Five-Year Business Highlights

FY2022 Overview

During the fiscal year ended March 2023, the global economy was still dominated by lingering uncertainties about the future mainly due to policy interest rates raised to control inflation and heightened geopolitical risks resulting from the prolonged war in Ukraine, despite the gradual decrease in the impact of the COVID-19 pandemic and the consequent gradual economic recovery. Just as the global economy did, the Japanese economy also saw growing uncertainties about the future mainly due to the continued high prices of energy resources and raw materials caused by the ongoing war in Ukraine, despite signs of the normalization of social and economic activities in the wake of the relaxation of COVID-19 activity restrictions. The Japanese pharmaceutical industry, to which our corporate group belongs, is still in a difficult business environment, with various government measures promoted to encourage the use of generic pharmaceuticals and to control national medical expenditure, such as annual drug price revisions. Our Functional Food business has also faced a harsh situation caused mainly by sharp rises in transportation costs and raw material prices, despite strong demand for functional foods against a backdrop of heightened health awareness among the general public. Even in such a situation, the Nippon Shinyaku Group’s sales revenue for the fiscal year ended March 2023 was 144,175 million yen, an increase of 4.9% year on year. This increase can be explained by sales of Uptravi, a treatment for pulmonary arterial hypertension (PAH) and chronic thromboembolic pulmonary hypertension (CTEPH), the royalty income from overseas sales of the same product, and growth in sales of Viltepso, a treatment for Duchenne muscular dystrophy (DMD). For the same period, operating income was 30,049 million yen, a decrease of 8.8% year on year, and profit before tax was 30,489 million yen, a decrease of 8.4% year on year. Net profit attributable to owners of the parent was 22,812 million yen, a decrease of 8.7% year on year. The factors behind the results include a relative decrease from FY2022, when income from the sale of priority review vouchers was recorded.

Principal Financial Data

Fiscal year
(millions of yen)
2019/3 (JGAAP) 2020/3 (JGAAP) 2021/3 (JGAAP) 2022/3 (JGAAP) 2023/3 (IFRS) 2024/3 (forecast)
Net sales / Sales revenue 114,716 116,637 121,885 137,547 144,175 147,000
 Pharmaceuticals 100,223 101,643 106,478 120,650 121,988 125,000
 Functional food 14,492 14,994 15,406 16,897 22,187 22,000
Operating income 20,644 21,668 26,134 28,299 30,049 33,500
Ordinary income 21,540 22,442 26,760 29,773 - -
Net income attributable to owners of the parent / Profit attributable to owners of the parent 16,302 16,866 20,702 23,044 22,812 26,000
Depreciation and amortization 3,418 3,468 3,550 2,933 5,041 5,400
Capital investment 1,242 2,500 2,583 4,264 7,982 9,000
R&D expenses 16,701 13,994 16,104 26,386 24,135 29,500
Total assets 168,763 175,017 197,028 210,052 237,451
Net assets/Total equity 135,190 145,760 162,543 176,767 195,933
Liabilities 33,573 29,257 34,485 33,285 41,518

Net Sales

Sales revenue for the fiscal year ended March 2023 was 144,175 million yen, an increase of 4.9% year on year. This increase can be explained by sales of Uptravi, a treatment for pulmonary arterial hypertension (PAH) and chronic thromboembolic pulmonary hypertension (CTEPH), the royalty income from overseas sales of the same product, and growth in sales of Viltepso, a treatment for Duchenne muscular dystrophy (DMD).

Operating income
 

Net income attributable to owners of the parent

Operating income was 30,049 million yen, a decrease of 8.8% year on year, and profit before tax was 30,489 million yen, a decrease of 8.4% year on year. Net profit attributable to owners of the parent was 22,812 million yen, a decrease of 8.7% year on year. The factors behind the results include a relative decrease from FY2022, when income from the sale of priority review vouchers was recorded.

R&D expenses

Principal Financial Indicators

Fiscal year (yen) 2019/3 (JGAAP) 2020/3 (JGAAP) 2021/3 (JGAAP) 2022/3 (JGAAP) 2023/3 (IFRS)
Earnings per share (EPS) 242.04 250.42 307.37 342.14 338.7
Net assets per share 2,003.39 2,160.11 2,409.01 2,620.02 2,904.49
Dividend per share 70 86 99 110 114
Equity ratio 80.0 83.1 82.4 84.0 82.4
Return on equity (ROE) 12.5 12.0 13.5 13.6 12.1
Payout ratio 28.9 34.3 32.2 32.2 33.7

EPS / ROE

  • Earnings per share (EPS)
  • Return on equity (ROE)

Dividend per share / Payout ratio

  • Dividend per share
  • Payout ratio

Cash Flows

Fiscal year (millions of yen) 2019/3 (JGAAP) 2020/3 (JGAAP) 2021/3 (JGAAP) 2022/3 (JGAAP) 2023/3 (IFRS)
Cash flow from operating activities 15,310 12,737 21,388 16,018 26,170
Cash flow from investing activities 511 △2,339 △1,564 △6,359 △17,631
Cash flow from financing activities △3,708 △5,660 △6,199 △6,801 △9,605

Eleven-Year Financial Data

Eleven-Year financial data from here.