press releases 32
  4. 4. Ⅰ.Overview of subsidiaries and affiliates The Takeda Group consists of 171 companies, including the parent company submitting these consolidated financial statements, 155 consolidated subsidiaries and 15 equity method affiliates. The following chart shows the main business areas of the Takeda Group, the position of the companies that make up the Group within their respective areas of business, and relationships with each business segment. l ti hi ith hb i t Japan Overseas 【Ethical drugs】 【Ethical drugs】 <Americas> Takeda Ph ★Takeda America Holdings, Inc. 《Holding Company》 ★Nihon Pharmaceutical Co., Ltd. 《Production/Sales/ ★Takeda Pharmaceuticals International, Inc. 《Supervision of Americas Research/Development》 and Europe Sales & ★Takeda Bio Development Center 《Development》 Marketing/Research/ Limited Development》 ★Takeda Pharmaceuticals North America, Inc. 《Supervision of Americas harmaceutical Compa Limited And others Sales & Marketing /Sales》 ★Takeda Global 《Development》 Research & Development Center, Inc. ★Takeda Canada, Inc. 《Sales》 ★Millennium Pharmaceuticals, Inc. 《Sales/Research/ 【Consumer Healthcare】 Development》 ★Takeda San Diego, Inc. 《Research》 ★Takeda Healthcare Products Co., Ltd. 《Production》 ★Takeda San Francisco, Inc. 《Research》 ★Takeda Ventures, Inc. 《Research-related And others Venture Investment》 ★Takeda Pharmaceuticals México, S.A. de C.V. 《Sales》 ★Takeda Farmacêutica Brasil Ltda. 《Sales》 any <Europe> ★Takeda Europe Holdings B.V. 《Holding Company》 【Others】 ★Takeda Pharmaceuticals Europe Limited 《Supervision of Europe Sales & Marketing》 ★Wako Pure Chemical Industries, Ltd. 《Production/Sales》 ★Laboratoires Takeda 《Sales》 ★Mizusawa Industrial Chemicals, Ltd. 《Production/Sales》 ★ IDM Pharma, S.A.S. 《Sales》 ★Takeda UK Limited 《Sales》 And others ★Takeda Pharma GmbH 《Sales》 ★Takeda Pharma Ges.m.b.H. 《Sales》 ★Takeda Pharma AG 《Sales》 ★Takeda Farmacéutica España S.A. 《Sales》 ★Takeda Farmacêuticos Portugal, 《Sales》 Unipessoal, Lda ★Takeda Pharmaceuticals Nordics AB ★T k d Ph i l N di 《S l 》 《Sales》 ★Takeda Pharmaceuticals Benelux BVBA 《Sales》 ★Takeda İlaçları Ticaret Limited Şirketi 《Sales》 ★Takeda Italia Farmaceutici S.p.A. 《Production/Sales》 Sales of products Consign processing ★Takeda Cambridge Limited 《Research》 ★Takeda Global Research & 《Development》 Supply of raw materials Others Development Centre (Europe), Ltd. ★Takeda Ireland Limited 《Production》 ★:Consolidated subsidiaries ★Nycomed * 《Production/Sales /Research/Development》 ◎:Equity method affiliates <Asia> ★Takeda Pharmaceuticals Asia Private 《Supervision of Asia Limited. Sales & Marketing》 ★Takeda Pharmaceuticals Taiwan, Ltd. ★ ed ceu c s w , d. 《S es》 《Sales》 ★Takeda (China) Holdings Co., Ltd. 《Holding Company》 ★Takeda Pharmaceutical (China) 《Sales》 Company Limited ★Tianjin Takeda Pharmaceuticals. Co., Ltd. 《Production》 ★P.T. Takeda Indonesia 《Production/Sales》 ★Takeda (Thailand), Ltd. 《Sales》 ★Takeda Pharmaceuticals Korea Co. Ltd. 《Sales》 ★Takeda Medicines India Private Limited 《Market research /Project management》 ★Takeda Singapore Pte Limited 《Research》 ★Takeda Global Research & Development 《Development》 Center (Asia) Pte. Ltd. ◎Takeda Pharmaceuticals (Philippines), Inc. 《Sales》 And others *Notes : Nycomed group consists of 94 companies and has its presence around the world. ■  Number of subsidiaries and affiliates by business segment < FY2011 2Q > Consolidated subsidiaries Companies applied"equity method" Total Japan Overseas Japan Overseas Ethical drugs 9 132 1 3 145 Consumer healthcare 1 0 1 0 2 Others 11 2 8 2 23 Total 21 134 10 5 170 vs. FY2010 1 93 0 1 95 -1-
