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How definitive the wording is.Items stated in the management plan
Annual updateNet SalesNot disclosed → Approximately ¥560 billion (estimated target sales scale for Kubota Glass®)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNot disclosed → Entered into exclusive sales agency agreements and sales and purchase agreements with a total of 5 companies in Greater China, comprising 4 companies in China and 1 in Taiwan. Growth in domestic unit sales was limited.
Key initiatives
01Priority investment for the commercialization of the pharmaceutical business
02Securing funding for drug product manufacturing
03Initiating preclinical and clinical trials for new pipelines according to funding conditions
04Providing information to physicians with a high level of expertise and influence in ophthalmology
05Promoting partnerships to expand revenue from compassionate use programs in countries worldwide, including Europe as well as France
06Strengthening and expanding the sales network in major Chinese cities and expanding the distributor network in the Taiwan market
07Conducting market research and developing the market in Europe
08Marketing the new service model in the Japanese market
09Conducting a large-scale clinical trial aimed at preventing myopia in children
10Selecting a partner for emixustat hydrochloride, a treatment candidate for proliferative diabetic retinopathy
11Selecting a partner for disease-model research aimed at validating proof of concept for the VAP-1 inhibitor in vivo
12Validating a practical model through the joint development of retinal monitoring equipment for home-based and teleophthalmology care, identifying partner companies, and exploring commercialization
Plan assumptionsThe target market for Kubota Glass® in China is expected to maintain a myopic population of more than 100 million over the next several years, even after taking into account China’s future myopia rate and the decline in the number of births., Market sizes translated into yen are calculated at ¥155 to the US dollar., The diabetic retinopathy treatment market is assumed to have a compound annual growth rate through 2030 of 6.7% globally, 6.6% in the United States, approximately 6.5–7.0% in the five EU countries, and 7.3% in Japan., The Alzheimer’s disease treatment market is assumed to have a compound annual growth rate through 2033 of 19.1% in the United States, approximately 8–9% in the four EU countries and the United Kingdom, and 10.25% in Japan., The MASH treatment market is assumed to have a compound annual growth rate through 2030 of 26.3% in the United States, approximately 30–35% in the four EU countries and the United Kingdom, and 40.4% in Japan., The market for treatments for age-related macular degeneration and diabetic macular edema is assumed to have a compound annual growth rate of approximately 30% worldwide through 2030., The target market share is set based on the size of the target market, the assumed market penetration rate, the competitive environment, and the Company’s assumptions.
Non-financial targetsIndicator name Target share of Kubota Glass® / Target value 5% / Timing Not disclosed, Indicator name Estimated target population / Target value 32 million people / Timing Not disclosed
Size of the Target MarketSubject Stargardt disease treatments / Europe / Market Size TAM: $3.188 billion (approximately ¥494.1 billion), SAM: $1.594 billion (approximately ¥247.1 billion), SOM: $1.036 billion (approximately ¥160.6 billion) / Growth rate Not disclosed / Source Global Information, Coherent Market Insights, and Kubota Vision Inc. proprietary research, Subject Proliferative diabetic retinopathy treatments / the United States, five EU countries, and Japan / Market Size TAM: $17.180 billion (approximately ¥2.6629 trillion), SAM: $4.095 billion (approximately ¥634.7 billion), SOM: $2.795 billion (approximately ¥433.2 billion) / Growth rate 6.7% globally, 6.6% in the United States, approximately 6.5–7.0% in the five EU countries, and 7.3% in Japan (through 2030) / Source Grand View Research, TechSci Research, Insights10, Pioneering Marketdigits, Research and Markets, Market Research Future, and Kubota Vision Inc. proprietary research, Subject Alzheimer’s disease treatments / the United States, four EU countries, the United Kingdom, and Japan / Market Size TAM: $50.521 billion (approximately ¥7.8308 trillion), SAM: $9.483 billion (approximately ¥1.4699 trillion), SOM: $7.678 billion (approximately ¥1.1901 trillion) / Growth rate 19.1% in the United States, approximately 8–9% in the four EU countries and the United Kingdom, and 10.25% in Japan (through 2033) / Source Grand View Research, Coherent Market Insights, Mordor Intelligence, TechSci Research, and Kubota Vision Inc. proprietary research, Subject MASH treatments / the United States, four EU countries, the United Kingdom, and Japan / Market Size TAM: $275.113 billion (approximately ¥42.6425 trillion), SAM: $13.756 billion (approximately ¥2.1322 trillion), SOM: $10.440 billion (approximately ¥1.6182 trillion) / Growth rate 26.3% in the United States, approximately 30–35% in the four EU countries and the United Kingdom, and 40.4% in Japan (through 2030) / Source Grand View Research, Global Information, Research and Markets, and Kubota Vision Inc. proprietary research, Subject The market for treatments for age-related macular degeneration and diabetic macular edema targeted by eyeMO® / Market Size TAM: $4.079 billion (approximately ¥632.2 billion), SAM: $408 million (approximately ¥63.2 billion), SOM: $306 million (approximately ¥47.4 billion) / Growth rate Approximately 30% worldwide (through 2030) / Source Kubota Vision Inc. proprietary research, Subject China’s myopic population aged 6–18 / Market Size Approximately 110 million as of 2021. Kubota Glass®’s estimated target population is 32 million people. / Growth rate Not disclosed / Source National Bureau of Statistics of China, National Health Commission, and estimates by Debon Securities Research Institute
Risks identified by the company
Research and development: The risk that pharmaceutical candidates or medical devices may fail to meet approval requirements for efficacy and safety
Adverse effects (product liability): The risk that unexpected adverse effects may be identified during clinical trials or after launch
Intellectual property rights: The risk of being unable to obtain patent rights, having the scope of patent protection narrowed, or infringing a third party’s intellectual property rights
Funding for research and development: The risk that the Company may be unable to raise funds when necessary and may have to scale back its pipeline
Manufacturing: The risk that supply may be disrupted due to delays in selecting external contractors or technical, distribution-related, or regulatory issues at manufacturing and logistics facilities
Commercialization: The risk that sales may be delayed because establishing sales and marketing systems in each market takes time
For other risks, please refer to the Securities Report.
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Plan period | 2026〜2028 |
| Progress against the plan | Annual update |
| Sales Target | Not disclosed → Approximately ¥560 billion (estimated target sales scale for Kubota Glass®) |
| Non-financial targets | Indicator name Target share of Kubota Glass® / Target value 5% / Timing Not disclosed, Indicator name Estimated target population / Target value 32 million people / Timing Not disclosed |
| Plan assumptions | The target market for Kubota Glass® in China is expected to maintain a myopic population of more than 100 million over the next several years, even after taking into account China’s future myopia rate and the decline in the number of births., Market sizes translated into yen are calculated at ¥155 to the US dollar., The diabetic retinopathy treatment market is assumed to have a compound annual growth rate through 2030 of 6.7% globally, 6.6% in the United States, approximately 6.5–7.0% in the five EU countries, and 7.3% in Japan., The Alzheimer’s disease treatment market is assumed to have a compound annual growth rate through 2033 of 19.1% in the United States, approximately 8–9% in the four EU countries and the United Kingdom, and 10.25% in Japan., The MASH treatment market is assumed to have a compound annual growth rate through 2030 of 26.3% in the United States, approximately 30–35% in the four EU countries and the United Kingdom, and 40.4% in Japan., The market for treatments for age-related macular degeneration and diabetic macular edema is assumed to have a compound annual growth rate of approximately 30% worldwide through 2030., The target market share is set based on the size of the target market, the assumed market penetration rate, the competitive environment, and the Company’s assumptions. |
| Key initiatives | Priority investment for the commercialization of the pharmaceutical business, Securing funding for drug product manufacturing, Initiating preclinical and clinical trials for new pipelines according to funding conditions, Providing information to physicians with a high level of expertise and influence in ophthalmology, Promoting partnerships to expand revenue from compassionate use programs in countries worldwide, including Europe as well as France, Strengthening and expanding the sales network in major Chinese cities and expanding the distributor network in the Taiwan market, Conducting market research and developing the market in Europe, Marketing the new service model in the Japanese market, Conducting a large-scale clinical trial aimed at preventing myopia in children, Selecting a partner for emixustat hydrochloride, a treatment candidate for proliferative diabetic retinopathy, Selecting a partner for disease-model research aimed at validating proof of concept for the VAP-1 inhibitor in vivo, Validating a practical model through the joint development of retinal monitoring equipment for home-based and teleophthalmology care, identifying partner companies, and exploring commercialization |
