Data Book
`
`Year Ended March 31, 2016
`
` Corporate Communications Group
` Tel: 06-4802-9360 Fax: 06-6359-3827
`E-mail: ir@santen.co.jp
`Stock Code: 4536
`
`Micro Labs Exhibit 1054
`Micro Labs v. Santen Pharm. and Asahi Glass
`IPR2017-01434
`
`

`

`Contents
`Financial highlights
`
`■Consolidated financial summary
`■Consolidated balance sheets summary
`■Consolidated financial indexes
`■Exchange rates
`Consolidated information
`Statements of income and comprehensive income (IFRS, and Core base)
`Consolidated statements of income and comprehensive income (J-GAAP)
`Net sales/Revenue details
`■Net sales/Revenue by segment
`■Overseas net sales/revenue by region
`■Overseas profit contribution (IFRS)
`■Net Sales/Revenue of major prescription pharmaceuticals
`Consolidated statement of financial position (IFRS)
`■Assets
`■Equity and liabilities
`Consolidated statements of cash flows (IFRS)
`Other consolidated information
`■R&D expenditures
`■Capital expenditures
`■Depreciation and amortization
`■Amortization on intangible assets associated with products
`■Additional information (Assets)
`■Additional information (Liabilities)
`■Number of employees
`
`Reference information
`Research & development
`■Pipeline of prescription pharmaceuticals (Clinical trials)
`■Changes from February 2, 2016
`Pharmaceutical market in Japan
`■Revision of National Health Insurance (NHI) drug prices
`■Market shares
`■Market shares by therapeutic area - prescription ophthalmics
`Stock information
`■Stock price (Tokyo Securities Exchange 1st market)
`■Major shareholders
`■Major stock information
`■Breakdown of shareholding by number of shares
`■Breakdown of shareholding by number of shareholders
`Consolidated subsidiaries
`News releases
`
`2
`2
`2
`2
`2
`4
`4
`5
`6
`6
`6
`6
`7
`8
`8
`9
`10
`11
`11
`11
`11
`11
`11
`11
`11
`12
`12
`12
`13
`14
`14
`14
`14
`15
`15
`15
`15
`16
`16
`17
`18
`
`Santen group has unified the accounting period from the fiscal year ended March 31, 2014, for voluntary adoption
`of International Financial Reporting Standards (IFRS) from the fiscal year ending March 31, 2015. In this data
`book, performance for the unification of accounting period is noted as (*), and financial results for the previous 12
`month period are shown as [12month]. Financial results before the fiscal year ended March 31, 2013 are based
`on the previous 12 month performance.
`
`Results contained in the column marked 2014[12month] provide precise and comparable 12 month results
`including for subsidiaries using different fiscal year periods.
`
`The company implemented a 5-for-1 stock split on April 1, 2015. Figures in the column 2014.3[IFRS] are adjusted
`assuming the new, post-split number of shares for comparison purposes.
`
`Forecasts in this report are based on the currently available information. Forecasts in this report are based on the
`currently available information. Actual results may differ materially depending on a number of factors including
`adverse economic conditions etc. Actual results may differ materially depending on a number of factors including
`adverse economic conditions, delays in new products launch, currency exchange rate, legislative and regulatory
`developments.
`
`1
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-2
`
`

`

`Financial highlights
`■Consolidated financial summary
`
`(Millions of yen)
`
`－
`－
`
`30,403
`19,813
`
`39,088
`25,948
`
`43,067
`29,163
`
`10.2
`12.4
`
`46,000
`31,800
`
`IFRS
`J-GAAP
`2017
`2016 % Change
`2015
`2014
`2014*
`2013
`2012
`Year ended March 31
`Forecast
`Net sales/Revenue
`204,000
`195,291
`20.7
`161,831
`146,260
`148,663
`119,066
`114,416
`Operating income/profit
`38,700
`80,180
`126.7
`35,374
`29,878
`27,414
`24,681
`26,733
`Net income/Net profit for the year
`26,900
`53,373
`122.1
`24,032
`19,718
`17,109
`16,520
`17,160
`Dividends per share (yen)*
`26
`25
`(77.3)
`110
`100
`100
`100
`100
`Dividend payout ratio (%)
`40.0
`19.4
`(48.7)
`37.8
`41.9
`48.2
`51.1
`50.8
`*The company implemented a 5-for-1 stock split on April 1, 2015. Dividends per share until the fiscal year ending
`March 31, 2015 are actual figures before the stock split.
`Core operating profit
`－
`－
`Core net profit for the year
`－
`－
`■Consolidated balance sheets summary
`
`J-GAAP
`2013
`199,640
`165,132
`133
`
`2014*
`231,105
`181,209
`110
`
`2014
`237,640
`187,210
`153
`
`IFRS
`2015
`304,200
`211,779
`37,161
`
`(Millions of yen)
`
`2016 % Change
`355,399
`16.8
`260,009
`22.8
`22,484
`(39.5)
`
`Year ended March 31
`Total assets
`Equity
`Interest-bearing debts
`■Consolidated financial indexes
`
`2012
`198,801
`164,861
`157
`
`Year ended March 31
`EPS (yen)
`Core EPS (yen)
`BPS (yen) #1
`Debt equity ratio (times)
`PER (times)
`Core PER (times)
`PBR (times)
`ROE (%) #1
`Core ROE (%) #1
`ROA (%)
`Equity ratio(%) #1
`Free cash flows (millions of yen) #2
`EBITDA (millions of yen) #3
`
`2012
`Santen Pha
`－
`1,887.81
`0.0
`17.9
`－
`1.9
`10.7
`－
`8.9
`82.8
`18,203
`30,601
`
`J-GAAP
`2013
`195.81
`－
`1,998.44
`0.0
`22.7
`－
`2.2
`10.0
`－
`8.3
`82.6
`6,334
`28,255
`
`2014*
`207.29
`－
`2,189.50
`0.0
`22.1
`－
`2.1
`9.9
`－
`7.9
`78.2
`21,172
`29,812
`
`2014
`2014
`[12month]
`47.78
`229.26
`48.01
`－
`452.43
`2,234.70
`0.0
`0.0
`19.2
`20.0
`19.1
`－
`2.0
`2.1
`11.1
`10.8
`11.2
`－
`8.9
`8.8
`78.8
`79.3
`－ 20,806
`－ 22,565
`
`IFRS
`2015
`58.18
`62.82
`511.14
`0.2
`30.1
`27.9
`3.4
`12.0
`13.0
`8.9
`69.6
`20,105
`31,081
`
`2016 % Change
`128.99
`121.7
`70.48
`12.2
`627.78
`22.8
`0.1
`(53.7)
`13.1
`(56.5)
`24.0
`(13.9)
`2.7
`(20.7)
`22.6
`88.5
`12.4
`(5.2)
`16.2
`82.4
`73.2
`5.2
`18,051
`(10.2)
`133,093
`328.2
`
`#1 BPS (equity per share), ROE (return on equity), Core ROE and equity ratios are based on the IFRS inputs of equity
` per share attributable to owners of the company, net profit attributable to owners of the company, Core net profit
` attributable to owners of the company and equity attributable to owners of the company ratio.
`#2 Free cash flows = (Cash flows from operating activities) - (Capital expenditures)
`
` Not adjusting increase/decrease in trade receivables for fiscal years ending on holidays.
`#3 EBITDA = J-GAAP: (Income before income taxes) + (Interest expense) + (Depreciation and amortization)
`IFRS: (Net profit for the year) + (Interest expense) + (Depreciation and amortization)
`■Exchange rates
`Year ended March 31
`Exchange rate: US dollar
`: Euro
`: RMB
`
`2012
`79.03
`110.27
`12.34
`
`2013
`82.91
`106.01
`12.64
`
`2014*
`100.04
`132.98
`15.93
`
`2014
`[12month]
`100.04
`132.34
`15.72
`
`2015
`110.14
`139.01
`17.84
`
`2016
`120.45
`132.46
`19.05
`
`(Yen)
`2017
`Forecast
`115.00
`125.00
`17.50
`
`* After reflecting unification of accounting period.
`
`2
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-3
`
`

