Full Year 2020 Terumo Corp Earnings Call Transcript
I am the CAFO, Muto. I will explain the financial results for the fiscal year ended March 2020.
First, an overview. As the title expresses, despite some COVID-19 impact, Terumo achieved its highest ever revenue and operating profit. Revenue, particularly that of the Cardiac and Vascular Business in China, was affected by COVID-19 in Q4. However, the impact on the total for the 2019 fiscal year was not severe. All companies achieved revenue growth. Overall, revenue grew 5%, and 8% when excluding FX impact.
Regarding adjusted operating profit, each company increased its proportion of high profitability products. In addition, good performance by the Cardiac and Vascular Company in the first half enabled some promotional expenditures to remain unspent. All this resulted in the group achieving 9% adjusted operating profit and 11% operating profit growth when excluding FX impact.
Profit for the year grew 7% due to factors including less FX impact than the previous fiscal year.
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