UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2021

Commission File Number 333-250990

SAWAI GROUP HOLDINGS Co., Ltd.

(Translation of registrant’s name into English)

5-2-30, Miyahara

Yodogawa-ku, Osaka 532-0003

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SAWAI GROUP HOLDINGS Co., Ltd.

	By:	/s/ Yoshiki Sakurai
	Name:	Yoshiki Sakurai
	Title:	Executive Officer, Group Chief Financial Officer and General Manager of Group Financial Department

Date: May 1119, 2021

~~Financial Summary for the Fiscal Year Ended March 31, 2021~~2

~~(IFRS)~~sawai Long-Term Vision for 2030 and Medium-Term Business Plan -FY2021 to FY2023- Sawai Group Joldings Co., LTd. May 2021 1

~~May~~Addressing 11social issues through Sawai Pharmaceutical's long-time businesses Medical cost-saving impact from Sawai Pharmaceutical products (JPY, ~~2021~~bn) 273.4 FY2018 296.7 FY2019 317.6 FY2020 Sawai Pharmaceutical's business model is to creat a growth cycle through realizing healthy lives for patients and reduced medical expenses, contributing to a sustainable society. Sawai Pharmaceuticals also acheives growth through working to resolve social issues under its corporate philosophy, "Always Putting Patients First." 2

~~Company~~Always ~~Name:~~Putting Healthier Lives First Working to resolve social issues through Sawai Group Holdings' ~~Co.,~~businesses Realizing ~~Ltd.~~a ~~(Former~~sustainable ~~Sawai~~society ~~Pharmaceutical~~through ~~Co.~~the generics business Contributing to the extension of healthy lifespsans through new business We will strive to contribute to the health of as many people as possible as a healthcare corporate group developing sustainably alongside society, ~~Ltd~~with the generic drugs as our core business.) 3

~~Stock~~CONTENTS sawai I Review ~~Code~~of ~~Number~~the ~~(Japan): 4887~~Medium-Term Business Plan, "M1 TRUST 2021" II Recognizing the Business Environment III Our Vision for 2030 IV Medium-Term Business Plan, "START 2024" V Initiatives Resoliving Social Issues VI Appendix 4

~~Listed~~Review ~~Stock~~of ~~Exchange: Tokyo~~the ~~Stock~~Medium-Term ~~Exchange~~Business Plan M1 TRUST 2021 sawai 5

~~URL: https:~~sawai Historical Growth Trajectory - Succesful upfront investment made in anticipation of policy impact (increasing demand for generic drugs) has acheived steady growth - Acquired USL* in May 2017, making a full-scale entry into the US market Revenue 44.3 billion yen FY2008 FY 2011 FY2014 187.2 billion yen FY2017 US businesses 33.6 billion yen Japan businesses 153.6 billion yen FY2020 Acquired US-based USL* in May 2017 Operating Income/~~/www~~Core Operating Income 4.~~sawaigroup~~7 billion yen FY2008 FY2011 FY2014 FY2017 34 billion yen 18.~~holdings~~9 billion yen FY2020 Acquired US-based USL* May2017 *USL:Upsher-Smith Laboratories, LLC (Note) IFRS standards applied as of FY2018 6

~~Representative: Kazuhiko~~sawai Review ~~Sueyoshi~~of M1 TRUST 2021 Matters Acheived Japan business - Ranked No. 1 and No. 2 in generics in new product sales share - Improve production efficiency by consolidating manufacturing sites through plant transfers, ~~President~~etc. - Launch of single-market and ~~Representative~~competitive-superior ~~Director~~new products - Develop propreitary technologies US business - Expansion of pipelines and product lineups - Started construction of a new factory to strengthen manufacturing capacity via factory consolidation Future Issues Japan business - To further expand market share US business - To realize growth in US business 7

~~Contact~~sawai Review ~~Person: Yoshiki~~of ~~Sakurai,~~M1 ~~Executive~~TRUST ~~officer~~2021 - Despite the severe business environment, both revenue and ~~Group~~core ~~Chief~~operating ~~Financial~~income ~~Officer Tel:~~increased ~~+81~~by 10% during the previous medium-6term business plan -~~6105-5818~~ Generics volume share in Japan rose 0.8 points to 15.7% Revenue Core operating income (billions of yen) FY2017 FY2020 168.1 187.2 14.9% 15.7% 31.1 34 22.2 18.9 8

~~Filing~~Recognizing ~~Date~~the ofBusiness ~~Annual Security Report: June~~Environment ~~29, 2021~~sawai 9

~~Scheduled~~sawai Changes ~~Date~~in the External Environment: Trends and Technologies Changes in Trends A more aging society, changes in values for prevention/pre-symptomatic illness Era of ~~Dividends~~100-year ~~Payment~~lifespans Emphasis ~~commencement:~~on prevention of disease and pre-symptomatic illness state ~~June~~Increasing 29medical costs Increasing home care Evolution of Technology Advances in technological innovations such as new modalities, ~~2021~~AI, and robots New modalities AI Digital Robotics 10

~~Supplemental~~sawai Changes ~~Materials~~in the External Environment: Overall Outlook for the ~~financial~~Japanese ~~results:~~Generics Market ~~Yes~~Generics volume share* in Japan 2017 2020 70% 79% - Generic drugs volume share has reached almost 80% for the three years since 2017 - Although growth is expected to slow down in the future, the demand is expected to grow to some extent Potential for accelerating industry reorganization due to falling drug prices driving deteriorating profitability *Volume shares are Sawai estimates 11

IRsawai Changes ~~Conference~~in onthe External Environment: Current Situation of the ~~financial~~US ~~Results~~Generics Market - US Generics market grew negatively in 2017 and 2018 - The lastest figures have remained almost flat Originator medicine market Branded generics* Generics 6% 0% 2% -4% 0% 2016 2017 2018 2019 2020 *ADNA-approved branded generic drugs Source: ~~Scheduled~~ IQVIA, national Sales Perspectivies, Novemer 2020 ~~(for~~Note: ~~institutional~~Limited ~~investors~~to Rx and ~~analysts)~~OTC insulins; Includes Retail, Non-Retail and Mail 12

~~(Amount~~Our ~~are~~Vision ~~rounded~~for ~~to the nearest million yen)~~2030 sawai 13

1.Sawai Group Vision 2030 ~~Financial~~The ~~Highlights~~World ~~for~~We ~~the~~Want ~~Fiscal~~to ~~Year~~Build A ~~Ended~~world ~~March~~where ~~31,~~more ~~2021~~people ~~(April~~can 1,receive ~~2020~~healthcare services and live a full life with peace of mind among society + Our Ideal State A company with a strong presence that continues to ~~March~~contribute ~~31,~~to ~~2021)~~people's health by providing a multifaceted mix of products and srvices based on scientific evidence that meets individual needs 14

