KYORIN Pharmaceutical (4569) Q4 2025 earnings summary

Executive summary

• Net sales for FY2024 rose 8.8% year-over-year to ¥130.1 billion, driven by strong growth in new drugs and a significant upfront payment for KRP-M223.

• Operating profit more than doubled to ¥12.6 billion (+101.6% YoY), with profit attributable to owners of parent up 66% to ¥9.1 billion.

• Comprehensive income for the year was ¥8.57 billion, up 5.8% year-over-year.

• Mainstay products Beova, Lasvic, Desalex, and Flutiform posted robust sales increases, while some long-listed and generic products declined due to NHI price revisions.

• The company exceeded its FY2024 forecast for net sales and profits, mainly due to the KRP-M223 payment.

Financial highlights

• Net sales: ¥130.1B (+8.8% YoY); Operating profit: ¥12.6B (+101.6% YoY); Net profit: ¥9.1B (+66.0% YoY).

• Ordinary profit increased 93.8% YoY to ¥13.2B; basic EPS rose to ¥158.17 from ¥95.41.

• Gross profit increased by ¥7.9B, with cost of sales ratio improving by 2.6 percentage points.

• R&D expenses rose to ¥10.5B (+31.1% YoY), reflecting upfront payments for pipeline assets.

• Total assets grew to ¥193.6B, and net assets to ¥136.3B as of March 31, 2025.

Outlook and guidance

• FY2025 net sales forecast at ¥127.0B (-2.4% YoY), reflecting absence of KRP-M223 payment; new drugs in Japan expected to grow 5.8%.

• Operating profit projected to decline 51.5% to ¥6.1B; profit attributable to owners of parent to fall 47.2% to ¥4.8B.

• Earnings per share forecasted at ¥83.55 for the next fiscal year.

• Excluding KRP-M223, underlying sales and operating profit are expected to rise 4.2% and 40.5%, respectively.

• Mainstay products Beova, Lasvic, Lyfnua, and Desalex are forecast to continue growth in FY2025.