Speed with Vision
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Yamanouchi Pharmaceutical Co., Ltd. Yamanouchi Speed with Vision Annual Report 2001 Yamanouchi Pharmaceutical Co., Ltd. Annual Report 2001 d paper 01.9.18, 0:00 PM Adobe PageMaker 6.5J/PPC SPEED WITH VISION — Move quickly in preparation, implementation and achievement of goals — Corporate philosophy: “Creating and Caring ... for Life” — Products that contribute to the well-being of people everywhere Goal: Become a Market-Oriented, R&D-Driven Global Enterprise In Pursuit of Future Prosperity Accelerate global clinical development Start our own sales activities in the U.S. and turn profitable quickly Bolster genomics discovery research Growing Profits Expand sales of mainstay products and quickly launch new products Raising Corporate Value Aim for sustainable growth Raise management transparency Uphold the highest ethical standards Raise employee motivation Cautionary Statement Regarding Forward-Looking Information This annual report includes forward-looking statements based on a number of assumptions and beliefs in light of the information currently available to manage- ment and subject to significant risks and uncertainties. Actual financial results may differ materially depending on a number of factors including adverse economic conditions, currency exchange rate fluctuations, adverse legislative and regula- tory developments, delays in new product launches, pricing and product initiatives of competitors, the inability of the company to market existing and new products effectively, interruptions in production, infringements of the company’s intellec- tual property rights and the adverse outcome of material litigation. CONTENTS Gastrointe Gaster® Gaster® D YM643 (int Cardiovasc Lipitor® Dorner® Financial Highlights p1 Perdipine® ® Message from the Management p2 Perdipine Hypoca® Business Approach in the United States p7 CHOLEBIN Frandol® Milrila® Pronon® Special Feature Solinase® YM087 (co YM028 Urology Harnal® YM152 (fin YM905 YM598 ® ® ® Harnal p10 Lipitor p12 Gaster p14 Genomics Consumer Neurology Discovery Products Dormicum® Research p16 Businesses p18 Solinase® YM992 YM872 YM337 Corporate Citizenship p21 Diabetes Environmental Protection p22 Starsis® ® Board of Directors p23 Euglucon Financial Section p24 Locomotor Bisphonal® Principal Subsidiaries and Affiliates p55 Corporate Data and Affiliates/Corporate Information p56 YM484 Stock Price Information/Common Stock p57 YM177 (ce Oncology Nasea® YM294 (op YM529 (mi YM511 Other Josamycin Farom® Optiray® YM454 Nasanyl® YM670 (mu gelatine pa Notes: 1. * additiona 2. ** additiona 3. Drug candi 名称未設定-2 Page 2 MAIN PRODUCTS AND PIPELINE ST Indications Classification Status Gastrointestinal Indications Classification Status ® Gaster Peptic ulcers, gastritis H2 antagonist Launched (Japan/Asia) Year ® Gaster D Peptic ulcers, gastritis H2 antagonist (orally disintegrating tablet) Launched (Japan) Com YM643 (interferon alfacon-1) Chronic hepatitis C Consensus interferon (CIFN) Launched (Europe) H Filed (Japan) Lo Cardiovascular Av Lipitor® Hypercholesterolemia HMG-CoA reductase inhibitor Launched (Japan) Ye ® Dorner Chronic arterial occlusion PGI2 derivative Launched (Japan/Asia) Perdipine® Hypertension Ca antagonist Launched (Japan/Asia/Europe) ® Perdipine LA Hypertension Ca antagonist (long acting) Launched (Japan/Asia) Aver Hypoca® Hypertension Ca antagonist (once daily) Launched (Japan/Asia/Europe) CHOLEBINE® Hypercholesterolemia Nonabsorbable anion exchange regin Launched (Japan) Frandol® Angina pectoris Coronary artery dilator Launched (Japan) 6,00 Milrila® Acute heart failure Phosphodiesterase III inhibitor Launched (Japan) Pronon® Arrhythmia Na channel inhibitor Launched (Japan) Solinase® Acute myocardial infarction Modified t-PA Launched (Japan) 5,00 YM087 (conivaptan) Hyponatremia, heart failure Vasopressin antagonist P-III/II (Japan/Europe/USA) YM028 Thrombosis GPIIb/IIIa antagonist P-II (Japan) 4,00 Urology ® Harnal Functional symptoms of benign prostatic hyperplasia Alpha 1 receptor antagonist Launched (Japan/Asia/Europe) 3,00 Lower urinary tract symptoms* Alpha 1 receptor antagonist P-III (Japan) Functional symptoms of benign prostatic hyperplasia Alpha 1 receptor antagonist (TOCAS)** P-II (Europe) 2,00 YM152 (finasteride) Benign prostatic hyperplasia 5 alpha-reductase inhibitor Filed (Japan) YM905 Urinary frequency, urinary urgency and incontinence Muscarinic M3 antagonist P-III (Europe/USA) 1,00 YM598 Advanced prostate cancer Endothelin ETA antagonist P-II (Europe/USA) Neurology Dormicum® Sedation, anxiolysis and amnesia Short-acting benzodiazepine CNS depressant Launched (Japan) Solinase® Acute ischemic stroke* Modified t-PA P-II (Japan) YM992 Depression Selective 5-HT reuptake inhibitor and noradrenaline P-II (Europe/USA) augmenting 5HT2A antagonist (SINAS) CO YM872 Acute ischemic stroke AMPA antagonist P-II (Europe/USA) YM337 Acute ischemic stroke, high-risk PTCA GPIIb/IIIa antagonist (monoclonal antibody) P-II (Europe/USA) Diabetes As o Starsis® Diabetes Insulin secretion enhancer Launched (Japan) Euglucon® Diabetes Sulfonylureas Launched (Japan) Num out Locomotorium/Inflammation Bisphonal® Hypercalcemia Bisphosphonate Launched (Japan) Osteoporosis* Bisphosphonate Filed (Japan) Periodontitis* Bisphosphonate P-II (Japan) As o YM484 Open long bone fracture (Europe) Bone morphogenetic protein-2 (rhBMP-2) Filed (Europe) Mar Promotion of bone formation (Japan) Bone morphogenetic protein-2 (rhBMP-2) P-III (Japan) YM177 (celecoxib) Rheumatoid arthritis, osteoarthritis Cyclooxygenase-2 inhibitor P-III (Japan) Note Oncology ® Nasea Emesis due to chemotherapy 5HT3 antagonist Launched (Japan/Asia) As o YM294 (oprelvekin) Prevention of chemotherapy-induced thrombocytopenia Thrombocytopoietic factor (rhIL-11) P-III (Japan) YM529 (minodronate) Multiple myeloma, bone metastasis with breast/lung cancer Bisphosphonate P-III (Japan) Prin YM511 Breast cancer, endometriosis, uterine myoma Aromatase inhibitor P-II (Japan/Europe) St N Other Th ® Josamycin Infections Macrolide antibiotic Launched (Japan/Asia/Europe) Th Farom® Infections Penam-type antibiotic Launched (Japan) Ja Optiray® Contrast medium Non-ionic contrast medium Launched (Japan) YM454 Contrast medium Ultrasound contrast agent Filed (Japan) Num Nasanyl® Endometriosis GnRH agonist Launched (Japan) YM670 (multiporous Transcatheter arterial embolization therapy Arterio-embolization particles P-III (Japan) Tran gelatine particles) Notes: 1. * additional indication 2. ** additional formulation 3. Drug candidates under development that are listed above exclude those in Phase I or preclinical stages. 01.9.18, 0:01 PM Adobe PageMaker 6.5J/PPC FINANCIAL HIGHLIGHTS Yamanouchi Pharmaceutical Co., Ltd. and Consolidated Subsidiaries Years ended March 31, 2001, 2000, 1999, 1998 and 1997 Millions of yen 2001 2000 1999 1998 1997 Net sales . ¥457,913 ¥433,653 ¥423,217 ¥477,356 ¥454,740 Operating income . 97,844 96,069 89,445 102,845 101,229 Net income . 40,341 57,175 48,002 6,092 41,866 Total assets . 896,280 829,286 776,031 802,735 831,899 Shareholders’ equity, net . 677,713 620,221 549,972 507,535 473,199 Research and development expenses . 54,567 54,821 54,299 43,639 42,309 Capital expenditures . 36,828 29,831 51,405 57,575 36,112 Depreciation . 30,804 23,460 29,338 18,454 12,748 Yen Per share: Net income: Basic . ¥ 111.80 ¥ 162.35 ¥ 140.79 ¥ 18.18 ¥ 129.12 Diluted . 109.95 155.97 129.21 17.51 116.56 Shareholders’ equity . 1,876.54 1,721.77 1,596.65 1,498.91 1,459.15 Cash dividends applicable to the year . 25.00 25.00 23.00 25.00 25.00 Notes: 1. Effective April 1, 1999, the Company changed its method of accounting for retirement benefits to recognizing the liability for retirement benefits at the present value of the estimated retirement benefits to be paid upon the future termination of its employees’ services, less the balance of the plan assets at fair value.The effect of this change was to increase operating income by ¥573 million and to decrease income before income taxes and minority interests by ¥12,587 million for the year ended March 31, 2000. 2. Effective April 1, 1997, the Company changed its methods of accounting for the excess of cost over net assets acquired and for income taxes. The effect of the change in the accounting for the excess of cost over net assets acquired was to increase the amortization of the excess of the cost over net assets acquired by ¥72,730 million and to decrease net income by the same amount for the year ended March 31, 1998. Also, the effect of the change in the accounting for income taxes was to decrease the income tax expense by ¥24,477 million and to increase net income by the same amount for the year ended March 31, 1998. 3. Due to a change effective the year ended March 31, 2000 in the regulations relating to the presentation of translation adjustments, the Company has presented translation adjustments as a component of shareholders’ equity instead of as a component of assets or liabilities. Accordingly, the amounts for 1999, 1998 and 1997 were restated in the above table. 4. A new accounting standard for financial instruments, which became effective on April 1, 2000, requires that securities be classified into three categories; trading, held-to-maturity or other securities. Under the new standard, trading securities are carried at fair value and held-to-maturity securities are carried at amortized cost. Marketable securities classified as other securities are carried at fair value with changes in unrealized gain or loss, net of the applicable income taxes, directly included in shareholders’