(1） Consolidated Operating Results											(% of changes over the same period of the previous year)
	Revenue			Operating profit			Profit before tax				Profit for the year			Profit attributable to owners of the Company
	Million yen		％	Million yen		％	Million yen		％		Million yen	％		Million yen	％
For the Fiscal Year Ended March 31, 2021	187,219		2.6	18,888		(29.5)	18,460		(30.3)		10,851	(45.1)		12,340	(36.0)
For the Fiscal Year Ended March 31, 2020	182,537		(1.0)	26,793		3.9	26,497		3.2		19,777	0.3		19,279	(0.5)
Note: Comprehensive Income:		For the Fiscal Year Ended March 31,2021: ¥12,744 million <(23.3%)>							For the Fiscal Year Ended March 31,2020: ¥16,611 million <(32.5%>)
	Basic earnings per share				Diluted earnings per share			Return on equity attributable to owners of the Company		Ratio of profit before income taxes to total assets			Ratio of operating profit to revenue
	Yen				Yen			％		％			％
For the Fiscal Year Ended March 31, 2021	281.80				281.51			5.8		4.7			10.1
For the Fiscal Year Ended March 31, 2020	440.37				440.00			9.4		7.0			14.7

sawai Sawai Group Vision 2030: Business Development Fostering new businesses with generics as our core business Providing a wide-range of options, not limited to drug treatment, from prevention to treatment in the primary care field Entering the new drug development business in the orphan diseases field in order to provide unprecedented treatment opportunities Sawai Group Holdings Disease Prevention Diagnosis Treatment Generic business Primary care field New businesses Health food business Digital medical devices business Orphan drug development Specialty 15

(sawai Sawai Group Vision 2030: Quantitative Targets New business U.S. business Japan business Domestic GE share 14.9% 15.7% 20.0% or more 168.1% 187.2 400 billion yen 333 336 New businesses 80 US businesses 60 1,347 1,536 Japan business 260 FY2017 FY2020 FY2023 FY2030 Target (Yen/$=100) Targets ~~Consolidated~~and ~~Financial~~Prerequisite ~~Position~~Values As of FY2020 FY2030 under vision 2030 Japan Business Revenue 153.6 billion yen 260 billion yen Sales volume 13.1 billion tablets 260 billion tablets Share of sales 15.7% 20.0% or more Production capacity 15.5 billion tablets 23 billion tablets or more New businesses Revenue - 80 billion yen US businesses Revenue 33.6 billion yen 60 billion yen Total revenue 187.2 billion yen 400 billion yen ROE 5.8% 10% or more 16

	Total assets	Total equity	Equity attributable to owners of the Company	Ratio of equity attributable to owners of the Company to total assets	Equity attributable to owners of the Company per share
	Million yen	Million yen	Million yen	％	Yen
As of March 31, 2021	393,341	240,750	218,278	55.5	4,894.51
As of March 31, 2020	384,814	233,686	210,000	54.6	4,796.40

Medium-Term Business Plan, START 2024 sawai 17

(sawai Three Categories for Growth 2024 Onword Generic business 1) Expanding share in the Japanese generics market - Increasing sales of new products - Strengthening stable supply capabilites 2) Business investment for future growth in the US x Entry into new businesses 3) ~~Consolidated~~Cultivating ~~Cash~~new ~~Flows~~growth areas - Digital medical devices business - Orphan drug business (ALS, etc.) - Health food business 18

	Net cash from operating activities	Net cash used in investing activities	Net cash used in financing activities	Cach and cash equivalents at the end of the year
	Million yen	Million yen	Million yen	Million yen
For the Fiscal Year Ended March 31, 2021	31,857	(21,794)	(11,991)	54,269
For the Fiscal Year Ended March 31, 2020	30,256	(18,173)	(12,747)	56,082

sawai (1) Expanding Generics Market Share in Japan: Increasing Sales of New Products Launched 89 prodcuts in three years Strongly competitive products (including single-market products) serve as core drivers for sales Revenue from products launched in the past three years Products launched in FY2018 Products launched in FY2019 Products launched in FY2020 (Unit millions of yen) 13,964 551 1,890 5526 7918 6,514 FY2018 FY2019 FY2020 Numbers of products launched in the past three years and strongly competitive products FY2018 FY2019 FY2020 Number of products 33 14 42 Single-market and strongly 3 7 9 competitive products (included in above) Major products released Capecitabine Micafungin sodium (for IV infusion) Eladecalcitol (generic name) Oseltamivir Tadalafil CI Bazedoxifene Aprepitant Fexofenadine hydrochloride Hydrochloride psuedoephedrine (Pusofeki combination tablets) Repaglinide Varenafil 19

2(1) Expanding Generics Market Share in Japand: Increasing sales of New Products Planning for launch of over 85 products in the next three years Going forward, we will continue to outperform inductry peers through our strategy of leveraging our intellectual property strengths and aiming to expand profits in the generics business in Japan as a whole New prodcut launch plan FY2021 FY2022 FY2023 Number of ingredients 14 11 14 Number of products 32 27 26 Original drug market 250.7 288.0 274.4 (billions ~~Cash~~of ~~Dividends~~yen) Original drugs for first-listed Generic drugs Cymbalta capsule/ Patanol ophthalmic solution/ Samsca OD tablets/ Nexium capsules/ Azilva tablets Also planning launch of single launch products other than those listed above 20

	Dividends per share					Total dividends	Dividend pay-out ratio	Ratio of dividends to net assets (Consolidated)
	End of first quarter	End of second quarter	End of third quarter	Year-end	Total
	Yen	Yen	Yen	Yen	Yen	Million yen	%	%
For the Fiscal Year Ended March 31, 2020	－	65.00	－	65.00	130.00	5,692	29.5	2.8
For the Fiscal Year Ending March 31, 2021	－	65.00	－	65.00	130.00	5,693	46.1	2.7

sawai (1) Expanding Generics Market Share in Japan : Strengthening Stable Supply Capabilities Aiming to further improve supply capacity by taking all reasonable measures in anticipation of industry reorganization and consolidation, e.g., building new factories, acquiring factories, and securing high-quality production contractors Industry-leading production capacity, sales volume Aiming to establish an in-house production system for more than 20 billion tablets Production capacity Sales volume (billions of tablets) 10 15.5 8 13.3 FY2014 FY2020 21

~~Additional~~sawai Generics ~~Information~~Business Foundations in Japan Aiming to further expand share in the Japanese generics market by leveraging Sawai Pharmaceuticals's strengths Sales Human Resources base Manufacturing Financial base RandD Organizational capability Quality management 22

~~(1)~~sawai Generics ~~Material~~Business ~~changes~~Foundations in ~~subsidiaries~~Japan: Sales ~~during~~Capability Building ~~this~~the ~~period:~~Sawai ~~N/A~~brand through a steady track record of activities Strong trust relationships with wholesalers and distributors Information gathering capability - Information provision system that promptly and accurately conveys product information for approximately 800 items - Abundant materials and content for patients and medical professionals - Information gathering structure for side effects and safety, designes to further improve products - Responding to demand changes through cross-division cooperation Information provision capability Cross-division cooperation 23