| Results under the previous plan | Not disclosed → Entered into exclusive sales agency agreements and sales and purchase agreements with a total of 5 companies in Greater China, comprising 4 companies in China and 1 in Taiwan. Growth in domestic unit sales was limited. |
| Size of the Target Market | Subject Stargardt disease treatments / Europe / Market Size TAM: $3.188 billion (approximately ¥494.1 billion), SAM: $1.594 billion (approximately ¥247.1 billion), SOM: $1.036 billion (approximately ¥160.6 billion) / Growth rate Not disclosed / Source Global Information, Coherent Market Insights, and Kubota Vision Inc. proprietary research, Subject Proliferative diabetic retinopathy treatments / the United States, five EU countries, and Japan / Market Size TAM: $17.180 billion (approximately ¥2.6629 trillion), SAM: $4.095 billion (approximately ¥634.7 billion), SOM: $2.795 billion (approximately ¥433.2 billion) / Growth rate 6.7% globally, 6.6% in the United States, approximately 6.5–7.0% in the five EU countries, and 7.3% in Japan (through 2030) / Source Grand View Research, TechSci Research, Insights10, Pioneering Marketdigits, Research and Markets, Market Research Future, and Kubota Vision Inc. proprietary research, Subject Alzheimer’s disease treatments / the United States, four EU countries, the United Kingdom, and Japan / Market Size TAM: $50.521 billion (approximately ¥7.8308 trillion), SAM: $9.483 billion (approximately ¥1.4699 trillion), SOM: $7.678 billion (approximately ¥1.1901 trillion) / Growth rate 19.1% in the United States, approximately 8–9% in the four EU countries and the United Kingdom, and 10.25% in Japan (through 2033) / Source Grand View Research, Coherent Market Insights, Mordor Intelligence, TechSci Research, and Kubota Vision Inc. proprietary research, Subject MASH treatments / the United States, four EU countries, the United Kingdom, and Japan / Market Size TAM: $275.113 billion (approximately ¥42.6425 trillion), SAM: $13.756 billion (approximately ¥2.1322 trillion), SOM: $10.440 billion (approximately ¥1.6182 trillion) / Growth rate 26.3% in the United States, approximately 30–35% in the four EU countries and the United Kingdom, and 40.4% in Japan (through 2030) / Source Grand View Research, Global Information, Research and Markets, and Kubota Vision Inc. proprietary research, Subject The market for treatments for age-related macular degeneration and diabetic macular edema targeted by eyeMO® / Market Size TAM: $4.079 billion (approximately ¥632.2 billion), SAM: $408 million (approximately ¥63.2 billion), SOM: $306 million (approximately ¥47.4 billion) / Growth rate Approximately 30% worldwide (through 2030) / Source Kubota Vision Inc. proprietary research, Subject China’s myopic population aged 6–18 / Market Size Approximately 110 million as of 2021. Kubota Glass®’s estimated target population is 32 million people. / Growth rate Not disclosed / Source National Bureau of Statistics of China, National Health Commission, and estimates by Debon Securities Research Institute |
| Risks identified | Research and development: The risk that pharmaceutical candidates or medical devices may fail to meet approval requirements for efficacy and safety, Adverse effects (product liability): The risk that unexpected adverse effects may be identified during clinical trials or after launch, Intellectual property rights: The risk of being unable to obtain patent rights, having the scope of patent protection narrowed, or infringing a third party’s intellectual property rights, Funding for research and development: The risk that the Company may be unable to raise funds when necessary and may have to scale back its pipeline, Manufacturing: The risk that supply may be disrupted due to delays in selecting external contractors or technical, distribution-related, or regulatory issues at manufacturing and logistics facilities, Commercialization: The risk that sales may be delayed because establishing sales and marketing systems in each market takes time, For other risks, please refer to the Securities Report. |
| Publication date | 27 March 2026 |
Items this document does not state (14)
Operating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetReason for revision or withdrawalDate 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.To achieve sustainable growth by building a vision health platform combining prescription pharmaceuticals and medical devices, while pursuing the early commercialization of a treatment candidate for Stargardt disease, the overseas expansion of Kubota Glass®, and the research and development and partnering of next-generation pipelines in parallel. The limited growth in units sold in Japan was attributed to prioritizing the development of sales channels in China over the Japanese market.
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