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    4503   JP3942400007

ASTELLAS PHARMA INC.

(4503)
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Astellas Pharma : Financial Results (Q1/FY2021)

07/29/2021 | 11:09pm EDT

July 30, 2021

Contact:

Corporate Advocacy & Relations,

Astellas Pharma Inc.

TEL +81-3-3244-3201

Financial Results of Astellas for the First Three Months of FY2021

Japan, July 30, 2021 - Astellas Pharma Inc. (TSE: 4503, President and CEO:

Kenji Yasukawa, "the Company") today announced the financial results for the first three months (April 1, 2021 - June 30, 2021) of the fiscal year 2021 (FY2021) ending March 31, 2022.

Consolidated financial results for the first three months of FY2021 (core basis)

(Millions of yen)

First three months

First three months

Change

of FY2020

of FY2021

(%)

Revenue

306,969

326,143

+19,175

(+6.2%)

Core operating profit

63,370

62,820

-551

(-0.9%)

Core profit

51,990

49,241

-2,749

(-5.3%)

Cautionary Notes

In this material, statements made with respect to current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Astellas. These statements are based on management's current assumptions and beliefs in light of the information currently available to it and involve known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such factors include, but are not limited to: (i) changes in general economic conditions and in laws and regulations, relating to pharmaceutical markets, (ii) currency exchange rate fluctuations, (iii) delays in new product launches, (iv) the inability of Astellas to market existing and new products effectively, (v) the inability of Astellas to continue to effectively research and develop products accepted by customers in highly competitive markets, and (vi) infringements of Astellas' intellectual property rights by third parties.

Information about pharmaceutical products (including products currently in development) which is included in this material is not intended to constitute an advertisement or medical advice.

1

1. Qualitative information on consolidated financial results for the first three months of FY2021

  1. Business performance

(Note))>

Consolidated financial results (core basis) in the first three months of FY2021 are shown in the table below. While revenue increased, core operating profit and core profit decreased.

Consolidated financial results (core basis)

(Millions of yen)

First three months

First three months

Change

of FY2020

of FY2021

(%)

Revenue

306,969

326,143

+19,175

(+6.2%)

Cost of sales

59,654

62,231

+2,578

(+4.3%)

Selling, general and

120,776

137,109

+16,333

administrative expenses

(+13.5%)

R&D expenses

57,288

58,313

+1,025

(+1.8%)

Amortisation of

5,855

5,963

+107

intangible assets

(+1.8%)

Share of profit (loss) of

+318

investments accounted

-26

292

( - )

for using equity method

Core operating profit

63,370

62,820

-551

(-0.9%)

Core profit

51,990

49,241

-2,749

(-5.3%)

Basic core earnings per

27.99

26.58

-1.41

share (yen)

(-5.0%)

(Note) The Company discloses financial results on a core basis as an indicator of its recurring profitability. Certain items reported in financial results on a full basis that are deemed to be non-recurring items by the Company are excluded as non-core items from these financial results on a core basis. These adjusted items include impairment losses, gain/loss on sales of property, plant and equipment, restructuring costs, loss on disaster, a large amount of losses on compensation or settlement of litigations and other legal disputes, and other items that are deemed to be excluded based on the Company's judgment. A reconciliation table between results on a full basis and results on a core basis is provided in the "Supplementary Documents for Q1/FY2021 Financial Results."

2

Revenue

  • Sales of XTANDI for the treatment of prostate cancer and Strategic products XOSPATA for the treatment of acute myeloid leukemia, PADCEV for the treatment of urothelial cancer and Evrenzo for the treatment of renal anemia increased as expected.
  • Moreover, factors for the increase in sales in the first three months of FY2021 included the growth of sales of Betanis / Myrbetriq / BETMIGA for the treatment of overactive bladder ("OAB"), and the sales of pharmacologic stress agent Lexiscan returning to pre-pandemic level which decreased mainly in the corresponding period of the previous fiscal year because of the impact of the spread of COVID-19.
  • The sales growth of the products above offset the sales decrease mainly due to the termination of sales promotion activities for Celecox for the treatment of inflammation and pain, the transfer of manufacturing rights of Lipitor for the treatment of hypercholesterolemia, and the divestiture of Eligard for the treatment of prostate cancer.

As a result of the above, revenue in the first three months of FY2021 increased by 6.2% compared to those in the corresponding period of the previous fiscal year ("year-on-year") to ¥326.1 billion.