`

`Financial highlights
`
`■Consolidated Financial summary (Graph)
`
`Net sales/Revenue (Millions of yen)
`
`Operating income/Core operating profit
`(Millions of yen)
`
`50,000
`
`40,000
`
`30,000
`
`20,000
`
`10,000
`
`0
`
`280,000
`260,000
`240,000
`220,000
`200,000
`180,000
`160,000
`140,000
`120,000
`
`2012
`
`*
`
`2013
`
`*
`
`2014
`
`2015
`
`2016
`
`Equity (Millions of yen)
`
`*
`
`*
`
`2014
`
`2015
`
`2016
`
`200,000
`
`180,000
`
`160,000
`
`140,000
`
`120,000
`
`100,000
`
`80,000
`
`2012
`
`*
`
`2013
`
`*
`
`2014
`
`2015
`
`2016
`
`Net income/Core net profit for the year
` (Millions of yen)
`
`2012
`
`*
`
`2013
`
`*
`
`2014
`
`2015
`
`2016
`
`30,000
`
`25,000
`
`20,000
`
`15,000
`
`10,000
`
`5,000
`
`0
`
`2012
`
`2013
`
`EPS (yen)
`
`PER (times)
`
`40
`
`30
`
`20
`
`10
`
`0
`
`60
`
`50
`
`40
`
`30
`
`20
`
`10
`
`0
`
`2012
`
`*
`
`2013
`
`*
`
`2014
`
`2015
`
`2016
`
`Dividend payout ratio (%)
`
`*
`
`2012
`
`*
`
`2013
`
`2014
`
`2015
`
`2016
`
`3
`
`May 11, 2016
`
`150
`
`100
`
`50
`
`0
`
`25
`
`20
`
`15
`
`10
`
`2014
`
`2015
`
`2016
`
`ROE (%)
`
`*
`
`*
`
`2013
`
`2014
`
`2015
`
`2016
`
`05
`
`2012
`*J-GAAP
`
`Micro Labs Exhibit 1054-4
`
`

`

`Consolidated Information
`Statements of income and comprehensive income
`
`■IFRS
`
`Year ended March 31
`
`2014
`
`2015
`
`2016
`
`Revenue
`Cost of sales
`(Percent of revenue)
`Gross profit
`(Percent of revenue)
`Selling, general and administrative expenses
`(Percent of revenue)
`Research and development expenses
`(Percent of revenue)
`Amortization on intangible assets associated
` with products
`(Percent of revenue)
`Other income
`Other expenses
`Operating profit
`(Percent of revenue)
`Finance income
`Finance expenses
`Profit before tax
`(Percent of revenue)
`Income tax expenses
`Net profit for the year
`(Percent of revenue)
`ROE (%)
`
`■IFRS (Core Base)
`
`146,260
`(57,353)
`39.2%
`88,907
`60.8%
`(41,642)
`28.5%
`(16,862)
`11.5%
`
`(190)
`
`0.1%
`681
`(1,016)
`29,878
`20.4%
`916
`(433)
`30,361
`20.8%
`(10,643)
`19,718
`13.5%
`11.1
`
`161,831
`(56,373)
`34.8%
`105,458
`65.2%
`(48,893)
`30.2%
`(17,477)
`10.8%
`
`(3,979)
`
`2.5%
`723
`(458)
`35,374
`21.9%
`768
`(279)
`35,863
`22.2%
`(11,831)
`24,032
`14.9%
`12.0
`
`195,291
`(72,829)
`37.3%
`122,463
`62.7%
`(59,406)
`30.4%
`(19,990)
`10.2%
`
`(6,205)
`
`3.2%
`44,999
`(1,681)
`80,180
`41.1%
`782
`(1,492)
`79,470
`40.7%
`(26,097)
`53,373
`27.3%
`22.6
`
`Year ended March 31
`
`2014
`
`2015
`
`2016
`
` (Millions of yen)
`
`% Change
`2016/2015
`20.7
`29.2
`－
`16.1
`－
`21.5
`－
`14.4
`－
`
`56.0
`
`－
`－
`267.0
`126.7
`－
`1.8
`434.1
`121.6
`－
`120.6
`122.1
`－
`
`－
`
` (Millions of yen)
`
`% Change
`2016/2015
`
`Revenue
`Cost of sales
`(Percent of revenue)
`Gross profit
`(Percent of revenue)
`Selling, general and administrative expenses
`(Percent of revenue)
`Research and development expenses
`(Percent of revenue)
`Operating profit
`(Percent of revenue)
`Profit before tax
`(Percent of revenue)
`Income tax expenses
`Net profit for the year
`(Percent of revenue)
`ROE (%)
`
`146,260
`(57,353)
`39.2%
`88,907
`60.8%
`(41,642)
`28.5%
`(16,862)
`11.5%
`30,403
`20.8%
`30,403
`20.8%
`(10,590)
`19,813
`13.6%
`11.2
`
`161,831
`(56,373)
`34.8%
`105,458
`65.2%
`(48,893)
`30.2%
`(17,477)
`10.8%
`39,088
`24.2%
`39,088
`24.2%
`(13,140)
`25,948
`16.0%
`13.0
`
`195,291
`(72,829)
`37.3%
`122,463
`62.7%
`(59,406)
`30.4%
`(19,990)
`10.2%
`43,067
`22.1%
`43,067
`22.1%
`(13,904)
`29,163
`14.9%
`12.4
`
`20.7
`29.2
`－
`16.1
`－
`21.5
`－
`14.4
`－
`10.2
`－
`10.2
`－
`5.8
`12.4
`－
`
`－
`
`4
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-5
`
`

