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PROFILE Cerebral Arteriosclerosis

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PROFILE Cerebral Arteriosclerosis Powered By Docstoc
					PROFILE



          Dedicated to Man’s Fight against Disease and Pain
          Ever since Ono Pharmaceutical was founded in 1717, for more than 280 years we
          have dedicated ourselves to man’s fight against disease and pain, contributing to a
          healthier, happier life for people everywhere.
          We have utilized our long years of experience and know-how to develop innovative
          therapeutic drugs. And, because all our major products are developed in-house, we
          have been able to maintain consistent profitability. Our pioneering research led to
          the world’s first successful development of prostaglandin-based drugs in 1973, and
          to the later development of various enzyme inhibitors. Ono Pharmaceutical’s
          commitment to research and development continues today in such new fields as
          neuroscience, intracellular signaling, and genomic-base drugs.
          Dedicated to serving humanity, Ono Pharmaceutical continues the relentless search
          for highly safe and effective new therapeutic drugs to meet the medical needs of
          people throughout the world.




                                                Contents
                                                Financial Highlights                          1
                                                Message from the Management                   2
                                                Searching for High Efficacy Original New Drugs 4
                                                Review of Products and Operations            11
                                                Financial Section                            15
                                                Board of Directors and Statutory Auditors    33
FINANCIAL HIGHLIGHTS
Ono Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
Years ended March 31, 2002 and 2001



                                                                                                           Millions of yen                                     Thousands of U.S. dollars

                                                                                                 2002                        2001                          2002                       2001

               Net sales ························································         ¥ 133,353                   ¥ 130,728                   $1,002,654                 $       982,917
               R&D expenditures ·······································                      28,350                      23,048                      213,158                         173,293
               Operating income·········································                     50,332                      53,806                      378,436                         404,556
               Net income ····················································               22,755                      22,360                      171,090                         168,120


               Working capital·············································                      140,640                     126,427                  1,057,443                      950,579


               Property, plant and equipment ··················                                   53,012                      55,503                    398,587                      417,316
               Total assets ···················································                  356,478                     357,278                  2,680,286                    2,686,301
               Shareholders’ equity····································                          305,058                     303,887                  2,293,669                    2,284,865


               Per common stock:                                                                               Yen                                                   U.S. dollars

               Net income ····················································            ¥       186.66              ¥          182.05           $              1.40        $                1.37
               Cash dividends applicable to period·········                                        34.00                          34.00                          0.26                         0.26
               (U.S. dollar amounts are translated at a rate of U.S.$1 = ¥133. See Notes to consolidated financial statements.)




                      Net Sales (millions of yen)                            Net Income (millions of yen)                            R&D Expenditures (millions of yen)
                      150,000                                                  32,000                                                 32,000                                         30,800

                                                                                                                        29,400
                                                      133,353    134,800
                                                                                        28,042                                                                            28,350
                                            130,728
                                  127,345                                      28,000                                                 28,000


                      120,000

                                                                               24,000                        22,755                   24,000                     23,048
                                                                                                  22,360


                                                                                                                                                      20,129

                                                                               20,000                                                 20,000
                        90,000



                                                                               16,000                                                 16,000



                        60,000
                                                                               12,000                                                 12,000




                                                                                8,000                                                     8,000

                        30,000

                                                                                4,000                                                     4,000




                                  2000      2001      2002        2003                  2000      2001       2002         2003                        2000       2001     2002       2003
                                                                (Forecast)                                            (Forecast)                                                   (Forecast)


                                 Note: Consolidation in accounting is adopted from the year ended March 31, 2000.




                                                                                                                                                                                                     1
    MESSAGE FROM THE MANAGEMENT




            Toshio Ueno                                   Kimiichiro Matsumoto
            Chairman and CEO                              President and Representative Director


            (1) Basic management policy
            The Ono Pharmaceutical Group, in keeping      abroad, we hope to expeditiously market
            with its philosophy of “Dedicated to Man’s    innovative medicines that conform to
            Fight against Disease and Pain,” has always   global standards. In responding to the
            striven to achieve its medium-term goal of    global trend toward harmonization of
            serving as an R&D-oriented, international     pharmaceutical registration standards, we
            pharmaceutical company specializing in        seek to develop new pharmaceuticals
            defined areas. In this endeavor, we have      simultaneously in Japan, the US and
            placed our emphasis on R&D, aiming to         Europe, based on clinical trials performed
            meet the diverse medical needs of an aging    in the latter areas. With regard to genomic-
            society, and to create innovative medicines   base drug discovery, we have succeeded
            for previously incurable diseases.            in identifying the relationship between
                                                          certain diseases and ten genes, covered by
            Our R&D division focuses its resources on     patents owned by ourselves. Seeking to
            the company’s four priority fields:           develop new drugs, we will continue to
            prostaglandins, enzyme inhibitors,            search for compounds that act specifically
            neuroscience and intracellular signaling.     on such genes.
            Optimizing the technologies we have
            accumulated in such fields and forging        The marketing division is actively working
            cooperative links with research               to enhance the reputation of Ono’s
            organizations with leading-edge               innovative pharmaceuticals, through the
            technologies both within Japan and            presentation of scientific data, mainly at



2
study and lecture meetings, and through      an effective measure to enhance liquidity
the rapid dissemination of accurate          in the stock market and to increase the
information by optimal use of information    number of individual investors. Taking into
technology. We envision that the NHI price   consideration cost effectiveness, number
revision to be implemented along with        of shareholders, and the balance of supply
reforms of the health insurance system       and demand in the stock market,
will greatly affect our business. However,   thoughtful discussions will be made on a
we will strive to attain stable growth by    reduction of the minimum trading unit. At
launching new products and by enhancing      present, a detailed plan and schedule have
the competitiveness of existing products.    not been determined.


With top priority given to the pursuit of    (4) Policy concerning development of
global-level quality assurance of our        corporate governance
products, the manufacturing division is      To improve our corporate governance, we
placing stronger emphasis on improving       have appointed external auditors (a lawyer
both hardware and software, and              in 1993 and an accountant in 2000) to
establishing a computerized production       reinforce our auditing system, for more
management system.                           effective management. During Board
                                             meetings, an appropriate number of
(2) Basic policy concerning dividends        Directors frankly discuss management
With regard to dividends, distribution of    strategies, resulting in prompt decision
profits to shareholders is one of our key    making. Therefore, we consider that there
management policies, and we place great      is no need to largely change the
importance on the maintenance of stable      management system at present. As for the
dividends based on achievement. With         development of corporate governance, we
regard to reserves, we allocate sufficient   should examine the need for this, after
funds to meet the demand for research        confirming the nature of future, significant
and development of new drugs, and for        revisions of commercial law.
expansion and renovation of our
production facilities; this serves to
maintain and enhance our profitability and
                                                                        Toshio Ueno
to strengthen our financial position.                                   Chairman and CEO


(3) Ideas and policy concerning reduction
in the minimum trading unit
                                                                        Kimiichiro Matsumoto
Reduction of the minimum trading unit is                                President and Representative Director




                                                                                                                3
    SEARCHING FOR HIGH EFFICACY ORIGINAL NEW DRUGS
    R&D — Ono Pharmaceutical’s Foundation and Core Commitment




        “Dedicated to Man’s Fight against Disease and Pain,” Ono
        Pharmaceutical aims to contribute to society through the
        development of novel drugs that truly benefit patients, specifically
        targeting diseases that have yet to be conquered. To this end, we are
        constantly strengthening our R&D to develop original new drugs.


4
T          he First Step in Developing
Original New Drugs
Ono Pharmaceutical’s research and
                                                approved for the additional indication of
                                                allergic rhinitis, and Onon Dry Syrup was
                                                launched for the treatment of pediatric
development of new drugs is characterized       bronchial asthma. This leukotriene
by a focus on the body’s biochemical and        receptor antagonist provides a new
pharmacological reactions, elucidating the      approach for the treatment of these
relationships between those reactions and       allergic disorders.
disease. We target enzymes or receptors         In April 2001, Opalmon Tablets — an orally
that either inhibit or promote specific         administered prostaglandin-E1 derivative
reactions. Through this process we have         — became the first drug approved to treat
accumulated an impressive array of              the additional indication of the subjective
knowledge in two fields: prostaglandins         symptoms and walking disability
and other drugs involved in the                 associated with acquired lumbar spinal
arachidonic acid cascade, and enzyme            canal stenosis.
inhibitors.                                     Another field of outstanding expertise is
In 1967, utilizing our expertise in the         enzyme inhibitors. FOY Injection is a
unsaturated fatty acids (linoleic acid, etc.)   protease inhibitor used to treat acute
we were marketing at that time, we              pancreatitis, chronic pancreatitis, and
embarked upon research into                     disseminated intravascular coagulation.
prostaglandins (PGs) — physiologically          Foipan Tablets are an orally administered
active substances essential for maintaining     protease inhibitor used to alleviate the
normal biological functions.                    acute symptoms of chronic pancreatitis
Prostaglandins were known to be                 and to treat postoperative reflux
chemically unstable, to have a short            esophagitis. Our popular line of enzyme
duration of action and to exhibit a variety     inhibitors also includes Kinedak Tablets,
of actions, so developing a marketable          an aldose reductase inhibitor used to treat
product was considered highly difficult.        diabetic peripheral neuropathy; and
Many companies had hesitated in                 Cataclot Injection, a thromboxane
attempting such development or                  synthetase inhibitor used to mitigate
abandoned their efforts. But in 1973, Ono       cerebrovascular spasms and associated
Pharmaceutical succeeded in developing          brain ischemia following surgery for
Prostarmon-F (dinoprost), the world’s first     subarachnoid hemorrhage, as well as to
commercial prostaglandin product. Today,        improve dyskinesia associated with acute-
although other companies now produce            phase cerebral thrombosis. In June 2002
competing products, Ono Pharmaceutical          we also began marketing “Elaspol® 100 for     Ono’s R&D base, the
markets eight different prostaglandin-          Injection,” a selective inhibitor of human    Minase Research Institute
related drugs, making us the clear leader                                                     in Osaka

in this field.
We are also a world leader in the study of
the arachidonic acid cascade, the route by
which prostaglandins are synthesized in
the body. One representative product is
Onon Capsules, the world’s first
leukotriene receptor antagonist. Launched
in June 1995, it is used to treat bronchial
asthma by blocking leukotriene activity,
which is closely associated with the
etiology of bronchial asthma. Onon
Capsules have earned an excellent
reputation among clinicians by providing a
novel effect not available from
conventional antiasthmatics.
In January 2000, Onon Capsules were

