Fujifilm Announces the Financial Results for the First Quarter Ended June 30, 2024

TOKYO, August 7, 2024 – FUJIFILM Holdings Corporation announced today the financial results for the first quarter, which ended June 30, 2024.

In the first three months of the fiscal year ending March 2025, revenue increased by 13.4% year-over-year to JPY749.0 billion, mainly due to strong sales in the Electronics, Imaging and Medical Systems businesses, and the favorable impact of exchange rates. Operating income also benefited from the revenue growth and exchange rate impact, amounting to JPY62.2 billion, increased by 19.1% year-over-year. Net income attributable to FUJIFILM Holdings increased by 11.6% year-over-year to JPY60.7 billion. In light of the strong performance of the Electronics and Imaging segment and the exchange rate, full-year consolidated forecast for the fiscal year ending March 2025 revised upward, at revenue of JPY3150.0 billion, operating income of JPY315.0 billion, and net income attributable to FUJIFILM Holdings of JPY250.0 billion, aimed to achieve its record highs. The annual dividend forecast for the fiscal year is JPY60 per share, marking the 15th consecutive annual dividend increase.

“We achieved exceptional milestones in the first quarter of fiscal year 2024, primarily driven by the outstanding performance of the Electronics and Imaging businesses,” says Teiichi Goto, president and chief executive officer, representative director, FUJIFILM Holdings Corporation. “This quarter saw our highest ever sales, operating income, and net income again. We are pleased that we have made a strong start toward achieving the goals of our mid-term management plan, VISION2030.”

• Revenue increased 10.8% year-over-year to JPY229.2 billion due to higher contributions from Medical Systems and Bio CDMO businesses, while operating income decreased 67.1% year-over-year to JPY3.4 billion mainly attributed to structural reform expenses for Bio CDMO’s small and medium-sized facilities and expenses aimed at expanding the capacity of commercial production at the Texas site in the U.S.
• In the Medical Systems business, revenue was driven higher by steady sales of endoscopes, CT, MRI and other products. 
• In the Bio CDMO business, revenue increased due to the solid performance in contract manufacturing of antibody drugs, mainly at the Denmark site. Meanwhile, in small- and medium-sized manufacturing facilities affected by market stagnation, leading to planned structural reforms being implemented in Q1 2024 for rebuilding the production system based on demand conditions. In addition, in order to accommodate the expected increase in demand for the contract manufacturing of commercial products, operations of the small and medium-sized manufacturing facilities at the Texas site in the U.S. were temporarily suspended, for implementing system upgrades to achieve stable production and to strengthen the quality assurance system to improve regulatory compliance. As a result, losses from non-operation of facilities and corresponding expenses were recorded.
• In the LS Solutions business, while Life Sciences remained flat, dietary supplement sales in the Consumer Healthcare declined as the overall supplement market stagnated in Japan.
   

• Revenue increased 37.9% year-over-year to JPY109.1 billion and operating income increased 105.8% year-over-year to JPY20.1 billion, mainly attributed to the market recovery in semiconductor materials and contribution from revenue of acquired semiconductor process chemicals, as well as strong sales of materials for OLEDs in the Advanced Functional Materials business.
• In the Electronic Materials business, revenue increased 53.6% year-over-year due to the market recovery in semiconductor materials and contribution from revenue of acquired semiconductor process chemicals.
• In the Advanced Functional Materials business, revenue increased 21.4% year-over-year as favorable orders, particularly for antireflection materials for OLEDs.

• Overall revenue increased by 3.9% year-over-year to JPY280.0 billion, but operating income decreased by 12.9% year-over-year to JPY14.4 billion, due to the impact of new product development expenses and increased labor costs.
• In the Business Solutions business, revenue increased mainly due to higher sales of solutions related to digital transformation (DX). 
• In the Office Solutions business, revenue rose as the increased exports of consumables to Europe and the U.S., where inventory adjustments have progressed.
• In the Graphic Communications business, revenue increased due to increased sales of printing plates for the U.S., digital printers for Europe and the U.S., and inkjet heads for the ceramic and commercial printing markets.

• Strong sales of instant photo systems and digital cameras boosted revenue by 24.2% year-over-year to JPY105.2 billion and operating income by 38.9% year-over-year to JPY32.5 billion. 
• In the Consumer Imaging business, steady sales of the “instax^™” instant photo systems drove revenue higher.
• In the Professional Imaging business, revenue rose due to strong sales of digital cameras released in the previous fiscal year.

For more details, please visit the Investor Relations section of Fujifilm website 

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