Worth reading
62In focus
Scored from 5 of 6 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
3229
¥ million (year-on-year increase in consolidated revenue)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ended December 2025, full year9 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥26,840 million+13.7%
Operating profit¥-3,471 million
Ordinary income¥-4,634 million profit before tax, IFRS
Net income-7,150 Millions of yen profit for the period
Selling, general and administrative expenses¥18,989 million
Results for the three months of the current quarter
Pharmaceutical business
Revenue
¥5,655 million
Operating profit
¥90 million
Drug Discovery Business
Revenue
¥36 million
Operating profit
¥-515 million
MedTech Business
Revenue
¥1,509 million
Operating profit
¥-165 million
Full-year earnings forecastnot disclosed (forecast for the fiscal year ending December 2026 is undetermined)
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The medtech business exceeded its full-year budget for both revenue and operating profitBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Increase in consolidated revenue¥3,229 million
- Increase in R&D expenses¥487 million
- Reversal of the prior fiscal year's gain on repayment of loans
- Cullgen's listing-related expenses¥670 million
- Losses on prepaid forward transactions involving the company's own shares¥630 million
- Impairment losses on goodwill and intangible assets¥530 million
- Reversal of Deferred Tax Assets¥1,990 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
not disclosed (earnings forecast for the fiscal year ending December 2026 is undetermined)New initiatives
- Making ZOO LABO a subsidiary
- Gyre Therapeutics' acquisition of all shares in Cullgen, making it a wholly owned subsidiary (transaction value: US$300 million, entirely through a share exchange, scheduled for early in the second quarter of 2026)
- Preparing to shift the medtech business from OEM production to a private-label (PB) model
Key KPIsA metric the company considers important as a management benchmark.
- Number of employees990 people
- Development pipeline and marketed products23 Engagements
- Sales network covering hospitals and other facilities in China3,000 Location
- Number of MRs in China400 people
- Number of group companies26 companies
Segment results
Pharmaceuticals
Revenue
¥17,314 million+9.3%
Operating profit
¥3,213 million-19.7%
Drug Discovery
Revenue
¥789 million-45.2%
Operating profit
¥-3,958 million
Medtech
Revenue
¥7,584 million+46.2%
Operating profit
¥1,274 million+35.3%
Other
Revenue
¥1,169 million+1.1%
Operating profit
¥-4,089 million
Market Size / Share
- China's anti-liver fibrosis market¥5.1–6.7 billionShareCombined share of the top 3 companies: 51%
- US MASH fibrosis marketScaleApproximately 7.2 times the chronic hepatitis B fibrosis market
Number of stores and locations
Sales network covering hospitals and other facilities in China: 3,000. Number of stores and openings/closures during the period: not disclosedNumber of employees
Number of Employees990 people
Reference dateEnd of December 2025
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ended December 2025, full year |
| Net Sales | ¥26,840 million (YoY +13.7%) |
| Operating profit | ¥-3,471 million |
| Ordinary income | ¥-4,634 million (profit before tax, IFRS) |
| Net income | -7,150 Millions of yen (profit for the period) |
| Selling, general and administrative expenses | ¥18,989 million |
| Results for the three months of the current quarter | Pharmaceutical business Revenue ¥5,655 million / Operating profit ¥90 million / Drug Discovery Business Revenue ¥36 million / Operating profit ¥-515 million / MedTech Business Revenue ¥1,509 million / Operating profit ¥-165 million |
| Full-year earnings forecast | not disclosed (forecast for the fiscal year ending December 2026 is undetermined) |
| Self-assessment against the plan | The medtech business exceeded its full-year budget for both revenue and operating profit |
| Segment results | Pharmaceuticals Revenue ¥17,314 million (YoY +9.3%) / Operating profit ¥3,213 million (YoY -19.7%) / Drug Discovery Revenue ¥789 million (YoY -45.2%) / Operating profit ¥-3,958 million / Medtech Revenue ¥7,584 million (YoY +46.2%) / Operating profit ¥1,274 million (YoY +35.3%) / Other Revenue ¥1,169 million (YoY +1.1%) / Operating profit ¥-4,089 million |
| Breakdown of Factors Affecting the Change | Factors Increase in consolidated revenue / Amount ¥3,229 million, Factors Increase in R&D expenses / Amount ¥487 million, Factors Reversal of the prior fiscal year's gain on repayment of loans / Amount Not disclosed, Factors Cullgen's listing-related expenses / Amount ¥670 million, Factors Losses on prepaid forward transactions involving the company's own shares / Amount ¥630 million, Factors Impairment losses on goodwill and intangible assets / Amount ¥530 million, Factors Reversal of Deferred Tax Assets / Amount ¥1,990 million |
| Key KPIs | Indicator name Number of employees / Value 990 people, Indicator name Development pipeline and marketed products / Value 23 Engagements, Indicator name Sales network covering hospitals and other facilities in China / Value 3,000 Location, Indicator name Number of MRs in China / Value 400 people, Indicator name Number of group companies / Value 26 companies |
| Number of stores and locations | Sales network covering hospitals and other facilities in China: 3,000. Number of stores and openings/closures during the period: not disclosed |
| Number of employees | Number of Employees 990 people / Reference date End of December 2025 / Change during the period Not disclosed |
| Assumptions Underlying the Business Outlook | not disclosed (earnings forecast for the fiscal year ending December 2026 is undetermined) |
| Market Size / Share | Subject China's anti-liver fibrosis market / Market Size ¥5.1–6.7 billion / Share Combined share of the top 3 companies: 51%, Subject US MASH fibrosis market / Scale Approximately 7.2 times the chronic hepatitis B fibrosis market |
| New initiatives | Making ZOO LABO a subsidiary, Gyre Therapeutics' acquisition of all shares in Cullgen, making it a wholly owned subsidiary (transaction value: US$300 million, entirely through a share exchange, scheduled for early in the second quarter of 2026), Preparing to shift the medtech business from OEM production to a private-label (PB) model |
Items this document does not state (13)
Gross Profit MarginOperating profit marginProgress against full-year forecastUnit price and quantity metricsRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.On the revenue side, sales of the core product Eisai Rui, sales of 2 new products and increased orders in the medtech business contributed to the results. On the earnings side, the main factors were Cullgen's R&D expenses, IPO preparation costs, the reversal of a one-off gain recorded in the previous fiscal year, losses on prepaid forward transactions involving the company's own shares, impairment losses on goodwill and intangible assets, and the reversal of deferred tax assets. The earnings forecast for the fiscal year ending December 2026 was not disclosed because it is difficult to reasonably estimate the timing of F351's approval and launch, its drug price, the scale and timing of upfront investment, and the progress of Cullgen's R&D and the timing of its listing.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.