Otsuka (4578) Q3 2026 earnings summary

Executive summary

• 9M FY2026 revenue rose 12.3% to ¥2,042.4bn and business profit rose 19.2% to ¥436.9bn; operating profit increased 4.0% to ¥423.7bn.

• Growth reflected higher pharmaceutical and nutraceutical sales, including REXULTI/RXULTI, LONSURF, VOYXACT and royalty income; all segments recorded revenue growth.

Financial highlights

• Revenue increased ¥223.7bn to ¥2,042.4bn; gross profit was ¥1,479.1bn, profit before tax ¥422.3bn, and net income ¥326.5bn.

• Profit attributable to owners rose 8.2% to ¥322.1bn; business profit before R&D expenses increased 13.3% to ¥697.2bn.

• FX-adjusted business profit was ¥410.9bn, up 12.1%; FY2025 operating profit included a ¥52.6bn gain on sale of MicroPort shares.

• R&D expenses rose 4.7% to ¥260.3bn; impairment losses were ¥14.8bn versus ¥14.3bn a year earlier.

Outlook and guidance

• FY2026 revenue forecast remained ¥2,725bn; business profit guidance rose ¥30bn to ¥500bn and operating profit rose to ¥488bn from ¥469bn.

• Net income guidance rose to ¥375bn from ¥360bn; profit attributable to owners rose to ¥370bn from ¥355bn, a record forecast, with basic EPS of ¥703.91.

• Pharmaceutical revenue is expected above prior forecast, led by REXULTI/RXULTI and VOYXACT; softer functional beverage sales offset growth, keeping revenue guidance unchanged.

• Forecast exchange rates are ¥158/$ and ¥185/€; at FY2025 exchange rates, business profit is forecast at ¥475.2bn, ¥29.1bn above FY2025 actual.