Worth reading
87Important
Scored from 4 of 5 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
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Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+2.0pt
基準 2,027Target2,029millions, %
Operating profit+2.0pt
基準 2,027Target2,029millions, %
Operating profit margin+2.0pt
基準 2,027Target2,029％
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. For metrics expressed as percentages, differences are shown in percentage points (pt).
What happened to the previous planFY2026 plan: revenue of ¥1,759 million, operating profit of ¥167 million, ordinary profit of ¥168 million, and net income attributable to owners of the parent of ¥161 million → FY2026 actual results: revenue of ¥1,565 million, operating profit of ¥82 million, ordinary profit of ¥131 million, and net income attributable to owners of the parent of ¥125 million0.0%Calculated from the two disclosed figures
Investment amount by sectorField Expansion of animal production facilities (large-scale capital investment) / Amount Not disclosed
Key initiatives
01Expand sales channels through the development of next-generation pharmaceuticals, including nucleic acid therapeutics
02Promoting alliances
03Develop disease models
04Establish supply and sales systems in overseas markets
05New product: launch of frozen human hepatocytes “PXB-cells Cryo” in April 2025
06Expansion into new applications
07Expand the customer base and geographic coverage
08Expand products and services
09Develop disease-model animals
10Develop evaluation systems
11Rebuild the supply system for fresh PXB-cells
Plan assumptionsAnnual growth in the high single to double digits has been reported for the advanced preclinical models market, The nucleic acid therapeutics market is expected to grow at a CAGR of 7.6% and reach $48.710 billion in 2035, 2.2 times its 2024 level, The primary hepatocytes market is estimated to grow from $257.3 million in 2024 to $428.1 million in 2032, representing an estimated CAGR of 6.6%, Overseas pharmaceutical companies accounted for approximately 73% of sales in FY2026, while the US market accounted for approximately 54%
Segment targetSegment in vivo domain / Latest results ¥1,441 million (FY2026 actual results) / Target At least 10% above FY2026 actual results in FY2029, Segment in vitro domain / Latest results ¥122 million (FY2026 actual results) / Target At least 200% above FY2026 actual results in FY2029, Segment PXB mice / Latest results ¥1,086 million (FY2026 actual results) / Target ¥939 million (FY2027 plan), Segment PXB-cells-related / Latest results ¥122 million (FY2026 actual results) / Target ¥257 million (FY2027 plan)
Size of the Target MarketMarket Nucleic acid therapeutics / Scale $21.9 billion in 2024 and $48.710 billion in 2035 / Growth rate CAGR7.6％ / Source TCP Marketing Research, “2024 Global Nucleic Acid Therapeutics Market”, Market Primary Hepatocytes / Scale $257.3 million in 2024 and $428.1 million in 2032 / Growth rate CAGR6.6％ / Source Global Information,Inc., “Global Primary Hepatocytes Market by Product Type, End User and Region: Industry Analysis, Size, Share, Growth, Trends and Forecast (2024–2032)”, Market PDX models (tumor models) / Scale Not disclosed / Growth rate CAGR12～15％ / Source Dataintelo『Global PDX Models Market』, Market Humanized mouse models / Scale Not disclosed / Growth rate CAGR of 6% to over 10% / Source MarketsandMarkets『Humanized Mouse Model Market』, Market Organoids / advanced cell models / Scale Not disclosed / Growth rate Nearly 20% / Source GlobeNewswire (advanced cell models market report)
Risks identified by the company
Competition: If the company’s competitive advantage is impaired by new market entrants, its business performance may be affected
Foreign exchange risk: The company conducts many transactions denominated in foreign currencies, and fluctuations in foreign exchange rates may affect its business performance
Procurement of raw materials and human hepatocytes: Production may be constrained if procurement becomes difficult because of price increases, regulatory restrictions or other factors
Dependence on a specific market: Business performance may be affected by developments in US government tariff and drug pricing policies
Reason for revision or withdrawal
Overseas markets remain challenging as pharmaceutical companies face pressure to restrain budgets because of rising R&D costs. The company was unable to resolve the decline in demand in the viral hepatitis field in overseas markets or transportation cost challenges following the closure of its North American production facility, the Canadian subsidiary. In addition, advanced preclinical models have recently emerged in the preclinical market. In light of these changes in the market environment, the company determined that it was appropriate to explain its strategy by business domain.