  5. 5. Ⅱ.Financial highlights (more detail will be available in Page 4 and onward)Sales and earnings Estimate FY2010 FY2011 vs. FY2010 increase/ FY07 FY08 FY09 FY10(Billions of Yen) FY2011 1-2Q Total 1-2Q Total 1-2Q Total decrease Net Sales * 1,374.8 1,538.3 1,466.0 1,419.4 1,540.0 714.0 702.5 -11.5 -1.6% Operating Income 423.1 306.5 420.2 367.1 270.0 221.6 211.0 -10.6 -4.8% <% of net sales> <30.8%> <19.9%> <28.7%> <25.9%> <17.5%> <31.0%> <30.0%> <-1.0pt> Ordinary Income 536.4 327.2 415.8 371.6 270.0 225.5 209.6 -15.9 -7.1% <% of net sales> <39.0%> <21.3%> <28.4%> <26.2%> <17.5%> <31.6%> <29.8%> <-1.7pt> Net Income 355.5 234.4 297.7 247.9 170.0 144.2 135.7 -8.6 -5.9% <% of net sales> <25.9%> <15.2%> <20.3%> <17.5%> <11.0%> <20.2%> <19.3%> <-0.9pt> EBITDA 568.4 446.9 532.1 484.1 430.0 277.3 267.5 -9.8 -3.5% <% of net sales> <41.3%> <29.1%> <36.3%> <34.1%> <27.9%> <38.8%> <38.1%> <-0.8pt>* Sales amounts of 1,540 billion yen in "FY2011 Estimate" includes Nycomeds 170 billion yen sales estimate of 2nd half of FY2011. R&D Expenses 275.8 453.0 296.4 288.9 295.0 124.2 119.0 -5.2 -4.2% <% of net sales> <20.1%> <29.5%> <20.2%> <20.4%> <19.2%> <17.4%> <16.9%> <-0.5pt> Equity in earnings of unconsolidated subsidiaries 56.7 2.9 0.8 0.5 0.2 0.1 -0.2 -64.9% and affiliates Overseas Sales 694.2 843.1 777.0 698.1 790.0 358.9 335.5 -23.4 -6.5% <% of net sales> <50.5%> <54.8%> <53.0%> <49.2%> <51.3%> <50.3%> <47.8%> <-2.5pt> Net Sales of 1,210.2 1,384.1 1,317.7 1,267.4 1,390.0 638.1 627.0 -11.1 -1.7% Ethical drugs segmentBusiness segment * FY2010 FY2011 vs. FY2010 increase/ FY07 FY08 FY09 FY10(Billions of Yen) 1-2Q Total 1-2Q Total 1-2Q Total decreaseNet Sales 1,374.8 1,538.3 1,466.0 1,419.4 714.0 702.5 -11.5 -1.6%Pharmaceutical 1,272.1 1,448.5 Ethical drugs 1,210.2 1,384.1 1,317.7 1,267.4 638.1 627.0 -11.1 -1.7% Japan 529.7 549.0 548.9 578.5 283.6 296.0 12.4 4.4% Overseas 680.6 835.1 768.9 689.0 354.5 331.0 -23.5 -6.6% Consumer Healthcare 61.8 64.4 58.2 60.3 31.3 31.8 0.6 1.8%Others 102.7 89.9 Others 94.8 96.3 47.0 46.0 -1.0 -2.2% Adjustments -4.8 -4.6 -2.3 -2.3 0.0Operating Income 423.1 306.5 420.2 367.1 221.6 211.0 -10.6 -4.8%Pharmaceutical 411.3 296.9 Ethical drugs 400.6 346.0 209.5 198.4 -11.2 -5.3% Consumer Healthcare 11.0 12.2 7.8 7.5 -0.4 -5.0%Others 11.7 9.5 Others 10.8 11.0 5.3 6.3 1.1 20.4% Adjustments -2.2 -2.2 -1.0 -1.1 -0.1* Effective from the FY2010, the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information has been adopted.The figures for “FY09” are calculated and indicated after applying said accounting standard. Estimate FY2010 FY2011ROE・EPS・Dividend (Yen) FY07 FY08 FY09 FY10 FY2011 1-2Q Total 1-2Q Total ROE (Return on equity) 15.1% 10.9% 14.4% 11.8% 8.1% 13.8% 13.3% EPS (Earnings per share) 418.97 289.82 377.19 314.01 215.36 182.69 171.85 Pro Forma EPS (Earnings per share) * 391.48 470.30 448.81 373.57 348.37 213.50 199.68 Annual dividends per share 168.00 180.00 180.00 180.00 180.00 90.00 90.00 Payout ratio 40.1% 62.1% 47.7% 57.3% 83.6% 49.3% 52.4%* Excluding extraordinary gains and losses and extraordinary factors related to corporate acquisitions and others. -2-
  6. 6. FY2010 FY2011Balance sheets (Billions of Yen) FY07 FY08 FY09 FY10 vs. FY10 2Q End 2Q End Current assets 2,243.8 1,475.6 1,572.9 1,586.3 1,501.1 1,274.5 -311.8 Tangible fixed assets 236.1 258.5 318.9 407.5 382.9 474.5 67.0 Intangible fixed assets 10.2 747.7 639.9 517.4 555.0 1,461.5 944.1 Investment and other assets 359.2 278.4 291.6 275.2 269.7 288.8 13.6 Total assets 2,849.3 2,760.2 2,823.3 2,786.4 2,708.7 3,499.3 712.9 Current liabilities 428.7 472.1 428.5 436.6 375.5 1,017.2 580.6 Long-term liabilities 98.0 234.2 230.1 213.2 219.7 437.0 223.9 Total liabilities 526.7 706.3 658.5 649.7 595.2 1,454.2 804.5 Net assets 2,322.5 2,053.8 2,164.7 2,136.7 2,113.5 2,045.1 -91.6 Shareholders equity 2,314.2 2,124.4 2,278.5 2,384.2 2,351.6 2,448.9 64.7 Accumulated other comprehensive income(*) -33.4 -113.0 -157.3 -292.6 -283.1 -461.6 -169.0 Stock acquisition right - 0.1 0.2 0.3 0.2 0.4 0.0 Minority interests 41.7 42.4 43.4 44.7 44.7 57.3 12.6(*) The amounts of “Valuation and translation adjustments” in the previous years are shown as “Accumulated other comprehensive income” from the fiscal year- end 2010.Shareholders Equity Ratio (%) 80.0% 72.9% 75.1% 75.1% 76.4% 56.8% -18.3ptTreasury Stock (Billions of Yen) 322.6 1.1 1.0 1.0 1.0 0.9 -0.1 FY2010 FY2011Shares FY07 FY08 FY09 FY10 2Q End 2Q End Number of shares outstanding (1,000) 889,272 789,666 789,666 789,666 789,666 789,666 (Treasury Stock (1,000)) (46,411) (303) (286) (295) (289) (266) Stock price at year-end (Yen) 4,990 3,400 4,115 3,880 3,835 3,680 Total market value (Billions of Yen) 4,437.5 2,684.9 3,249.5 3,063.9 3,028.4 2,906.0 FY2010 FY2011Number of employees (**) FY07 FY08 FY09 FY10 vs. FY10 2Q End 2Q End Consolidated 15,487 19,362 19,585 18,498 18,527 30,094 11,596 (Unconsolidated) (5,798) (6,124) (6,334) (6,471) (6,544) (6,620) (149)(**) Employees working in Takeda Pharmaceutical Company Limited and its consolidated subsidiaries. From “FY2010 2Q End”, the numbers are indicated on the full timeequivalent basis. For fair comparison, the numbers of “FY09” are modified according to the new basis. Estimate FY2010 FY2011Exchange rate(Yen) FY07 FY08 FY09 FY10 FY2011 1-2Q 1-2Q 3-4QUS$ Average (Apr.-Mar.) 114 101 93 86 89 80 75Euro Average (Apr.-Mar.) 162 143 131 113 114 114 105 -3-
  7. 7. Ⅲ.Statements of Income1.Statements of Income (Billions of Yen) Estimate FY2010 FY2011 vs. FY2010 increase/ Est. FY11 increase/ FY07 FY08 FY09 FY10 FY11 1-2Q Total 1-2Q Total 1-2Q Total decrease in May decreaseNet Sales * 1,374.8 1,538.3 1,466.0 1,419.4 1,540.0 714.0 702.5 -11.5 -1.6% 1,450.0 90 <Royalty income> <50.7> <55.7> <45.4> <41.4> <20.4> <20.8> <0.4> <1.9%> Pharmaceuticals 1,272.1 1,448.5 Ethical drugs 1,210.2 1,384.1 1,317.7 1,267.4 1,390.0 638.1 627.0 -11.1 -1.7% 1,300.0 90 Consumer Healthcare 61.8 64.4 58.2 60.3 31.3 31.8 0.6 1.8% Others 102.7 89.9 Others 94.8 96.3 47.0 46.0 -1.0 -2.2% Adjustments -4.8 -4.6 -2.3 -2.3 0.0Cost of sales 278.6 289.5 285.1 317.6 150.6 159.6 9.0 6.0% <% of net sales> <20.3%> <18.8%> <19.4%> <22.4%> <21.1%> <22.7%> <1.6pt>Gross Profit 1,096.2 1,248.8 1,180.9 1,101.8 563.4 542.9 -20.5 -3.6% <% of net sales> <79.7%> <81.2%> <80.6%> <77.6%> <78.9%> <77.3%> <-1.6pt>Selling, G&A expenses 673.0 942.3 760.7 734.7 341.8 331.9 -9.9 -2.9% <% of net sales> <48.9%> <61.3%> <51.9%> <51.8%> <47.9%> <47.2%> <-0.6pt> <R&D expenses> <275.8> <453.0> <296.4> <288.9> <295.0> <124.2> <119.0> <-5.2> <-4.2%> <300.0> <-5.0>Operating income 423.1 306.5 420.2 367.1 270.0 221.6 211.0 -10.6 -4.8% 390.0 -120.0 <% of net sales> <30.8%> <19.9%> <28.7%> <25.9%> <17.5%> <31.0%> <30.0%> <-1.0pt> <26.9%> <-9.4pt> Pharmaceuticals 411.3 296.9 <% of Pharmaceutical sales> <32.3%> <20.5%> Ethical drugs 400.6 346.0 209.5 198.4 -11.2 -5.3% <% of Ethical drugs> <30.4%> <27.3%> <32.8%> <31.6%> <-1.2pt> Consumer Healthcare 11.0 12.2 7.8 7.5 -0.4 -5.0% <% of Comsumer healthcare> <19.0%> <20.3%> <25.1%> <23.4%> <-1.7pt> Others 11.7 9.5 <% of others sales> <11.4%> <10.5%> Others 10.8 11.0 5.3 6.3 1.1 20.4% <% of others sales> <11.4%> <11.4%> <11.2%> <13.8%> <2.6pt> Adjustments -2.2 -2.2 -1.0 -1.1 -0.1Non-operating income / expenses 113.3 20.7 -4.4 4.5 0.0 3.9 -1.5 -5.3 - 5.0 -5.0Non-operating income 132.3 43.1 25.2 30.4 12.2 13.4 1.1 9.3% Interest income 56.8 11.4 2.0 1.7 0.9 1.0 0.1 9.7% Dividend income 5.2 5.7 4.2 4.5 2.4 2.2 -0.2 -8.2% Equity in earnings of unconsolidated 56.7 2.9 0.8 0.5 0.2 0.1 -0.2 -64.9% subsidiaries and affiliates Other non-operating income 13.6 23.2 18.2 23.8 8.8 10.2 1.4 15.9%Non-operating expenses 19.0 22.4 29.6 25.9 8.4 14.9 6.5 77.4% Interest expenses 0.3 1.6 1.4 1.3 0.7 0.6 -0.1 -9.0% Other non-operating expenses 18.7 20.7 28.2 24.6 7.7 14.3 6.5 84.9% Ordinary income 536.4 327.2 415.8 371.6 270.0 225.5 209.6 -15.9 -7.1% 395.0 -125.0 <% of net sales> <39.0%> <21.3%> <28.4%> <26.2%> <17.5%> <31.6%> <29.8%> <-1.7pt> <27.2%> <-9.7pt> Extraordinary gain and loss 40.4 71.3 - - - - - Income before income tax and minority interests 576.8 398.5 415.8 371.6 225.5 209.6 -15.9 -7.1%Income taxes 218.8 161.4 115.7 121.3 79.8 72.1 -7.7 -9.7%Minority interests 2.6 2.8 2.4 2.4 1.4 1.8 0.3 23.3%Net income 355.5 234.4 297.7 247.9 170.0 144.2 135.7 -8.6 -5.9% 250.0 -80.0 <% of net sales> <25.9%> <15.2%> <20.3%> <17.5%> <11.0%> <20.2%> <19.3%> <-0.9pt> <17.2%> <-6.2pt>* Sales amount of 1,540 billion yen in "FY2011 Estimate" includes Nycomeds 170 billion yen sales estimate of 2nd half of FY2011.Comprehensive income <incl. minority interests> - - 255.8 114.5 19.4 -32.2 -51.6 -Effective tax rate Japanese statutory tax rate 40.9% 40.9% 40.9% 40.9% 40.9% 40.6% -0.3pt Effective tax rate 37.9% 40.5% 27.8% 32.7% 35.4% 34.4% -1.0pt* Effective from the FY2010, the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information has been adopted. The figures for “FY09” are calculated and indicated afterapplying said accounting standard. -4-