~~(2)~~sawai Generics ~~Changes~~Business Foundations in ~~accounting~~Japan ~~policies~~: RandD ~~and~~Capability Achieving ~~accounting~~first ~~estimates~~new ~~(i)~~peoduct ~~Changes~~launch inthrough ~~accounting~~RandD ~~policies~~and ~~required~~drug byformulation ~~IFRS:~~development Ncapabilities Candidate product survey/Aanalysis Early ~~(ii)~~start ~~Changes~~of inRandD - ~~accounting~~Track ~~policies~~record ~~other~~of ~~than~~approvals ~~(i):~~of ~~N/A~~around ~~(iii)~~800 ~~Changes~~items - Abundant experience in ~~accounting~~patent ~~estimates:~~invalidation ~~N/A~~trials, oatent infringement proceedings, etc. - Close collaboration with external experts, including intellectual property lawyers - Personnel structure for acheiving a wide range of first launches - Developing proprietary technologies Expanding pipelines Drug development capability 24

~~(3)~~sawai Generics ~~Number~~Business Foundations in Japan: Stable Supply Capability Acheiving stable supply by making full use of ~~shares~~expertise ~~issued~~as a generics-dedicated manufacturer and ~~outstanding~~internal ~~(common~~and ~~stock)~~external production capabilities Purchasing power - Procurement structure capable of rapidly responding to fluctuating demand for raw materials - Promoting multi-source purchasing from multiple suppliers - Capability for discovering new suppliers - Delivery adjustment capability - Price negotiation capability Manufacturing skills - Manufacturing skills capable of high-mix, large-lot production - Stratified personnel development for enhancing on-site capabilities - Promotion of skill versatility education Cross-division cooperation - Responding to demand changes through cross-division cooperation - Technological capabilities for steady shift to commercialization in a short period of time - Rapidly responding to quality issues through GQP compliance and cooperation with Quality Assurance team at factories Inventory holding capacity - Ensuring proper inventories - Capability to felxibly adjust production plans 25

~~(i)~~sawai Generics ~~Number~~Business Foundations in Japan : Quality Management System Implementing a variety of ~~shares~~intiatives ~~issued~~to provide a higher standard of quality Management of API manufacturing sites - Approximately 100 of around 450 API manufacturing plants are audited annually, including written and ~~outstanding~~on-site audits - Plan to conduct 240 audits in the next three years to FY2023 - Drawing up a multilingual manual and standardizing audit details Management of drug manufacturing sites - In accordance with GQP*, products manufactured by our factories and factories contracted are audit to conform to the approvl standarts of the Minitry of Health, Labour and Welfare, and provide quality improvement guidance as necessary - Compliance with GMP** standards from the Minstry of Health, Labour and Welfare in factory processes Post-shipment quality management - Single-lot samplings each year for all 800 products based on PIC/S, conducting long-term stability tests Pharmaceutical affairs correspondence - Compliance with ICH Q3D and PIC/S - COmpliance with revisions of the PMD Act * GQP (~~including~~Good ~~treasury~~Quality ~~stock~~Practice): atCriteria ~~year~~for ~~end~~checking whether the company's manufacturing factory or contracted manufacturer is conducting proper manufacturing control/quality control **GMP (Good Manufacturing Practice): Standards for pharmaceutical manufacturing cotrol and quality control by the Ministry of Health, Labour and Welfare 26

~~March~~sawai (2) ~~31,~~Business ~~2021:~~investment 43for future growth in the US business Future earnings image 60 billion yen Launch of paragraph IV products 33.6 yen FY2020 FY2023 (Yen/$=100) START 2024 FY2030 t Sawai Group Vision 2030 Planning upfront investment in facilities and RandD,~~791,339~~ ~~shares~~etc. for improving profitability in the future during the three-year period ending in FY2023 Aiming for growth from 2024 onward 27

~~March~~sawai Strategy ~~31,~~and ~~2020: 44,082,388~~Growth ~~shares~~ Drivers for US Business (iiUSL) Desired ~~Number~~State Upsher-Smith will drive sustainable long-term growth as a specialty generic company focused on generics and small brands that leverage its unique commercial capabilities Growth Driver Contribute to sales by promoting sales of ~~treasury~~existing ~~stock~~brand atdrugs ~~year~~and ~~end:~~generics Further expansion of product lineup mainly in niche generics Strengthen product pipeline with high complexity and product lineup in cooperation with Sawai Pharmaceutical 28

~~March~~sawai Outline 31of Strategies for US Operations (USL) Products Strategy Existing Products Focus on key products - Zembrace, ~~2021~~Tosymra: Utilize specialty pharmacy, reduce the use of Platinum ~~N/A~~ Pass to improve ASP, actively visit doctors, and undertake other measures to expand sales channels - Vigadrone: Aim to increase the revenue - Qudexy: Aim to retain sales of Topiramate, which is the authorized generic of Qudexy, utilizing specialty pharmacy New products pipeline Generic Drugs Currently 42 development pipeline items with a total market size of $4.5 billion Subsequent addition of pipeline with focus on niche generics 505(b)(2) Developing corticotropin injection, a drug for infantile spasms, multiple sclerosis, and other indications, in collaboration with AmbioPharm Pre-IND meeting with FDA for product development scheduled in May Paragraph IV Aim to sell pitavastatin tablets and mirabegron tablets in the US in the future Additions to Paragraph IV products Orphan drugs Sawai Pharmaceutical, in cooperation with Neugen Pharma, is developing a drug amyotrophic lateral sclerosis (ALS). Launch the clinical study in the US in 2021 Cost control measures Capital Expenditures to improve prodcution efficiency Review overall costs 29

~~March~~sawai US ~~31,~~business ~~2020~~(USL): Planned launches of generic drugs ~~299,649~~Planning ~~shares~~for launches of over 30 products in the next three years ~~(iii)~~Total ~~Average~~market size for these product is approximately 430 billion yen Expected number of ~~outstanding~~generic ~~shares~~drugs ~~(for~~launch in the ~~fiscal~~next ~~year~~3 ~~ended~~years 5 9 16 1 1 5 1 5 9 3 3 2 FY2021 FY2022 FY2023 Low ~~March~~Complexity Medium ~~31):~~Complexity High Complexity 30

~~March~~sawai Project ~~31,~~to ~~2021~~create a new factory in the US business (USL) Overview - Consolidating all marketed products into a single manufacturing plant - Consolidation to a single manufacturing plant to lower operating expenses and improve qualiy and efficiency - Planned total investment amount for the construction and Denver product transfer: $13 billion yen ~~43,788,831~~Expected ~~shares~~benefit 1. Expected annual manufacturing cost reduction of approx. 1 billion yen from 2023 onward through consolidation of facilities and repatriation of CMO products 2. Improved efficiencies driven by the long-term benefit of consolidating operations into modernized facility 3. Improved quality through electronic batch records, better material and manufacturing flow and improved equipment Key Milestones Jul 2022 Qualification and Validation complete Dec 2022 Denver product transfer complete 31

