Astellas Pharma (4503) Q3 2026 earnings summary

Executive summary

• Achieved double-digit revenue growth (+10.2% YoY) and significant core operating profit increase (+48.6% YoY), driven by strong performance of strategic brands including PADCEV, IZERVAY, VYLOY, VEOZAH, and XTANDI, as well as cost optimization initiatives.

• Upward revision of full-year forecast for revenue, core operating profit, and operating profit due to continued business momentum and robust demand.

• Pipeline advanced with key regulatory approvals and positive clinical data for PADCEV, VYLOY, ASP3082, and ASP2138.

Financial highlights

• Revenue for the first three quarters reached ¥1,601.3 billion, up 10.2% year-over-year; core operating profit rose to ¥442.1 billion, up 48.6% year-over-year, with margin up to 27.6%.

• SG&A expenses decreased 1.0% year-over-year; R&D expenses fell 12.9% year-over-year, improving R&D ratio to 13.7%.

• Free cash flow surged to ¥310.8 billion (Q3 YTD), up from ¥7.0 billion YoY; cash and equivalents increased to ¥254.3 billion.

• Basic core earnings per share rose 48.6% year-over-year to ¥185.20.

Outlook and guidance

• Full-year FY2025 revenue forecast raised to ¥2,100 billion; core operating profit forecast increased to ¥520 billion (margin 24.8%, +4.2ppt YoY); core profit to ¥385 billion (+5.5%).

• R&D expenses projected at ¥315 billion, reflecting prioritization of research programs.

• No impairment indication as of February 2026.