                                                                                                                      5
                                                          mass production.
                                                          In the area of genomic-base drug
                                                          discovery, Ono Pharmaceutical has been
                                                          actively carrying out R&D for many years,
                                                          utilizing know-how acquired in our
                                                          successful development of prostaglandin
                                                          pharmaceuticals to research bioactive
                         Preparation of DNA Microarrays   substance-related genes for identifying
                                                          new drug discovery target molecules. By
    neutrophil elastase. It is the world’s first          collaborating with Genetics Institute, Inc.
    drug for treating acute lung injury                   (GI), we further refined a technique we
    associated with systemic inflammatory                 developed called a “signal sequence trap,”
    response syndrome.                                    which captures target genes with
    While making the most of our strengths in             exceptional efficiency. Using this newly
    the two fields of prostaglandins and                  improved technique, Ono and GI have
    enzyme inhibitors, in our quest to develop            been able to patent approximately 420
    original and innovative new drugs we have             genes. We are currently working to analyze
    broadened our scope of research to                    the functions of these drug discovery
    include such rapidly advancing fields as              target genes and to formulate low-
    neuroscience and intracellular signaling.             molecular-weight compounds, and have
                                                          already completed classifying the
    Results — Oriented R&D                                functions of 100 different genes.
    Ono Pharmaceutical is well-known for its              Relationships have been already clarified
    world-leading research, particularly in the           among 10 genes and such diseases as
    field of prostaglandins. We invest heavily            AIDS, dysuria, autoimmune disease,
    in research and development to maintain a             cancer, arteriosclerosis, sepsis, gestosis,
    competitive edge in the rapidly changing              and neuropathy, and discovery of low-
    global healthcare industry.                           molecular-weight compounds continues.
    In the search for new drugs for the global            Formulation of a therapeutic compound
    market, our Minase Research Institute in              for the treatment of dysuria is at a
    Osaka Prefecture conducts an array of                 promising stage, and within 2 or 3 years
    research — from exploratory and                       we plan to begin clinical trials of an anti-
    discovery research to medicinal                       dysuria drug displaying minimal blood
    chemistry, pharmacokinetics, and                      pressure lowering effect. We have also
    formulation studies. We have steadily                 discovered a lead compound for synthesis
    increased the size of the staff, expanded             of a therapeutic drug for treating
    the facilities with an emphasis on function           autoimmune disease, and are working on
    and efficiency, augmented our library of              its optimization. Research is also moving
    compounds which serve as the seeds for                forward on formulation of compounds
    developing new drugs, and introduced
    state-of-the-art technologies. These efforts
    have substantially improved both the
    quality and speed of our research and
    development operations.
    The Fukui Research Institute is comprised
    of two main facilities, one for ensuring the
    safety of new drugs and another for
    devising means for practical development.
    The Safety Research Laboratory evaluates
    the safety of new compounds and
    elucidates the mechanisms of toxicity,
    while the Chemical Process Research
    Laboratory develops efficient methods for

6
                                  targeting the genes related to
                                  arteriosclerosis, cancer, and sepsis.
                                  Further expanding our genetic research,
                                  we are also collaborating with one of the
                                  world’s leading AIDS researchers —
                                  Professor Hiroaki Mitsuya of the
                                  Kumamoto University School of Medicine
                                                                                  N          ew Drugs in Development
                                                                                  In our ongoing effort to create products
                                                                                  that will promote the health of more
                                                                                  people worldwide, Ono has many new
                                  — in a joint research project on CCR5           drug formulations under development,
                                  receptor antagonists, and we have already       including the following major drugs:
                                  identified compounds that display anti-
                                  AIDS activity. CCR5 receptor antagonists        Elaspol ® 100 for Injection (ONO-5046•Na)
                                  are also effective against drug-resistant       Elaspol® for Injection is for the treatment
                                  viruses against which existing anti-AIDS        of acute lung injury in patients using
                                  drugs, such as reverse transcriptase            mechanical ventilation in the ICU. Elaspol,
                                  inhibitors and protease inhibitors, are         a selective inhibitor of neutrophil elastase,
                                  ineffective. They therefore hold great          which is believed to induce acute lung
                                  promise as a new type of AIDS therapy.          injury, was approved on April 11, 2002 as
                                  Ono Pharmaceutical has long played a            the world’s first drug for this disease. We
                                  leading role in the field of prostaglandins.    believe this drug will markedly contribute
                                  In addition to extensive know-how in lipid      to improved medical care, since no
                                  research, we have also accumulated a vast       effective drugs have been available for the
                                  library of lipid-related compounds which        disease until now.
                                  make possible research on new lipid-            Japan: Obtained manufacturing approval
                                  related receptors. In the future, by using      as a medication for acute lung injury
                                  our entire library of compounds that            associated with systemic inflammatory
                                  interact with gene products (i.e., proteins),   response syndrome.
                                  Ono Pharmaceutical will continue to             U. S.: Clinical studies by Eli Lilly and
                                  energetically pursue a “chemical                Company.
                                  genomics” strategy to analyze and
                                  elucidate gene functions. This work is
                                  expected to perfectly complement
                                  conventional analytical methods, and
                                  depending on the target, enable us to
                                  develop new drugs much more efficiently.
                                  To establish a hub point for genomic-base
                                  drug discovery for synthesizing new
                                  compounds, in October 2001 we began
                                  construction of the Tsukuba Research
                                  Center, which is scheduled to open in the
                                  spring of 2003.




The Fukui Research Institute
consists of the Safety Research
Laboratory and the Chemical
Research Laboratory
                                                                                  High-throughput Screening System


                                                                                                                                  7
    Onoact ® 50 for Injection (ONO-1101)
    Onoact® for Injection is for the treatment
    of tachyarrhythmia occurring during
    operation in patients mainly with
    hypertension or ischemic heart disease. It
    is very safe and easy to adjust due to its
    ultra-short duration of action.
    Japan: Awaiting approval as a medication
    for tachyarrhythmia during operation.
    Phase II/III clinical studies as a medication
    for post-operative tachyarrhythmia.

    ONO-5920 (tablet)                                                                              Cell Culture Laboratory
    ONO-5920 is under development for the           benign prostatic hyperplasia.
    treatment of osteoporosis. This drug, a         U. S.: Phase II clinical study.
    bisphosphonate of the third generation,
    inhibits activation of osteoclasts and          ONO-8025/KRP-197 (tablet)
    effectively prevents bone resorption. With      ONO-8025/KRP-197 is under development
    the ability to rapidly increase bone mass,      for the treatment of hyperactive bladder
    it will be safe and effective at low doses.     (pollakiuria and urinary incontinence).
    Japan: Phase III clinical study as a            This drug is unlikely to cause adverse
    medication for osteoporosis.                    effects such as dry mouth, which is caused
                                                    by other drugs with similar mode of
    Proglia for Injection (ONO-2506)                action, as tests on animals have revealed
    Proglia for Injection is under development      that it acts as an antagonist by selectively
    for the treatment of ischemic stroke, to be     binding to the muscarinic receptors in the
    effective both for cerebral thrombosis and      bladder.
    cerebral embolism. The drug inhibits the        Japan: Phase II clinical study as a
    spread of postinfarction necrosis with a        medication for hyperactive bladder
    novel mechanism of action, suppressing          (pollakiuria and urinary incontinence) (co-
    abnormal activation of astrocytes, a kind       development with Kyorin Pharmaceutical
    of brain cell. The drug holds promise for       Co., Ltd.).
    very convenient administration in medical
    practice, because it does not act on            ONO-6818 (tablet)
    thrombi or blood vessels; therefore, there      ONO-6818 is under development for the
    is no risk of hemorrhage.                       treatment of chronic obstructive
    Japan: Phase II clinical study as a             pulmonary disease (emphysema or
    medication for acute ischemic stroke.           chronic bronchitis), in patients who have
    North America: Phase II clinical study.         difficulty in leading normal lives, because
                                                    of a loss of respiratory function due to
    AIO-8507L (capsule)                             smoking or air pollution. As an orally
    AIO-8507L relieves dysuria caused by            administered inhibitor of neutrophil
    benign prostatic hyperplasia. This drug is      elastase, which is a cause of injury to
    an α1 blocker with high urethral selectivity,   respiratory tissue, this drug is expected to
    and is unlikely to cause circulatory            alleviate lung injury in such patients. The
    adverse effects, such as orthostatic            development of the drug is also being
    hypotension (dizziness on standing up)          promoted overseas, in patients with α1
    that occurs with other existing                 antitrypsin deficiency, who are likely to
    medications, with only a slight effect on       suffer from lung injury caused by
    blood vessels. It is, therefore, expected to    neutrophil elastase, due to inherited
    be very safe.                                   factors.
    Japan: Phase II clinical study as a             Japan: Phase II clinical study as a
    medication for dysuria resulting from           medication for chronic obstructive