~~March~~sawai (3) ~~31,~~Cultivating ~~2020~~New Growth Areas: Entry Into New Businesses 43- Focusing resources on three areas: new drug businesses (orphan diseases),~~781~~ Digital medical devices business,~~010~~ ~~shares~~and Health food business - In addition to investing in existing businesses, setting an investment budget of 30 million yen in new business areas during the period of the Medium-Term Business Plan Specialty Drugs New drug businesses Orphan dieases (e.g., ALS) Primary Care Digital medical devices business Depression/psychosis treatment Diabetes/lifestyle-related disease management Health food business Pre-symptomatic illness measures Longer healthy lifespans 32

~~This~~sawai (3) ~~financial~~Cultivating ~~summary~~New Growth Areas: New Businesses: Orphan Diseases ALS treament WN1316/SW007 Jointly develop WN1316, a drug for amyotrophic lateral sclerosis (ALS) treatment, which was discover by Neugen Pharma, targeting global markets including North America, Europe, Asia, and Japan, for all indications applicable as an ethical drug.(announced in June 2020) Advance the devlopment of optimixing each company's expertise - Neugen Pharma's knowledge on ALS and Sawai's clinical RandD capability including drug development Target markets, numbers of ALS patients The United States is ~~not~~the ~~subject~~main target market for the time being Between around 20,000 to ~~audit~~30,000 byALS ~~certified~~patients ~~public~~in ~~accountants~~the US Future plans To launch Phase I clinical studies in the US after FY2021 Market launch target: 2025 or ~~audit~~thereafter Aiming ~~firms.~~to expand the pipeline targeting orphan diseases in the future 33

~~Cautionary~~sawai (3) ~~Statement~~Cultivating ~~with~~New ~~Respect~~Growth Areas: New Businesses: Digital Medical Devices Business (Central Nervous System area) Aiming to ~~Forward-Looking~~be ~~Statements~~the only player in the industry who can provide a trifecta solution In the central nervous system area, recent years have seen increasing needs for device therapy and ~~Other~~cognitive ~~Information~~behavorial therapy in addition to drug therapy. On the other hand, the development and provisoin of solutions are still limites. Generic Drugs Product lineup in central nervous system area: 46 generals with 144 strengths Digital therapuetics Neuromodulation In addition to drug treatment with generic drugs, we are aiming to provide services utilixing cognitive behavorial therapy applications (DTx) and neuromodulation 34

~~The~~sawai (3) ~~year~~Cultivating New Growth Areas: New Businesses -~~end~~ ~~earnings~~Digital ~~conference~~Medical ~~for~~Devices ~~institutional~~Business ~~investors~~Capital and ~~analysts~~business isalliance ~~scheduled~~with onSUSMED Through ~~May~~the 13investment in SUSMED, ~~2021.~~a ~~Presentation~~digital therapeutic company with applications for treating insomnia, collaborations that can blend and ~~related~~optimize ~~materials~~SUSMED's technology and knowledge in the digital healthcare field and Sawai Pharmaceutial's generic business are under consideration (announced September 2020) Looking ahead We continuously consider improving operational efficiency, such as reduction of RandD costs using SUSMED's blockchain technology, and collaboration in the ~~conference~~areas ~~will~~of bedeperession ~~promptly~~and ~~posted~~psychiatry Medical ondevices ~~our~~for migraines/depression ~~website~~We have entered into an exclusive development and marketing agreement with Neurolief, targeting the Japanese market. Neurolief's non-invasive nueromodulation device allows patients to use it at home, and can share treatment data with their physician, in addition to uploading the data to the cloud database through a dedicated app. It is also designed to self-learn and analyze the treatments using AI technology in order to optimize the treatments for patients according to their symptoms.(announced January 2021) Proposed as new treatment method to patients who are receiving drug treatment but feel no effect. Number of target patients 392,000 (Patients with migraines who are non-responsive to drug treatment) 174,000 (Patients with acute depression who are non-responsive to drug treatment) Future plans For migraine- Application: 2022, Launch target: 2023 For depression - Application: 2023, Launch target: 2024 35

~~Attachment~~sawai (3) ~~Index~~Cultivating New Growth Areas: New Businesses - Digital Medical Device Business Contributing to improving people's lifestyles, health and quality of life by providing and utilizing medical and health information, not only pharmaceuticals Patients Physicians Pharmacist Sawai Group Holdings Corporate health insurers Municipalities Through strategic alliances with various companies, we broadly contribute to medical care by providing solutions that utilize IT technologies - Support from prevention to treatment for lifestyle-related diseases and chronic diseases using PHR* data - Support for addressing diversifying medical treatment styles - Support for health activities of companies and local governments - Support for regional medical cooperation Aiming to play a role in connecting various stakeholders, e.g., patients and medical professionals *PHR (Personal Health Record) is a mechanicsm for patients to collect and centrally store their own medical/health information 36

1．	Financial Highlights for the Year Ended March 31, 2021	2
	(1) Operating Results	2
	(2) Financial Position	5
	(3) Cash Flow	5
2．	Basic Approach to the Selection of Accounting Standards	6
3．	Consolidated Financial Statements and Selected Notes	6
	(1) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	6
	(2) Consolidated Statements of Financial Position	8
	(3) Consolidated Statements of Changes in Equity	10
	(4) Consolidated Statements of Cash Flows	11
	(5) Selected Notes to Consolidated Financial Statements	12
	(Significant Uncertainty Regarding Going Concern Assumption）	12
	(Basis of Preparation）	13
	(Changes in Presentation）	13
	(Significant Accounting Policies）	13
	(Impairment of Intangible Asset）	13
	(Segment Information）	14
	(Earnings Per Share）	15
	(Events after Reporting Period）	15

sawai (3) Cultivating New Growth Areas: New Businesses - Health Food Business - Considering entry into the health food business, where we would support longer healthy lifespans in the areas of pre-symptomatic illness and prevention (e.g., locomotive syndrome/fraility measures, and dementia/lifestyle-related disease prevention) Test Results Good Bad Symptoms No Health Pre-symptomatic illness Yes Pre-symptomatic illness Sawai Illness Target Markets 2.3 trillion yen scale of total health food market The market for extending healthy lifespands, including a number of areas such as locomotive syndrome/fraility/dementia covers 18% of the market In addition, the market covers many people receiving insurable medical treatment Future Plans We plan to proceed with a balanced exploration, including whether to proceed in-house or in partnership with other companies Searching for development centered on the intermediate value theme of medical care and health 37

~~–1–~~sawai Investment Plan and Shareholder Returns Investment Plan and Expected Shareholder Returns in the Medium-Term Business Plan Period RandD expenses Approx. 45 billion yen (Generic drug business) For expanding product lineup, investing approx. 75 billion yen cash total Expected generics business RandD investment/ operating cash flow over acquisitions three years: Approx. 100 billion yen (e.g., products) Approx. 30 billion yen Capital investment Approx. 70 billion yen (Japan: Approx. 60 billion yen, USA: Approx. 10 billion yen) Cash and deposits approx. 54 billion yen New Businesses 30 billion yen (FY 2021) (planned investment amount) Shareholder returns 17 billion yen or more in total dividends over three years (conducting consistent, ongoing dividends with target of 130 yen/share annually and payout ratio of 30%) + Financing capabilites with RandI rating of A- 38

