Securities Code: 4523
FY 2021 (Ending March 31, 2022)
Third Quarter Financial Results
Reference Data
February 3, 2022
Eisai Co., Ltd.
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Forward-Looking Statements and Risk Factors
Materials and information provided in this announcement include current forecasts, targets, evaluations, estimates, assumptions that are accompanied by risks, and other matters that are based on uncertain factors. Accordingly, it is possible that actual results will deviate significantly from forecasts, etc., due to changes to a variety of factors. These risks and uncertainties include general industry and market conditions, fluctuation of interest rates and currency exchange rates, and other aspects of economic conditions in Japan and internationally.
Risks and uncertainties that could cause significant fluctuations in the results of the Group or have a material effect on investment decisions are as follows. However, these do not cover all of the risks and uncertainties faced by the Group, and it is possible that they will be affected in the future by other factors that cannot be foreseen, or are not deemed to be important, at this point in time.
These are judgments as of the time of the announcement, and statements in the text regarding the future are not guarantees that they will occur or be achieved.
Risks factors include risks related to management based on the Corporate Philosophy, risks related to establishment of AD franchise, risks related to maximization of the value of Lenvima, risks related to partnership model, risks related to digital transformation, risks related to uncertainties in new drug development, risks related to occurrences of side effects, risks related to product quality and stable supply, risks related to intellectual property, risks related to litigations, risks related to data reliability, risks related to medical cost containment measures, risks related to succession, risks related to information security, risks related to COVID-19, risks related to climate change, risks related to impairment of goodwill and intangible assets.
This English presentation was translated from the original Japanese version. In the event of any inconsistency between the statements in the two versions, the statements in the Japanese version shall prevail.
Contents
1. | Consolidated Statement of Income | -------------------- | 1 | |||
2. | Segment Information | -------------------- | 2 | |||
3. | Financial Result by Reporting Segment | -------------------- | 3 | |||
4. | Revenue from Major Products | -------------------- | 7 | |||
5. | Revenue Forecast by Reporting Segment | -------------------- | 9 | |||
6. | Consolidated Statement of Comprehensive Income | -------------------- | 10 | |||
7. | Consolidated Statement of Cash Flows | -------------------- | 11 | |||
8. | Capital Expenditures, Depreciation and Amortization | -------------------- | 12 | |||
9. | Consolidated Statement of Financial Position | -------------------- | 12 | |||
10. Changes in Quarterly Results | -------------------- | 14 | ||||
11. Major R&D Pipeline | -------------------- | 17 | ||||
Currency Exchange Rates | ||||||
US | EU | UK | China | |||
(USD/JPY) | (EUR/JPY) | (GBP/JPY) | (RMB/JPY) | |||
FY 2020 Q3 | Quarterly Average Rate | 106.11 | 122.37 | 136.24 | 15.44 | |
Quarter End Rate | 103.50 | 126.95 | 139.82 | 15.88 | ||
FY 2020 | Yearly Average Rate | 106.06 | 123.70 | 138.68 | 15.67 | |
Year End Rate | 110.71 | 129.80 | 152.23 | 16.84 | ||
FY 2021 Q3 | Quarterly Average Rate | 111.10 | 130.62 | 152.76 | 17.25 | |
Quarter End Rate | 115.02 | 130.51 | 155.24 | 18.06 | ||
FY 2021 | Q4 Forecast Rate | 110.00 | 130.00 | 151.50 | 17.10 | |
- Eisai Co., Ltd. ("the Company") discloses its consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS).
- The Eisai Group's ("the Group") business is comprised of pharmaceutical business and other business. The pharmaceutical business is organized into the following six reporting segments in this report: Japan, Americas (North America), China, EMEA (Europe, the Middle East, Africa, Russia, and Oceania), Asia and Latin America (primarily South Korea, Taiwan, Hong Kong, India, ASEAN, Central and South America), and OTC and others (Japan).
- All amounts are rounded to the nearest specified unit.
February 3, 2022 / Eisai Co., Ltd.
