08 05-12 astellas results-q1
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08 05-12 astellas results-q1 08 05-12 astellas results-q1 Document Transcript

  • August 1, 2012Contact:Corporate Communications,Astellas Pharma Inc.TEL +81-3-3244-3201 Financial Results of Astellas for the First Three Months of FY2012Japan, August 1, 2012 – Astellas Pharma Inc. (hereinafter referred to as “the Company”) todayannounced the financial results for the first three months of the fiscal year 2012 (FY2012) endingMarch 31, 2013.Consolidated financial results for the first three months of FY2012 (April 1, 2012 – June 30,2012) (Millions of yen – fractions dropped) First three months of First three months of Change FY2011 FY2012 (%) -8,384 Net sales 251,617 243,232 (-3.3%) +4,089 Operating income 48,801 52,891 (+8.4%) +5,398 Ordinary income 50,337 55,735 (+10.7%) +10,342 Net income 25,146 35,489 (+41.1%) Comprehensive - 14,385 -4,094 income (-%) Cautionary statement regarding forward-looking information This press release includes forward-looking statements based on a number of assumptions and beliefs in light of the information currently available to management and subject to significant risks and uncertainties. Consequently, any statements herein do not constitute assurances regarding actual results by the Company. Actual financial results may differ materially depending on a number of factors, including adverse economic conditions, currency exchange rate fluctuations, adverse legislative and regulatory developments, delays in new product launches, the pricing and product initiatives of competitors, the inability of the company to market existing and new product effectively, interruptions in production, infringement of the company’s intellectual property rights and the adverse outcome of material litigation. 1
  • 1. Qualitative information on consolidated financial results for the first three months of FY2012(1) Qualitative information on consolidated business performanceConsolidated business performance in the first three months of FY2012 showed a decrease in netsales, and increases in operating income, ordinary income and net income, as follows.Compared to the corresponding period of the previous fiscal year (“year-on-year”), the exchangerate for the yen in the first three months appreciated ¥2 and ¥14 against the US dollar and the euro,respectively. As a result, there was a ¥8.1 billion decrease in net sales and a ¥0.1 billion decrease inoperating income.Consolidated financial results (Millions of yen – fractions dropped) First three months of First three months of Change FY2011 FY2012 (%) -8,384 Net sales 251,617 243,232 (-3.3%) +4,089 Operating income 48,801 52,891 (+8.4%) +5,398 Ordinary income 50,337 55,735 (+10.7%) +10,342 Net income 25,146 35,489 (+41.1%) Comprehensive - 14,385 -4,094 income (-%)Research and development (R&D) expenses First three months of First three months of FY2011 FY2012 R&D expenses ¥43,531 million ¥42,863 millionExchange rate First three months of First three months of FY2011 FY2012 ¥/US$ ¥82 ¥80 ¥/€ ¥117 ¥103 2
  • Net salesConsolidated net sales decreased by 3.3% year-on-year to ¥243.2 billion. - In terms of global products, sales of Vesicare, a treatment for overactive bladder (OAB), continued to increase, while Mycamine / Funguard, an injectable antifungal agent, showed steady expansion. However, sales of Prograf, the immunosuppressant, and Harnal, a treatment for functional symptoms of benign prostatic hyperplasia, declined mainly due to the impact of generics. - Sales in the Japanese market declined, mainly due to the impact of the NHI drug price revision enforced in April 2012.Sales by region*Sales by region calculated according to locations of sellers.<Japan> Net sales in Japan decreased by 1.2% year-on-year to ¥137.7 billion. Sales in the Japanese market decreased by 0.4% year-on-year to ¥134.0 billion. - Products such as Prograf, Celecox, a non-steroidal anti-inflammatory and anti-pain drug, and Myslee, an insomnia treatment, showed growth in sales. - Sales also grew for Micardis, an angiotensin II receptor blocker, owing to the addition of Micombi, its combination drug with a diuretic, and Micamlo, its combination drug with a calcium antagonist. - In addition, sales of new products grew, including Symbicort, for the treatment of bronchial asthma, and Bonoteo, an oral osteoporosis treatment. - On the other hand, sales declined for Lipitor, a treatment for hypercholesterolemia, Gaster, a peptic ulcer and gastritis treatment, and Harnal, mainly due to the impact of generics.