~~1．Financial Highlights~~Intiatives ~~for~~Resolivng ~~the~~Social ~~Year Ended March 31, 2021~~Issues sawai 39

sawai Intiatives Resolving Social Issues Issues to address Targets (quantitative/etc.) Main businesses 1) Contributing to sustainable social Achieving medical cost savings impact of approx ~~Operating~~security ~~Results~~systems and improved access 2x of Japan and US generics business sales to healthcare (medical cost savings using generics) 2) Contributing to longer healthy lifespans Expanding business to a wider range of healthcare through new businessess domains, including pre-sympyomatic illness and prevention Relationships with stakeholders 3) E: Environmentally friendly production Cuts of 25% in CO2 emissions on production volume insensity basis (FY2030) Waste plastic recycling rate of 65% or more (in 2030) 4) S: Talent development, work styles/ Safe and diverse work environment motivation, respect for human rights Promotion of diversity Initiatives for respect of human rights 5) G: Deepening corporate governance Improvement and deepening of governance through conversion to holding company structure Stronger risk management/compliance 40

~~Sawai~~sawai Post-COVID-19: Proactively ~~Pharmaceutical~~Addressing ~~Co.~~Efficient, ~~Ltd.~~Diverse ~~(the~~Work Styles ~~“Company”)~~Clean ~~and~~slate ~~subsidiaries~~review ~~(collectively,~~of ~~“Sawai”)~~traditional ~~has~~ways ~~adopted~~of ~~International~~doing ~~Financial~~business Acheiving ~~Reporting~~efficiency ~~Standards~~gains ~~(“IFRSs”) since~~worth over 1 billion yen in the ~~year~~Medium-Term ~~ended~~Business ~~March~~Plan ~~31,~~period ~~2018,~~by improving operations Operational improvements post-COVID-19 Issues faced in ~~order~~realizing todiverse ~~increase~~work ~~the~~styles Permanent ~~international~~remote ~~comparability~~work system Review of ~~its~~work ~~financial~~systems Reviewing ~~information~~of ~~within~~physical ~~the capital~~space ~~market~~ (e.g., offices) Going paperless Proactively leveraging digital technologies 41

~~During~~Caution ~~the~~Regarding ~~year~~Future Outlooks ~~ended~~The ~~March~~information ~~31,~~in ~~2021,~~this ~~revenue~~document ~~increased~~is tobased ~~JPY~~on ~~187,219~~a ~~million~~variety ~~(by~~of ~~2.6%)~~assumption, ~~operating~~and ~~profit~~do ~~decreased~~not toconstitute ~~JPY~~a ~~18,888~~guarantee ~~million~~or ~~(by~~promise ~~29.5%), profit~~of ~~before~~the ~~tax~~execution ~~decreased~~of tomeasures ~~JPY18,460~~or ~~million~~future ~~(by~~planning ~~30.3%),~~or ~~and~~target ~~profit~~figures ~~attributable~~described. Contact Sawai toGroup ~~owners~~Holdings ~~of the Company decreased to JPY12~~Co.,~~340~~ ~~million~~Ltd. ~~(by~~Group ~~36.0%),~~Public ~~compared~~Relations to/ ~~the~~IR ~~year ended March 31, 2020~~Office Email: ir@sawai.co.jp 42

(Millions of yen, except percentages)
	Year ended March 31, 2020	Year ended March 31, 2021	Change	Change (%)
Revenue	182,537	187,219	4,682	2.6
Operating profit	26,793	18,888	(7,905)	(29.5)
Profit before tax	26,497	18,460	(8,037)	(30.3)
Profit attributable to owners of the Company	19,279	12,340	(6,939)	(36.0)

(i) Japan Business Segment

In the Japan Business segment, the Cabinet approved the “Basic Policy for Economic and Fiscal Management and Reform 2017: Improving Productivity Through Investment in Human Resources,” in June 2017, which seeks to realize the 80% use of generic drugs by September 2020. To achieve this goal, the Cabinet approved the “Basic Policy on Economic and Fiscal Management and Reform 2019 - A New Era of Reiwa: Challenges toward Society 5.0” (Basic Policy 2019) in June 2019, which states that: “With regard to the promotion of the use of generic drugs, while ensuring stable supply and greater reliability of quality, the government will continue to strive to realize the 80 percent use of generic drugs by September 2020, strengthening incentives.” Moreover, to promote the use of generic drugs, the April 2020 revisions introduced measures to further incentivize pharmacies and medical institutions to dispense or prescribe a higher percentage of drugs using the generic names of the active ingredients (as opposed to original drugs which are often called by their brand names). As a result, the share of generic drugs was expanded to as much as 78.3% in September 2020, according to the (preliminary) price list survey conducted by the Japanese government.

However, Sawai has experienced downward pressure on prices at an accelerated rate. This is attributable to the consecutive revisions to the drug pricing list; a one-off decrease in October 2019 associated with an increase in the Japanese consumption tax rate, followed by the scheduled annual revision, which took place in April 2020. Further, the fiscal 2021 price list, which was announced in March 2021 and would take effect from April 2021, also had a downside effect on pricing.

Within this environment, under our mid-term management plan titled “M1 TRUST 2021” (or “Mid-Term Management Plan”), we are working to achieve our mid- to long-term vision of “establishing a dominant position in the domestic generic drugs market, and transform into a world-leading generics company by accelerating growth of Upsher-Smith Laboratories, LLC (‘USL’),” by building “an intra-industry network with a view towards forming more strategic alliances” and “a structure capable of responding to changes in the industry and that strengthens cost competitiveness.”

In terms of production and supply systems, we closed the Osaka Factory due to aging in September 2020, transferring its packaging processes to the Sanda Nishi Factory to achieve higher efficiency and lower costs, and are improving production efficiency by taking advantage of the characteristics of each of our six factories nationwide.

In terms of quality control, although there has been serious Good Manufacturing Practice (GMP) violation by certain companies in the generic drug industry, we have minimized quality-related risks by taking measures such as ensuring the quality of Active Pharmaceutical Ingredients (APIs) in compliance with GMP, implementing a quality control system through ongoing confirmation of GMP compliance at manufacturing facilities, and adopting manufacturing and quality control measures based on the Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme (PIC/S-GMP), a non-binding, informal co-operative arrangement between Regulatory Authorities in the field of GMP of medicinal products for human or veterinary use.

–2–

As to product development and marketing, we launched 14 generic drugs with 29 strengths including “Memantine Hydrochloride tablets and OD tablets,” in June 2020, and 2 generic drugs with 10 strengths including “Pregabalin OD tablets and capsules,” in December 2020.

