Delay in Revenue Recognition Due to Timing Difference in European Approval
First written in FY2016. 4 of 5 entries say "Mitigated", first in FY2017-Q1. Latest entry: FY2018-Q3.
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- FY2018-Q3MitigatedAnnual report
「Results for the nine months ended 31 December benefited from a substantial increase in royalty income from overseas sales of the out-licensed internally discovered drug Uptravi and co-promotion income, in addition to growth in the new domestic pharmaceuticals product portfolio. However, because there was no income from the settlement of amounts due for Uptravi active pharmaceutical ingredients recorded in the third quarter of the previous year, sales increased only 1.9% year on year to ¥77.703 billion due to the resulting reversal.」
Despite the reversal of the effect of revenue recognized from the settlement of active pharmaceutical ingredient payments for prior fiscal years, overseas royalty income and co-promotion income from Uptravi increased. - FY2017-Q3MitigatedAnnual report
「Results for the nine months ended 31 December benefited from growth in the new domestic pharmaceuticals product portfolio, as well as an upfront payment associated with European approval of the out-licensed internally discovered drug selexipag, royalty income from overseas sales and sales of active pharmaceutical ingredients. Sales were ¥76.26 billion, up 20.2% from the same period of the previous year.」
Following the delay in recognizing revenue related to European approval, upfront and royalty income from selexipag continued to contribute to higher revenue. - FY2017-Q2MitigatedAnnual report
「Results for the six months ended 30 September benefited from growth in the new domestic pharmaceuticals product portfolio, as well as an upfront payment associated with European approval of the out-licensed internally discovered drug selexipag and royalty income from overseas sales. Sales were ¥44.504 billion, up 12.9% from the same period of the previous year.」
Following the delay in recognizing revenue related to European approval, upfront and royalty income from selexipag continued to contribute to the cumulative increase in revenue for the quarter. - FY2017-Q1MitigatedAnnual report
「During the first quarter of the current consolidated fiscal year, sales increased 23.3% year on year to ¥23,743 million, supported by growth in the new domestic pharmaceutical product portfolio, upfront income associated with European approval of selexipag, an in-house product out-licensed by the Company, and royalty income from overseas sales.」
Whereas the previous fiscal year described a delay in revenue recognition due to the timing difference in European approval, upfront income associated with European approval and royalties from overseas sales contributed to revenue in the current quarter. - FY2016First statedAnnual report
「As the recognition of revenue from industrial property rights and other items associated with the European approval of the in-house products planned for out-licensing is now expected in the next fiscal period, operating profit was ¥8,549 million, a 0.2% decrease from the previous consolidated fiscal year.」
This describes the event in which revenue related to European approval, originally expected to be recognized in the current fiscal year, is now expected in the next fiscal period.