Shin Nippon Biomedical Laboratories (2395) Q4 2025 earnings summary

Executive summary

• FY2025 net sales rose 22.5% YoY to a record ¥32,413 million; operating profit fell 28.3% to ¥2,985 million, mainly on higher Satsuma FDA-approval costs and strategic investment.

• Profit attributable to owners of parent declined 11.0% to ¥4,924 million; ordinary profit decreased 8.1% to ¥6,450 million, partly offset by record equity-method profit from PPD-SNBL.

• FDA approval for Atzumi, an intranasal migraine drug, was granted April 30, 2025; the FY2026 forecast excludes Satsuma sales and includes its first-half costs.

Financial highlights

• Revenue increased 22.5% YoY to ¥32,413 million; operating profit was ¥2,985 million versus ¥4,162 million, and ordinary profit was ¥6,450 million versus ¥7,015 million.

• Profit attributable to owners of parent was ¥4,924 million, down 11.0% YoY; basic EPS was ¥118.29 versus ¥132.86.

• Net cash from operating activities was ¥7,035 million; investing activities used ¥11,691 million and financing activities provided ¥5,914 million.

• Cash and cash equivalents ended FY2025 at ¥11,843 million, up from ¥10,274 million; total assets rose 21.1% to ¥92,416 million.

Outlook and guidance

• FY2026 forecast: revenue ¥33,272 million (+2.6%), operating profit ¥3,550 million (+18.9%), ordinary profit ¥5,927 million (-8.1%), net profit ¥3,550 million (-27.9%) and EPS ¥85.27.

• Forecast excludes Satsuma sales but includes ¥1,744 million of its costs in H1; guidance assumes a sales-partner agreement, with revisions expected after terms are finalized.

• PPD-SNBL equity-method profit is forecast to fall ¥991 million to ¥2,281 million, reflecting yen appreciation and higher staffing costs.

• Nonclinical orders are forecast at ¥35,200 million for FY2026; new NHP facilities are planned to expand capacity, with significant CRO sales growth expected from the following year.

• Annual dividend is forecast at ¥50 per share for FY2026; the assumed exchange rate is US$1=¥145.