`

`Consolidated Information
`Consolidated statements of income and comprehensive income
`
`■Consolidated financial summary (J-GAAP)
`
`Year ended March 31
`
`2012
`
`2013
`
`2014*
`
`Net sales
`Cost of sales
`(Percent of net sales)
`Gross profit
`(Percent of net sales)
`Selling, general and administrative expenses
`(Percent of net sales)
` R&D expenditures
`　(Percent of net sales)
`Operating income
`(Percent of net sales)
`Non-operating income
`Non-operating expenses
`Ordinary income
`(Percent of net sales)
`Extraordinary gain
`Extraordinary loss
`Income before income taxes
`(Percent of net sales)
`Income taxes - current
`Income taxes - deferred
`Income before minority interests
`Net income
`(Percent of net sales)
`Income before minority interests
`Other comprehensive income
`Comprehensive income
`
`114,416
`35,385
`30.9%
`79,031
`69.1%
`52,298
`45.7%
`17,225
`15.1%
`26,733
`23.4%
`1,119
`71
`27,780
`24.3%
`61
`51
`27,791
`24.3%
`9,912
`717
`17,160
`17,600
`15.0%
`17,160
`(194)
`16,966
`
`119,066
`41,501
`34.9%
`77,564
`65.1%
`52,883
`44.4%
`16,719
`14.0%
`24,681
`20.7%
`1,007
`86
`25,602
`21.5%
`17
`28
`25,591
`21.5%
`7,908
`1,162
`16,520
`1,652
`13.9%
`16,520
`5,208
`21,728
`
`148,663
`58,104
`39.1%
`90,558
`60.9%
`63,144
`42.5%
`19,040
`12.8%
`27,414
`18.4%
`975
`465
`27,924
`18.8%
`473
`1,504
`26,893
`18.1%
`11,762
`(1,978)
`17,109
`17,109
`11.5%
`17,109
`8,269
`25,378
`
`2014
`[12month]
`146,013
`57,171
`39.2%
`88,842
`60.8%
`60,006
`41.1%
`18,235
`12.5%
`28,835
`19.7%
`952
`455
`29,332
`20.1%
`473
`1,014
`28,792
`19.7%
`11,255
`(1,385)
`18,922
`18,922
`13.0%
`18,922
`10,188
`29,111
`
`* After reflecting unification of accounting period.
`
` (Millions of yen)
`% Change
`2016/2015
`10.9
`(1.3)
`
`18.7
`
`19.9
`
`(0.9)
`
`16.2
`
`40.0
`(26.8)
`17.7
`
`(67.2)
`(66.1)
`19.2
`
`12.0
`(39.1)
`19.3
`19.3
`
`19.3
`(14.5)
`7.4
`
`2015
`
`161,881
`56,423
`34.9%
`105,458
`65.1%
`71,942
`44.4%
`18,062
`11.2%
`33,516
`20.7%
`1,333
`333
`34,516
`21.3%
`155
`344
`34,327
`21.2%
`12,600
`(843)
`22,570
`22,570
`13.9%
`22,570
`8,708
`31,278
`
`5
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-6
`
`

