9-month progress against the FY2026 full-year forecast is led by operating profit, with Q4 the focus

For the 9-month period from 1 October 2025 to 30 June 2026, revenue was ¥45,382 million, up 22.8% year on year, while operating profit was ¥5,394 million, up 60.2%. Ordinary profit also increased 73.5% to ¥5,479 million, indicating that profit growth exceeded revenue growth. Meanwhile, quarterly net income attributable to owners of the parent was ¥1,820 million, down 0.6% year on year.

The full-year forecasts are revenue of ¥59,250 million, operating profit of ¥6,120 million, ordinary profit of ¥5,880 million and net income attributable to owners of the parent of ¥2,240 million. On a simple calculation, 9-month progress is 76.6% for revenue, 88.1% for operating profit, 93.2% for ordinary profit and 81.3% for net income. The gaps to the full-year forecasts are ¥13,868 million in revenue, ¥726 million in operating profit, ¥401 million in ordinary profit and ¥420 million in net income, meaning the profit targets present a lower hurdle than the revenue target.

Back-calculating Q4 results from FY2025, revenue was ¥14,723 million and operating profit was ¥1,623 million. By comparison, the FY2026 Q4 plan calls for revenue of ¥13,868 million and operating profit of ¥726 million, representing simple year-on-year declines of approximately 5.8% and 55.3%, respectively. The full-year forecast may therefore assume not only strong performance through 9 months but also a decline in profit levels in Q4.

The 9-month operating margin was approximately 11.9%, while the Q4 operating margin calculated from the gap to the full-year forecast is only approximately 5.2%. At the next earnings release, it will be important to determine whether this gap reflects product mix, seasonality or the timing of R&D expenses, personnel expenses and promotional expenses. As the company operates in a single pharmaceutical segment, progress cannot be assessed from segment-level revenue and profit, making any additional disclosure of contributions by product or business important as well.