Core operating profit/ Core profit

  • Gross profit increased by 6.7% year-on-year to ¥263.9 billion. The cost-to-revenue ratio fell by 0.4 percentage points year-on-year to 19.1%, mainly due to changes in product mix.
  • Selling, general and administrative expenses increased by 13.5% year-on-year to ¥137.1 billion. The total amount increased due to the up-front investment to support CSP2021 initiatives (increase of Approx. ¥3.0 billion year-on-year), the increase of co-promotion fees associated with the growth of sales of XTANDI in the United States (increase of ¥3.0 billion year-on-year), the impact of the exchange rate (increase of ¥4.4 billion year-on-year), and moreover there was a one-off increase factor from the decrease of expenses for sales promotion activities and travel expenses due to the impact of the spread of COVID-19 in the corresponding period of the previous fiscal year (increase of Approx. ¥6.0 billion year-on-year). Excluding co-promotion fees associated with the growth of sales of XTANDI in the United States, selling, general and administrative expenses increased by 15.0% year-on-year to ¥102.6 billion.
  • Research and development (R&D) expenses increased by 1.8% year-on-year to ¥58.3 billion. While there was a decrease in development expenses for fezolinetant, a selective neurokinin-3 receptor antagonist, for which patient enrollment in Phase III trials in the United States and Europe has been completed, the total amount increased mainly due to increases in development expenses for zolbetuximab, an anti-Claudin 18.2 monoclonal antibody and R&D investment for

3

Primary Focus, such as genetic regulation, cell therapy and immuno-oncology.

  • Amortisation of intangible assets increased by 1.8% year-on-year to ¥6.0 billion.

As a result of the above, core operating profit decreased by 0.9% year-on-year to ¥62.8 billion, and core profit decreased by 5.3% year-on-year to ¥49.2 billion.

Impact of exchange rate on financial results

The exchange rates for the yen in the first three months of FY2021 are shown in the table below. The resulting impacts were a ¥13.6 billion increase in revenue and a ¥6.1 billion increase in core operating profit compared with if the exchange rates of the first three months of FY2020 were applied.

Average rate

First three months

First three months

Change

of FY2020

of FY2021

US$/¥

108

109

¥2

(Weakening of yen)

€/¥

118

132

¥13

(Weakening of yen)

Change from beginning

As of June 30, 2020

As of June 30, 2021

to end of period

US$/¥

¥1

¥0

(Strengthening of yen)

(Strengthening of yen)

€/¥

¥2

¥2

(Weakening of yen)

(Weakening of yen)

4

Consolidated financial results on a full basis in the first three months of FY2021 are shown in the table below. While revenue increased, operating profit and profit decreased.

The full basis financial results include "Other income," "Other expenses," which are excluded from the core basis financial results. In the first three months of FY2021, "Other income" was ¥0.4 billion (¥2.2 billion in the corresponding period of the previous fiscal year) and "Other expenses" was ¥27.1 billion (¥4.8 billion in the corresponding period of the previous fiscal year).

As "Other expenses," the Company recorded impairment losses in relation to the termination of development projects (DNA vaccine ASP0892: ¥21.5 billion, anti-CD40 monoclonal antibody bleselumab: ¥4.1 billion), and as a result, in the financial results on a full basis, the decrease in profit was larger compared to the financial results on a core basis.

Consolidated financial results (full basis)

(Millions of yen)

First three months

First three months

Change

of FY2020

of FY2021

(%)

Revenue

306,969

326,143

+19,175

(+6.2%)

Operating profit

60,815

36,090

-24,724

(-40.7%)

Profit before tax

60,238

35,830

-24,408

(-40.5%)

Profit

50,413

30,687

-19,726

(-39.1%)

Basic earnings per

27.14

16.56

-10.58

share (yen)

(-39.0%)

Comprehensive

55,426

36,206

-19,219

income

(-34.7%)

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Astellas Pharma Inc. published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 03:08:05 UTC.


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Financials
Sales 2022 1 325 B 11 981 M 11 981 M
Net income 2022 194 B 1 759 M 1 759 M
Net cash 2022 478 B 4 319 M 4 319 M
P/E ratio 2022 18,0x
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Nbr of Employees 15 455
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Last Close Price 1 902,50 JPY
Average target price 2 451,54 JPY
Spread / Average Target 28,9%
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Managers and Directors
Kenji Yasukawa President, CEO & Representative Director
Naoki Okamura CFO, Representative Director & Vice President
Yoshihiko Hatanaka Chairman
Yoshitsugu Shitaka Chief Scientific Officer
Fumiaki Sakurai Head-Business Administration & Compliance
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