<Outside of Japan> Net sales in the Americas decreased by 3.7% year-on-year to ¥46.4 billion. The sales on a local currency basis decreased by 1.8% year-on-year to US$579 million. - In addition to VESIcare, Lexiscan, a pharmacologic stress agent, continuously grew. Also, income from anticancer drug Tarceva increased. - Sales of Prograf fell due to the impact of generics. - Also, in the corresponding period of the previous fiscal year, royalty income related to the use of DPP-IV inhibitors for the treatment of type 2 diabetes, which was owned by a subsidiary of the Company, was included in net sales in the Americas. However, because of the sale of the assets associated with this drug in July 2011, the absence of this income became a factor of revenue decline. Net sales in Europe decreased by 10.6% year-on-year to ¥49.0 billion. The sales on a local currency basis increased by 2.0% year-on-year to €477 million. - Sales of Vesicare grew and Mycamine showed steady expansion. - Sales of Prograf and Harnal sold through the Company’s own distribution channel decreased as a result of the impacts of price reductions in each country and generics. 3
  • Net sales in Asia increased by 9.6% year-on-year to ¥9.9 billion. - Products such as Prograf and Harnal showed steady growth in sales, resulting in an increase in revenue.Operating incomeConsolidated operating income increased by 8.4% year-on-year to ¥52.8 billion. - Although the cost-to-sales ratio was down, net sales decreased, resulting in a gross profit of ¥169.7 billion, down 2.5% year-on-year. The cost-to-sales ratio was down 0.6 percentage points year-on-year to 30.2%. Although changes in the product mix had an upward influence on the cost-to-sales ratio, the foreign exchange impact related to the elimination of unrealized gains in intra-group transactions and other factors had a downward influence. - Selling, general and administrative expenses decreased by 6.7% year-on-year to ¥116.9 billion. - Research and development (R&D) expenses included therein were ¥42.8 billion, down 1.5% year-on-year. The R&D cost-to-sales ratio was up 0.3 percentage points year-on-year to 17.6%. - Selling, general and administrative expenses, excluding R&D expenses, decreased by 9.5% year-on-year to ¥74.0 billion, mainly owing to decreases in sales promotional expenses outside of Japan and amortization expenses relating to intangible fixed assets.Ordinary incomeConsolidated ordinary income increased by 10.7% year-on-year to ¥55.7 billion. - Non-operating income increased by ¥1.3 billion year-on-year to ¥3.0 billion mainly due to the recording of exchange gain. Non-operating expenses amounted to ¥0.1 billion.Net incomeConsolidated net income increased by 41.1% year-on-year to ¥35.4 billion. - Special gains totaled ¥0.2 billion. Special losses totaled ¥8.3 billion mainly due to the recording of ¥7.0 billion in loss on impairment of fixed assets, including property, plant and equipment, and intangible fixed assets relating to in-process R&D expenses. - The income tax burden rate declined compared to the corresponding period of the previous fiscal year, when the rate rose temporarily due to a change in policy regarding dividends from subsidiaries outside of Japan. 4
  • (2) Qualitative information on consolidated financial conditionsAssets, liabilities and net assetsAn overview of the consolidated balance sheets as of June 30, 2012 and the main changes from theend of the previous fiscal year are shown below.AssetsTotal assets as of June 30, 2012 saw a decrease of ¥64.5 billion compared to the end of the previousfiscal year to ¥1,336.1 billion.<Current assets> ¥741.4 billion (a decrease of ¥39.6 billion) - Cash on hand and in banks as well as marketable securities decreased by ¥21.3 billion and ¥17.2 billion, respectively.<Fixed assets> ¥594.6 billion (a decrease of ¥24.8 billion) - Property, plant and equipment decreased by ¥3.9 billion compared to the end of the previous fiscal year to ¥195.2 billion. - Intangible fixed assets decreased by ¥19.8 billion compared to the end of the previous fiscal year to ¥294.3 billion. Patents and goodwill decreased by ¥13.2 billion and ¥6.1 billion, respectively.LiabilitiesLiabilities decreased by ¥30.4 billion compared to the end of the previous fiscal year to ¥352.0billion.<Current liabilities> ¥288.1 billion (a decrease of ¥25.9 billion)<Long-term liabilities> ¥63.8 billion (a decrease of ¥4.4 billion)Net assetsNet assets decreased by ¥34.0 billion compared to the end of the previous fiscal year to ¥984.0billion, making the equity ratio 73.5%. - While net income stood at ¥35.4 billion, ¥30.0 billion of dividends of surplus were paid. In addition, the change in translation adjustments of ¥39.5 billion had the effect of reducing net assets by the same amount. 5
