Worth reading
64In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
1247
¥ million (consolidated net sales target for the fiscal year ending March 2029)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+8.9%
基準 1,145Target1,247million (previous FY46 medium-term plan → current FY47 medium-term plan)
Operating profit+29.4%
基準 303Target392million (previous FY46 medium-term plan → current FY47 medium-term plan)
Net income for the current fiscal year+30.9%
基準 265Target347million (FY45; no final-year target stated for FY47)
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous plan¥1,025 million (consolidated net sales for FY44, previous forecast → actual results) → ¥1,004 million (consolidated net sales for FY44, previous forecast → actual results)（-2.0%）-2.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThe planned annual dividend per share for the next fiscal year is ¥7.5, with a consolidated payout ratio of approximately 20.1%. This applies to the next fiscal year, ending March 2027. Dividends will be determined after comprehensively considering past consolidated results, future outlook, the payout ratio, dividend yield, and equity ratio, among other factors.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Further strengthen the information strategy in Japan and overseas by using social media and other channels
02Actively participate in trade shows and other events held in various countries
03Strengthen collaboration with overseas distributors
04Apply the overseas information strategy to domestic sales
05Strengthen relationships with users, distributors, and influencers
06Develop antibodies with high significance
07Strengthen collaboration with domestic and overseas companies related to in vitro diagnostic products
08Advance the commercialization of products in the in vitro diagnostic products field and focus on sales
09Pursue higher operating profit through efficient use of personnel and facilities
Plan assumptionsTighter raw-material procurement resulting from instability in the Middle East, Foreign-exchange trends and the impact of tariffs, Company estimate based on $1 = ¥150
Segment targetSegment Antibody-related business / Net Sales FY45 ¥1,082 million / FY46 ¥1,152 million / FY47 ¥1,222 million / Operating profit FY45 ¥322 million / FY46 ¥352 million / FY47 ¥382 million, Segment Cosmetics-related business / Net Sales FY45 ¥5 million / FY46 ¥15 million / FY47 ¥25 million / Operating profit FY45 ¥0 million / FY46 ¥5 million / FY47 ¥10 million
Size of the Target MarketMarket Research antibodies and reagents / Dimensions ¥2.43 trillion in 2024 and ¥4.71 trillion in 2034 / Source Based on Global Information,Inc., “Global Research Antibodies and Reagents Market Opportunities and Strategies to 2034”, Market In vitro diagnostic products / Dimensions ¥16.49 trillion in 2025 and ¥26.27 trillion in 2032 / Source Based on Global Information,Inc., “In Vitro Diagnostics Market: Global Market Forecast by Product, Test Type, Specimen, Application, End User, and Patient Group, 2026–2032”, Market Biopharmaceuticals / Dimensions ¥103.50 trillion in 2025 and ¥203.04 trillion in 2032 / Source Based on Global Information,Inc., “Biopharmaceuticals Market: Global Market Forecast by Therapeutic Area, Technology, Product Type, Route of Administration, and Distribution Channel, 2026–2032”
Risks identified by the company
Business alliances with other companies and the establishment of joint ventures
Dependence on specific individuals
Progress in drug candidate development
In vitro diagnostic products (new slide)
Foreign-exchange fluctuations
Reason for revision or withdrawal
Although the new medium-term management plan's net sales are expected to be affected negatively by tighter raw-material procurement resulting from instability in the Middle East, foreign-exchange trends, and tariffs, domestic and overseas sales of the core ELISA kits and raw materials for in vitro diagnostic products are expected to increase, as are product sales in the genetically modified silkworm business. Net sales are also expected to increase from the next fiscal year onward. In the cosmetics-related business, investment in personnel and facilities needed to achieve the previous numerical targets remains constrained because of the investment strategy of prioritizing the diagnostic reagents business. The targets for this plan have therefore been substantially reduced from the previous figures.