`

`Net sales/Revenue details
`
`■Net sales/Revenue by segment
`
` (Millions of yen)
`
`Year ended March 31
`
`Pharmaceuticals Business
` Prescription pharmaceuticals
` Ophthalmics
` Anti-rheumatics
` Other pharmaceuticals
` OTC pharmaceuticals
`Other Businesses
` Medical devices
` Others
`Total net sales/revenue
`
` [Domestic]
`
`Year ended March 31
`
`Pharmaceuticals Business
` Prescription pharmaceuticals
` Ophthalmics
` Anti-rheumatics
` Other pharmaceuticals
` OTC pharmaceuticals
`Other Businesses
` Medical devices
` Others
`Total net sales/revenue
`（Percent of total net sales/revenue)
`
` [Overseas]
`
`Year ended March 31
`
`Pharmaceuticals Business
` Prescription pharmaceuticals
` Ophthalmics
` Anti-rheumatics
` Other pharmaceuticals
` OTC pharmaceuticals
`Other Businesses
` Medical devices
` Others
`Total net sales/revenue
`(Percent of total net sales/revenue)
`
`J-GAAP
`
`IFRS
`
`2012
`
`2013
`
`2014*
`
`2014
`[12month]
`
`2015
`
`2016
`
`%
`Change
`
`2017
`Forecast
`
`111,846 116,810 145,712
`107,249 110,336 139,257
`93,620
`98,981 127,395
`9,987
`9,874
`10,251
`3,641
`1,480
`1,610
`6,474
`6,455
`4,597
`2,255
`2,950
`2,570
`2,558
`2,245
`2,678
`11
`10
`272
`114,416 119,066 148,663
`
`143,063 159,262 192,554
`136,610 152,556 181,550
`124,790 136,059 172,545
`10,251
`9,629
`3,495
`1,569
`6,868
`5,510
`6,453
`6,706
`11,004
`2,950
`2,569
`2,737
`2,678
`2,313
`2,394
`272
`256
`343
`146,013 161,831 195,291
`
`20.9% 200,800
`19.0% 186,900
`26.8% 184,900
`－
`(63.7%)
`(19.8%)
`2,000
`64.1% 13,800
`6.5%
`3,200
`3.5%
`2,600
`33.8%
`600
`20.7% 204,000
`
` (Millions of yen)
`
`J-GAAP
`
`IFRS
`
`2012
`
`2013
`
`2014*
`
`2014
`[12month]
`
`2015
`
`2016
`
`%
`Change
`
`2017
`Forecast
`
`98,521 119,215
`93,449
`92,062 112,798
`88,862
`81,125 101,779
`77,753
`9,810
`10,162
`9,883
`1,126
`1,225
`856
`6,458
`4,587
`6,417
`2,897
`2,189
`1,924
`2,178
`2,625
`1,912
`10
`272
`11
`95,374 100,711 122,113
`83.4%
`84.6%
`82.1%
`
`122,310 139,196
`119,184
`112,767 115,672 128,278
`101,779 105,345 124,165
`10,162
`9,568
`3,495
`759
`617
`825
`6,638
`10,918
`6,417
`2,897
`2,526
`2,654
`2,625
`2,269
`2,323
`272
`256
`330
`122,082 124,835 141,849
`83.6%
`77.1%
`72.6%
`
`13.8% 145,200
`10.9% 131,500
`17.9% 130,800
`－
`(63.5%)
`(18.7%)
`600
`64.5% 13,800
`5.1%
`3,000
`2.4%
`2,600
`28.8%
`400
`13.6% 148,200
`(5.8%)
`72.7%
`
` (Millions of yen)
`
`J-GAAP
`
`IFRS
`
`2012
`
`2013
`
`2014*
`
`18,396
`18,386
`15,866
`103
`2,416
`10
`645
`645
`－
`19,042
`16.6%
`
`18,288
`18,273
`17,855
`63
`354
`15
`66
`66
`－
`18,354
`15.4%
`
`26,497
`26,459
`25,616
`88
`754
`37
`52
`52
`－
`26,550
`17.9%
`
`2014
`[12month]
`
`2015
`
`2016
`
`%
`Change
`
`2017
`Forecast
`
`23,878
`23,843
`23,010
`88
`743
`35
`52
`52
`－
`23,931
`16.4%
`
`36,952
`36,884
`30,714
`61
`6,109
`67
`44
`44
`－
`36,995
`22.9%
`
`44.4% 55,500
`53,358
`44.4% 55,400
`53,271
`57.5% 54,000
`48,379
`－
`－ (100.0%)
`4,892
`(19.9%)
`1,400
`87
`28.8%
`100
`84
`92.4%
`300
`62.7%
`71
`100
`－
`13
`200
`53,442
`44.5% 55,800
`27.4%
`19.5%
`27.3%
`
`■Overseas net sales/revenue by region
`
`Year ended March 31
`
`U.S.
`Europe
`Asia
`Other
`Total overseas net sales/revenue
`
`J-GAAP
`
`IFRS
`
`2012
`
`2013
`
`2014*
`
`2014
`
`2015
`
`2016
`
`3,450
`8,880
`6,705
`5
`19,042
`
`582
`9,202
`8,559
`10
`18,354
`
`1,073
`12,294
`13,173
`8
`26,550
`
`1,016
`11,466
`11,700
`7
`24,188
`
`6,169
`14,156
`16,668
`2
`36,995
`
`5,265
`25,562
`22,601
`14
`53,442
`
`■Overseas profit contribution (IFRS)
`
`Year ended March 31
`
`U.S.
`Europe
`Asia
`Other
`Total overseas profit
`* After reflecting unification of accounting period.
`
`－
`
`－
`－
`－
`－
`－
`
`－ 2014
`
`2015
`
`2016
`
`－ (1,124)
`－
`(74)
`－
`1,311
`－
`0
`－
`113
`
`(1,259)
`3,592
`3,780
`0
`6,113
`
`(2,197)
`4,781
`5,088
`0
`7,672
`
`－
`
`－
`－
`－
`－
`－
`
`6
`
` (Millions of yen)
`
`2017
`%
`Change
`Forecast
`1,700
`(14.7%)
`80.6% 30,400
`35.6% 23,500
`613.6%
`200
`44.5% 55,800
`
` (Millions of yen)
`2017
`%
`Change
`Forecast
`
`74.5% (2,200)
`33.1%
`6,000
`34.6%
`5,800
`－
`0
`25.5%
`9,600
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-7
`
`

