Shin Nippon Biomedical Laboratories (2395) Corporate presentation summary

FY2030 targets and earnings transformation

• FY2030 targets: revenue ¥70.0bn+, ordinary profit ¥20.0bn+ excluding FX impact, ordinary profit margin 28.5%+, ROE 10%+ and ROIC 10%+.

• FY2026 forecast: revenue ¥38.0bn, ordinary profit ¥6.0bn excluding FX impact and ordinary profit margin 15.8%; FY2028 revenue target of ¥50.0bn.

• Revenue target implies a 17% five-year CAGR from FY2025 actual to FY2030; growth to come from global CRO expansion and Atzumi commercialization.

• Strategy aims to strengthen profitability in both CRO and TR businesses and transform the earnings structure.

CRO growth strategy

• Aim to become a one-of-a-kind CRO by combining nonclinical studies, advanced technologies, digital and AI transformation, international standards, and closer customer relationships.

• Accelerate global CRO expansion by increasing overseas business; overseas client orders are targeted at 80 (¥100 million) in FY2030 for the nonclinical business.

• Globalization priorities include expanding contract research services, enhancing customer value through scientific expertise, data and advanced technologies, and strengthening global partnerships.

TR commercialization and portfolio

• Atzumi, a dihydroergotamine nasal powder for acute migraine, received U.S. FDA approval; planned launch is H2 CY2027, with peak sales of ¥30bn+ per year expected.

• U.S. strategy prioritizes in-house sales, with partnering outside the U.S.; launch costs are concentrated in FY2027–FY2028, followed by profit growth as sales expand.

• The U.S. acute migraine market was estimated at USD 2.8bn in 2025; about 30% of patients were not adequately relieved by existing drugs, while existing DHE treatments face usability and absorption issues.

• Satsuma plans to turn profitable in 2029 and exceed ¥30bn in annual revenue by 2031 under the in-house sales scenario.

• The TR portfolio uses the SMART nasal platform across Atzumi, next-drug development, an intranasal influenza vaccine, and partnerships or technology licensing.