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan (consolidated) |
| Plan period | Fiscal year ending March 2027 (FY45) to fiscal year ending March 2029 (FY47) |
| Progress against the plan | Formulated |
| Sales Target | ¥1,145 million (previous FY46 medium-term plan → current FY47 medium-term plan) → ¥1,247 million (previous FY46 medium-term plan → current FY47 medium-term plan)（8.9%） |
| Operating profit target | ¥303 million (previous FY46 medium-term plan → current FY47 medium-term plan) → ¥392 million (previous FY46 medium-term plan → current FY47 medium-term plan)（29.4%） |
| Net income target | ¥265 million (FY45; no final-year target stated for FY47) → ¥347 million (FY45; no final-year target stated for FY47)（30.9%） |
| Payout ratio / DOE policy | The planned annual dividend per share for the next fiscal year is ¥7.5, with a consolidated payout ratio of approximately 20.1%. This applies to the next fiscal year, ending March 2027. Dividends will be determined after comprehensively considering past consolidated results, future outlook, the payout ratio, dividend yield, and equity ratio, among other factors. |
| Segment target | Segment Antibody-related business / Net Sales FY45 ¥1,082 million / FY46 ¥1,152 million / FY47 ¥1,222 million / Operating profit FY45 ¥322 million / FY46 ¥352 million / FY47 ¥382 million, Segment Cosmetics-related business / Net Sales FY45 ¥5 million / FY46 ¥15 million / FY47 ¥25 million / Operating profit FY45 ¥0 million / FY46 ¥5 million / FY47 ¥10 million |
| Plan assumptions | Tighter raw-material procurement resulting from instability in the Middle East, Foreign-exchange trends and the impact of tariffs, Company estimate based on $1 = ¥150 |
| Key initiatives | Further strengthen the information strategy in Japan and overseas by using social media and other channels, Actively participate in trade shows and other events held in various countries, Strengthen collaboration with overseas distributors, Apply the overseas information strategy to domestic sales, Strengthen relationships with users, distributors, and influencers, Develop antibodies with high significance, Strengthen collaboration with domestic and overseas companies related to in vitro diagnostic products, Advance the commercialization of products in the in vitro diagnostic products field and focus on sales, Pursue higher operating profit through efficient use of personnel and facilities |
| Results under the previous plan | ¥1,025 million (consolidated net sales for FY44, previous forecast → actual results) → ¥1,004 million (consolidated net sales for FY44, previous forecast → actual results)（-2.0%） |
| Reason for revision or withdrawal | Although the new medium-term management plan's net sales are expected to be affected negatively by tighter raw-material procurement resulting from instability in the Middle East, foreign-exchange trends, and tariffs, domestic and overseas sales of the core ELISA kits and raw materials for in vitro diagnostic products are expected to increase, as are product sales in the genetically modified silkworm business. Net sales are also expected to increase from the next fiscal year onward. In the cosmetics-related business, investment in personnel and facilities needed to achieve the previous numerical targets remains constrained because of the investment strategy of prioritizing the diagnostic reagents business. The targets for this plan have therefore been substantially reduced from the previous figures. |
| Size of the Target Market | Market Research antibodies and reagents / Dimensions ¥2.43 trillion in 2024 and ¥4.71 trillion in 2034 / Source Based on Global Information,Inc., “Global Research Antibodies and Reagents Market Opportunities and Strategies to 2034”, Market In vitro diagnostic products / Dimensions ¥16.49 trillion in 2025 and ¥26.27 trillion in 2032 / Source Based on Global Information,Inc., “In Vitro Diagnostics Market: Global Market Forecast by Product, Test Type, Specimen, Application, End User, and Patient Group, 2026–2032”, Market Biopharmaceuticals / Dimensions ¥103.50 trillion in 2025 and ¥203.04 trillion in 2032 / Source Based on Global Information,Inc., “Biopharmaceuticals Market: Global Market Forecast by Therapeutic Area, Technology, Product Type, Route of Administration, and Distribution Channel, 2026–2032” |
| Risks identified | Business alliances with other companies and the establishment of joint ventures, Dependence on specific individuals, Progress in drug candidate development, In vitro diagnostic products (new slide), Foreign-exchange fluctuations |
| Publication date | 29 May 2026 |
Items this document does not state (10)
Operating profit margin targetROE targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorNon-financial targetsDate of board resolution
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.The company expects sales growth in its core ELISA kits, raw materials for in vitro diagnostic products, and genetically modified silkworm businesses, while citing tighter raw-material procurement resulting from instability in the Middle East, foreign-exchange trends, and the impact of tariffs as factors that could reduce results. For the cosmetics-related business, it stated that investment in personnel and facilities remains constrained because of its investment strategy of prioritizing the diagnostic reagents business, and that the previous target has therefore been substantially reduced.
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