8
pulmonary disease.                              pulmonary disease. The drug has shown
U. S.: Phase II clinical studies under          both suppressive effects on
preparation as a medication for chronic         bronchoconstriction and anti-
obstructive pulmonary disease and α1            inflammatory effects. Since the drug shows
antitrypsin deficiency.                         less penetration to CNS system, it is
                                                expected to be useful in the treatment of
ONO-4819•CD (for injection)                     chronic respiratory diseases without any
ONO-4819•CD is being developed for the          adverse effects such as vomiting and
treatment of bone fractures, as a selective     headache.
EP4 agonist to strongly promote                 Japan: Phase I clinical study as a
osteogenesis. This will be an innovative        medication for bronchial asthma and
drug that hastens healing of bone               chronic obstructive pulmonary disease.
fractures, with a totally different             U. K.: Phase I clinical study.
mechanism from conventional drugs.
Japan: Phase II clinical study as a             Prostandin® for Injection
medication for vertebral fracture.              Japan: Awaiting approval for indication of
                                                patent ductus arteriosus associated with
ONO-5816 (tablet)                               ductus arteriosus-dependent congenital
ONO-5816 is under development for the           heart diseases (additional indication).
treatment of diabetes. This drug acts by
increasing sensitivity to insulin, to lower     Onon® Dry Syrup
the blood glucose levels. It is believed to     Japan: Phase II/III clinical study as a
be more effective than other drugs for non-     medication for pediatric allergic rhinitis
obese type-2 diabetes patients, who are         (additional indication).
numerous in Japan. Moreover, as no liver
damage was found in tests in animals, it is     Onon® Capsules
expected to be very safe.                       Japan: Phase II clinical study as a
Japan: Phase II clinical study.                 medication for chronic sinusitis
U. S.: Phase II clinical study by Lipha s.a.,   (additional indication).
France.
                                                ONO-1714
Cereact Capsule (ONO-2506PO)                    Japan: Phase II clinical study as a
It has been elucidated that astrocyte           medication for hypotension during
dysfunction is greatly involved in the          dialysis.
occurrence and progression of
neurodegenerative diseases such as              ONO-8815Ly
Alzheimer’s/Parkinson’s diseases and            Japan: Phase I clinical study completed as
amyotrophic lateral sclerosis (ALS).            a medication for imminent premature
Working through a novel mechanism of            labor.
action, suppressing abnormal activation of      Sweden: Clinical pharmacology study
astrocytes, Cereact capsule is expected to      completed.
inhibit the occurrence and progression of
various neurodegenerative diseases.             ONO-4817
Japan: Phase I clinical study as a              Japan: Phase I clinical study as a
medication for neurodegenerative                medication for inflammatory bowel
diseases.                                       disease and osteoarthritis.
Europe: Phase I clinical study.                 U.K.: Phase I clinical study.

ONO-6126 (tablet)                               In addition to the new drugs listed here,
ONO-6126 is a selective inhibitor of            Ono Pharmaceutical has many other
phosphodiesterase type 4, and is under          compounds for which clinical trials are
development for the treatment of                being planned, with great expectations for
bronchial asthma and chronic obstructive        future research and development.

                                                                                             9
     Status of Major Developments
     March 31, 2002

     Developments in Japan                               Developments abroad
     Obtained manufacturing approval                     Ongoing clinical studies:
     (as of April 11, 2002):                             q AIO-8507L Dysuria resulting from benign
     q Elaspol® 100 for Injection (ONO-5046•Na)            prostatic hyperplasia (capsule, Phase II)
       Sivelestat sodium hydrate for the treatment       q Proglia for Injection (ONO-2506) Acute
       of acute lung injury associated with systemic       ischemic stroke (injection, Phase II)
       inflammatory response syndrome                    q ONO-6818 Chronic obstructive pulmonary
                                                           disease and α1 antitrypsin deficiency (tablet,
     Awaiting manufacturing approval:                      Phase II under preparation)
     q Onoact® 50 for Injection (ONO-1101)               q ONO-8815Ly Imminent premature labor
       Landiolol hydrochloride for tachyarrhythmia         (injection, Clinical pharmacology study
       during operation                                    completed)
     q Prostandin® for Injection                         q Cereact Capsule (ONO-2506PO)
       Alprostadil alfadex for patent ductus               Alzheimer’s/Parkinson’s diseases and
       arteriosus associated with ductus arteriosus-       amyotrophic lateral sclerosis (ALS) (capsule,
       dependent congenital heart diseases                 Phase I)
                                                         q ONO-4817 Inflammatory bowel disease and
     Ongoing clinical studies:                             osteoarthritis (tablet, Phase I)
     New chemical entities:                              q ONO-6126 Bronchial asthma and chronic
     q ONO-5920 Osteoporosis (tablet, Phase III)           obstructive pulmonary disease (tablet, Phase I)
     q Proglia for Injection (ONO-2506) Acute
       ischemic stroke (injection, Phase II)
     q AIO-8507L Dysuria resulting from benign
       prostatic hyperplasia (capsule, Phase II)
     q ONO-8025/KRP-197 Hyperactive bladder
       (pollakiuria and urinary incontinence)
       (tablet, Phase II)
     q ONO-1714 Hypotension during dialysis
       (injection, Phase II)
     q ONO-6818 Chronic obstructive pulmonary
       disease (tablet, Phase II)
     q ONO-4819 CD Vertebral fracture (injection,
       Phase II)
     q ONO-5816 Diabetes (tablet, Phase II)
     q ONO-8815Ly Imminent premature labor
       (injection, Phase I completed)
     q ONO-4817 Inflammatory bowel disease and
       osteoarthritis (tablet, Phase I)
     q Cereact Capsule (ONO-2506PO)
       Alzheimer’s/Parkinson’s diseases and
       amyotrophic lateral sclerosis (ALS) (capsule,
       Phase I)
     q ONO-6126 Bronchial asthma and chronic
       obstructive pulmonary disease (tablet, Phase I)

     Ongoing clinical studies:
     Additional indications:
     q Onon® Dry Syrup Pranlukast hydrate for
       pediatric allergic rhinitis (Phase II/III)
     q Onoact® 50 for Injection (ONO-1101)
       Landiolol hydrochloride for post-operative
       tachyarrhythmia (Phase II/III)
     q Onon® Capsule Pranlukast hydrate for
       chronic sinusitis (Phase II)                      3-D Molecular Modeling



10
REVIEW OF PRODUCTS AND OPERATIONS
                                               s Onon & Onon Dry Syrup (pranlukast hydrate) : ¥26,632 million
                                               s Kinedak (epalrestat) : ¥24,917 million
                                               s Foipan (camostat mesilate) : ¥17,982 million
   Sales by products in this fiscal term       s Prostandin & Prostandin 500 (alprostadil alfadex) : ¥13,620 million
                                               s Opalmon (limaprost alfadex) : ¥13,190 million
   (Total Sales: ¥133,353 million)
                                               s Cataclot (sodium ozagrel) : ¥11,614 million
                                               s FOY & FOY500 (gabexate mesilate) : ¥10,914 million
                                               s Diagnostic products : ¥3,084 million
                                               s Others : ¥11,400 million




   S      ales of Major Products (April
   2001 - March 2002)
   Looking at sales by individual product,
                                              23,525 million yen. Sales of Onon Dry Syrup
                                              for pediatric bronchial asthma, which was
                                              newly launched in January 2000, grew
   sales of Onon Capsules — used to treat     steadily to 3,107 million yen. Sales of
   bronchial asthma and allergic rhinitis —   Kinedak Tablets for the treatment of
   showed a substantial increase of 7.6%      diabetic peripheral neuropathy were 24,917
   compared to the previous year, reaching    million yen, while sales of Foipan Tablets —

                                                                                                                       11
                                                                                     Schering-Plough Corporation (USA)




     used to alleviate the acute symptoms of
     chronic pancreatitis and to treat
     postoperative reflux esophagitis — were
     17,982 million yen. Opalmon Tablets for
     treating symptoms associated with
     thromboangiitis obliterans with acquired
     lumbar canal stenosis jumped 62.2%
     compared to the previous year, reaching
     13,190 million yen. As a result, the Ono
     Pharmaceutical Group successfully posted
     consolidated sales of 133,353 million yen, a
     2.0% increase over the previous year.




     G          lobal Strategy
     Ono Pharmaceutical is pursuing an
     aggressive and ambitious global strategy              Eli Lilly and Co. (USA)
     to meet patient needs throughout the
     world with highly original new products.
     In 1998 we dissolved our Boston and
     London offices and established two wholly
     owned subsidiaries, Ono Pharma USA, Inc.
     in New Jersey and Ono Pharma UK Ltd in
     London. They will function as our base of
     operations for full-scale
     expansion overseas and
     facilitate simultaneous product
     development in the three major
     markets of Japan, the United
     States and Europe. We are
     already conducting clinical
     trials on new drugs for launch
     on the global market, including
     AIO-8507L for treating dysuria
     accompanying prostatic
     hypertrophy and ONO-2506 for
     the treatment of acute-phase          Genetics Institute (USA)
     cerebral infarction, while
     actively exploring out-licensing
     possibilities.
     Through our two overseas subsidiaries we
     are also searching for promising new
     drugs developed in the U.S. and Europe
     which we can further develop and launch
     on the Japanese market, and are pursuing
     research alliances in new fields with
     leading American and European research
     institutions and companies that possess
     proven technologies.                                                                  Ono Pharma USA, Inc. (USA)



12
Ono Pharma UK Ltd (UK)
                                                          P    rotecting the Environment
                                                          As awareness of environmental problems
                                                          continues to increase throughout the
                                                          world, protection of the environment and
                                                          the earth’s limited natural resources has
                                                          become the clear responsibility of every
                                                          company doing business.
                                                          As part of our company-wide efforts to
                                                          make environmental protection a top
                                                          priority, Ono Pharmaceutical established
                                                          an Environmental Management Office and
                                                          formulated an “Environmental Self-
                                                          regulating Action Plan.”
                                                          The Environmental Management Office
                                                          coordinates a company-wide integrated
                                                          response to environmental issues, and an
                                                          Environmental Committee comprised of
                                                          representatives from each department
                                                          oversees implementation and detailed
                                                          status monitoring at all business locations.
                                                          Subcommittees have also been established
                                                          at all research facilities and production
                                                          plants that may have a relatively large
                                                          environmental impact in order to further
                                                          ensure proper implementation and
                                                          accurate monitoring.