  8. 8. 2. Sales◆ Sales by Regions (Billions of Yen) FY2010 FY2011 vs FY2010 increase/ FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q Total decreaseTotal consolidated sales 1,374.8 1,538.3 1,466.0 1,419.4 714.0 702.5 -11.5 -1.6%  Domestic 680.6 695.2 688.9 721.3 355.1 367.0 11.9 3.3%  Overseas 694.2 843.1 777.0 698.1 358.9 335.5 -23.4 -6.5% <% of consolidated net sales> <50.5%> <54.8%> <53.0%> <49.2%> <50.3%> <47.8%> <-2.5pt> Americas 561.8 496.4 258.5 233.9 -24.6 -9.5% <% of consolidated net sales> <38.3%> <35.0%> <36.2%> <33.3%> <-2.9pt> [U.S.] [544.5] [483.4] [252.3] [226.5] [-25.8] [-10.2%] Europe 189.1 172.9 86.5 85.4 -1.2 -1.4% <% of consolidated net sales> <12.9%> <12.2%> <12.1%> <12.2%> <0.0pt> Asia and other regions 26.1 28.7 13.9 16.2 2.4 17.1% <% of consolidated net sales> <1.8%> <2.0%> <1.9%> <2.3%> <0.4pt>Royalty income 50.7 55.7 45.4 41.4 20.4 20.8 0.4 1.9% Ethical drugs 45.1 41.0 20.2 20.6 0.4 2.0%  Domestic 0.1 0.7 0.1 0.1 0.0 6.0%  Overseas 44.9 40.3 20.1 20.5 0.4 2.0%* Effective from the FY2010, the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information has been adopted. The figures for“FY09” are calculated and indicated after applying said accounting standard.◆ Ethical Drugs Sales [Consolidated basis] (Billions of Yen) FY2010 FY2011 vs FY2010 increase/ FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q Total decrease Domestic sales 551.7 580.5 284.9 297.3 12.3 4.3% Overseas sales 719.1 645.5 332.8 307.9 -24.9 -7.5% Americas 535.2 475.4 248.0 223.8 -24.2 -9.8% Europe 163.4 146.7 73.7 70.6 -3.1 -4.2% Asia and other regions 20.5 23.4 11.1 13.5 2.4 21.6% Royalty income and service income 50.2 44.5 22.1 23.6 1.5 6.9% Domestic 0.6 1.0 0.3 0.5 0.1 40.9% Overseas 49.6 43.5 21.7 23.1 1.4 6.4% Total sales 1,321.1 1,270.5 639.8 628.7 -11.0 -1.7% Ratio of overseas sales 58.2% 54.2% 55.4% 52.6% <-2.8pt>* Sales amount includes intersegment sales.** Effective from the FY2010, the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information has been adopted. The figures for“FY09” are calculated and indicated after applying said accounting standard.◆ Subsidiaries and Affiliates (*) (Billions of Yen) FY2010 FY2011 vs FY2010 increase/ FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q Total decreaseTakeda Pharmaceuticals 355.7 510.2 460.9 400.2 211.0 182.1 -28.9 -13.7%North America, Inc. [Millions of US$] [3,113] [5,074] [4,966] [4,668] [2,372] [2,281] [-92] [-3.9%]Millennium Pharmaceuticals, Inc. - 59.4 71.4 74.7 37.7 42.3 4.5 12.0% [Millions of US$] [-] [591] [769] [872] [424] [529] [105] [24.8%]Takeda Pharma GmbH 35.6 34.6 32.0 25.5 13.3 10.8 -2.5 -19.0% [Millions of Euro] [221] [241] [244] [226] [117] [95] [-22] [-18.9%]Laboratoires Takeda 40.4 32.2 29.2 24.2 12.2 9.5 -2.7 -22.3% [Millions of Euro] [250] [224] [222] [214] [107] [83] [-24] [-22.2%]Takeda Italia Farmaceutici S.p.A. 34.7 31.6 30.8 28.4 14.2 14.6 0.4 2.9% [Millions of Euro] [215] [220] [235] [251] [125] [129] [4] [2.9%]Takeda UK Limited 18.9 19.5 23.0 23.7 12.0 11.7 -0.2 -1.8% [Millions of pound sterling] [82] [112] [155] [178] [89] [91] [2] [2.5%]Wako Pure Chemical Industries, Ltd. 70.0 67.0 69.4 70.0 34.0 29.4 -4.6 -13.6%(*) Sales amounts for TPC group’s intercompany transaction are subtracted. -5-
