Fuji Pharma Co Ltd (4554) Q4 2023 earnings summary

Executive summary

• FY9/23 net sales rose 15.4% YoY to ¥40,889 million; operating profit increased 2.1% to ¥3,858 million and attributable profit rose 27.4% to ¥3,435 million.

• FY9/24 guidance targets net sales of ¥48,926 million (+19.7%) and operating profit of ¥4,907 million (+27.2%), with Women's Healthcare the principal growth driver.

• Comprehensive income increased to ¥6,259 million from ¥3,892 million, including ¥2,823 million of other comprehensive income, mainly gains on available-for-sale securities.

Financial highlights

• FY9/23 ordinary profit rose 21.3% to ¥4,519 million; EPS was ¥141.37 versus ¥111.01.

• Gross profit increased 13.4% to ¥16,514 million, while gross margin eased to 40.4% from 41.1%; SG&A rose 17.4% to ¥12,656 million.

• R&D expense increased 28.1% to ¥3,184 million from ¥2,485 million; EBITDAR reached ¥9,750 million (+11.6%) and EBITDA ¥6,565 million (+5.0%).

• Profit before income taxes was ¥4,399 million; income taxes totaled ¥963 million.

Outlook and guidance

• FY9/24 forecast: net sales ¥48,926 million (+19.7%), operating profit ¥4,907 million (+27.2%), ordinary profit ¥5,562 million (+23.1%) and attributable profit ¥4,015 million (+16.9%).

• FY9/24 basic EPS is forecast at ¥165.22; H1 guidance is sales ¥23,672 million, operating profit ¥2,050 million, ordinary profit ¥2,793 million and attributable profit ¥1,965 million.

• FY9/24 EBITDAR is forecast at ¥11,839 million (+21.4%) and EBITDA at ¥8,768 million (+33.5%); planned R&D expense is ¥3,861 million (+21.2%).

• FY9/24 sales targets include Women's Healthcare +31.9% to ¥23,745 million and Acute Medical Care +11.6% to ¥17,158 million.