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Annual Report 2015

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Annual Report 2015 Taisho Pharmaceutical Holdings Co., Ltd. Annual Report 2015 Annual Report 2015Fiscal year ended March 31, 2015 Profile The Taisho Pharmaceutical Group’s mission is to contribute to society by creating and offering superior pharmaceuticals and health-related products as well as healthcare-related information and services in socially responsible ways that enrich people’s lives by improving health and beauty. Guided by this mission, we strive to become a pharmaceutical company capable of covering a variety of needs from enhancing health and preventive measures to treatment. To accomplish this, we are forging ahead with our self-medication business, which is centered on over-the-counter (OTC) drugs, and our prescription pharmaceutical business, which handles ethical drugs. Through these endeavors, we are aiming for sustainable growth. Annual Report 2015 Editorial Policy In 2015, Taisho Pharmaceutical Holdings Co., Ltd. integrated its annual report, social and environmental report and investors’ guide into Annual Report 2015 to help stakeholders understand the management strategies and initiatives of Taisho Pharmaceutical Holdings and the Taisho Pharmaceutical Group. In compiling Annual Report 2015, we took a comprehensive approach, including human resource, stakeholder and other non-financial information in addition to management directions and strategies, business conditions and business environment including risks. Information formerly included in the social and environmental report is available on the Taisho Pharmaceutical Holdings website to allow us to report the latest information. CSR: http://www.taisho-holdings.co.jp/en/environment Annual Report 2015Fiscal year ended March 31, 2015 Annual Report 2014 Social and Environmental Report 2014 Annual Report 2015 Investors’ Guide 2014 Scope of Reporting Companies subject to reporting: Taisho Pharmaceutical Holdings Co., Ltd., Taisho Pharmaceutical Co., Ltd., Taisho Toyama Pharmaceutical Co., Ltd., and some Group companies Reporting period: April 1, 2014 to March 31, 2015 (includes some information from prior and subsequent periods) Cautionary Statement with Respect to Forward-Looking Statements Forward-looking statements made in this annual report, including the future performance of the Taisho Pharmaceutical Group, are based on currently available information and assumptions management believes to be reasonable, and the Group does not guarantee their achievement. Various factors could cause actual results to differ materially from those discussed in the forward-looking statements. Taisho Pharmaceutical Holdings Co., Ltd. Annual Report 2015 Philosophy Mission Statement (Mission) Th e Company’s mission is to contribute to society by creating and off ering superior pharmaceuticals and health-related products as well as healthcare-related information and services in socially responsible ways that enrich people’s lives by improving health and beauty. Management Policies (Vision) 1. Focus on core businesses (1) Self-Medication Operation Group, Prescription Pharmaceutical Operation Group (2) Businesses based on clear scientifi c and objective evidence that take full advantage of the Company’s strengths 2. Continue to drive sustained growth in business activities while fulfi lling the following obligations expected of the Company by stakeholders: (1) For consumers, the Company will strive to help realize healthier and more enriched lives based on the theme of health in various fi elds. (2) For business customers and suppliers, the Company will establish and maintain fair and reasonable relationships. (3) For employees, the Company will respect the human rights and dignity of each individual and endeavor to secure employment. (4) For shareholders and other investors, the Company will disclose proper information in a fair and timely manner. (5) For local communities, the Company will remain actively engaged in the community as a corporate citizen while striving to protect the environment and build mutually benefi cial relationships. Code of Conduct (Values) Based on the Company’s Founding Spirit, we are working to share the following values internally as we conduct business activities: • Compliance with laws, regulations and other rules • High ethical standards • Honesty, diligence and passion • Competitive viewpoint (provide higher quality products at lower prices and even better services) • Logical thinking • Value standards from a long-term perspective Taisho Pharmaceutical Holdings Co., Ltd. Annual Report 2015 1 Contents Introduction 4 Financial Highlights and Summary 10 A Message from Management 12 President and Chief Executive Officer Akira Uehara covers topics including conditions during the fiscal year ended March 31, 2015 and