1. Consolidated Statement of Income
FY 2020 | FY 2021 | ||||||||
Q3 | Ratio (%) | Full year | Ratio (%) | Q3 | Ratio (%) | YOY (%) | Diff. | ||
Revenue | 498.3 | 100.0 | 645.9 | 100.0 | 565.3 | 100.0 | 113.4 | 67.0 | |
Cost of sales | 120.2 | 24.1 | 161.3 | 25.0 | 124.1 | 22.0 | 103.3 | 3.9 | |
Gross profit | 378.2 | 75.9 | 484.6 | 75.0 | 441.2 | 78.0 | 116.7 | 63.1 | |
Selling, general and administrative expenses | 211.4 | 42.4 | 281.4 | 43.6 | 255.9 | 45.3 | 121.1 | 44.6 | |
Selling expenses | 88.4 | 17.7 | 116.6 | 18.1 | 126.4 | 22.4 | 143.0 | 38.0 | |
Personnel expenses | 68.7 | 13.8 | 90.6 | 14.0 | 73.9 | 13.1 | 107.6 | 5.2 | |
Administrative and other expenses | 54.3 | 10.9 | 74.2 | 11.5 | 55.6 | 9.8 | 102.5 | 1.3 | |
Research and development expenses | 108.2 | 21.7 | 150.3 | 23.3 | 123.3 | 21.8 | 114.0 | 15.1 | |
Other income | 0.7 | 0.1 | 1.5 | 0.2 | 14.1 | 2.5 | 1956.6 | 13.4 | |
Other expenses | 1.7 | 0.3 | 2.6 | 0.4 | 1.6 | 0.3 | 93.2 | (0.1) | |
Operating profit | 57.7 | 11.6 | 51.8 | 8.0 | 74.6 | 13.2 | 129.2 | 16.9 | |
Financial income | 1.6 | 0.3 | 2.1 | 0.3 | 1.9 | 0.3 | 117.2 | 0.3 | |
Financial costs | 0.9 | 0.2 | 1.4 | 0.2 | 1.2 | 0.2 | 127.5 | 0.3 | |
Profit before income taxes | 58.4 | 11.7 | 52.6 | 8.1 | 75.2 | 13.3 | 128.9 | 16.9 | |
Income taxes | 12.5 | 2.5 | 10.1 | 1.6 | 15.6 | 2.8 | 125.2 | 3.1 | |
Profit for the period | 45.9 | 9.2 | 42.5 | 6.6 | 59.6 | 10.5 | 130.0 | 13.7 | |
Profit for the period attributable to | |||||||||
Owners of the parent | 45.2 | 9.1 | 42.1 | 6.5 | 60.4 | 10.7 | 133.6 | 15.2 | |
Non-controlling interests | 0.7 | 0.1 | 0.4 | 0.1 | (0.8) | (0.1) | - | (1.5) | |
Comprehensive income for the period | 40.4 | 8.1 | 71.0 | 11.0 | 76.6 | 13.6 | 189.5 | 36.2 | |
(billions of yen)
FY 2021
Full year | Ratio |
forecast | (%) |
730.0 100.0
163.5 22.4
566.5 77.6
325.5 44.6
- -
- -
- -
174.5 23.9
11.5 1.6
- -
78.0 10.7
- -
- -
78.5 10.8
- -
61.0 8.4
60.5 8.3
- -
Earnings per share (EPS, yen) | 157.59 | 146.95 | 210.54 |
Dividend per share (DPS, yen) | - | 160.0 | - |
Return on equity (ROE, %) | - | 6.1 | - |
Dividends on equity ratio (DOE, %) | - | 6.6 | - |
- Full year forecast for other income has had other expenses deducted from it.
- EPS: Earnings Per Share attributable to owners of the parent (basic).