As a new business development, we entered into a licensing agreement with Neugen Pharma, Inc. for the joint development and sale of WN1316, an active compound in the treatment of amyotrophic lateral sclerosis (“ALS”) in June 2020. In September 2020, we also agreed to invest in Susmed Corporation, a therapeutics software application developer. Through our collaboration with them, we intend to become even more “indispensable” by providing IT-based solutions that contribute to people’s health in a multifaceted way.

For our COVID-19 countermeasures, we established a Crisis Management Office based on the Rules on Crisis Management and the Disaster BCP in February 2020, and have taken steps to prevent infection by strengthening internal office ventilation and disinfection, and by ensuring that employees perform hand hygiene, wear masks, and undertake temperature screenings. We also have mandated web-based meetings, and revised internal rules regarding long-distance business trips at the same time changed work policies to accommodate flex-time, staggered work hours, and work-from-home, while continuing to operate each plant in Japan and striving to ensure a stable supply of products. Under the Government of Japan’s state of emergency declaration, our medical representatives (MR) have refrained from visiting medical institutions and shifted to utilize digital technology to provide services. If the pandemic’s impact is prolonged, among other things, it is expected to impact the supply of pharmaceuticals such as the stagnation of raw material imports and logistics, the demand of pharmaceuticals due to the restraints on patient consultation, and the provision of information about pharmaceuticals. As a pharmaceutical manufacturer and seller, we continue to adopt measures that prevent infections and that maintain a stable supply of pharmaceuticals that are essential for people’s lives and health.

As a result, the segment reported net sales of JPY 153,584 million (6.6% increase compared to the previous year) and segment profit of JPY 26,284 million (7.7% increase compared to the previous year).

(ii) U.S. Business Segment

In the U.S. Business segment, to accelerate our growth strategy, we have entered the U.S. market via USL, which celebrated its 100th anniversary in 2019. We are working to implement a new growth strategy for USL with Sumitomo Corporation of the Americas, a U.S. subsidiary of Sumitomo Corporation, which owns a 20% interest in USL. For the medium-term, to achieve our medium- to long-term vision, we have positioned these last three years as a period “to accelerate becoming a globalized company through USL,” and the Company and USL have made collaboration a priority in order to leverage both our strengths.

In the U.S. generic drug market, generic drug prices constantly declined, although there are some signs of recovery observed recently. It is mainly because the three major purchasing groups hold approximately 90% market share as a result of formation of alliances amongst wholesalers and pharmacies and because of the high number of approvals for Abbreviated New Drug Applications (ANDA) by the U.S. Food and Drug Administration (FDA).

In the meantime, we have been facing increased competition, which includes an introduction of generics to our core branded product Qudexy. In addition, the sales of Tosymra, which was acquired in 2019, have been slow due to the negative impact of COVID-19. As a result, Sawai recognized an impairment loss of related intangibles in the amount of approximately JPY 5.6 billion during the year ended March 31, 2021.

Within this environment, we expanded our product offering by launching three generic drugs, “Ethacrynic Acid Tablets,” “Propafenone Hydrochloride Extended Release Capsules” and “Ramelteon Tablets,” in June, July and December 2020, respectively. As for branded pharmaceutical products, in August 2020, we entered into a partnership agreement with AmbioPharm, Inc. to develop and market “Corticotropin Injection” in the United States.

–3–

Further, due to the COVID-19 outbreak, various states have issued stay-at-home orders, but because USL’s business of pharmaceutical manufacturing was designated as one of the most critical sectors, we were able to continue our operations. In early March 2020, USL established a cross-departmental response team (COVID-19 Response Team) to gather a wide-range of information and develop countermeasures. With the exception of certain employees who are essential for on-site operations such as those in manufacturing and R&D departments, USL transitioned to telework, implemented measures to prevent the spread of infection among employees, introduced other human resource measures, and switched to technology-based sales activities. Although the outbreak has discouraged patients from seeking medical assistance and restricted business activities, USL continues to adopt measures that prevent infection and that maintain a stable supply system for the pharmaceutical products that are essential for maintaining people’s life and health.

As a result, the segment reported net sales of JPY 33,635 million (12.4% decrease compared to the previous year) and segment loss of JPY 7,396 million (segment profit of JPY 2,388 million for the previous year).

–4–

(2) Financial Position

Assets

As of March 31, 2021, current assets amounted to JPY 205,674 million, an increase of JPY 14,310 million from March 31, 2020, primarily because of an increase in trade and other receivables resulted from the growth of revenue. Non-current assets as of March 31, 2021 was JPY 187,667 million, a decrease of JPY 5,783 million from March 31, 2020, mainly because of an impairment of the intangible assets related to Tosymra in the U.S. Business segment. Total assets as of March 31, 2021 was JPY 393,341 million, an increase of JPY 8,527 million compared to the balance as of March 31, 2020.

Liabilities

As of March 31, 2021, current liabilities amounted to JPY 80,452 million, a decrease of JPY 2,263 million from March 31, 2020, primarily due to redemption of bonds. Non-current liabilities as of March 31, 2021 was JPY 72,139 million, an increase of JPY 3,726 million from March 31, 2020, primarily because of increase in borrowings. Total liabilities as of March 31, 2021 was JPY 152,591 million, an increase of JPY 1,463 million compared to the balance as of March 31, 2020.

Equity

Total equity as of March 31, 2021 was JPY 240,750 million, an increase of JPY 7,064 million compared to the balance as of March 31, 2020, primarily because of net profit for the year ended March 31, 2021, offset by dividend payments and unfavorable exchange effects. As a result, ratio of equity attributable to owners of the Company to total assets became 55.5% (54.6% as of March 31, 2020).

(3) Cash Flow

Cash and cash equivalents as of March 31, 2021 decreased by JPY 1,813 million to JPY 54,269 million, compared to the balance as of March 31, 2020.

The results of cash flow for each activity are as follows:

Cash flows generated from operating activities was JPY 31,857 million for the year ended March 31, 2021 (increase of JPY 1,601 million compared to the previous year) which mainly consists of profit before tax (JPY18,460 million), depreciation and amortization (JPY 18,291 million), impairment loss (JPY 6,502 million), increase in trade and other receivables (JPY 9,125 million), increase in inventories (JPY 3,481 million), and income taxes paid (JPY 7,053 million).

Cash flows used in investing activities was JPY 21,794 million for the year ended March 31, 2021 (increase of JPY3,621 million compared to the previous year) which mainly consists of acquisition of property, plant and equipment (JPY 12,999 million) and acquisition of intangible assets (JPY 8,125 million).

Cash flows used in financing activities was JPY 11,991 million for the year ended March 31, 2021 (decrease of JPY 756 million compared to the previous year) which mainly consists of proceeds from borrowings (JPY 10,000 million), redemption of bonds (JPY 10,000 million), payments of dividend (JPY 5,692 million) and repayments of long-term borrowings (JPY 4,464 million).

2. Basic Approach to the Selection of Accounting Standards

Sawai has adopted IFRSs since the year ended March 31, 2018, in order to increase the international comparability of its financial information within the capital market.

