Shin Nippon Biomedical Laboratories (2395) Q3 2025 earnings summary

Executive summary

• 9M FY2025 revenue reached a record ¥22,235m, up 23.6% YoY; operating profit fell 25.3% to ¥1,893m, primarily due to higher STS101 resubmission expenses and strategic investment costs.

• Ordinary profit declined 15.3% to ¥4,138m and profit attributable to owners of parent fell 15.5% to ¥3,205m; equity-method profit from PPD-SNBL rose to a record ¥2,445m.

Financial highlights

• Revenue ¥22,235m, up 23.6% YoY; gross profit ¥11,683m; operating profit ¥1,893m, down 25.3%; ordinary profit ¥4,138m, down 15.3%.

• Profit attributable to owners of parent was ¥3,205m, down 15.5% YoY; comprehensive income increased to ¥12,926m from ¥6,009m.

• STS101 resubmission expenses were ¥1,911m versus ¥812m YoY; excluding these costs, no adjusted profit figure was stated.

Outlook and guidance

• FY2025 forecast: revenue ¥32,000m (+21.0% YoY), operating profit ¥2,900m (-30.3%), ordinary profit ¥5,900m (-15.9%), net income ¥4,400m (-20.5%) and EPS ¥105.68; forecast revised.

• FY2025 nonclinical orders forecast revised from ¥34,284m to ¥31,600m, still implying 15.3% YoY growth; 9M orders were ¥22,675m.

• Forecast assumes ¥145/USD; each ¥1 annual USD appreciation is estimated to lift revenue ¥52m and operating profit ¥13m.