  9. 9. ◆ Ethical drugs Sales (Consolidated basis) (Billions of Yen) (Major items and regional basis) FY2010 FY2011 vs. FY2010 increase/ FY2011 Product Launched FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q Total decrease EstimateLeuprorelin Worldwide sales 124.0 126.1 120.4 116.4 56.0 60.9 4.9 8.7% 118.0 Japan (unconsolidated) (92. 9) 66.4 66.3 65.3 65.9 32.6 33.8 1.1 3.5% 66.5 Americas (85. 5) 14.1 17.2 15.8 14.7 5.7 8.5 2.8 49.0% 15.5 Europe (89. 4) 40.2 39.8 35.6 31.0 15.5 16.1 0.7 4.2% 31.0 Asia and other regions (91. 7) 3.3 2.8 3.7 4.8 2.2 2.5 0.3 13.1% 5.0Lansoprazole Worldwide sales 148.7 271.4 216.1 133.6 75.2 62.3 -12.9 -17.1% 121.0 Japan (unconsolidated) (92.12) 64.8 70.7 72.3 70.9 34.1 37.6 3.5 10.3% 77.0 Americas (95. 6) 45.2 173.1 119.0 42.8 31.5 14.0 -17.5 -55.7% 23.5 Europe (91.12) 35.6 24.3 21.4 16.4 7.9 8.8 0.9 10.9% 16.5 Asia and other regions (94. 8) 3.1 3.2 3.4 3.6 1.7 2.0 0.3 16.8% 4.0Candesartan Worldwide sales 223.1 230.3 218.3 218.0 108.9 112.3 3.4 3.1% 218.0 Japan (unconsolidated) (99. 6) 137.1 137.9 132.6 138.0 67.7 70.9 3.2 4.8% 144.0 Americas (98.10) Europe (97.12) Americas, Europe, Asia and other regions 86.0 92.5 85.8 80.0 41.3 41.4 0.1 0.4% 74.0 Asia and other regions (99. 1)Pioglitazone Worldwide sales 396.2 387.0 383.3 387.9 195.6 171.0 -24.6 -12.6% 317.0 Japan (unconsolidated) (99.12) 41.6 48.8 51.2 47.9 24.4 18.9 -5.4 -22.3% 34.0 e cas Americas (99. 8) 318.6 301.7 297.4 306.2 155.1 139.4 15.7 -15.7 10.1% -10.1% 261.0 Europe (00.10) 32.5 32.8 31.3 29.5 14.2 10.4 -3.8 -27.0% 17.0 Asia and other regions (00. 7) 3.4 3.7 3.3 4.2 1.9 2.3 0.4 22.8% 5.0 * Worldwide sales of Candesartan are divided into only two segments, because export sales of this products to licensee are recorded under a single route. ** Effective from the FY2010, a portion of the pricing system for individual products (selling prices to wholesalers) has been revised in Japan. The figures for "FY09" are indicated after adjustment by applying said new pricing system. *** Effective from the FY2010, the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information has been adopted. The figures for "FY09" are calculated and indicated after applying said accounting standard.◆ Sales of products outside Japan (Billions of Yen) FY2010 FY2011 vs. FY2010 increase/ FY2011 FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q Total decrease EstimateAmitiza 19.6 21.0 19.8 18.6 9.8 9.5 -0.3 -3.3% 18.0Velcade - 37.7 46.2 50.8 25.6 28.1 2.6 10.0% 55.0Uloric - 0.2 4.4 9.1 4.1 6.1 2.0 47.9% 13.5Dexilant - 0.5 8.5 18.1 7.7 10.8 3.1 39.7% 25.0Pantoprazole - - - - - - - - 39.0Daxas - - - - - - - - 3.0 -6-
  10. 10. ◆ Ethical drugs: Major products domestic sales (Billions of Yen) Therapeutic FY2010 FY2011 vs. FY2010 increase/ FY2011Product Launched FY07 FY08 FY09 FY2010 Class 1-2Q Total 1-2Q Total 1-2Q Total decrease EstimateBlopress (99. 6) Hypertension 137.1 137.9 132.6 138.0 67.7 70.9 3.2 4.8% 144.0 <Ecard> (09. 3) Hypertension - - 0.7 10.4 4.4 6.4 1.9 43.5% 13.0 <Unisia> (10. 6) Hypertension - - - 4.7 1.0 7.7 6.7 - 19.5Takepron (92.12) Peptic ulcers 64.8 70.7 72.3 70.9 34.1 37.6 3.5 10.3% 77.0 Prostate cancer,Leuplin (92. 9) breast cancer and 66.4 66.3 65.3 65.9 32.6 33.8 1.1 3.5% 66.5 endometriosis RheumatoidEnbrel (05. 3) 18.8 26.3 32.3 38.4 18.4 20.8 2.4 13.3% arthritisActos (99.12) Diabetes 41.6 48.8 51.2 47.9 24.4 18.9 -5.4 -22.3% 34.0Basen (94. 9) Diabetes 52.8 47.1 41.9 32.2 16.9 13.6 -3.3 -19.4% 26.0Benet (02. 5) Osteoporosis 16.5 16.3 17.4 17.6 8.8 8.7 -0.1 -0.7% 17.0Vectibix (10. 6) Colorectal cancer - - - 9.4 2.2 8.1 5.9 - 16.5Nesina (10. 6) Diabetes - - - 1.6 1.1 5.3 4.2 - 16.5Takeda freeze-dried Vaccine for measleslive attenuated measles (06. 1) 5.8 8.4 8.2 8.3 5.0 5.1 0.1 1.1% 7.5 /rubella/ rubella combinedSeltouch (93. 9) Topical NSAID 12.3 11.3 10.4 8.7 4.6 4.1 -0.4 -9.7% 8.5Rozerem (10. 7) Insomnia - - - 1.0 0.5 0.9 0.4 89.0% 3.0 Alzheimer-typeReminyl (11. 3) - - - 0.5 - 0.9 0.9 - dementia* Effective from the FY2010, a portion of the pricing system for individual products (selling prices to wholesalers) has been revised in Japan. The figures for "FY09" are indicatedafter adjustment by applying said new pricing system.** The figures for "FY11 Estimate" are partialy undisclosed due to disclosure policy of alliance partners.◆ Consumer Healthcare: Major products sales (Billions of Yen) FY2010 FY2011 vs. FY2010 increase/ FY2011 FY07 FY08 FY09 FY2010 1-2Q Total 1-2Q Total 1-2Q Total decrease EstimateAlinamin tablet 15.1 14.6 14.6 14.0 7.5 7.8 0.3 4.0% 14.6Alinamin drink 12.3 12.8 12.2 12.7 6.9 7.0 0.1 1.0% 12.6Benza 8.4 8.5 7.8 8.7 4.9 5.1 0.2 4.8% 9.0Biofermin 7.1 7.1 6.6 7.0 3.4 3.6 0.2 6.7% 7.2Borraginol 4.4 4.3 4.0 4.2 1.9 2.0 0.0 2.3% 4.3 -7-