–5–

3．Consolidated Financial Statements and Selected Notes

(1) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

（Consolidated Statements of Income）

	Yen in millions (except per share data) Year ended March 31,
	2020	2021
Revenue	182,537	187,219
Cost of sales	(109,037)	(114,785)
Gross profit	73,500	72,434
Selling, general and administrative expenses	(33,375)	(39,937)
Research and development expenses	(13,487)	(13,883)
Other income	238	325
Other expenses	(83)	(51)
Operating profit	26,793	18,888
Finance income	295	138
Finance expenses	(591)	(566)
Profit before tax	26,497	18,460
Income tax expenses	(6,720)	(7,609)
Profit for the year	19,777	10,851
Profit attributable to:
Owners of the Company	19,279	12,340
Non-controlling interests	498	(1,489)
Total	19,777	10,851
Earnings per share (Yen)
Basic earnings per share	440.37	281.80
Diluted earnings per share	440.00	281.51

–6–

(Consolidated Statements of Comprehensive Income)

	Yen in millions Year ended March 31,
	2020	2021
Profit for the year	19,777	10,851
Other comprehensive income (loss)
Items that will not be reclassified to profit or loss:
Changes in fair value of financial assets measured at fair value through other comprehensive income	(728)	130
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations	(2,438)	1,763
Other comprehensive income (loss) for the year, net of tax	(3,166)	1,893
Total comprehensive income for the year	16,611	12,744
Total comprehensive income attributable to:
Owners of the Company	16,583	13,923
Non-controlling interests	28	(1,179)
Total	16,611	12,744

–7–

(2) Consolidated Statements of Financial Position

	Yen in millions March 31,
	2020	2021
Assets
Current assets
Cash and cash equivalents	56,082	54,269
Trade and other receivables	58,685	70,107
Inventories	75,460	79,120
Other financial assets	141	143
Other current assets	996	2,035
Total current assets	191,364	205,674
Non-current assets
Property, plant and equipment	81,013	84,708
Goodwill	38,636	39,304
Intangible assets	61,669	54,472
Other financial assets	5,914	6,409
Other non-current assets	705	1,008
Deferred tax assets	5,513	1,766
Total non-current assets	193,450	187,667
Total assets	384,814	393,341

–8–

	Yen in millions March 31,
	2020	2021
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables	44,038	50,402
Bonds and borrowings	14,456	3,834
Income taxes payable	4,318	3,355
Refund liabilities	7,989	7,541
Provisions	92	388
Other financial liabilities	5,003	6,443
Other current liabilities	6,819	8,489
Total current liabilities	82,715	80,452
Non-current liabilities
Bonds and borrowings	60,567	66,741
Provisions	113	712
Other financial liabilities	5,800	2,770
Other non-current liabilities	1,872	1,858
Deferred tax liabilities	61	58
Total non-current liabilities	68,413	72,139
Total liabilities	151,128	152,591
Equity
Share capital	41,199	41,219
Capital surplus	42,863	42,453
Retained earnings	126,719	132,429
Treasury shares	(1,385)	-
Other component of equity	604	2,177
Equity attributable to owners of the Company	210,000	218,278
Non-controlling interests	23,686	22,472
Total equity	233,686	240,750
Total liabilities and equity	384,814	393,341

Sawai has corrected an immaterial error of comparative information, see (5) Selected Notes to Consolidated Financial Statements.

–9–

(3) Consolidated statements of Changes in Equity

Year ended March 31, 2020

Yen in millions
	Equity attributable to owners of the Company						Non-controlling interests	Total equity
	Share capital	Capital surplus	Retained earnings	Treasury shares	Other component of equity	Total
Balance at April 1, 2019, as previously reported	41,184	42,849	113,342	(1,385)	3,259	199,250	23,954	223,204
Adjustment on initial application of IFRS16, net of tax			8			8		8
Adjusted balances at April 1, 2019	41,184	42,849	113,350	(1,385)	3,259	199,257	23,954	223,211
Profit for the year			19,279			19,279	498	19,777
Other comprehensive income					(2,696)	(2,696)	(470)	(3,166)
Total comprehensive income	-	-	19,279	-	(2,696)	16,583	28	16,611
Issuance of new shares	15	14			(29)	0		0
Acquisition of treasury shares				(0)		(0)		(0)
Dividends			(5,910)			(5,910)	(296)	(6,206)
Share-based payments					70	70		70
Total transactions with owners	15	14	(5,910)	(0)	41	(5,840)	(296)	(6,136)
Balance at March 31, 2020	41,199	42,863	126,719	(1,385)	604	210,000	23,686	233,686

Year ended March 31, 2021

Yen (in millions)
	Equity attributable to owners of the Company						Non-controlling interests	Total equity
	Share capital	Capital surplus	Retained earnings	Treasury shares	Other component of equity	Total
Balance at April 1, 2020	41,199	42,863	126,719	(1,385)	604	210,000	23,686	233,686
Profit for the year			12,340			12,340	(1,489)	10,851
Other comprehensive income					1,583	1,583	310	1,893
Total comprehensive income	-	-	12,340	-	1,583	13,923	(1,179)	12,744
Issuance of new shares	20	20			(40)	0		0
Cancellation of treasury shares		(430)	(955)	1,385		-		-
Dividends			(5,692)			(5,692)	(35)	(5,727)
Share-based payments					56	56		56
Other			17		(26)	(9)		(9)
Total transactions with owners	20	(410)	(6,630)	1,385	(10)	(5,645)	(35)	(5,680)
Balance at March 31, 2021	41,219	42,453	132,429	-	2,177	218,278	22,472	240,750

–10–

(4) Consolidated Statements of Cash Flows

	Yen in millions Year ended March 31,
	2020	2021
Cash flows from operating activities
Profit before tax	26,497	18,460
Depreciation and amortization	17,954	18,291
Impairment loss	1,467	6,502
Financial income	(295)	(140)
Financial expenses	582	566
Loss on sale and disposal of property, plant and equipment and intangible assets	218	588
Decrease (increase) in trade and other receivables	4,664	(9,125)
Increase in inventories	(12,208)	(3,481)
Increase in trade and other payables	239	5,165
Increase (decrease) in refund liabilities	26	(504)
Increase in provisions	-	988
Increase in other financial liabilities	115	45
Other	(975)	1,913
Subtotal	38,284	39,268
Interest received	173	13
Dividends received	138	132
Interest paid	(487)	(503)
Income taxes paid	(7,852)	(7,053)
Cash flows generated from operating activities	30,256	31,857
Cash flows from investing activities
Acquisition of property, plant and equipment	(5,501)	(12,999)
Acquisition of intangible assets	(12,672)	(8,125)
Other	(0)	(670)
Cash flows used in investing activities	(18,173)	(21,794)
Cash flows from financing activities
Proceeds from borrowings	-	10,000
Repayments of long-term borrowings	(4,802)	(4,464)
Redemption of bonds	-	(10,000)
Payments of lease liabilities	(1,715)	(1,747)
Dividends paid	(5,910)	(5,692)
Dividends paid to non-controlling interests	(296)	(35)
Others	(24)	(53)
Cash flows used in financing activities	(12,747)	(11,991)
Effect of exchange rate change on cash and cash equivalents	(321)	115
Net decrease in cash and cash equivalents	(985)	(1,813)
Cash and cash equivalents at beginning of year	57,067	56,082
Cash and cash equivalents at end of year	56,082	54,269

–11–

(5) Selected Notes to Consolidated Financial Statements

(Significant Uncertainty Regarding Going Concern Assumption）

Not applicable

(Basis of Preparation）

(1) Compliance with International Financial Reporting Standards

Sawai’s consolidated financial statements have been prepared in accordance with IFRSs, as issued by the International Accounting Standards Board (“IASB”). The term IFRSs also includes International Accounting Standards (“IAS”) and the related interpretations of the interpretations committees (SIC and IFRIC).

