KYORIN Pharmaceutical (4569) Q4 2026 earnings summary

Executive summary

• Net sales for FY2025 were ¥126.3 billion, down 2.9% year-over-year, with operating profit dropping 71.6% to ¥3.6 billion and profit attributable to owners falling 62% to ¥3.4 billion.

• Net sales for the fiscal year ended March 31, 2026, were ¥126,257 million, down 2.9% year-over-year.

• Operating profit dropped 69.5% to ¥4,031 million, and profit attributable to owners of parent fell 62.0% to ¥3,448 million.

• Growth in new drugs like Beova and Desalex was offset by a sharp decline in overseas new drug revenue and a reactionary drop from prior year’s upfront revenue.

• Comprehensive income increased 9.8% to ¥9,414 million compared to the previous year.

Financial highlights

• Gross profit decreased 13.3% year-over-year to ¥51.6 billion, with cost of sales rising 5.8%.

• Ordinary profit decreased 66.0% year-over-year to ¥3,567 million.

• Basic earnings per share declined to ¥60.03 from ¥158.17 year-over-year.

• Cash and cash equivalents at year-end were ¥11,802 million, down from ¥15,021 million.

• Cash flows from operating activities rose to ¥6,381 million, while investing and financing activities saw outflows of ¥1,644 million and ¥7,956 million, respectively.

Outlook and guidance

• FY2026 net sales are forecast to decline 3.5% to ¥121.8 billion, with operating profit expected to drop 43.9% to ¥2.0 billion.

• Profit attributable to owners of parent is forecast at ¥1,500 million, down 56.5%.

• Earnings per share forecast is ¥26.11 for the full year.

• R&D expenses are projected to decrease by 22.9% as prior year’s upfront payments and major trial costs subside.

• Sales growth in Beova, Lasvic, and Mucodyne is expected, but Desalex sales will decline sharply due to generic entry.