Interim results are on track for the full-year forecast, but the second half needs to exceed the first half in revenue

FY2026-H1 revenue was ¥663.3 billion, up 14.7% year on year, IFRS operating profit was ¥319.6 billion, up 16.9%, and interim profit was ¥231.7 billion, up 19.2%. On a Core basis, operating profit was also ¥329.1 billion, up 21.0% year on year, confirming higher revenue and profit under both IFRS and Core measures. Interim revenue represented approximately 49.3% of the full-year forecast of ¥1,345.0 billion, while Core operating profit represented approximately 49.1% of the full-year forecast of ¥670.0 billion, indicating that first-half progress was broadly in line with the annual plan.

On a simple calculation, the company needs to secure revenue of ¥681.7 billion and Core operating profit of ¥340.9 billion in the second half. Revenue must exceed the first-half result of ¥663.3 billion, making it important to see which of domestic products, overseas products, and royalty and upfront-payment income provide additional contributions in FY2026-Q3 year to date. In particular, first-half revenue growth included overseas product sales and upfront-payment income, so it has not yet been established whether the same mix will continue in the second half.

On the profit side, there was a ¥9.5 billion difference between FY2026-H1 IFRS operating profit of ¥319.6 billion and Core operating profit of ¥329.1 billion. Supplementary materials identify ¥1.2 billion in amortisation of intangible assets and ¥8.3 billion in business restructuring costs and other items as exclusions from Core results, but do not disclose the specific targets of the restructuring costs or their expected future amount. In FY2026-Q3, it will be necessary to assess whether growth in Core profit, which reflects normal earnings power, continues and whether the difference from IFRS profit caused by non-recurring items narrows.

Revenue and profit by reporting segment have not been disclosed, so the domestic and overseas mix and product mix within the single pharmaceutical business must be tracked. In the next earnings release, we will focus on whether the full-year forecast is revised, the likelihood of achieving the revenue and Core operating profit required in the second half, and the sustainability of overseas sales and royalty income.