                                                           Environmental Guidelines
                                                           We recognize that our company has a social
                                                           responsibility regarding the environment, and
                                                           we will work to protect and preserve the
                                                           global environment in all of our business
                                                           operations.
                                                           • In addition to fully complying with all
                                                             environment-related laws and regulations,
                                                             we will establish targets and action plans
                                                             and continuously work to protect and
                                                             preserve the environment and the earth’s
                                                             natural resources.
                                                           • In all of our business operations, we will
                            Merck Sante S.A.S. (France)      promote resource conservation, energy
                                                             conservation, and recycling, and implement
                                                             environment-focused measures such as
                                                             reducing waste and preventing pollution.
                                                           • We will endeavor to produce eco-friendly
                                                             products and will cooperate with society.
      qR&D partners                                        • With the participation of every employee,
      qOno’s subsidiaries                                    we will strive to further understand
                                                             environmental issues and to promote
                                                             environment-related activities.



                                                                                                           13
     O     no Medical Research
     Foundation
     To commemorate the 40th anniversary of
     Ono Pharmaceutical’s incorporation, the
     Ono Medical Research Foundation was
     established to contribute to the further
     advancement of medical science, and is
     now in its 13th year of operation. In
     addition to providing support for research
     in the field of lipid metabolism disorders,
     which are considered to be closely
     involved in arteriosclerosis, diabetes,
     cardiac infarction, hepatic disease, renal
     disease and other typical lifestyle-related
     illnesses, the Ono Medical Research
     Foundation is also pursuing a variety of      The 13th Ono Medical Research
                                                   Forum was held in Osaka, in March 2001.
     related activities.
     The Ono Medical Research Forum, held at
     the Senri Life Science Center in March
     2002, featured a three-part program with
     the presentation of reports by ten scholars
     whose work in the preceding year had
     been funded by the Foundation, poster
     presentations by ten other Foundation-
     supported scholars, and the introduction
     of 21 scholars whose research would be
     funded in the coming year. There was
     much lively discussion among the
     approximately 100 people in attendance.




14
FINANCIAL SECTION




       Contents
       Financial Review ··········································································································16
       Consolidated Financial Data:
          Consolidated Balance Sheets ················································································18
          Consolidated Statements of Income·····································································20
          Consolidated Statements of Shareholders’ Equity ·············································21
          Consolidated Statements of Cash Flows ······························································22
          Notes to Consolidated Financial Statements·······················································23
          Report of Independent Public Accountants ························································31
       Stock Price and Transaction Volume········································································32




                                                                                                                                       15
     Financial Review


     The following is a summary of the consolidated business results for the fiscal year ended March 31,
     2002.

     Area of Business
     Ono Pharmaceutical Co., Ltd., and its subsidiaries are engaged primarily in pharmaceutical-related
     business.
     (See Note 2 and 14 of the Notes to Consolidated Financial Statements.)

     Results for Fiscal Year Ended March 31, 2002
     Faced with the ongoing trend to reduce medical expenses and growing competition among both
     Japanese and foreign firms, Japan’s domestic pharmaceutical industry continues to face an
     extremely difficult business environment.
     In light of these conditions, Ono Pharmaceutical Group has focused on our own unique approach to
     new drug development and has worked to improve operating efficiency, while also strengthening
     our R&D capabilities and promoting dissemination of scientific information relating to our main
     strategic products.
     As a result of these efforts, our fiscal year results were as follows:
                                Millions of yen                 Thousands of U.S. dollars
       Net sales                 ¥ 133,353                             $ 1,002,654
       Operating income             50,332                                 378,436
       Net income                   22,755                                 171,090

     Sales
     Looking at net sales for some individual products, Opalmon Tablets, a drug for treating symptoms
     associated with thromboangiitis obliterans, was approved in April 2001 for the additional indication
     of improvement of the subjective symptoms (lower limb pain and numbness) and walking disability
     associated with acquired lumbar spinal canal stenosis; as a result, sales jumped 62.2% compared to
     the previous year. Sales of Onon Capsules – used to treat bronchial asthma and allergic rhinitis –
     also showed a substantial increase of 7.6%, while sales of Onon Dry Syrup for pediatric bronchial
     asthma grew steadily to 1,700 million yen (US$12,782 thousand). Combined with the results for our
     other products, consolidated sales for the fiscal year ended March 31, 2002 showed a 2.0% increase
     over the previous year.

     Operating Income
     Operating income for the fiscal year ended March 31, 2002 was 50,332 million yen (US$378,436
     thousand) a 6.5% decrease over the previous year. The decrease in operating income can be
     attributed to increased expenditures for research and development accompanying an aggressive
     program of overseas clinical trials.
     (See Note 10 of the Notes to Consolidated Financial Statements.)

     Net Income
     Net income for the fiscal year ended March 31, 2002 was 22,755 million yen (US$171,090 thousand),
     an increase of 1.8% over the previous year. As this was the second year after introduction of the
     market value accounting method, there was a decrease in interest received from marketable
     securities due to the absence of redemption profit generated only in the first year, resulting in a
     9.0% decrease in current profit compared with the previous year. Regarding extraordinary profit
     and loss, there was a one-time write-off of 3,014 million yen (US$22,662 thousand) for pension fund
     investment loss in the previous fiscal year and a loss of 5,941 million yen (US$44,669 thousand) for
     revaluation of investment securities as extraordinary losses. However, these extraordinary losses
     were 5,400 million yen less than for the previous fiscal year, in which there was a one-time write-off

16
of 8,877 million yen (US$66,744 thousand) to cover a shortfall in reserves for payment of employee
retirement benefits and a loss of 5,879 million yen (US$44,203 thousand) for revaluation of
investment securities.
(See Note 11 of the Notes to Consolidated Financial Statements.)

R&D Expenditures
All of the research and development activities of the Ono Pharmaceutical Group are focused solely
on the pharmaceutical-related business.
On April 11, 2002, Elaspol® Injection won approval from the Japanese regulatory authority. In
Japanese clinical trials, phase IIb studies have been completed for ONO-5920, a drug for the
treatment of osteoporosis, and a phase III study is now in progress. Phase IIb studies are currently
ongoing for ONO-4819 CD, a drug for the treatment of basivertebral fractures, as well as for ONO-
5816, a drug for treating diabetes, while testing of ONO-6126, for treating chronic obstructive
pulmonary disease (COPD), has advanced to clinical phase I.
Overseas, the clinical phase II studies of AIO-8507L being conducted in the United States are
expected to be completed around the end of June, 2002, and phase II studies of Proglia have begun
in North America. Phase II studies in the United States will also begin soon on ONO-6818, a drug for
treating COPD, which afflicts many patients in the United States and Europe.
In the area of genomic-base drug discovery, we have begun receiving results from protein
interaction analysis contracted out to Hitachi, Ltd. It has also been decided that Ono
Pharmaceutical will participate in the Bioinformatics Center established by C. Itoh & Co., Ltd., for
the purpose of gathering and analyzing the latest gene-related information.
Total fiscal year R&D expenditures amounted to 28,350 million yen (US$213,158 thousand).
(See Note 10 of the Notes to Consolidated Financial Statements.)

Consolidated Cash Flow
The balance of cash and cash equivalents at March 31, 2002 was 54,385 million yen (US$408,910
thousand), a decrease of 26,524 million yen (US$199,428 thousand) from the 80,909 million yen
(US$608,338 thousand) balance at March 31, 2001, primarily due to payments for purchases
securities and for obtaining treasury stocks.

Investment in Plant and Equipment
Investment in plant and equipment during the current fiscal year ended March 31, 2002 totaled
approximately 7,700 million yen (US$57,895 thousand), including 3,300 million yen (US$24,812
thousand) as the second installment for purchasing land and constructing a new research facility in
Tsukuba, Ibaragi Prefecture, 1,600 million yen (US$12,030 thousand) for constructing a new office
building (in Chuo-ku, Osaka), and 700 million yen (US$5,263 thousand) for the expansion of
production facilities.

Outlook for the Coming Year
As national medical expenses are expected to increase sharply with the continued rapid aging of
Japan’s population, Japan’s pharmaceutical industry was compelled to accept a marked reduction
(industry average of 6.3%) in national health insurance-approved medication prices when the
government revised medical therapy compensation amounts in April 2002. As a result, conditions
in the domestic pharmaceutical market are expected to become even more severe.
In order to cope effectively with these changing conditions, the Ono Pharmaceutical Group will
continue to strengthen its unique approach to new drug development, while emphasizing
timeliness and efficiency in our sales activities and other business operations, as we work to
establish an even stronger sales base and to improve business results.