  • (3) Consolidated business forecasts for FY2012The forecasts for the first six months and full-year of the fiscal year ending March 31, 2013(FY2012) are shown below. No changes have been made to the forecasts announced in May 2012.Consolidated first six months business forecasts (Millions of yen – fractions dropped) FY2011 FY2012 Change First six months First six months (%) results forecasts -7,925 Net sales 483,925 476,000 (-1.6%) -7,999 Operating income 82,999 75,000 (-9.6%) -6,926 Ordinary income 82,426 75,500 (-8.4%) +669 Net income 51,330 52,000 (+1.3%)Consolidated full-year business forecasts (Millions of yen – fractions dropped) FY2011 FY2012 Change Full-year results Full-year forecasts (%) +2,612 Net sales 969,387 972,000 (+0.3%) +14,480 Operating income 131,519 146,000 (+11.0%) +11,892 Ordinary income 135,107 147,000 (+8.8%) +19,769 Net income 78,230 98,000 (+25.3%) (Notes) Expected exchange rate for FY2012 ¥80/US$ ¥105/€ Exchange rate for FY2011 ¥79/US$ ¥109/€ Exchange rate for the first six months of FY2011 ¥80/US$ ¥114/€ 6
  • Consolidated Financial Statements(1) Consolidated Balance Sheets (All amounts are in millions of yen and amounts less than one million have been omitted.) As of As of March 31, 2012 June 30, 2012Assets Current assets Cash on hand and in banks ¥210,986 ¥189,662 Trade notes and accounts receivable 264,687 267,568 Marketable securities 88,112 70,816 Inventories 111,822 114,101 Other 108,356 101,667 Allowance for doubtful receivables (2,887) (2,377) Total current assets 781,078 741,439 Fixed assets Property, plant and equipment 199,159 195,223 Intangible fixed assets Goodwill 94,192 88,033 Patents 161,499 148,284 Other 58,586 58,081 Total intangible fixed assets 314,278 294,399 Investments and other assets Investment securities 60,525 60,336 Other 45,626 44,754 Allowance for doubtful receivables (39) (23) Total investments and other assets 106,112 105,067 Total fixed assets 619,550 594,690 Total assets ¥1,400,629 ¥1,336,129 7
  • (All amounts are in millions of yen and amounts less than one million have been omitted.) As of As of March 31, 2012 June 30, 2012Liabilities Current liabilities Trade notes and accounts payable ¥108,408 ¥103,744 Accrued income taxes 24,757 11,020 Provision 4,027 3,176 Other 176,976 170,231 Total current liabilities 314,170 288,173 Long-term liabilities Accrued retirement benefits for employees 16,979 16,224 Other 51,356 47,645 Total long-term liabilities 68,336 63,870 Total liabilities 382,506 352,043Net assets Shareholders equity Common stock 103,000 103,000 Capital surplus 176,821 176,823 Retained earnings 894,737 900,201 Treasury stock (23,131) (23,126) Total shareholders equity 1,151,427 1,156,898 Accumulated other comprehensive income Unrealized holding gains on securities 12,257 12,221 Foreign currency translation adjustments (147,166) (186,714) Total accumulated other comprehensive income (134,909) (174,493) Stock subscription rights 1,604 1,680 Total net assets 1,018,123 984,086Total liabilities and net assets ¥1,400,629 ¥1,336,129 8
  • (2) Consolidated Statements of Income and Consolidated Statements ofComprehensive Income (Consolidated Statements of Income) (All amounts are in millions of yen and amounts less than one million have been omitted.) For the three months For the three months ended June 30, 2011 ended June 30, 2012Net sales ¥251,617 ¥243,232Cost of sales 77,485 73,435Gross profit 174,131 169,797Selling, general and administrative expenses 125,330 116,905Operating income 48,801 52,891Non-operating income Interest income 318 302 Dividend income 516 518 Equity in earnings of affiliates 68 28 Exchange gain 582 1,792 Other 178 375 Total non-operating income 1,665 3,017Non-operating expenses Interest expense 14 51 Other 115 121 Total non-operating expenses 129 172Ordinary income 50,337 55,735Special gains Gain on sales of fixed assets 5 173 Gain on sales of investment securities 2,162 98 Other 561 15 Total special gains 2,729 286Special losses Loss on sales and disposal of fixed assets 384 201 Loss on impairment of fixed assets 3,435 7,022 Loss on disaster 856 - Other 930 1,103 Total special losses 5,606 8,327Income before income taxes and minority interests 47,460 47,695Income taxes 22,314 12,206Income before minority interests 25,146 35,489Net income ¥25,146 ¥35,489 9
  • (Consolidated Statements of Comprehensive Income) (All amounts are in millions of yen and amounts less than one million have been omitted.) For the three months For the three months ended June 30, 2011 ended June 30, 2012Income before minority interests ¥25,146 ¥35,489Other comprehensive income Unrealized holding gains on securities 526 (35) Foreign currency translation adjustments (11,287) (39,547) Total other comprehensive income (10,761) (39,583)Comprehensive income ¥14,385 ¥(4,094) - attributable to owners of the parent ¥14,385 ¥(4,094) - attributable to minority interests - - 10