(2) Basis of Measurement

The consolidated financial statements have been prepared on a historical cost basis with some exceptions such as except for certain financial assets and liabilities recorded at fair value.

(3) Functional and Presentation Currency

The consolidated financial statements are presented in Japanese yen (“Yen” or “JPY”), which is the Company’s functional currency. All amounts have been rounded to the nearest million Yen, unless otherwise indicated.

(4) Immaterial adjustment of comparative information

During the year ended March 31, 2021, an immaterial error was found with respect to the classification of guarantee deposits in the amount of JPY 2,635 million that was as current liabilities instead of non-current liabilities. Sawai recorded a correction with respect to the comparative amounts as at March 31, 2020 thereby reducing non-current liabilities and increasing current liabilities by JPY 2,590 million.

(Significant Accounting Policies）

The consolidated financial statements have been prepared based on the same policies adopted for the year ended March 31, 2020, except for the following policies for financial instruments that were adopted as of April 1, 2020.

Financial assets which are not classified as financial assets measured at amortized cost are classified as at fair value through other comprehensive income (“FVTOCI”) at initial recognition if both of the following conditions are met:

ØThe financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and;

ØThe contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets which are not classified as financial assets measured at amortized cost nor FVTOCI are classified as financial assets measured at fair value through profit or loss. Sawai holds financial liabilities measured at fair value through profit or loss while does not hold financial liabilities classified as FVOCI as of March 31, 2021 and 2020. Gains and losses from remeasurement of financial instruments assets measured at fair value through profit or loss are recognized as profit or loss in the Consolidated Statements of Income.

In addition, as undermentioned in Changes in Presentation, provisions are separately presented in the Consolidated Statements of Financial Position from the current year due to an increase of provision. Sawai’s accounting policy of provisions are the follows:

Sawai recognizes provisions when Sawai has present legal or constructive obligations as a result of past events, it is probable that outflows of resources embodying economic benefits will be required to settle the obligations and reliable estimates can be made of the amount of the obligations. Sawai’s provisions consist primarily of provisions for drug product safety assessment.

–12–

(Changes in Presentation）

Provisions that were previously included in other current liabilities and other non-current liabilities are separately presented as at March 31, 2021 due to an increase of provision. The balance as of March 31, 2020 were reclassified to reflect this change in presentation. As a result, JPY 6,911 million of other current liabilities previously reported are now presented separately as provision (current liability) in the amount of JPY 92 million and other current liabilities in the amount of JPY 6,819 million, as well as JPY 1,985 million of other non-current liabilities previously reported are now presented separately as provision (non-current liability) in the amount of JPY 113 million and other non-current liabilities in the amount of JPY 1,872 million.

(Impairment of Intangible Asset)

The Group recognized an impairment loss of JPY 5,572 million on the manufacturing and marketing related licenses for Tosymra, a significant intangible asset held by the U.S. Business segment, in selling, general and administrative expenses in the Consolidated Statements of Income for the year ended March 31, 2021.

During the current year, the combined effect of COVID-19, which restricted our sales and marketing activities, and the entrance of competitor products, resulted in reduced profitability as compared to our initial plan. As a result, Sawai determined that the fair value of the assets would not exceed the book value.

–13–

(Segment Information）

Sawai’s operating segments are the components for which separate financial information is available, and the Board of Directors as the chief operating decision maker, regularly assesses the financial information in deciding how to allocate resources, measure performance and forecast future periods. Sawai manufactures and sells generic pharmaceutical products with operations in Japan and the United States, each requires differing marketing strategies. Accordingly, Sawai has designated two operating segments, Japan Business segment, and U.S. Business segment.

Year ended March 31, 2020

		Yen in millions
	Operating segment				Adjustments and elimination	Amount recorded in the consolidated statements of income
	Japan Business		U.S. Business	Total
Segment revenue
Revenue from external customers	144,130		38,407	182,537	-	182,537
Intersegment revenue or transfers	-		-	-	-	-
Total	144,130		38,407	182,537	-	182,537
Segment (operating) profit	24,401		2,388	26,789	4	26,793
Finance income						295
Finance expenses						(591)
Profit before tax						26,497
Depreciation and amortization	11,893		6,061	17,954	-	17,954
Impairment loss	1,043		424	1,467	-	1,467

Year ended March 31, 2021

		Yen in millions
	Operating segment				Adjustments and elimination	Amount recorded in the consolidated statements of income
	Japan Business		U.S. Business	Total
Segment revenue
Revenue from external customers	153,584		33,635	187,219	-	187,219
Intersegment revenue or transfers	-		-	-	-	-
Total	153,584		33,635	187,219	-	187,219
Segment (operating) profit (loss)	26,284		(7,396)	18,888	0	18,888
Finance income						138
Finance expenses						(566)
Profit before tax						18,460
Depreciation and amortization	11,866		6,425	18,291	-	18,291
Impairment loss	839		5,663	6,502	-	6,502

–14–

(Earnings Per Share)

	Year ended March 31,
	2020	2021
Profit attributable to owners of the Company (million Yen)	19,279	12,340
Weighted average number of ordinary shares outstanding during the year (thousand shares)	43,781	43,789
Average number of ordinary shares during the year (thousand shares)	43,781	43,789
Dilutive effect (thousand shares)	37	44
Weighted average number of ordinary shares outstanding during the year after dilutive effect (thousand shares)	43,818	43,833
Profit per share (attributable to the owners of the Company)
Basic earnings per share (Yen)	440.37	281.80
Diluted earnings per share (Yen)	440.00	281.51

There were 54 thousand and 85 thousand shares, such as stock options that are anti-dilutive, not included in the calculation of diluted earnings per share for the years ended March 31, 2020 and 2021, respectively.

(Events after Reporting Period）

On April 1, 2021, Sawai Group Holdings Co., Ltd. was established as a group holding company through a stock transfer. With the establishment of Sawai Group Holdings Co., Ltd., Sawai Pharmaceutical Co., Ltd., which became a wholly owned subsidiary of the holding company, were delisted, and instead Sawai Group Holdings Co., Ltd. was listed on the First Section of the Tokyo Stock Exchange as of April 1, 2021.

–15–

Filing Compare · SAWAI GROUP HOLDINGS Co., Ltd.