`

`Net sales/Revenue details
`
`■Net sales/Revenue of major prescription pharmaceuticals
`
` (Millions of yen)
`
`Therapeutic
`category
`
`Generic name
`/formulation
`
`Brand
`name
`
`Region
`
`2014*
`
`2014
`
`2015
`
`IFRS
`2016 % Change
`2016/2015
`14,250
`6.4
`5,918
`(8.9)
`7,001
`29.1
`1,331
`(10.0)
`1,761
`(7.8)
`673
`(11.6)
`1,088
`(5.1)
`1,534
`302.6
`1,381
`303.7
`－
`－
`153
`292.7
`15,633
`26.8
`9,168
`10.1
`1,097
`34.3
`5,368
`68.5
`20,583
`65.0
`11,214
`4.9
`2,493
`179.5
`6,876
`666.6
`1,930
`52.3
`1,182
`(2.8)
`140
`383.1
`608
`2662.4
`2,463
`24.2
`1,886
`(1.7)
`87
`223.9
`489
`1155.0
`4,561
`146.1
`2,125
`37.6
`446
`710.2
`1,990
`689.7
`1,117
`(9.0)
`
`2017
`Forecast
`12,373
`4,439
`6,374
`1,561
`1,429
`422
`1,007
`2,328
`1,734
`8
`586
`17,528
`10,285
`1,296
`5,947
`22,308
`11,719
`2,453
`8,136
`1,443
`902
`118
`422
`2,473
`1,558
`82
`832
`3,791
`1,533
`242
`2,016
`1,060
`
`Japan
`
`2,472
`
`2,243
`
`2,147
`
`2,147
`
`1,935
`
`1,845
`
`(4.7)
`
`1,666
`
`－
`
`Bacterial
`conjunctivitis
`
`Levofloxacin/ophthalmic
`solution
`
`Cravit
`
`Ofloxacin/ophthalmic
`solution
`
`Tarivid
`
`Tafluprost-timolol maleate/
`combination ophthalmic
`solution
`
`Tapcom
`
`Tafluprost/
`ophthalmic solution
`
`Dorzolamide
`hydrochloride-timolol
`maleate/combination
`ophthalmic solution
`
`Tapros
`
`Cosopt
`
`Glaucoma
`
`Timolol maleate/
`ophthalmic solution
`
`Timoptol
`
`Timolol maleate/
`long-acting ophthalmic
`solution
`
`Dorzolamide
`hydrochloride/
`ophthalmic solution
`
`Timoptol XE
`
`Trusopt
`
`Detantol
`
`Rescula
`
`Total
`Japan
`Asia
`Europe
`Total
`Japan
`Asia
`Total
`Japan
`Asia
`Europe
`Total
`Japan
`Asia
`Europe
`Total
`Japan
`Asia
`Europe
`Total
`Japan
`Asia
`Europe
`Total
`Japan
`Asia
`Europe
`Total
`Japan
`Asia
`Europe
`Japan
`
`J-GAAP
`2013
`
`11,856
`8,499
`2,358
`1,010
`1,831
`1,086
`745
`－
`－
`－
`－
`10,308
`7,605
`268
`2,435
`9,007
`9,007
`－
`－
`1,367
`1,367
`－
`－
`2,085
`2,085
`－
`－
`－
`－
`－
`－
`
`2012
`
`13,266
`10,816
`1,552
`894
`1,932
`1,287
`645
`－
`－
`－
`－
`9,407
`7,180
`172
`2,055
`6,272
`6,272
`－
`－
`1,702
`1,702
`－
`－
`2,404
`2,404
`－
`－
`－
`－
`－
`－
`
`14,210
`8,175
`4,670
`1,364
`2,040
`955
`1,085
`－
`－
`－
`－
`12,731
`8,957
`553
`3,221
`11,846
`11,846
`－
`－
`1,185
`1,185
`－
`－
`1,931
`1,931
`－
`－
`－
`－
`－
`－
`
`13,399
`13,584
`6,498
`8,175
`5,423
`4,139
`1,478
`1,270
`1,910
`1,924
`762
`955
`1,147
`969
`381
`－
`342
`－
`－
`－
`39
`－
`12,330
`12,516
`8,329
`8,957
`817
`520
`3,185
`3,040
`12,478
`11,846
`10,689
`11,846
`892
`－
`897
`－
`1,267
`1,185
`1,216
`1,185
`29
`－
`22
`－
`1,984
`1,931
`1,918
`1,931
`27
`－
`39
`－
`－ 1,853
`－ 1,545
`55
`－
`252
`－
`1,228
`
`1,549
`
`1,968
`
`1,735
`
`1,549
`
`Bunazosin hydrochloride/
`ophthalmic solution
`Isopropyl unoprostone/
`ophthalmic solution
`Epinastine hydrochloride/
`ophthalmic solution
`Sodium hyaluronate/
`ophthalmic solution
`
`Diquafosol sodium/
`ophthalmic solution
`
`Alesion
`
`Hyalein
`
`Diquas
`
`Allergy
`
`Corneal
`disease
`
`Inflammation Fluorometholone/
`ophthalmic solution
`
`Flumetholon
`
`Senile cataract Pirenoxine/
`ophthalmic solution
`
`Kary Uni
`
`Japan
`Total
`Japan
`Asia
`Total
`Japan
`Asia
`Total
`Japan
`Asia
`Total
`Japan
`Asia
`
`－ 2,103
`21,160
`21,823
`18,274
`18,179
`2,886
`3,645
`5,563
`7,938
`5,563
`7,831
`106
`－
`4,448
`3,973
`3,736
`3,075
`712
`898
`3,766
`4,060
`3,107
`3,162
`659
`898
`
`2,103
`21,416
`18,179
`3,237
`7,938
`7,831
`107
`3,899
`3,075
`823
`3,978
`3,162
`816
`
`6,698
`19,611
`15,316
`4,295
`7,895
`7,419
`476
`3,811
`2,844
`967
`3,909
`2,908
`1,001
`
`9,483
`19,864
`14,491
`5,372
`9,631
`8,880
`751
`3,775
`2,655
`1,120
`4,187
`2,900
`1,287
`
`22,217
`19,697
`2,520
`2,846
`2,846
`－
`4,073
`3,471
`602
`3,690
`3,176
`514
`
`11,741
`41.6
`16,324
`1.3
`(5.4) 10,457
`25.1
`5,867
`22.0
`13,401
`19.7
`12,313
`57.8
`1,088
`(0.9)
`3,408
`(6.6)
`2,219
`15.8
`1,188
`7.1
`4,185
`(0.3)
`2,835
`28.5
`1,350
`
`Adjuvant
`for ophthalmic
`operations
`Intravitreal
`VEGF
`inhibitor
`Corneal
`disease
`
`Sodium
`hyaluronate/adjuvant
`for ophthalmic operations
`Aflibercept/solution
`for intravitreal injection
`
`Ciclosporin/
`ophthalmic solution
`
`Opegan Hi
`
`Japan
`
`3,018
`
`2,842
`
`2,868
`
`2,868
`
`2,574
`
`2,568
`
`(0.2)
`
`2,318
`
`Eylea
`
`Japan
`
`－ 3,183
`
`18,757
`
`18,757
`
`24,886
`
`39,988
`
`60.7
`
`45,688
`
`Ikervis
`
`Europe
`
`－
`
`－
`
`－
`
`－
`
`－
`
`751
`
`－ 2,063
`
`* After reflecting unification of accounting period.
`
`7
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-8
`
`

