Fuji Pharma Co Ltd (4554) Q3 2023 earnings summary

Executive summary

• 9M FY2023 net sales rose 11.4% YoY to ¥29,482 million; operating profit fell 33.5% to ¥2,403 million and parent-attributable profit fell 25.0% to ¥1,982 million.

• Total assets were ¥84,393 million and net assets ¥40,443 million as of June 30, 2023.

Financial highlights

• Gross profit rose 3.4% to ¥11,526 million; SG&A increased 21.0% to ¥9,123 million, while higher SG&A and R&D expenses weighed on operating profit.

• Ordinary profit declined 28.4% to ¥2,741 million; profit before income taxes was ¥2,741 million versus ¥3,826 million.

• Basic EPS was ¥81.58 versus ¥108.77; EBITDAR was ¥6,662 million, down ¥415 million, and EBITDA was ¥4,399 million, down ¥953 million.

• Capital expenditure fell 46.8% to ¥2,365 million; R&D expense rose 31.2% to ¥2,262 million.

Outlook and guidance

• FY2023 forecasts: net sales ¥43,311 million (+22.3%), operating profit ¥4,048 million (+7.2%), ordinary profit ¥4,088 million (+9.7%) and parent-attributable profit ¥2,974 million (+10.3%).

• By 3Q, sales were 68.1% of forecast, operating profit 59.4%, ordinary profit 67.0% and parent-attributable profit 66.6%; the latest forecast was unchanged.

• Forecast basic EPS was ¥122.42; projections carry uncertainty, may differ significantly from actual results and may be revised without prior notice.