| Item | Details |
|---|---|
| Plan name | Explanatory Material on Business Plans and Growth Potential |
| Plan period | FY2027–FY2029 (FY2027 plan and revised FY2029 targets) |
| Progress against the plan | Partially revised |
| Sales Target | Previous FY2027 target: PXB mouse revenue of +50% versus FY2024 actual results and PXB-cells revenue of +100% (total amount not disclosed) → FY2027 plan: ¥939 million for PXB mice and ¥257 million for PXB-cells. Revised FY2029 targets: growth of at least 10% versus FY2026 actual results in the in vivo domain and at least 200% in the in vitro domain |
| Operating profit target | Previous FY2027 target: not disclosed (operating margin of at least 20%) → Revised FY2029 target: not disclosed (operating margin of at least 20%) |
| Operating profit margin target | At least 20% (previous FY2027 target) → At least 20% (revised FY2029 target) |
| Investment amount by sector | Field Expansion of animal production facilities (large-scale capital investment) / Amount Not disclosed |
| Segment target | Segment in vivo domain / Latest results ¥1,441 million (FY2026 actual results) / Target At least 10% above FY2026 actual results in FY2029, Segment in vitro domain / Latest results ¥122 million (FY2026 actual results) / Target At least 200% above FY2026 actual results in FY2029, Segment PXB mice / Latest results ¥1,086 million (FY2026 actual results) / Target ¥939 million (FY2027 plan), Segment PXB-cells-related / Latest results ¥122 million (FY2026 actual results) / Target ¥257 million (FY2027 plan) |
| Plan assumptions | Annual growth in the high single to double digits has been reported for the advanced preclinical models market, The nucleic acid therapeutics market is expected to grow at a CAGR of 7.6% and reach $48.710 billion in 2035, 2.2 times its 2024 level, The primary hepatocytes market is estimated to grow from $257.3 million in 2024 to $428.1 million in 2032, representing an estimated CAGR of 6.6%, Overseas pharmaceutical companies accounted for approximately 73% of sales in FY2026, while the US market accounted for approximately 54% |
| Key initiatives | Expand sales channels through the development of next-generation pharmaceuticals, including nucleic acid therapeutics, Promoting alliances, Develop disease models, Establish supply and sales systems in overseas markets, New product: launch of frozen human hepatocytes “PXB-cells Cryo” in April 2025, Expansion into new applications, Expand the customer base and geographic coverage, Expand products and services, Develop disease-model animals, Develop evaluation systems, Rebuild the supply system for fresh PXB-cells |
| Results under the previous plan | FY2026 plan: revenue of ¥1,759 million, operating profit of ¥167 million, ordinary profit of ¥168 million, and net income attributable to owners of the parent of ¥161 million → FY2026 actual results: revenue of ¥1,565 million, operating profit of ¥82 million, ordinary profit of ¥131 million, and net income attributable to owners of the parent of ¥125 million |
| Reason for revision or withdrawal | Overseas markets remain challenging as pharmaceutical companies face pressure to restrain budgets because of rising R&D costs. The company was unable to resolve the decline in demand in the viral hepatitis field in overseas markets or transportation cost challenges following the closure of its North American production facility, the Canadian subsidiary. In addition, advanced preclinical models have recently emerged in the preclinical market. In light of these changes in the market environment, the company determined that it was appropriate to explain its strategy by business domain. |
| Size of the Target Market | Market Nucleic acid therapeutics / Scale $21.9 billion in 2024 and $48.710 billion in 2035 / Growth rate CAGR7.6％ / Source TCP Marketing Research, “2024 Global Nucleic Acid Therapeutics Market”, Market Primary Hepatocytes / Scale $257.3 million in 2024 and $428.1 million in 2032 / Growth rate CAGR6.6％ / Source Global Information,Inc., “Global Primary Hepatocytes Market by Product Type, End User and Region: Industry Analysis, Size, Share, Growth, Trends and Forecast (2024–2032)”, Market PDX models (tumor models) / Scale Not disclosed / Growth rate CAGR12～15％ / Source Dataintelo『Global PDX Models Market』, Market Humanized mouse models / Scale Not disclosed / Growth rate CAGR of 6% to over 10% / Source MarketsandMarkets『Humanized Mouse Model Market』, Market Organoids / advanced cell models / Scale Not disclosed / Growth rate Nearly 20% / Source GlobeNewswire (advanced cell models market report) |
| Risks identified | Competition: If the company’s competitive advantage is impaired by new market entrants, its business performance may be affected, Foreign exchange risk: The company conducts many transactions denominated in foreign currencies, and fluctuations in foreign exchange rates may affect its business performance, Procurement of raw materials and human hepatocytes: Production may be constrained if procurement becomes difficult because of price increases, regulatory restrictions or other factors, Dependence on a specific market: Business performance may be affected by developments in US government tariff and drug pricing policies |
| Publication date | 29 June 2026 |
Items this document does not state (10)
Net income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planNon-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 reasons include a challenging market environment caused by overseas pharmaceutical companies restraining R&D budgets, declining overseas demand in the viral hepatitis field, and transportation cost challenges associated with the closure of the Canadian subsidiary’s production facility. In response to changes in the market environment, including the emergence of advanced preclinical models, the business classification was changed to business domains.
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