`

`Consolidated Statement of financial position (IFRS)
`
`■Assets
`
` (Millions of yen)
`
`Year ended March 31
`
`2014
`
`2015
`
`2016
`
`Non-current assets
`Property, plant and equipment
`Intangible assets
`Financial assets
`Deferred tax assets
`Other non-current assets
`Total non-current assets
`
`
`Current assets
`Inventories
`Trade and other receivables
`Other financial assets
`Other current assets
`Cash and cash equivalents
`Assets held for sale
`Total current assets
`
`27,175
`26,610
`23,334
`5,215
`2,065
`84,399
`
`19,461
`53,986
`4,587
`2,356
`72,397
`454
`153,241
`
`%
`11.4
`11.2
`9.8
`2.2
`0.9
`35.5
`
`8.2
`22.7
`1.9
`1.0
`30.5
`0.2
`64.5
`
`29,104
`84,433
`34,725
`2,978
`2,288
`153,528
`
`20,133
`61,701
`187
`2,728
`65,923
`－
`150,672
`
`%
`9.6
`27.8
`11.4
`1.0
`0.8
`50.5
`
`6.6
`20.3
`0.1
`0.9
`21.7
`－
`49.5
`
`27,991
`83,681
`44,535
`2,345
`2,109
`160,660
`
`24,996
`65,998
`234
`3,714
`99,798
`－
`194,739
`
`%
`7.9
`23.5
`12.5
`0.7
`0.6
`45.2
`
`7.0
`18.6
`0.1
`1.0
`28.1
`－
`54.8
`
`Total assets
`
`237,640
`
`100.0
`
`304,200
`
`100.0
`
`355,399
`
`100.0
`
`8
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-9
`
`

`

`■Equity and liabilities
`Year ended March 31
`
`Equity
`Share capital
`Capital surplus
`Treasury shares
`Retained earnings
`Other components of equity
`Total equity attributable to owners
` of the company
`
`2014
`
`2015
`
`2016
`
` (Millions of yen)
`
`7,264
`7,959
`(9)
`162,727
`9,269
`
`%
`3.1
`3.4
`(0.0)
`68.5
`3.9
`
`7,383
`8,077
`(18)
`178,840
`17,497
`
`%
`2.4
`2.7
`(0.0)
`58.8
`5.8
`
`7,695
`8,389
`(24)
`221,945
`22,003
`
`187,210
`
`78.8
`
`211,779
`
`69.6
`
`260,009
`
`%
`2.2
`2.4
`(0.0)
`62.4
`6.2
`
`73.2
`
`Total equity
`
`187,210
`
`78.8
`
`211,779
`
`69.6
`
`260,009
`
`73.2
`
`Liabilities
`Non-current liabilities
`Financial liabilities
`Net defined benefit liabilities
`Provisions
`Deferred tax liabilities
`Other non-current liabilities
`Total non-current liabilities
`
`Current liabilities
`Trade and other payables
`Other financial liabilities
`Income tax payable
`Provisions
`Other current liabilities
`Total current liabilities
`
`Total liabilities
`
`102
`5,401
`1,467
`2,795
`1,479
`11,244
`
`19,072
`4,880
`8,081
`996
`6,157
`39,186
`
`50,430
`
`0.0
`2.3
`0.6
`1.2
`0.6
`4.7
`
`8.0
`2.1
`3.4
`0.4
`2.6
`16.5
`
`21.2
`
`25,351
`5,459
`1,444
`2,874
`953
`36,081
`
`20,250
`19,298
`6,729
`1,197
`8,866
`56,340
`
`92,421
`
`8.3
`1.8
`0.5
`0.9
`0.3
`11.9
`
`6.7
`6.3
`2.2
`0.4
`2.9
`18.5
`
`30.4
`
`12,944
`2,556
`1,629
`3,988
`1,043
`22,161
`
`24,504
`19,881
`20,431
`1,276
`7,138
`73,230
`
`95,391
`
`3.6
`0.7
`0.5
`1.1
`0.3
`6.2
`
`6.9
`5.6
`5.7
`0.4
`2.0
`20.6
`
`26.8
`
`Total equity and liabilities
`
`237,640
`
`100.0
`
`304,200
`
`100.0
`
`355,399
`
`100.0
`
`9
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-10
`
`

`

`Consolidated statements of cash flows (IFRS)
`
`Year ended March 31
`Ⅰ. Cash flows from operating activities:
`Net profit for the year
`Depreciation and amortization
`Impairment losses
`Finance income and expenses
`Income tax expenses
`Gain on disposal of disposal groups
`Decrease (increase) in trade and other receivables
`Decrease (increase) in inventories
`Increase (decrease) in trade and other payables
`Increase (decrease) on net defined benefit liabilities
`Other
` Subtotal
`Interest received
`Dividends received
`Interest paid
`Income tax paid
` Net cash flows from (used in) operating activities
`
`Ⅱ. Cash flows from investing activities:
`Payments into time deposits
`Proceeds from withdrawal of time deposits
`Payments for acquisition of investments
`Proceeds from sale and redemption of investments
`Payments for acquisition of property, plant and equipment
`Proceeds from sales of property, plant and equipment
`Payments for acquisition of intangible assets
`Proceeds on disposal of disposal groups
`Other
` Net cash flows from (used in) investing activities
`
`Ⅲ. Cash flows from financing activities:
`Proceeds from short-term loans payable
`Repayments of short-term loans payable
`Proceeds from long-term loans payable
`Repayments of long-term loans payable
`Dividends paid
`Other
` Net cash flows from (used in) financing activities
`Ⅳ. Net increase (decrease) in cash and cash equivalents
`Ⅴ. Cash and cash equivalents at the beginning of year
`Ⅵ. Effect of exchange rate changes on cash and cash equivalents
`Ⅶ. Cash and cash equivalents at the end of period
`
` (Millions of yen)
`2015
`2016
`
`2014
`
`19,718
`2,841
`216
`(759)
`10,643
`－
`(8,128)
`1,411
`5,242
`346
`1,883
`33,413
`104
`518
`(9)
`(7,340)
`26,686
`
`(111)
`92
`(4,825)
`2,933
`(3,461)
`2
`(2,418)
`－
`(59)
`(7,847)
`
`53,373
`24,032
`9,338
`6,958
`395
`290
`(545)
`(529)
`26,097
`11,831
`－ (44,477)
`(7,701)
`(4,799)
`(521)
`(5,388)
`1,251
`4,376
`761
`(3,974)
`2,554
`653
`38,926
`35,049
`81
`67
`548
`573
`(82)
`(98)
`(14,087)
`(13,067)
`25,386
`22,525
`
`(21)
`(84)
`21
`184
`(2,210)
`(114)
`2,682
`4,149
`(4,299)
`(2,972)
`696
`656
`(4,793)
`(63,468)
`－ 45,000
`(60)
`(25)
`(61,709)
`37,052
`
`－ 35,000
`－ (35,000)
`－ 40,000
`(29)
`(2,970)
`(8,247)
`(8,264)
`322
`194
`(7,954)
`28,960
`10,885
`(7,363)
`60,237
`72,397
`1,275
`889
`72,397
`65,923
`
`－
`－
`500
`(15,133)
`(9,923)
`489
`(24,066)
`35,510
`65,923
`(1,636)
`99,798
`
`10
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-11
`
`