  11. 11. 3.Selling, General and Administrative expenses (Billions of Yen) FY2010 FY2011 vs FY2010 increase/ FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q Total decreaseS, G & A expenses 673.0 942.3 760.7 734.7 341.8 331.9 -9.9 -2.9% <% of net sales> <48.9%> <61.3%> <51.9%> <51.8%> <47.9%> <47.2%> <-0.6pt> Selling expenses 150.0 108.1 94.0 94.5 44.0 46.0 2.1 4.7% Advertising expenses 38.5 20.3 19.3 24.7 10.5 13.8 3.3 31.0% Sales promotion expenses 46.9 45.6 41.7 43.3 20.4 19.3 -1.1 -5.2% Transportation and custody expenses 6.7 8.0 8.5 8.5 4.2 4.3 0.0 0.9% Personnel expenses 129.2 167.5 174.2 171.8 88.0 75.1 -12.9 -14.7% Other expenses 118.1 213.7 196.0 179.6 85.6 91.8 6.1 7.2% R&D expenses 275.8 453.0 296.4 288.9 124.2 119.0 -5.2 -4.2% <% of net sales> <20.1%> <29.5%> <20.2%> <20.4%> <17.4%> <16.9%> <-0.5pt> R&D expenses for ethical 271.5 448.1 291.6 283.9 121.8 116.7 -5.2 -4.2% drugs (Consolidated)  <% of ethical drugs sales> <22.4%> <32.3%> <22.1%> <22.3%> <19.0%> <18.6%> <-0.5pt> S, G & A expenses except 397.3 489.3 464.3 445.8 217.6 212.9 -4.7 -2.2% R&D expenses <% of net sales> <28.9%> <31.8%> <31.7%> <31.4%> <30.5%> <30.3%> <-0.2pt>4.Non-operating income and expenses (Billions of Yen) FY2010 FY2011 vs FY2010 increase/ FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q Total decreaseNon-operating income and expenses 113.3 20.7 -4.4 4.5 3.9 -1.5 -5.3 -Non-operating income 132.3 43.1 25.2 30.4 12.2 13.4 1.1 9.3% Interest income 56.8 11.4 2.0 1.7 0.9 1.0 0.1 9.7% Dividend income 5.2 5.7 4.2 4.5 2.4 2.2 -0.2 -8.2% Equity in earnings of affiliates 56.7 2.9 0.8 0.5 0.2 0.1 -0.2 -64.9% Other non-operating income 13.6 23.2 18.2 23.8 8.8 10.2 1.4 15.9%Non-operating expenses 19.0 22.4 29.6 25.9 8.4 14.9 6.5 77.4% Interest expenses 0.3 1.6 1.4 1.3 0.7 0.6 -0.1 -9.0% Loss on inventories 1.6 0.4 0.0 0.3 0.0 0.2 0.1 - Loss on marketable securities 0.1 1.9 0.5 0.3 0.3 0.1 -0.2 -75.7% Loss on fixed assets 3.8 0.8 2.2 0.9 0.3 0.1 -0.2 -55.8% Contributions 4.7 4.4 5.5 4.4 1.1 2.5 1.5 - Other non-operating expenses 8.5 13.3 20.0 18.7 6.1 11.4 5.3 87.4%5.Extraordinary gain and loss (Billions of Yen) FY2010 FY2011 FY07 FY08 FY09 FY10 1-2Q Total 1-2Q TotalExtraordinary gain and loss 40.4 71.3 - - - -Extraordinary gain 40.4 71.3 - - - - Gain on sale of businesses - 71.3 - - - - Gain on sale of property, plant and equipment 0.8 0.0 - - - - Gain on sale of shares of subsidiaries/affiliates 38.6 - - - - - Gains on revision of retirement plan 1.0 - - - - -Extraordinary loss - - - - - - -8-
  12. 12. Ⅳ.Statement of cash flows  (Billions of Yen) FY2010 FY2011 vs. FY2010 FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q TotalNet cash provided by operating activities 292.5 326.3 381.2 326.9 149.1 161.7 12.7 Income before income taxes and minority interests 576.8 398.5 415.8 371.6 225.5 209.6 -15.9 Depreciation 30.7 103.2 99.8 92.6 43.9 49.9 6.0 Amortization of goodwill 1.0 14.9 15.1 14.1 7.3 6.6 -0.6 Gain on sale of businesses - -71.3 - - - - - In-Process R&D expenses in business acquisitions (*1)   - 159.9 - - - - - Interest income, interest expenses and dividend income -61.7 -15.4 -4.7 -4.9 -2.6 -2.5 0.0 Undistributed earnings of unconsolidated subsidiaries/affiliates -12.2 -2.8 0.0 -0.4 -0.2 0.8 1.0 Loss on sales and disposals of property, plant and equipment -0.1 1.1 1.4 0.9 0.4 0.1 -0.3 Gain on sale of shares of subsidiaries/affiliates -38.6 - - - - - - Working capital -8.7 -36.9 14.1 -9.2 -16.9 -14.0 2.9 Decrease (increase) in notes and accounts receivable 6.8 -30.4 16.7 -20.3 -21.9 -4.0 17.9 Decrease (increase) in inventory -14.5 -11.0 -7.4 -0.6 0.8 -1.8 -2.6 Decrease (increase) in notes and accounts