future management strategies. Review of Operations 16 This section presents the Taisho Pharmaceutical Group’s two core businesses, the Self-Medication Operation Group and the Prescription Pharmaceutical Operation Group, and explains their results, business environment and growth strategies. Self-Medication Operation Group 18 Prescription Pharmaceutical Operation Group 22 ESG Section 26 (Environmental, Social and Governance) This section presents the Taisho Pharmaceutical Group’s various initiatives to fulfill its responsibility as a pharmaceutical company and address the requirements and expectations of society. Quality Assurance Framework 28 Corporate Governance 30 Compliance 34 Social Activity Report Working Together with Employees 36 With Society 38 Environmental Activity Report Policies for Environmental Activities, and Goals and Results for Environmental Conduct 42 Assessment of Environmental Activity Indicators 43 2 Taisho Pharmaceutical Holdings Co., Ltd. Annual Report 2015 Data Section 44 This section analyzes Taisho Pharmaceutical Holdings in terms of various numerical data including key performance indicators, information by main brands, and market information. Consolidated Financial Highlights 44 Consolidated Performance Indicators 46 Consolidated Segment Information 48 Sales of Main Brands 50 Self-Medication Operation Group 52 Overseas Business 54 Prescription Pharmaceutical Operation Group 56 Financial Section 58 Corporate Information 87 Major Subsidiaries and Affiliates 87 Corporate Data 88 Investor Information 89 Taisho Pharmaceutical Holdings Co., Ltd. Annual Report 2015 3 The Operating Environment of Japan’s Pharmaceutical Industry Contributing to an Increased Healthy Life Expectancy The average life expectancy is increasing in ■ Average Life Expectancy and Healthy Life Expectancy Japan, which now has the highest life expectancy in (Years) Male (Years) Female 90 90 the world. 86.30 86.61 85.59 85.99 At the same time, the super-aging of society and 84.93 85 85 Average life expectancy the increase in lifestyle diseases have put pressure on the fi nances of the social welfare system due to 80.21 79.55 12.40 Years 80 78.64 79.19 80 continuous annual increases in national medical 78.07 Average life expectancy expenses. To make medical expenses more 9.02 Years reasonable, reducing the gap between average life 75 75 Healthy life expectancy (Years of life free of limitation of activity) 73.62 74.21 expectancy and healthy life expectancy has become Healthy life expectancy 73.36 (Years of life free of limitation of activity) 72.65 72.69 an urgent issue. 70 71.19 70 70.33 70.42 Japan’s pharmaceutical industry is expected to 69.40 69.47 contribute to increasing healthy life expectancy by 65 65 providing consumers with products and services that 2001 2004 2007 2010 2013 2001 2004 2007 2010 2013 help people lead long, healthy, full lives. Source: “Research Group for Health Japan 21 (The Second Term),” Fiscal 2013 Health and Labour Sciences Research Grant 4 Taisho Pharmaceutical Holdings Co., Ltd. Annual Report 2015 Our mission as a pharmaceutical company is to meet the needs of all consumers who take responsibility for maintaining their own health and want to be healthy and beautiful. ■ Average Life Expectancy and Healthy Life Expectancy ■ National Medical Expenses and Percentage of Nominal GDP (Billions of yen) (%) (Years) Male (Years) Female 40,000 10 90 90 National medical expenses (Left scale) 39,212 Percentage of nominal GDP (Right scale) 86.30 86.61 85.59 85.99 84.93 85 85 Average life expectancy 8.3 80.21 79.55 12.40 Years 35,000 8 80 78.64 79.19 80 78.07 Average life expectancy 9.02 Years 75 75 Healthy life expectancy (Years of life free of limitation of activity) 73.62 74.21 Healthy life expectancy 73.36 (Years of life free of limitation of activity) 72.65 72.69 30,000 6 70 71.19 70 70.33 70.42 69.40 69.47 0 0 65 65 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2001 2004 2007 2010 2013 2001 2004 2007 2010 2013 Source: “2014 Health and Labour White Paper” and “Key Statistics,” Cabinet Office Source: “Research Group for Health Japan 21 (The Second Term),” Fiscal 2013 Health and Labour Sciences Research Grant Taisho Pharmaceutical Holdings Co., Ltd. Annual Report 2015 5 Taisho Pharmaceutical Group Strengths Built over More Than 100 Years Safety, Security and Trust Created by the Taisho Pharmaceutical Brand Acquired Bristol-Myers We will mobilize Group capabilities and take on the challenge Squibb Company’s Asia 2014 of creating new value to leverage the strengths of safety, security OTC drug business. and trust unique to the Taisho Pharmaceutical Group over the coming century and beyond. 2012 Taisho Pharmaceutical Holdings Co., Ltd. was established. RiUP, Japan’s rst hair regrowth 2009 treatment, was launched. Conversion of TOKUHON Corporation
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