                                                                                                       17
     Consolidated Balance Sheets
     Ono Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
     Years ended March 31, 2002 and 2001



                                                                                      Millions of yen                 Thousands of U.S. dollars (Note 1)

     ASSETS                                                                    2002                     2001            2002                    2001

     Current assets:
       Cash and cash equivalents (Note 3)··········                        ¥    54,385         ¥        80,909      $ 408,910            $     608,338
       Time deposits (Note 3) ·······························                     150                     6,232           1,128                  46,857
       Marketable securities (Note 4) ··················                        55,566                  18,298        417,789                  137,579


       Notes and accounts receivable:
          Trade notes and accounts receivable ··                                40,613                  38,304        305,361                  288,000
          Due from unconsolidated
             subsidiaries and affiliates (Note 5) ·····                               30                       30            226                     226
          Allowance for doubtful receivables ····                               (1,292)                  (1,233)         (9,715)                 (9,271)
             Total ·····················································        39,351                  37,101        295,872                  278,955


       Inventories (Note 6) ····································                 9,747                    8,723         73,286                   65,586
       Deferred taxes (Note 12) ·····························                    7,200                    5,530         54,135                   41,579
       Prepaid expenses
          and other current assets ······················                         644                      723            4,842                    5,437
             Total current assets···························                   167,043              157,516          1,255,962               1,184,331

     Property, plant and equipment:
       Land (Note 13) ··············································            18,222                  21,363        137,008                  160,624
       Buildings and structures··························                       48,535                  46,863        364,925                  352,353
       Machinery and equipment·······················                           24,335                  23,884        182,970                  179,579
       Construction in progress ·························                        6,277                    4,571         47,195                   34,369
             Total ·····················································        97,369                  96,681        732,098                  726,925
       Accumulated depreciation ······················                         (44,357)                 (41,178)     (333,511)               (309,609)
             Net property, plant and equipment                                  53,012                  55,503        398,587                  417,316

     Investments and other assets:
       Investment securities (Note 4)···················                       111,978              126,421           841,940                  950,534
       Investments in unconsolidated
          subsidiaries and affiliates (Note 5) ········                               96                       96            722                     722
       Long-term loans to employees················                               192                      235            1,444                    1,767
       Intangible assets ·······································                 1,656                    1,782         12,451                   13,398
       Deferred taxes (Notes 12 & 13)·····················                      15,644                    7,463       117,624                    56,113
       Other assets···············································               6,857                    8,262         51,556                   62,120
             Total investments and other assets                                136,423              144,259          1,025,737               1,084,654


          Total ························································   ¥ 356,478           ¥ 357,278            $2,680,286           $ 2,686,301


     See accompanying notes to consolidated financial statements.

18
                                                                                 Millions of yen                    Thousands of U.S. dollars (Note 1)

LIABILITIES AND SHAREHOLDERS’ EQUITY                                      2002                     2001              2002                     2001

Current liabilities:
  Current portion of long-term debt (Note 7) ····                     ¥           8       ¥               46   $             60        $            346
  Notes and accounts payable:
     Trade ·······················································          2,650                   4,013            19,925                    30,173
     Construction ··········································                     46                   384                  346                   2,887
     Due to unconsolidated
        subsidiaries and affiliates (Note 5) ·····                               52                       41               391                      308
        Total ·····················································         2,748                   4,438            20,662                    33,368


  Accrued expenses·····································                    10,296                   8,664            77,414                    65,143
  Income taxes (Note 12) ·······························                   11,495                  15,562            86,429                  117,008
  Other current liabilities ···························                     1,856                   2,379            13,954                    17,887
        Total current liabilities ····················                     26,403                  31,089           198,519                  233,752


Long-term liabilities:
  Long-term debt, less current portion (Note 7) ····                         144                      244              1,083                     1,835
  Accrued retirement benefits (Note 8) ·······                             23,295                  20,679           175,150                  155,481
        Total long-term liabilities ················                       23,439                  20,923           176,233                  157,316


Minority interests········································                  1,578                   1,379            11,865                    10,368


Contingent liabilities and commitments (Note 15)


Shareholders’ equity (Notes 9 & 16)
  Common stock, ¥50 par value
     Authorized - 300,000,000 shares
     Issued 122,919,000 shares
      at March 31, 2002 and 2001 ················                          17,358                  17,358           130,511                  130,511
  Additional paid-in capital·························                      17,002                  17,002           127,835                  127,835
  Revaluation surplus (Note 13) ····················                       (3,598)                         –         (27,053)                             –
  Retained earnings ·····································                 282,832              264,350             2,126,556               1,987,594
  Net unrealized gain on securities ···········                             1,597                   5,240            12,008                    39,398
  Translation adjustments ··························                             15                       3                113                           23
  Less, treasury stocks································                   (10,148)                    (66)           (76,301)                      (496)
        Total shareholders’ equity···············                         305,058              303,887             2,293,669               2,284,865


     Total ························································   ¥ 356,478           ¥ 357,278            $2,680,286              $ 2,686,301



                                                                                                                                                              19
     Consolidated Statements of Income
     Ono Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
     Years ended March 31, 2002 and 2001



                                                                                     Millions of yen                 Thousands of U.S. dollars (Note 1)

                                                                              2002                     2001           2002                          2001

     Net sales ························································   ¥ 133,353           ¥ 130,728          $1,002,654             $      982,917
     Cost of sales (Note 10)····································             21,841              20,981             164,218                    157,752
        Gross profit ············································           111,512             109,747             838,436                    825,165


     Selling, general
       and administrative expenses (Note 10) ······                           61,180                   55,941        460,000                   420,609
         Operating income ··································                  50,332                   53,806        378,436                   404,556


     Other income (expenses)
      Interest and dividend income ·················                           2,224                 3,902            16,722                    29,338
      Interest expenses ······································                   (14)                 (231)             (105)                   (1,737)
      Other, net (Note 11) ·····································              (8,844)              (14,683)          (66,497)                 (110,398)
                                                                              (6,634)              (11,012)          (49,880)                  (82,797)


          Income before income taxes
            and minority interests ·······················                    43,698                   42,794        328,556                   321,759


     Income taxes (Note 12):
       Current ·······················································        25,322                   28,571        190,391                   214,820
       Deferred ·····················································         (4,600)                  (8,317)       (34,587)                  (62,534)
                                                                              20,722                   20,254        155,804                   152,286


          Income before minority interests········                            22,976                   22,540        172,752                   169,473


     Minority interests········································                 (221)                    (180)         (1,662)                      (1,353)


     Net income····················································       ¥   22,755          ¥        22,360    $ 171,090              $      168,120



                                                                                          Yen                               U.S. dollars (Note 1)

     Amounts per common share:
      Net income·················································         ¥   186.66          ¥        182.05    $         1.40         $             1.37
      Cash dividends applicable to the year···                                 34.00                    34.00              0.26                       0.26


     See accompanying notes to consolidated financial statements.




20
Consolidated Statements of Shareholders’ Equity
Ono Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
Years ended March 31, 2002 and 2001



                                                                       Millions of yen                     Thousands of U.S. dollars (Note 1)

                                                                2002                     2001               2002                     2001

Common stock:
 Balance, beginning of year ···················             ¥    17,358 ¥    17,358                    $ 130,511              $     130,511
 Balance, end of year ······························        ¥    17,358 ¥    17,358                    $ 130,511              $     130,511
 Number of shares outstanding, end of year ···              122,919,000 122,919,000


Additional paid-in capital:
 Balance, beginning of year ···················             ¥    17,002 ¥                 17,002       $ 127,835              $     127,835
 Balance, end of year ······························        ¥    17,002 ¥                 17,002       $ 127,835              $     127,835


Revaluation surplus:
 Balance, beginning of year ···················             ¥         – ¥                         –    $         –            $                 –
 Net change during year·························                 (3,598)                          –        (27,053)                             –
 Balance, end of year ······························        ¥    (3,598) ¥                        –    $   (27,053)           $                 –


Retained earnings:
 Balance, beginning of year ···················             ¥   264,350 ¥                246,271       $1,987,594             $ 1,851,662
 Net income ·············································        22,755                   22,360          171,090                 168,120
 Cash dividends paid······························               (4,176)                  (4,176)         (31,399)                (31,399)
 Bonuses to directors
   and statutory auditors·······················                    (97)                    (105)            (729)                   (789)
 Balance, end of year ······························        ¥   282,832 ¥                264,350       $2,126,556             $ 1,987,594


Net unrealized gain on securities:
 Balance, beginning of year ···················             ¥     5,240 ¥                      –       $    39,398            $            –
 Net change during year ·························                (3,643)                   5,240           (27,390)                   39,398
 Balance, end of year ······························        ¥     1,597 ¥                  5,240       $    12,008            $       39,398


Translation adjustments:
  Balance, beginning of year ···················            ¥             3 ¥                   (10)   $           23         $             (75)
  Net change during year ·························                       12                      13                90                        98
  Balance, end of year ······························       ¥            15 ¥                     3    $          113         $              23


See accompanying notes to consolidated financial statements.




                                                                                                                                                    21
     Consolidated Statements of Cash Flows
     Ono Pharmaceutical Co., Ltd. and Consolidated Subsidiaries
     Years ended March 31, 2002 and 2001



                                                                                            Millions of yen                  Thousands of U.S. dollars (Note 1)

                                                                                     2002                     2001            2002                     2001

     Cash flows from operating activities:
       Income before income taxes
         and minority interests··································                ¥   43,698          ¥        42,794     $    328,556           $      321,759
       Adjustments:
         Depreciation and amortization ···················                             4,108                    4,156          30,887                    31,248
         Increase in allowance for doubtful receivables··                                 64                      365             481                     2,744
         Increase in provision for bonuses ··············                                 52                       69             391                       519
         Increase in provision
           for retirement benefits, net······················                          2,580                  15,053           19,399                  113,180
         Decrease in provision
           for retirement benefits (pension) ···········                                   –                   (5,000)              –                   (37,594)
         Decrease in Long-term payable ···················                                 –                   (1,561)              –                   (11,737)
         Interest and dividend income ·····················                           (2,224)                  (3,902)        (16,722)                  (29,338)
         Interest expenses ··········································                     14                      231             105                     1,737
         Gain on sales of marketable securities········                                    –                      (88)              –                      (662)
         Gain on sales of investment securities ········                                (607)                       –          (4,564)                        –
         Loss from sales of investment securities ···········                            330                        –           2,481                         –
         Loss from valuation of investment securities ····                             5,942                    5,879          44,677                    44,203
         Increase in notes
           and accounts receivable ··························                         (2,308)                  (4,964)        (17,353)                  (37,323)
         Increase in inventories·································                     (1,056)                    (155)         (7,940)                   (1,165)
         Decrease in notes
           and accounts payable·······························                        (1,352)                    (855)        (10,165)                  (6,429)
         Others·····························································           1,238                      (57)          9,308                     (428)
       Interest and dividend income received ·········                                 1,745                    2,812          13,120                   21,143
       Interest paid ······················································              (14)                    (231)           (105)                  (1,737)
       Income taxes paid·············································                (29,390)                 (25,103)       (220,977)                (188,744)
         Net cash provided by operating activities ·······                            22,820                   29,443         171,579                  221,376