payable -1.0 4.5 4.8 11.7 4.3 -8.1 -12.4 Interest and dividends received, and interest paid 60.5 14.8 4.7 4.8 2.5 2.6 0.1 Income taxes paid -263.8 -220.4 -138.7 -141.8 -65.6 -79.5 -13.9 Other 8.7 -19.3 -26.3 -0.8 -45.3 -11.9 33.4Net cash used in investing activities 101.7 -767.3 -117.5 -99.3 -62.6 -1,060.7 -998.2 Net increase in marketable securities 55.8 41.6 -9.2 13.1 12.6 0.4 -12.3 Net increase in time deposits 23.6 26.3 -17.0 15.9 17.0 2.2 -14.8 Payment for acquisition of property, plant and equipment -32.6 -39.5 -87.0 -124.2 -85.1 -25.0 60.1 Proceeds from sales of property, plant and equipment 2.2 0.6 0.8 0.7 0.4 0.1 -0.2 Net increase in investment securities 57.0 -0.0 5.4 3.8 -0.1 -0.1 -0.0 Payment for acquisition of shares of subsidiaries with subsequent -1.8 -833.5 -6.9 - - -1,029.6 -1,029.6 change of consolidation range Proceeds from acquisition of shares of subsidiaries with subsequent - 41.4 - 3.4 3.4 - -3.4 change of consolidation range Other -2.6 -4.1 -3.6 -12.0 -10.8 -8.8 2.0Net cash used in financing activities -262.1 -425.8 -148.0 -146.5 -73.1 497.0 570.0 Net increase in short-term loans -0.8 0.6 -1.1 -0.7 -0.3 569.8 570.1 Proceeds from issuance of long-term debt - - - 1.3 - - - Repayment of long-term debt -1.4 -0.8 - -1.3 - - - Payment for purchases of treasury stock -128.8 -280.3 -0.0 -0.1 -0.0 -0.0 0.0 Dividends paid -129.2 -142.4 -143.6 -142.1 -71.0 -71.0 -0.0 Other -2.0 -3.0 -3.3 -3.8 -1.8 -1.9 -0.1Effect of exchange rate changes -166.6 11.7 -21.2 -60.9 -60.3 -66.0 -5.6Net increase in cash and cash equivalents -34.5 -855.2 94.4 20.2 -46.9 -468.0 -421.1Cash and cash equivalents, beginning of year 1,647.7 1,613.2 758.1 852.5 852.5 872.7 20.2Cash and cash equivalents, end of year 1,613.2 758.1 852.5 872.7 805.6 404.7 -400.9Note:(*1) A portion of acquisition cost relative to the division and restructuring of TAP Pharmaceutical Products Inc. and acquisition of Millennium Pharmaceuticals, Inc. was recorded as R&D expenses. -9-
  13. 13. Ⅴ.Balance Sheets<Assets> (Billions of Yen) FY2011 FY2010 FY07 FY08 FY09 FY10 % of Total vs. FY2010 2Q End 2Q EndCurrent assets 2,243.8 1,475.6 1,572.9 1,586.3 1,274.5 36.4% -311.8 1,501.1 Cash and time deposits 239.5 229.5 266.5 217.9 248.6 7.1% 30.7 222.0 Securities 1,445.5 529.2 616.7 656.3 157.4 4.5% -498.9 583.6 Notes and accounts receivable 248.2 302.4 280.6 294.0 351.7 10.1% 57.7 295.7 Inventories 116.1 131.7 137.7 137.1 241.3 6.9% 104.2 135.4 Deferred income taxes 141.0 218.2 236.2 229.9 225.3 6.4% -4.6 225.7 Other current assets 54.4 65.5 36.0 51.9 53.3 1.5% 1.4 39.4 Allowance for doubtful receivables -0.9 -0.9 -0.9 -0.9 -3.1 -0.1% -2.2 -0.8Fixed assets 605.5 1,284.6 1,250.4 1,200.1 2,224.8 63.6% 1,024.6 1,207.6 Tangible fixed assets 236.1 258.5 318.9 407.5 474.5 13.6% 67.0 382.9 Acquisition value 645.6 707.2 758.2 856.4 968.5 112.0 819.3 Accumulated depreciation -409.5 -448.7 -439.3 -449.0 -494.0 -45.0 -436.4 Intangible fixed assets 10.2 747.7 639.9 517.4 1,461.5 41.8% 944.1 555.0 Goodwill 3.7 284.4 256.1 217.1 538.7 321.6 224.2 Patents - 454.1 376.0 293.1 337.5 44.4 323.3 Sales rights - - - - 558.7 558.7 - Other intangible fixed assets 6.5 9.2 7.8 7.2 26.6 19.5 7.5 Investment and other assets 359.2 278.4 291.6 275.2 288.8 8.3% 13.6 269.7 Investment securities 292.8 189.1 197.8 165.0 162.1 -2.9 171.2 Long-term loans 0.2 0.3 0.4 0.4 0.8 0.4 0.4 Prepaid pension costs 34.4 34.0 37.7 32.6 29.8 -2.8 35.8 Real estates for lease 21.6 20.9 20.2 19.6 19.3 -0.3 19.9 Deferred income taxes 4.4 11.1 6.6 26.6 44.1 17.5 13.0 Others 6.0 23.1 29.0 31.3 32.8 1.6 29.6 Allowance for doubtful receivables -0.2 -0.3 -0.2 -0.2 -0.1 0.1 -0.2Total assets 2,849.3 2,760.2 2,823.3 2,786.4 3,499.3 100.0% 712.9 2,708.7 - 10 -