`

`(Millions of yen)
`IFRS
`2016
`19,990
`10.2%
`
`2017
`Forecast
`20,500
`10.0%
`
`(Millions of yen)
`IFRS
`2016
`
`2017
`Forecast
`7,340
`
`4,474
`
`(Millions of yen)
`IFRS
`2016
`
`2017
`Forecast
`1,640
`
`1,445
`
`1,035
`
`653
`3,133
`
`5,185
`625
`394
`6,205
`
`(Millions of yen)
`IFRS
`2016
`
`1,290
`
`660
`3,590
`
`2017
`Forecast
`5,310
`710
`980
`7,000
`
`Other Consolidated information
`
`■R&D expenditures
`
`Year ended March 31
`Consolidated
`Percent of net sales/revenue
`
`■Capital expenditures
`
`Year ended March 31
`Consolidated
`
`■Depreciation and amortization
`
`J-GAAP
`2013
`16,719
`14.0%
`
`2012
`17,225
`15.1%
`
`J-GAAP
`2013
`
`4,202
`
`2012
`
`3,492
`
`2014*
`19,040
`12.8%
`
`2015
`17,477
`10.8%
`
`2014*
`
`3,155
`
`2015
`5,383
`
`2015
`
`1,446
`
`864
`
`668
`2,979
`
`2015
`
`3,734
`－
`245
`3,979
`
`Year ended March 31
`Manufacturing cost
`Selling, general and administrative
` expenses
`R&D expenses
`634
`785
`764
`Consolidated total
`2,612
`2,530
`2,717
`Note: Excluding amortization of intangible assets and long-term advance expense
`
`J-GAAP
`2013
`
`1,211
`
`533
`
`2012
`
`1,400
`
`553
`
`2014*
`
`1,330
`
`648
`
`■Amortization on intangible assets associated with products
`J-GAAP
`2013
`
`Year ended March 31
`
`2012
`
`Intangible assets (Merck products)
`Intangible assets (Ikervis)
`Other
`Consolidated total
`
`■Additional information (Assets)
`
`Year ended March 31
`In-process research and development
`Investment securities
`Notes and accounts receivable
`
`■Additional information (Liabilities)
`
`Year ended March 31
`Notes and accounts payable
`
`■Number of employees
`Year ended March 31
`Consolidated
` Japan
` U.S.
` Europe
` Asia
`
`*After reflecting unification of accounting period.
`
`－
`
`－
`
`－
`
`－
`
`－
`
`－
`
`－
`
`－
`
`J-GAAP
`2013
`－
`18,173
`43,840
`
`2012
`－
`12,411
`37,923
`
`J-GAAP
`2013
`9,266
`
`2012
`8,074
`
`2013
`3,050
`1,925
`156
`511
`458
`
`2012
`3,053
`1,950
`147
`541
`415
`
`11
`
`2014*
`
`－
`
`－
`
`－
`
`－
`
`2014*
`－
`21,739
`52,086
`
`2014*
`14,270
`
`2014*
`3,072
`1,903
`154
`530
`485
`
`(Millions of yen)
`IFRS
`2015
`16,145
`33,634
`59,611
`
`2016
`11,363
`43,413
`63,954
`
`(Millions of yen)
`IFRS
`2015
`14,330
`
`2016
`17,225
`
`2015
`3,230
`1,923
`162
`588
`557
`
`2016
`3,463
`1,915
`175
`660
`713
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-12
`
`

`

`Reference information
`Reference information
`Research & development
`■Pipeline of prescription pharmaceuticals (Clinical Stage)
`
`Original/Licensor
`Indication
`Generic name
`Dev. code
`Region
`NDA Filed Approved Launched
`Mar-10
`Co-development
`Glaucoma/
`Asia
`Tafluprost
`DE-085
`Ocular hypertension
`with Asahi Glass
`Mar-16
`China
`A prostaglandin F2α derivative for the treatment of glaucoma and ocular hypertension. Since December, 2008, launched in Japan, Europe, and the U.S.
`In Asia, launched in Hong Kong, Korea, Indonesia, and Singapore, etc. Launched in China in March 2016.
`
`P1
`
`P2
`
`P3
`
`Dev. code
`Generic name
`Diquafosol sodium DE-089
`
`Indication
`
`Dry eye
`
`Original/Licensor
` Merck Sharp &
`Dohme Corp. (U.S.)
`
`Region
`China
`Asia
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`Jan-12
`
`Jul-15
`
`A dry eye treatment which stimulates secretion of mucin and aqueous components from the corneal and conjunctival epithelium. Its mechanism of action
`is different from existing treatments. Launched in December 2010 in Japan and in October 2013 in Korea. NDA filed in China in January 2012. Marketing
`approval in Thailand in July 2015. Marketing approval in Vietnam in October 2015. Currently seeking sequential approvals for marketing in Asia.
`
`Generic name
`Lomerizine HCl
`
`Dev. code
`DE-090
`
`Indication
`Glaucoma
`
`Original/Licensor
`MSD K.K.
`
`Region
`Japan
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`
`A new type of glaucoma treatment which inhibits the progression of visual field defects. It is the only calcium antagonist being development as an oral
`glaucoma treatment. Compared to NMDA receptor antagonists, it has excellent safety profile with mild systemic adverse drug reactions.
`
`Generic name
`
`Dev. code
`
`Indication
`
`Original/Licensor
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`
`Sirolimus
`
`DE-109
`
`Uveitis
`
`Original
`
`Region
`U.S.
`Japan
`Europe
`Apr-15
`Asia
`An intravitreal injection with immunosuppressive effect, anti-angiogenic effect, etc. Phase 3 study is ongoing in multiple countries including the U.S. NDA
`filed in Asia in April 2015. Plan to withdraw NDA file and intend to resubmit an application in Europe.
`
`Generic name
`
`Dev. code
`
`Indication
`
`Original/Licensor
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`Jan-15
`
`Tafluprost/
`Timolol maleate
`
`DE-111
`
`Glaucoma/
`Ocular hypertension
`
`Co-development
`with Asahi Glass
`
`Region
`Europe
`Jun-15
`Korea
`Mar-16
`Asia
`A fixed dose combination drug of a prostaglandin F2α derivative and a beta-adrenergic receptor blocker. Launched in Japan in November 2014. Approved
`successively in EU countries since October 2014 and launched since January 2015. Acquired import drug license in Korea in June 2015. NDA being filed
`in Asian countries successively, and approved in Thailand in March 2016.
`
`Generic name
`
`Dev. code
`
`(Undetermined)
`
`DE-117
`
`Original/Licensor
`Indication
`Region
`U.S.
`Co-development
`Glaucoma/
`Ocular hypertension
`with Ube Industries
`(Phase 2b/3)
`Japan
`An EP2 receptor agonist with a new mechanism of action. Completed Phase 2b in the U.S in February 2015. Started Phase 2b/3 in Japan in December
`2015.
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`
`Generic name
`Tafluprost
`
`Dev. code
`DE-118
`
`Original/Licensor
`Indication
`Region
`NDA Filed Approved Launched
`Oct-13
`Japan
`Co-development
`Glaucoma/
`Ocular hypertension
`with Asahi Glass
`Apr-16
`Asia
`A prostaglandin F2α derivative for the treatment of glaucoma and ocular hypertension. Preservative-free, single dose type product. Launched in October
`2013 in Japan. Acquired marketing approval in Hong Kong since June 2015. Seeking sequential approvals for marketing in Asian countries. Launched
`in Singapore in April, 2016.
`
`P1
`
`P2
`
`P3
`
`Generic name
`(Undetermined)
`
`Dev. code
`Indication
`DE-120 Wet Age-related macular
`degeneration
`
`Original/Licensor
`
`Region
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`
`Original
`
`U.S.
`
`An intravitreal injection with dual inhibitor of VEGF and PDGF. Started Phase 2a in the U.S. in April 2015.
`
`Generic name
`(Undetermined)
`
`Original/Licensor
`Dev. code
`Indication
`TRACON
`DE-122 Wet Age-related macular
`Pharmaceuticals
`degeneration
`An intravitreal injection of anti-endoglin antibody. Started Phase1/2 in the U.S. in September 2015.
`
`Region
`
`U.S.
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`
`(Phase 1/2)
`
`12
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-13
`
`