     Cash flows from investing activities:
       Payments for purchases of marketable securities ·                             (52,356)                 (2,820)        (393,654)                 (21,203)
       Proceeds from sales of marketable securities                                   29,469                  26,549          221,571                  199,617
       Refund of (transfer to) time deposits ············                              7,026                    (366)          52,827                   (2,752)
       Payments for purchases
         of property, plant and equipment ··············                              (8,241)                  (8,356)        (61,962)                 (62,827)
       Payments for purchases of investment securities ·                             (39,156)                 (19,078)       (294,406)                (143,444)
       Proceeds from sales of investment securities····                               27,869                    7,681         209,541                   57,752
       Others ································································           428                      421           3,218                    3,165
         Net cash generated from (used in) investment activities ··                  (34,961)                   4,031        (262,865)                  30,308

     Cash flows from financing activities:
       Repayment of current portion of long-term debt···                                 (45)                     (41)           (338)                    (308)
       Increase in long-term debt ······························                           7                      108              52                      812
       Repayment of long-term debt ·························                             (99)                      (3)           (744)                     (23)
       Payments for obtaining treasury stocks········                                (10,202)                    (537)        (76,707)                  (4,038)
       Proceeds from sales of treasury stocks ········                                   117                      527             880                    3,962
       Cash dividends··················································               (4,168)                  (4,172)        (31,338)                 (31,368)
       Cash dividends to minority shareholders·····                                       (4)                      (2)            (30)                     (15)
       Repayment of convertible bonds ···················                                  –                  (19,962)              –                 (150,090)
         Net cash used in financing activities················                       (14,394)                 (24,082)       (108,225)                (181,068)

     Effect of exchange rate changes on cash
          and cash equivalents···································                         11                      14               83                      105
     Net increase (decrease) in cash and cash equivalents ····                       (26,524)                  9,406         (199,428)                  70,721
     Cash and cash equivalents, beginning of year ··                                  80,909                  71,503          608,338                  537,617
     Cash and cash equivalents, end of year··········                            ¥    54,385         ¥        80,909     $    408,910           $      608,338

22   See accompanying notes to consolidated financial statements.
Notes to Consolidated Financial Statements
Ono Pharmaceutical Co., Ltd. and Consolidated Subsidiaries




Note 1
Basis of Presenting Consolidated Financial Statements
Ono Pharmaceutical Co., Ltd. (the “Company”) and its Japan domestic consolidated subsidiaries and affiliates
maintain the accounting records in Japanese yen in accordance with accounting principles and practices
generally accepted in Japan, which are different in certain respects as to application and disclosure
requirements of International Accounting Standards, and its foreign subsidiaries in conformity with those of
countries in which the subsidiaries are established.
    The accompanying consolidated financial statements have been translated from the consolidated financial
statements prepared for Japan domestic reporting purposes, in accordance with the provisions set forth in the
Japanese Securities and Exchange Law, which are filed with the Ministry of Finance and the Stock Exchanges in
Japan.
    Certain modifications and rearrangements have been made in preparing the accompanying consolidated
financial statements in order to present them in a form that is more familiar to the readers outside Japan. The
accompanying notes include information which is not required under generally accepted accounting
principles in Japan but is prepared herein as additional information.
    The accompanying financial statements are stated in Japanese yen, and the figures are rounded to the
nearest millions of Japanese yen. The U.S. dollar amounts included herein are given solely for the convenience
of readers outside Japan and are stated, as a matter of arithmetical computation only, at the rate of ¥133 = US$
1, the approximate exchange rate prevailing on March 31, 2002. The translation should not be construed as
representations that the Japanese yen has been, is being, or could in the future be, converted into U.S. dollars.



Note 2
Summary of Significant Accounting Policies
Consolidation and investments in affiliates
The consolidated financial statements include the accounts of the Company and its significant six
consolidated subsidiaries, consisting four companies in Japan and two foreign subsidiaries (together, the
“Companies”). All significant intercompany transactions and accounts and unrealized intercompany profits
are eliminated in consolidation.
   The difference between the cost and underlying net assets of investments in consolidated subsidiaries and
affiliated companies at the time of acquisition is charged to income because it is immaterial.
   The Company’s two foreign subsidiaries are consolidated using a fiscal year ending December 31. Any
material effects occurring during January 1 to March 31 period are adjusted in the consolidated financial
statements.
   Investments in three affiliated companies are accounted by the equity method.
Marketable and investment securities
From the fiscal year ended March 31, 2001, the Company adopted the new accounting standards for financial
instruments issued by the Business Accounting Deliberation Council in Japan, which require to classify
securities by the purpose of holding as, available-for-sale securities, held-to-maturity debt securities,
subsidiary and associated company equities, and other securities.
   According to the standards, the securities of the Company are classified as held-to-maturity debt securities
and other securities. The held-to-maturity debt securities are carried at cost determined by straight-line
amortized cost method. Other securities with readily determinable fair value are carried at fair value with
unrealized gains or losses, net of applicable income taxes, reported as a separate component of shareholders’
equity, and gains or losses are charged to income when realized, with cost determined mainly by moving
average method. Other securities without readily determinable fair value are carried at cost determined
mainly by moving average method.
Inventories
Inventories are stated at cost determined by the first-in, first-out method.
Depreciation
Property, plant and equipment are stated at cost.
   Depreciation of property, plant and equipment is principally computed using the declining balance method
at rates based on the estimated useful lives of the assets, which are principally as stated below.
   Buildings and structures: 15 - 50 years
   Machinery and equipment: 4 - 7 years

                                                                                                                    23
        Those buildings, excluding structures, which are acquired on or after April 1, 1998 are depreciated using
     the straight-line method.
        Maintenance and repairs including minor renewals and improvements are charged to income as incurred.
        Intangible assets and other certain assets are amortized using the straight-line method.
     Income taxes
     The Company provides for current income taxes which are currently payable.
        Effective from the year ended March 31, 2000, the Company adopted the new accounting standards by
     which the deferred income taxes arising from temporary differences between taxable income and income for
     financial statement purposes are recognized.
     Translation of foreign currency
     Foreign currency receivables and payables are translated into Japanese yen at year-end current rates, and
     gains or losses resulting in translation are credited or charged to income. Assets and liabilities of foreign
     subsidiaries and affiliates are translated into Japanese yen at year-end current rates, and income and expenses
     are translated at average rates during the year and the resulting translation differences are accumulated as a
     component of the translation adjustment in the consolidated balance sheet.
     Research and development
     Expenses and costs relating to research and development activities are charged to income as incurred.
     Leases
     Financial leases, except for those where the ownership of the underlying asset is transferred from lessor to
     lessee, are accounted for similarly to operating leases.
     Amounts per common stock
     The computation of net income per share is based on the weighted-average number of common stocks
     outstanding.
     Appropriations of retained earnings
     The appropriations of retained earnings reflected in the consolidated financial statements have been recorded
     after approval by the shareholders as required under the Commercial Code in Japan.
     Retirement benefits and pension plans
     The employees whose service with the Companies is terminated are, under most circumstances, entitled to a
     combination of lump-sum severance indemnities and pension payments, determined by reference to current
     basic rate of pay, length of service and conditions under which the termination occurs.
        From the fiscal year ended March 31, 2001, the Company adopted the new accounting standards for
     retirement benefit issued by the Business Accounting Deliberation Council in Japan, by which accrued
     severance indemnities are provided in accordance with the amount of projected benefit obligation reduced by
     pension plan assets at fair value at year-end.
     Reclassifications
     Certain reclassifications of previously reported amounts have been made to conform with current
     classifications.




     Note 3
     Cash and cash equivalents
     Cash and cash equivalents are composed of cash, bank deposits which may be withdrawn on demand without
     diminution of principal, and time deposits and liquid short-term investments in securities which mature within
     three months and/or are ready convertible into cash with ease.
        Cash and cash equivalents at March 31, 2002 and 2001, comprised the following.
                                                                                            Millions of yen                 Thousands of U.S. dollars

                                                                                     2002                     2001         2002                  2001

       Cash and bank deposits···································                 ¥   15,730          ¥        17,682   $   118,271        $      132,947
       Liquid short-term investments in securities ··                                38,655                   63,227       290,639               475,391
         Total································································   ¥   54,385          ¥        80,909   $   408,910        $      608,338




24
Note 4
Marketable securities, Investment securities
Marketable securities and Investment securities at March 31, 2002 consist of the followings.
(a) Securities classified as held-to-maturity debt securities with readily determable fair value at March 31, 2002
    are summarized as follows.
                                                                                       Millions of yen                                        Thousands of U.S. dollars

                                                                     Carrying            Estimated                                   Carrying        Estimated
                                                                      value              fair value        Difference                 value          fair value       Difference

(1) Securities whose estimated fair value exceeds their carrying value:
     Bonds ··············································· ¥ 72,116 ¥ 73,247 ¥ 1,131                                            $ 542,226           $ 550,729         $     8,503
(2) Securities whose estimated fair value does not exceed their carrying value:
     Bonds ···············································    2,112    2,025     (87)    15,880                                                        15,226                (654)
       Total·············································· ¥ 74,228 ¥ 75,272 ¥ 1,044  $ 558,106                                                     $ 565,955         $     7,849


