Fuji Pharma Co Ltd (4554) Q1 2023 earnings summary

Executive summary

• Q1 FY9/23 net sales rose 5.8% YoY to ¥9,996 million, while operating profit fell 23.8% to ¥1,190 million; profit attributable to owners of parent was ¥1,114 million.

• Sales growth was led by hormone drugs and OLIC CMO business; higher SG&A weighed on operating profit.

Financial highlights

• Gross profit increased 0.7% YoY to ¥4,034 million; gross margin declined to 40.4% from 42.4%.

• SG&A rose 16.4% to ¥2,843 million from ¥2,442 million; cost of sales increased to ¥5,962 million from ¥5,441 million.

• Ordinary profit was ¥1,579 million, down 0.1% YoY; EPS was ¥45.88 versus ¥46.05.

• EBITDA declined 13.3% to ¥1,823 million; EBITDAR declined 6.5% to ¥2,493 million.

Segment performance

• Hormone drug sales increased 19.0% YoY to ¥3,968 million; diagnostic drug sales fell 11.6% to ¥1,989 million.

• OLIC CMO sales rose 32.6% to ¥976 million; FUJI CMO sales fell 18.6% to ¥782 million.

• Top 15 products generated ¥6,175 million, up 9.2% YoY and representing 61.8% of total sales.

• UTROGESTAN vaginal capsules sales rose 141.3% to ¥555 million; F-meno capsules rose 780.0% to ¥484 million.

• IOPAMIDOL injection sales fell 8.5% to ¥1,605 million; IOHEXOL injection fell 23.3% to ¥404 million.