Notes
211.00
160.0
8.4
6.3
Revenue | Continuous growth of the anticancer agent Lenvima: 141.1 billion yen (the same period in previous fiscal year: 103.8 |
billion yen) | |
Receipt of an upfront payment from Bristol Myers Squibb under strategic collaboration for antibody drug conjugate | |
MORAb-202: 49.6 billion yen | |
Recording of sales milestone payments from Merck & Co., Inc., Kenilworth, N.J., U.S.A.: 34.5 billion yen (achieved 1.4 | |
billion U.S. dollars for CY2021) (the same period in previous fiscal year: 20.7 billion yen) | |
Selling, general and administrative expenses | Recording of expenses regarding shared profit of Lenvima paid to Merck & Co., Inc., Kenilworth, N.J., U.S.A.: 65.6 |
billion yen (the same period in previous fiscal year: 47.0 billion yen) | |
Recording of cost related to Alzheimer's disease treatment ADUHELM (aducanumab): 32.1 billion yen (the same period | |
in previous fiscal year: 15.4 billion yen) including the cost of 8.2 billion yen associated with the revision of the demand | |
forecast | |
Research and development expenses | Increase due to aggressive resource investment in projects including anti amyloid-beta protofibril antibody lecanemab, |
ADUHELM and Lenvima | |
Control of the expenses through the partnership model (partner's burden: 52.6 billion yen (the same period in previous | |
fiscal year: 46.8 billion yen)) including recording of 8.3 billion yen as a regulatory milestone payment from Merck & Co., | |
Inc., Kenilworth, N.J., U.S.A. due to approval of Lenvima for use in the treatment of renal cell carcinoma in the U.S. | |
Other income | Recording of profit from divestiture of rights for antiepileptic agent Zonegran in Europe, the Middle East, Russia and |
Australia | |
Profit for the period attributable to Non-controlling interests | A quarterly loss due to recording of termination benefits following an implementation of a special second career program |
as well as impairment losses resulting from a revaluation of the R&D pipeline, in EA Pharma Co., Ltd., a consolidated | |
subsidiary in which the Company holds 60% of the voting rights | |
Exchange rate effects | Revenue: +24.59 billion yen, operating profit: +7.03 billion yen |
Exchange rate sensitivity | Revenue (U.S. dollars: -2.53 billion yen, Euro: -0.30 billion yen, U.K. pounds: -0.06 billion yen, |
(annual effect of 1 yen appreciation in currency value) | Chinese renminbi: -6.43 billion yen) |
Operating profit (U.S. dollars: +0.53 billion yen, Euro: -0.31 billion yen, U.K. pounds: +0.09 billion yen, | |
Chinese renminbi: -4.73 billion yen) | |
Reference Data [Consolidated] 1 | February 3, 2022 / Eisai Co., Ltd. |
2. Segment Information
- Revenue by Reporting Segment
(billions of yen)
FY 2020 | FY 2021 | |||||
Q3 | Full year | Q3 | YOY (%) | CER | ||
YOY (%) | ||||||
Pharmaceutical Business Total | 454.5 | 586.1 | 472.8 | 104.0 | 99.7 | |
Japan pharmaceutical business | 180.9 | 231.9 | 163.4 | 90.3 | 90.3 | |
Americas pharmaceutical business | 110.9 | 142.8 | 125.2 | 112.9 | 107.7 | |
United States | 109.5 | 140.9 | 123.3 | 112.6 | 107.6 | |
China pharmaceutical business | 66.4 | 85.1 | 83.1 | 125.1 | 112.1 | |
EMEA pharmaceutical business | 41.6 | 55.2 | 44.3 | 106.7 | 99.3 | |
Asia and Latin America pharmaceutical business | 34.7 | 45.9 | 38.0 | 109.5 | 103.5 | |
OTC and others | 19.9 | 25.2 | 18.7 | 94.0 | 94.0 | |
Other business | 43.8 | 59.9 | 92.5 | 211.1 | 199.5 | |
Consolidated revenue | 498.3 | 645.9 | 565.3 | 113.4 | 108.5 | |
- Indicates revenue from external customers.