(b) Securities classified as other securities with readily determable fair value at March 31, 2002 are
    summarized as follows.
                                                                                       Millions of yen                                        Thousands of U.S. dollars

                                                                   Acquisition           Carrying           Unrealized          Acquisition           Carrying        Unrealized
                                                                      cost                value             gain (loss)            cost                value          gain (loss)

(1) Securities whose carrying value exceeds their acquisition cost:
     Stock················································· ¥ 12,860 ¥ 18,096 ¥ 5,236                                           $ 96,692            $ 136,060         $ 39,368
     Bonds ···············································        10       10       0                                                 75                   75                0
     Others ··············································         5        5       0                                                 38                   38                0
                                                              12,875   18,111   5,236                                             96,805              136,173           39,368
(2) Securities whose carrying value does not exceed their acquisition cost:
     Stock·················································  15,531   14,273   (1,258)                                            116,775             107,316           (9,459)
     Bonds ···············································   44,999   44,996       (3)                                            338,338             338,316              (22)
     Others ··············································   12,439   11,214   (1,225)                                             93,526              84,316           (9,210)
                                                             72,969   70,483   (2,486)                                            548,639             529,948          (18,691)
       Total·············································· ¥ 85,844 ¥ 88,594 ¥ 2,750                                            $ 645,444           $ 666,121         $ 20,677


(c) Proceeds from sales of held-to-maturity debt securities for the year ended March 31, 2002 were 13,041 million
    yen (US$98,053 thousand). Gross realized gains on these sales, computed on the moving average cost basis,
    were 12 million yen (US$90 thousand).

(d) Proceeds from sales of other securities for the year ended March 31, 2002 were 18,088 million yen (US$136,000
    thousand). Gross realized gains on these sales, computed on the moving average cost basis, were 264 million yen
    (US$1,985 thousand).

(e) Carrying value of the securities without readily determable fair value at March 31, 2002 are summarized as follows.
                                                                                                                                            Millions of yen    Thousands of U.S. dollars

(1) Securities classified as held-to-maturity debt securities
     Bonds ·····················································································································        ¥             500         $         3,759
(2) Securities classified as other securities
     Stock ·······················································································································                 1,950                   14,662
     Bonds ·····················································································································                     250                    1,880
     Certificate of deposit····························································································                            1,000                    7,519
     Money market fund and others ··········································································                                      38,655                  290,639


                                                                                                                                                                                           25
     (f) Scheduled maturity of other securities with maturity dates and held-to-maturity debt securities at March 31,
         2002 are summarized as follows.
                                                                                        Millions of yen                                 Thousands of U.S. dollars

                                                                          Within            1-5               5 - 10             Within            1-5              5 - 10
                                                                         one year          years              years             one year          years             years

     (1) Debt securities
         Bonds ···············································       ¥ 55,681           ¥ 60,211          ¥        1,005        $ 418,654     $ 452,714        $        7,556
     (2) Others ···············································             –              1,000                       –                –         7,519                     –
           Total··············································       ¥ 55,681           ¥ 61,211          ¥        1,005        $ 418,654     $ 460,233        $        7,556




     Note 5
     Related party transactions
     The significant account balances and transactions with unconsolidated companies and affiliates were as follows.
                                                                                                 Millions of yen                            Thousands of U.S. dollars

                                                                                        2002                       2001                    2002                     2001

     Balances at March 31
         Short-term receivable···································                   ¥            30       ¥                30       $          226        $              226
         Investments ···················································            ¥            96       ¥                96       $          722        $              722
         Notes and accounts payable, trade ············                             ¥            52       ¥                41       $          391        $              308
                                                                                                 Millions of yen                            Thousands of U.S. dollars

                                                                                        2002                       2001                    2002                     2001

     Transactions for the year ended March 31
         Purchases·······················································           ¥          444        ¥            447          $        3,338        $             3,361




     Note 6
     Inventories
     Inventories at March 31, 2002 and 2001 consisted of the following.
                                                                                                 Millions of yen                            Thousands of U.S. dollars

                                                                                        2002                       2001                    2002                     2001

     Finished goods······················································           ¥       3,908         ¥          3,970          $       29,384        $          29,849
     Work in progress and raw materials ·················                                   5,839                    4,753                  43,902                   35,737
         Total································································      ¥       9,747         ¥          8,723          $       73,286        $          65,586




     Note 7
     Long-term debt
     Long-term debt at March 31, 2002 and 2001 consisted of the following.
                                                                                                 Millions of yen                            Thousands of U.S. dollars

                                                                                        2002                       2001                    2002                     2001

     Unsecured loans for employees housing * ·····                   (   )
                                                                                    ¥          152        ¥            290          $        1,143        $             2,181
     Less, current portion ···········································                          (8)                    (46)                    (60)                      (346)
     Long-term debt, less current portion ················                          ¥          144        ¥            244          $        1,083        $             1,835

     (
      *) At March 31, 2002: Interest rate ranging from 3.15% to 6.4% maturing serially to September, 2045
         At March 31, 2001: Interest rate ranging from 1.2% to 6.4% maturing serially to September, 2045
26
At March 31, 2002, the annual maturities of long-term debt were as follows.
Years ending March 31                                                                                                                      Millions of yen     Thousands of U.S. dollars

   2003 ····························································································································   ¥               8        $               60
   2004 ····························································································································                   8                        60
   2005 ····························································································································                   8                        60
   2006 ····························································································································                   8                        60
   2007 ····························································································································                   8                        60
   2008 and thereafter ··································································································                            112                       843
     Total ·······················································································································     ¥             152        $            1,143




Note 8
Retirement benefits and pension
Benefit obligation, plan assets and funded status at March 31, 2002 and 2001 are as mentioned below.
                                                                                                  Millions of yen                                Thousands of U.S. dollars

                                                                                         2002                        2001                      2002                    2001

Benefit obligation at year-end ····························                        ¥      (54,324)           ¥      (45,717)           $     (408,451)         $      (343,737)
Plan assets at year-end········································                            23,241                    22,704                   174,744                  170,707
Funded status:
    Benefit obligation exceeding plan assets···                                           (31,083)                  (23,013)                 (233,707)                (173,030)
    Unrecognized actuarial gain························                                     8,504                     3,014                    63,940                   22,662
Accrued retirement benefits, employee············                                         (22,579)                  (19,999)                 (169,767)                (150,368)
Accrued retirement benefits, officers················                                        (716)                     (680)                   (5,383)                  (5,113)
Accrued retirement benefits, total, year-end ···                                   ¥      (23,295)           ¥      (20,679)           $     (175,150)         $      (155,481)


Net periodic benefit cost for the year ended March 31, 2002 and 2001 consisted of the following.
                                                                                                  Millions of yen                                Thousands of U.S. dollars

                                                                                         2002                        2001                      2002                    2001

Service cost···························································            ¥         1,878           ¥         1,912           $        14,120         $          14,376
Interest cost ··························································                     1,149                     1,081                     8,639                     8,129
Expected return on plan assets··························                                      (850)                     (884)                   (6,391)                   (6,647)
Effect of the change in accounting for retirement benefits ·····                                 –                     8,877                         –                    66,744
Actuarial gain or loss for retirement benefits ······                                        3,014                         –                    22,662                         –
Net periodic benefit cost·····································                     ¥         5,191           ¥        10,986           $        39,030         $          82,602


Actuarial assumptions:
1) Method of attribution of retirement benefits to the period: Straight-line method for the years of service
2) Discount rate:                                                   1.8% (March 31, 2002), 2.5% (March 31, 2001)
3) Expected return on plan assets:                                  2.5%-4.5%
4) Actuarial gain or loss is fully amortized in one year following the year in which the gain or loss is recognized.
5) Retirement benefit obligation incurred due to change of accounting standards is fully amortized in one year.




                                                                                                                                                                                           27
     Note 9
     Shareholders’ equity
     Under the Commercial Code in Japan, the Company may, by resolution of the board of directors, account for
     an amount not exceeding one-half of the issue price of the shares as additional paid-in capital. The remainder
     is accounted for as stated in common stock of capital.
        Also, the Japanese Commercial Code provides that an amount of retained earnings equal to at least 10% of
     cash dividends and directors’ and statutory auditors’ bonuses paid with respect to each financial period may
     be appropriated as a legal reserve until such reserve equals 25% of the stated capital. This reserve is not
     available for dividends but may be capitalized by resolution of the board of directors or used to reduce a
     deficit by a resolution of shareholders.
        In the accompanying consolidated balance sheet, the legal reserve is included in the retained earnings.
        Under the Japanese Commercial Code, the Company has adopted 1,000 shares of common stock as being
     “one unit”. A holder of shares representing less than one unit cannot exercise any voting rights with respect to
     such shares. However, the holder is entitled to receive dividends and other distributions. A holder of the
     fraction of a unit may at any time require the Company to purchase such shares at the prevailing market price.
     Shares so purchased must be sold or otherwise transferred to a third party within a reasonable time.




