Kyowa Kirin (4151) Q2 2026 earnings summary

Executive summary

• Revenue grew 14.3% year-over-year to ¥263.6 billion, driven by global product growth, technology out-licensing, strong North America Crysvita demand, favorable FX, and lower R&D expenses.

• Core operating profit surged 80% to ¥66.1 billion, and profit attributable to owners of parent increased 88% to ¥30.6 billion year-over-year.

• Progress is slightly ahead of the revised full-year plan, with increased Crysvita shipments in North America ahead of a price increase.

• Sanford manufacturing facility was selected for the FDA PreCheck Pilot Program, expected to accelerate approval and supply chain resilience.

• Comprehensive income jumped to ¥39.4 billion from ¥6.2 billion, reflecting profit growth and favorable FX translation.

Financial highlights

• Revenue: ¥263.6B (+14.3% YoY); overseas ratio 78%.

• Gross profit: ¥197.3B (+17% YoY); gross margin 75%.

• Core operating profit: ¥66.1B (+80% YoY); margin 25%.

• Net profit: ¥30.6B (+88% YoY); profit to revenue ratio 12%.

• Basic EPS: ¥58.48 (+87.6% YoY); Core EPS: ¥103.26 (+97.7% YoY).

Outlook and guidance

• Full-year earnings forecast remains unchanged, with FY2026 revenue forecast at ¥520.0B (+4.7% YoY), core operating profit at ¥130.0B (+18.4% YoY), and profit at ¥75.0B (+11.9% YoY).

• Dividend forecast for FY2026: ¥70 per share (up from ¥62 in FY2025).

• Progress toward annual revenue and profit targets is on track, with 51% of revenue and core operating profit targets achieved by mid-year.

• No change in FX assumptions for FY2026; sensitivity analysis provided.