Financial · November 1, 2017

Results of Operations: First Half of Fiscal Year Ending March 2018

Summary

TOHO HOLDINGS CO., LTD. reported consolidated financial results for the first half of the fiscal year ending March 2018, reflecting a period of strategic transition within the Japanese medical, healthcare, and nursing care sectors. Despite a broader decline in the prescription pharmaceuticals market—exacerbated by a significant contraction in the hepatitis C curative drug segment—the company outperformed its internal budget projections across all primary financial metrics. This performance was driven by a shift toward value-added services and operational efficiencies, even as year-over-year consolidated net sales decreased by 3.2% to 595,962 million yen and operating income fell by 28.6% to 5,458 million yen. The pharmaceutical wholesaling business, which remains the company’s largest segment, faced headwinds with net sales of 570,639 million yen, a 3.6% decrease from the previous year. Conversely, the dispensing pharmacy business demonstrated strong growth, with net sales rising 2.2% to 48,204 million yen and operating income surging 590.1% to 1,305 million yen. These results were supported by the expansion of proprietary customer support systems and the launch of the KYOSOMIRAI PHARMA generic drug brand, which introduced 19 new products across 6 ingredients to align with the industry’s increasing reliance on generic alternatives. Management continues to prioritize the optimization of personnel and organizational structures to enhance profitability. By focusing on high-value solutions for medical institutions and patients, such as specialized voice-recognition software and examination reservation services, the company aims to mitigate market volatility. Given the performance in the first half, the company has maintained its original full-year earnings forecasts, signaling confidence in its current business model and ongoing efforts to strengthen its market foundation.

From the report

1 to the nearest million ven.) November 8, 2017 To whom it may concern: Company Name TOHO HOLDINGS CO., LTD. Corporate Norio Hamada, Chairman of the Board and Representative Representative Director (First Section of Tokyo Stock Exchange Securities Code:8129) Contact: Makoto Kawamura, Corporate Officer, General Manager, Public and Investor Relations Department (TEL: 81‑3‑6838‑2803) Results of Operations during the First Half of Fiscal Year Ending March 31, 2018 TOHO HOLDINGS CO., LTD. (hereinafter “the Company”) announces that it has released consolidated financial results for the first half of the fiscal year ending March 2018 today. The prescription pharmaceuticals market continued to decline during the first half under review, following the negative growth in the previous fiscal year. Adversely affected by the substantially scaled ‑down market for curative drugs for hepatitis C on a year ‑on‑year comparison, the Company also recorded negative growth. And yet, net sales, operating income, ordinary income, and profit attributable to owners of parent during the term under review were all above their respective budgeted figures. The Group has, as a corporate group engaged in the areas of medical care, healthcare, and nursing care, continued to strive to enhance profitability by accelerating a shift to a business model that focuses on value‑added services that should offer solutions to problems faced by patients, medical institutions and specialists etc. in the fields o f home healthcare and nursing care, as well as by promoting the optimization of personnel and organizations and operational efficiency.

ess model that focuses on value‑added services that should offer solutions to problems faced by patients, medical institutions and specialists etc. in the fields o f home healthcare and nursing care, as well as by promoting the optimization of personnel and organizations and operational efficiency. In anticipation of the era in which generic drugs account for 80% or more of the off‑patent pharmaceuticals market on a volume basis, KYOSOMIRAI PHARMA which was established in November 2016, received an approval of manufacturing and sales for 6 ingredients/ 15 products of generic drugs as “KYOSOMIRAI PHARMA” brand products, for the first time in August 2017. Furthermore, KYOSOMIRAI PHARMA launched 2 ingredients/ 5 products under its own brand in September, making the total number of new generic drugs under its own brand 6 ingredients / 19 products. In the pharmaceutical wholesaling business, we focused on ensuring a fair le vel of profit through measures such as promoting unit price negotiations per single item based on the price system in accordance with the value of each product, while also endeavoring to strengthen the foundations of the business. Moreover, as a significant earnings source, we actively developed and proposed customer support systems that will help offer solutions to the problems faced by patients and medical institutions as well as enhancing profitability.

while also endeavoring to strengthen the foundations of the business. Moreover, as a significant earnings source, we actively developed and proposed customer support systems that will help offer solutions to the problems faced by patients and medical institutions as well as enhancing profitability. Specifically, we strived to win contracts for “initial examination reservation service” and “ENIFvoice SP/SP+A”. In the dispensing pharmacy business, we endeavored to improve profitability by further responding to the dispensing fee revision as well as by promoting the standardization and efficiency of sto re operations through measures such as personnel optimization and utilization of the Company’s customer support systems. As a result, net sales for the pharmaceutical wholesaling business in the first half under review were 570,639 million yen (down 3.6% y ear on year) and operating income was 5,001 million yen (down 36.3% year on year). The dispensing pharmacy business recorded net sales of 48,204 million yen (up 2.2% year on year) and operating income of 1,305 million yen (up 590.1% year on year). Consequently, the Company’s operating results for the consol idated first half of the current fiscal year are as follows. There are no changes in the projected consolidated results of operations for the fiscal year ending March 2018 published on May 11, 2017.

1 to the nearest million ven.) Unit: million yen (Amounts are truncated to the nearest million yen.) Consolidated Net Sales Operating Ordinary Profit attributable Income Income to owners of parent First Half, FY ending March 2018 595,962 5,458 8,408 5,132 First Half, FY ended March 2017 615,778 7,640 10,569 6,890 YoY Change -19,816 -2,182 -2,160 -1,757 YoY Change Ratio 96.8% 71.4% 79.6% 74.5% Forecasts for the First Half, FY 573,000 5,000 7,200 4,000 Ending March 2018 Comparison with Forecasts for the 104.0% 109.2% 116.8% 128.3% First Half, FY Ending March 2018 Forecasts for the 1,186,000 14,300 18,700 10,300 FY Ending March 2018 Percentage against the 50.2% 38.2% 45.0% 49.8% Full‑year Earnings Forecasts

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Words: 781
Format: PDF
Type: Financial

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