- CER=Constant Exchange Rates
2) Profit by Reporting Segment | (billions of yen) | |||||
FY 2020 | FY 2021 | |||||
Q3 | Full year | Q3 | YOY (%) | CER | ||
YOY (%) | ||||||
Pharmaceutical Business Total | 196.2 | 238.4 | 207.6 | 105.8 | 99.8 | |
Japan pharmaceutical business | 70.3 | 83.9 | 47.4 | 67.4 | 67.4 | |
Americas pharmaceutical business | 52.5 | 64.7 | 58.1 | 110.8 | 106.7 | |
China pharmaceutical business | 33.9 | 40.4 | 46.8 | 138.0 | 119.1 | |
EMEA pharmaceutical business | 20.0 | 25.7 | 34.9 | 174.9 | 164.9 | |
Asia and Latin America pharmaceutical business | 14.8 | 18.6 | 16.0 | 108.0 | 100.1 | |
OTC and others | 4.7 | 5.1 | 4.3 | 92.2 | 92.2 | |
Other business | 37.9 | 51.5 | 86.7 | 228.8 | 216.8 | |
Research and development expenses | (108.2) | (150.3) | (123.3) | 114.0 | 108.1 | |
Group headquarters' management costs and other expenses# | (68.3) | (87.8) | (96.5) | 141.3 | 137.1 | |
Consolidated operating profit | 57.7 | 51.8 | 74.6 | 129.2 | 117.0 | |
* CER=Constant Exchange Rates |
- Includes the amount of profits and expenses shared under strategic collaborations with partners.
Reference Data [Consolidated] 2 | February 3, 2022 / Eisai Co., Ltd. |
3. Financial Result by Reporting Segment
- Japan pharmaceutical business
(billions of yen) | |||||
FY 2020 | FY 2021 | ||||
Q3 | Full year | Q3 | YOY (%) | ||
Revenue | 180.9 | 231.9 | 163.4 | 90.3 | |
Segment profit | 70.3 | 83.9 | 47.4 | 67.4 | |
Japan prescription medicines - revenue from major products | |||||
Fully human anti-TNF-α monoclonal antibody | 38.5 | 52.0 | 38.7 | 100.6 | |
Humira | |||||
Insomnia treatment | 1.2 | 2.0 | 8.6 | 699.4 | |
Dayvigo | |||||
Peripheral neuropathy treatment | 9.3 | 12.4 | 8.2 | 88.2 | |
Methycobal | |||||
Anticancer agent | 9.7 | 12.2 | 7.7 | 79.5 | |
Lenvima | |||||
Anticancer agent | 6.2 | 8.5 | 6.3 | 101.5 | |
Halaven | |||||
Antirheumatic agent | 5.7 | 7.8 | 6.2 | 109.8 | |
Careram | |||||
Insomnia treatment | 10.4 | 13.9 | 5.8 | 55.3 | |
Lunesta | |||||
Alzheimer's disease / Dementia with Lewy bodies treatment | 7.4 | 9.3 | 5.6 | 75.3 | |
Aricept | |||||
Proton pump inhibitor | 6.3 | 7.9 | 5.5 | 86.6 | |
Pariet# | |||||
Elemental diet | 5.1 | 6.6 | 5.2 | 102.1 | |
Elental# | |||||
Chronic constipation treatment | 3.7 | 5.0 | 4.6 | 123.5 | |
Goofice# | |||||
Pain treatment (neuropathic pain, fibromyalgia) | 20.5 | 21.5 | 4.6 | 22.6 | |
Lyrica | |||||
Antiepileptic agent | 3.8 | 5.1 | 4.1 | 105.6 | |
Fycompa | |||||
- The revenue for Pariet includes the revenue for triple formulation packs for Helicobacter pylori eradication, Rabecure Pack 400/800 and Rabefine Pack.
- Co-promotionrevenue has been booked as revenue for Lyrica.
- EA Pharma product
Reference Data [Consolidated] 3 | February 3, 2022 / Eisai Co., Ltd. |
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Eisai Co. Ltd. published this content on 03 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 08:58:02 UTC.