Fuji Pharma Co Ltd (4554) Q4 2025 earnings summary

Executive summary

• FY9/25 sales rose 12.0% to ¥51.677bn and operating profit rose 28.6% to ¥4.990bn, both records; parent-attributable profit fell 51.2% to ¥3.000bn.

• Growth reflected women's health and biosimilar products, improved product mix, repricing of unprofitable products, and upfront contract income in Q4.

Financial highlights

• FY9/25 gross profit increased 16.4% to ¥20.763bn and EBITDA rose 22.7% to ¥8.865bn; gross margin improved to 40.2% from 38.7%.

• Ordinary profit was ¥4.459bn, up 0.3% reported; excluding the prior-year derivative valuation gain, it increased ¥645m, or 16.9%.

• Sales reached 96.8% of plan, while operating profit reached 102.9% and EBITDA 103.6%.

• Operating cash flow was ¥5.801bn versus ¥4.151bn; year-end cash and equivalents were ¥7.245bn versus ¥4.585bn.

• Total assets rose to ¥93.405bn from ¥90.000bn; net assets increased to ¥46.908bn from ¥45.563bn.

Outlook and guidance

• FY9/26 forecast: sales ¥57.490bn (+11.2%), gross profit ¥23.690bn (+14.1%), operating profit ¥5.520bn (+10.6%), ordinary profit ¥5.240bn (+17.5%), and parent-attributable profit ¥3.810bn (+27.0%).

• FY9/26 EBITDA is forecast at ¥9.502bn (+7.2%); six-month forecast sales are ¥29.030bn and parent-attributable profit ¥1.930bn.

• Sales growth is led by women's healthcare (+¥2.898bn) and biosimilars (+¥1.747bn); others add ¥992m and CMO ¥156m.

• FY9/26 R&D expense is forecast to rise 37.6% to ¥4.600bn; capital expenditure is forecast at ¥3.471bn, up 45.1%.