`

`■Pipeline of prescription pharmaceuticals (Clinical Stage)
`
`Generic name
`Sepetaprost
`
`Dev. code
`DE-126
`
`Original/Licensor
`Indication
`Glaucoma/
`ONO
`Ocular hypertension
`PHARMACEUTICAL
`A prostaglandin eye drop drug product with a novel, mode of action that is both FP and EP3 receptors dual agonist for the treatment of glaucoma and ocular
`hypertension.
`
`Region
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`
`U.S.
`
`Generic name
`
`Dev. name
`
`Indication
`
`Original/Licensor
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`Jul-15
`
`Region
`Europe
`U.S.
`Dec-15
`Korea
`Nov-15
`Asia
`An ophthalmic emulsion which improves severe keratitis in adult patients with dry eye by immunosuppressive effect. Cationic emulsion technology has
`enhanced ocular tissue absorption. Launched in Germany and UK in July 2015 and planning successive launches in EU countries. NDA filed in Asian
`countries successively since November 2015 and in Korea in December 2015.
`
`Ciclosporin
`
`Cyclokat
`
`Severe keratitis in
`patients with dry eye
`
`Original
`
`Generic name
`Ciclosporin
`
`Dev. name
`Vekacia
`
`Indication
`Vernal
`Keratoconjunctivitis
`An ophthalmic emulsion which improves vernal keratoconjunctivitis by immunosuppressive effect. Cationic emulsion technology has enhanced ocular tissue
`absorption. Completed Phase3 in Europe in March 2016.
`
`Original/Licensor
`
`Region
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`
`Original
`
`Europe
`
`Generic name
`Latanoprost
`
`Dev. name
`Catioprost
`
`Indication
`Glaucoma/
`Ocular hypertension
`An ophthalmic emulsion of a prostaglandin F2α derivative, for the treatment of glaucoma and ocular hypertension.
`
`Original/Licensor
`
`Region
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`
`Original
`
`Europe
`
`Generic name
`Dexamethasone
`Palmitate
`An intravitreal injection with anti-inflammatory effect.
`
`Dev. name
`Indication
`Cortiject Diabetic macular edema
`
`Original/Licensor
`
`Region
`
`P1
`
`P2
`
`P3
`
`NDA Filed Approved Launched
`
`Original
`
`Europe
`
`(Phase 1/2)
`
`■Changes since 3Q FY15, February 2, 2016
`Dev. Code / name
`DE-085
`DE-109
`DE-111
`DE-118
`DE-126
`Ciclosporin/Vekacia
`
`Launched in China in March 2016.
`Plan to withdraw NDA file and intend to resubmit an application in Europe.
`Approved in Thailand in March 2016.
`Launched in Singapore in April 2016.
`In-licensinged from ONO PHARMACEUTICAL in March 2016.
`Completed Phase3 in Europe in March 2016.
`
`Changes
`
`13
`
`May 11, 2016
`
`Micro Labs Exhibit 1054-14
`
`

`

`Pharmaceutical market in Japan
`
`■Revision of National Health Insurance (NHI) drug prices
`2014
`2012
`2007
`2008
`2009
`2010
`2011
`-2.7%
`-6.25%
` mid -6%
`－ early -5%
`－
`－
`high -1%
` mid -4%
`－ early -3%
`high -3%
`－
`high -1%
`high -5%
` mid -3%
` mid -5%
`－
`－
`－
`－
` *Excluding market expansion re-pricing -0.9%
` ** Mid -4% price cut in 2016 excluding its impact of Eylea
`
`2013
`－
`
`－
`
`－
`
`2015
`－
`
`－
`
`2016*
`-5.57%*
`early -6%
`early -7%**
`
`Industry average
`Ophthalmic drugs
`Santen
`(Compiled by Santen)
`
`－
`
`Revision of NHI drug prices:
`
`In Japan, drug prices are generally rev