Nxera Pharma (4565) Q3 2026 earnings summary

Executive summary

• 9M FY2026 revenue was ¥27,742m, up 27.0% YoY; IFRS operating profit was ¥3,175m and net profit ¥2,328m, versus losses in 9M FY2025.

• Core operating profit reached ¥9,818m versus a ¥986m loss a year earlier; commercial and platform businesses were both profitable on a core basis.

• Growth combined Japan product sales with partner income; seven partnered molecules were in clinical trials, including two in Phase 3.

• 2030 targets remain revenue above ¥50bn and operating margin above 30%, with Japan profits funding UK discovery and partners funding global development.

Financial highlights

• 9M revenue was ¥27,742m; partner revenue was ¥13,326m, up 63%, and commercial revenue was ¥14,416m, up 5%.

• IFRS operating profit was ¥3,175m versus an operating loss of ¥5,907m; profit before tax was ¥2,565m and net profit was ¥2,328m.

• Gross profit was ¥23,474m versus ¥15,702m; operating expenses fell to ¥23,557m from ¥28,756m.

• Core R&D expenses declined 20% to ¥7,928m and core SG&A declined 11% to ¥6,932m.

• IFRS results included ¥1,717m of impairment losses, including ¥1,114m of goodwill impairment; restructuring costs were ¥471m.

Outlook and guidance

• FY2026 forecast remains unchanged: revenue ¥33,800m–¥48,800m, core operating profit ¥7,800m–¥22,800m and operating profit ¥700m–¥15,700m.

• Forecast assumes ¥12,500m in partner development milestones and ¥3,500m in R&D and SG&A cost-base reductions; lower-end ranges assume no significant new deals.

• 9M revenue was 82% of the original FY2026 forecast; core operating profit was 126% of its original full-year forecast, with full-year IFRS profitability ahead of plan.

• 2030 targets include revenue above ¥50bn, operating margin above 30% and more than five Japan products; the 2035 operating margin target is ~40%.

• Expected catalysts include Direclidine Phase 3 and ORX750 Phase 2/3 data in H2 2027, an AGAMREE Japan filing in H2 2027, and a lucerastat global NDA as early as 2029.