  14. 14. <Liabilities and net assets> (Billions of Yen) FY2011 FY2010 FY07 FY08 FY09 FY10 % of Total vs. FY2010 2Q End 2Q EndTotal liabilities 526.7 706.3 658.5 649.7 1,454.2 41.6% 804.5 595.2 Current liabilities 428.7 472.1 428.5 436.6 1,017.2 29.1% 580.6 375.5 Notes and accounts payable 72.5 68.1 72.8 83.1 89.9 2.6% 6.8 75.4 Short-term loans 3.4 3.2 3.3 1.3 571.3 16.3% 570.0 3.0 Income taxes payable 90.3 70.8 48.9 42.0 61.2 1.8% 19.3 51.8 Allowances and reserves 45.3 49.9 52.7 53.0 46.9 1.3% -6.1 45.0 Other current liabilities 217.3 280.1 250.8 257.2 247.9 7.1% -9.4 200.3 Long-term liabilities 98.0 234.2 230.1 213.2 437.0 12.5% 223.9 219.7 Reserve for retirement benefits 17.5 16.9 18.0 16.8 51.5 1.5% 34.7 16.5 Reserve for directors retirement 2.2 0.6 0.6 1.1 0.9 0.0% -0.2 0.7 Deferred income taxes 59.9 141.7 141.7 112.3 293.3 8.4% 181.0 119.8 Other long term liabilities 18.3 75.0 69.7 82.9 91.4 2.6% 8.4 82.7Net Assets 2,322.5 2,053.8 2,164.7 2,136.7 2,045.1 58.4% -91.6 2,113.5Shareholders equity 2,314.2 2,124.4 2,278.5 2,384.2 2,448.9 64.7 2,351.6 〈Paid-in capital〉 < 63.5> < 63.5> < 63.5> < 63.5> < 63.5> <-> < 63.5> 〈Additional paid-in capital〉 < 49.6> < 49.6> < 49.6> < 49.6> < 49.6> <-> < 49.6> 〈Retained earnings〉 < 2,523.6> < 2,012.3> < 2,166.3> < 2,272.1> < 2,336.6> < 64.6> < 2,239.5> 〈Treasury Stock〉 < -322.6> < -1.1> < -1.0> < -1.0> < -0.9> < 0.1> < -1.0>Accumulated other comprehensive income(*) -33.4 -113.0 -157.3 -292.6 -461.6 -169.0 -283.1 〈Unrealized gain on available-for-sales < 130.5> < 79.4> < 91.0> < 73.9> < 70.3> < -3.6> < 77.6>securities〉 〈Deferred hedge gain/loss〉 < -0.1> < 0.2> < 0.2> < 0.0> < 0.4> < 0.4> < 0.3> 〈Foreign currency translation adjustment〉 < -163.7> < -192.6> < -248.5> < -366.6> < -532.3> < -165.7> < -361.0>Stock acquisition right - 0.1 0.2 0.3 0.4 0.0 0.2Minority interests 41.7 42.4 43.4 44.7 57.3 12.6 44.7Total liabilities and net assets 2,849.3 2,760.2 2,823.3 2,786.4 3,499.3 100.0% 712.9 2,708.7(*) The amounts of “Valuation and translation adjustments” in the previous years are shown as “Accumulated other comprehensive income” from the fiscal year end 2010. - 11 -
  15. 15. Ⅵ.Segment Information * (Billions of Yen) FY2010 FY2011 vs. FY2010 increase/ FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q Total decreaseNet Sales 1,374.8 1,538.3 1,466.0 1,419.4 714.0 702.5 -11.5 -1.6% Pharmaceuticals 1,272.1 1,448.5 Ethical drugs 1,210.2 1,384.1 1,317.7 1,267.4 638.1 627.0 -11.1 -1.7% Japan 529.7 549.0 548.9 578.5 283.6 296.0 12.4 4.4% Overseas 680.6 835.1 768.9 689.0 354.5 331.0 -23.5 -6.6% Consumer healthcare 61.8 64.4 58.2 60.3 31.3 31.8 0.6 1.8% Others 102.7 89.9 Others 94.8 96.3 47.0 46.0 -1.0 -2.2% Adjustments -4.8 -4.6 -2.3 -2.3 0.0Operating Income 423.1 306.5 420.2 367.1 221.6 211.0 -10.6 -4.8% Pharmaceuticals 411.3 296.9 Ethical drugs 400.6 346.0 209.5 198.4 -11.2 -5.3% Consumer healthcare 11.0 12.2 7.8 7.5 -0.4 -5.0% Others 11.7 9.5 Others 10.8 11.0 5.3 6.3 1.1 20.4% Adjustments -2.2 -2.2 -1.0 -1.1 -0.1 FY2010 FY2011 vs. FY2010 increase/ FY07 FY08 FY09 FY10 1-2Q Total 1-2Q Total 1-2Q Total decreaseCapital expenditures 38.9 906.9 114.5 148.9 97.7 1,111.6 1,014.0 -  Pharmaceuticals 29.9 ** 898.7 Ethical drugs 110.6 144.7 95.3 *** 1,109.2 1,013.9 - Consumer healthcare 0.5 0.4 0.2 0.6 0.4 -  Others 9.0 8.2 Others 3.4 3.7 2.2 1.9 -0.3 -14.3% Adjustments - - - - -** Including both "increase of intangible assets and goodwill due to acquisition of Millennium" and "increase of intangible assets due to division and restructuring of TAP intowholly owned subsidiary"*** Including increase of intangible assets and goodwill due to acquisition of Nycomed.Depreciation 31.7 118.1 98.7 91.5 43.4 49.3 5.8 13.5%  Pharmaceuticals 24.4 110.1 Ethical drugs 93.0 86.1 40.9 46.8 5.9 14.5% Consumer healthcare 0.8 0.8 0.4 0.4 0.0 4.2%  Others 6.4 7.2 Others 5.6 5.2 2.5 2.4 -0.1 -5.4% Adjustments -0.7 -0.6 -0.3 -0.3 0.0Amortization of goodwill 15.1 14.1 7.3 6.6 -0.6 -8.9%  Pharmaceuticals Ethical drugs 14.6 13.7 7.0 6.5 -0.5 -7.5% Consumer healthcare - - - - - -  Others Others 0.5 0.5 0.2 0.1 -0.1 -49.6% Adjustments - - - - -* Effective from the FY2010, the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information has been adopted. The figures for “FY09”are calculated and indicated after applying said accounting standard. - 12 -

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