Shin Nippon Biomedical Laboratories (2395) Q2 2024 earnings summary

Executive summary

• H1 FY2024 revenue rose 14.8% YoY to a record ¥11,884 million; operating profit rose 1.5% to a second-quarter record ¥2,349 million.

• Ordinary profit fell 36.6% to ¥3,756 million and parent-attributable profit fell 32.9% to ¥2,966 million, primarily reflecting lower foreign-exchange gains.

Financial highlights

• Revenue was ¥11,884 million, up 14.8% YoY; operating profit was ¥2,349 million, up 1.5% YoY.

• Ordinary profit was ¥3,756 million, down 36.6% YoY; parent-attributable profit was ¥2,966 million, down 32.9% YoY.

• Excluding foreign-exchange effects, ordinary profit was ¥3,514 million, up 5.1% YoY from ¥3,342 million.

• Basic EPS was ¥71.24 versus ¥106.16 YoY; comprehensive income was ¥6,631 million versus ¥7,028 million.

Outlook and guidance

• FY2024 forecast unchanged: revenue ¥30,368 million (+21.0% YoY), operating profit ¥5,020 million (-4.3%), ordinary profit ¥7,180 million (-21.9%), and net income ¥4,780 million (-21.1%).

• FY2024 basic EPS forecast is ¥114.81; annual dividend forecast is ¥50 per share, comprising ¥20 interim and ¥30 year-end.

• H1 revenue and profit exceeded the August 2 forecast; full-year estimates assume ¥144.99 per US dollar, the Q1-end exchange rate.

• FY2024 capex forecast increased to ¥10,887 million from ¥6,875 million, mainly for NHP breeding capacity and development of SNBL USA land for future leasing.