     Note 10
     R&D expenditures
     Research and development expenditures for the years ended March 31, 2002 and 2001 consisted of the
     following.
                                                                                               Millions of yen                   Thousands of U.S. dollars

                                                                                        2002                     2001           2002                  2001

     Selling, general and administrative expenses ··                                ¥   28,350          ¥        23,048     $   213,158        $      173,293
     Cost of sales ··························································                0                        0               0                     0
       Total ···································································    ¥   28,350          ¥        23,048     $   213,158        $      173,293




     Note 11
     Other income and expenses
     ‘Other, net’ of other income (expenses) for the years ended March 31, 2002 and 2001 in the consolidated
     statements of income consisted of the following.
                                                                                               Millions of yen                   Thousands of U.S. dollars

                                                                                        2002                     2001           2002                  2001

     Gain on sales of marketable securities··············                           ¥         –         ¥             88    $         –        $          662
     Gain on sales of investment securities··············                                   606                        –          4,556                     –
     Effect of the change in accounting for retirement benefit ···                            –                   (8,877)             –               (66,744)
     Actuarial gain or loss for retirement benefits·······                               (3,014)                       –        (22,662)                    –
     Loss from sales of investment securities ··········                                   (330)                       –         (2,481)                    –
     Loss on revaluation of investment securities···                                     (5,941)                  (5,879)       (44,669)              (44,203)
     Others, net ····························································              (165)                     (15)        (1,241)                 (113)
        Total ···································································   ¥    (8,844)        ¥        (14,683)   $   (66,497)       $     (110,398)




28
Note 12
Income taxes
The acutual effective tax rate of the years ended March 31, 2002 and 2001 differs from the statutory effective tax
rate in Japan for the following reasons.
                                                                                                                          2002                  2001
Statutory effective tax rate                                                                                              42.0%                 42.0%
Expenses not deductible for tax purpose                                                                                    4.2                   4.9
Inhabitants’ per capita taxes                                                                                              0.2                   0.2
Others                                                                                                                     1.0                   0.2
Actual effective tax rate                                                                                                 47.4%                 47.3%


Significant components of deferred tax assets and liabilities at March 31, 2002 and 2001 were as follows.
                                                                                         Millions of yen                   Thousands of U.S. dollars

                                                                                  2002                     2001           2002                  2001

Deferred tax assets:
  Current assets
    Prepaid expenses ············································             ¥     3,442         ¥         2,009     $    25,880        $        15,105
    Accrued enterprise tax, deductible when paid ·····                              1,072                   1,439           8,060                 10,820
    Excess provision for bonuses·······················                             1,060                     791           7,970                  5,947
    Depreciation and amortization ····················                                570                       –           4,286                      –
    Excess provision for doubtful accounts ····                                       500                     449           3,759                  3,376
    Others ································································           556                     842           4,180                  6,331
  Investments and other assets
    Provision for retirement benefits ················                             8,373                    7,150          62,955                53,759
    Revaluation on investment securities ·······                                   3,872                    2,626          29,113                19,744
    Revaluation on land········································                    2,606                        –          19,594                     –
    Depreciation and amortization ···················                                963                        –           7,241                     –
    Others ································································        1,006                    1,507           7,563                11,332
      Total ·······························································       24,020                   16,813         180,601               126,414

Deferred tax liabilities:
  Long-term liabilities
    Revaluation on other securities···················                             (1,155)                  (3,799)        (8,684)               (28,564)
    Others ································································           (21)                     (21)          (158)                  (158)
      Total ·······························································   ¥    (1,176)        ¥         (3,820)   $    (8,842)       $       (28,722)

Net deferred tax assets··········································             ¥   22,844          ¥        12,993     $   171,759        $        97,692




Note 13
Revaluation surplus
In accordance with the Law concerning Revaluation of Land, land used for business owned by the Company
and certain consolidated subsidiaries were revalued. The unrealized loss, net of deferred tax, was excluded
from earnings and reported as “Revaluation surplus” in shareholders’ equity, and the relevant deferred tax
was included as “Deferred tax assets related to Revaluation on land” in assets at March 31, 2002.
Related information is shown as follows:



                                                                                                                                                            29
     Date of revaluation: March 31, 2002
                                                                                                                                  Millions of yen      Thousands of U.S. dollars

     Book value of land before revaluation ······································································             ¥         24,426          $       183,655
     Book value of land after revaluation ·········································································                     18,222                  137,008




     Note 14
     Segment information
     (1) Business segment information
           Information relating to business segment is omitted, as the amount of ‘pharmaceutical related business’
           accounted for more than 90% in each total of net sales, operating income and assets of the Companies for
           the year ended March 31, 2002 and 2001.
     (2) Geographic area information
           Information relating to geographic area is omitted, as the amount of ‘Japan’ accounted for more than 90%
           in each total of net sales and assets of the Companies for the year ended March 31, 2002 and 2001.
     (3) Overseas sales information
           Overseas sales of the Companies to unrelated entities, which consisted of export sales from Japan
           including license royalty revenue, classified by geographic area for the year ended March 31, 2002 and
           2001 were as follows.
                                                                            Millions of yen               Thousands of U.S. dollars         Percentage in total net sales

                                                                         2002            2001             2002              2001              2002                 2001
     Europe ·····················································    ¥      854      ¥          644   $  6,421          $  4,842               0.6%                 0.5%
     Asia ·······················································           590                 673      4,436             5,060               0.4                  0.5
     Other ·······················································          136                 406      1,023             3,053               0.1                  0.3
       Total·····················································    ¥    1,580      ¥        1,723   $ 11,880          $ 12,955               1.2%                 1.3%




     Note 15
     Contingent liabilities
     The Company was contingently liable for notes discounted with banks amounting to ¥29 million
     ($218 thousand) and ¥3,036 million ($22,827 thousand) at March 31, 2002 and 2001. Average rate of notes
     discounted with banks was 1.375% at March 31, 2002 and 2001.




     Note 16
     Subsequent event
     At the ordinary general shareholders’ meeting of the Company held on June 27, 2002, the appropriations of
     retained earnings for the year ended March 31, 2002 were duly approved as mentioned below.
                                                                                                                                  Millions of yen       Thousands of U.S. dollars

     Cash dividends ¥34.00 ($0.26) per share ··································································               ¥           4,093         $          30,774
     Directors’ and statutory auditors’ bonuses ·····························································                               101                       759




30
Report of Independent Public Accountants
Ono Pharmaceutical Co., Ltd. and Consolidated Subsidiaries




To the Shareholders and Board of Directors of
Ono Pharmaceutical Co., Ltd.



We have examined the consolidated balance sheets of Ono Pharmaceutical Co., Ltd. and
consolidated subsidiaries as of March 31, 2002 and 2001, and the related consolidated statements
of income, shareholders’ equity, and cash flows for each of the year ended March 31, 2002 and
2001, all expressed in Japanese yen. Our examinations were made in accordance with auditing
standards and practices generally accepted in Japan and, accordingly, included such tests of the
accounting records and such other auditing procedures as we considered necessary in the
circumstances.

In our opinion, the consolidated financial statements mentioned above, expressed in Japanese yen,
present fairly the financial position of Ono Pharmaceutical Co., Ltd. and consolidated subsidiaries
as of March 31, 2002 and 2001, and the results of their operations and their cash flows for each of
the years then ended in conformity with accounting principles and practices generally accepted in
Japan.

We have also reviewed the translation of Japanese yen amounts into U.S. dollars on the basis
described in Note 1. In our opinion, such U.S. dollar amounts have been properly translated on
such basis.




Osaka, Japan
June 27, 2002




                                                                                                      31
     STOCK PRICE AND TRANSACTION VOLUME



     Stock Price (yen)
     5,000




     4,000



     3,000




     2,000



     Transaction Volume (per thousand shares)
     9,000


     8,000


     7,000


     6,000


     5,000


     4,000


     3,000


     2,000


     1,000


                8        9   10   11    12       1     2   3   4   5   6   7
              2001                              2002




32
BOARD OF DIRECTORS AND STATUTORY AUDITORS
June 27, 2002



                                        CORPORATE DATA
Chairman and CEO
                                         ONO PHARMACEUTICAL CO., LTD.
Toshio Ueno
                                         Founded : 1717
                                         Date of Incorporation : July 4, 1947
President and Representative Director
Kimiichiro Matsumoto                     Paid-in Capital : ¥17,358 million (March 31, 2002)
                                         Number of Shareholders : 6,816 (March 31, 2002)
Executive Vice President &               Number of Employees : 2,350 (March 31, 2002)
Representative Directors                 Head Office :
Toshiharu Korekane                       2-1-5 Doshomachi, Chuo-ku, Osaka 541-8526, Japan
                                         Tel : +81-6-6222-5551 Fax : +81-6-6222-2381
Managing Directors                       Branches in Japan :
Takashi Iwai                             Sapporo, Sendai, Tokyo I, Tokyo II, Kitakanto,
                                         Koshinetsu, Yokohama, Nagoya, Kyoto, Osaka, Kobe,
Directors                                Takamatsu, Hiroshima, Fukuoka

Isao Ono                                 Seoul Branches :
Hiroo Takashima                          252 Yongdoo-dong, Dongdaemun-ku, Seoul, Republic of Korea
Fumio Takahashi                          Tel : +82-2-920-8239 Fax : +82-2-925-2151
Kigen Kondo                              Research Laboratories :
Toshio Makita                            Minase Research Institute, Osaka, Japan
                                         Fukui Research Institute, Fukui, Japan
Statutory Auditors                       Manufacturing Plants :
Yoshio Imai                              Fujiyama Plant, Shizuoka, Japan
Hideo Iai                                Joto Plant, Osaka, Japan
Narihito Maishi                          Awaji Plant, Osaka, Japan
Jiro Manzai

                                         Subsidiaries & Affiliates
                                         [Domestic]
                                         Ono Enterprise Co., Ltd.
                                         Oriental Pharmaceutical & Synthetic Chemical Co., Ltd.
                                         Bee Brand Medico Dental Co., Ltd.
                                         Gendaiiryousha Co., Ltd.
                                         Amagasaki Chemical Industries Co., Ltd.
                                         Namicos Corporation
                                         Tokai Capsule Co., Ltd.

                                         [Overseas]
                                         Ono Pharma UK Ltd.
                                         Basildon House, 7-11 Moorgate, London EC2R 6AF, England
                                         Tel : +44-20-7606-5551 Fax : +44-20-7606-5555

                                         Ono Pharma USA, Inc.
                                         2000 Lenox Drive, Lawrenceville,
                                         NJ 08648, USA
                                         Tel : +1-609-219-1010 Fax : +1-609-219-9229

                                                                                   http://www.ono.co.jp


                                                                                                     33

				
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