Terumo (4543) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenue and profit, with 6% sales growth excluding FX effects, led by Americas and strong global medical demand.

• Gross profit increased 5.7% to ¥145.47 billion, and adjusted operating profit grew 15.7% to ¥59.1 billion, reflecting higher sales and operational efficiency.

• Profit attributable to owners of the parent climbed 23.5% to ¥41.84 billion, with basic EPS up to ¥28.37 from ¥22.82 year-over-year.

• Growth driven by strong demand in TIS and Global Blood Solutions, effective pricing, and cost control.

• Preparations underway for the launch of the Lacanbi auto injector pen, focusing on ramping up production and logistics as a supplier and CDMO.

Financial highlights

• Revenue rose to 2,600 (100M JPY), up 6% year-over-year excluding FX; gross profit margin improved to 56.0%.

• Operating profit increased 25% to 559 (100M JPY); adjusted operating profit up 16% to 591 (100M JPY).

• Profit for the period grew 23% to 418 (100M JPY); FCF declined 28% to 107 (100M JPY).

• Total assets decreased to ¥1,799.4 billion, while equity rose slightly to ¥1,369.1 billion, with an equity ratio of 76.1%.

• Cash and cash equivalents at period-end were ¥204.3 billion, down ¥17.6 billion from March 2025.

Outlook and guidance

• Full-year revenue guidance is ¥1,050 billion (+1.3% YoY), with adjusted operating profit of ¥214 billion (+5.2%) and profit attributable to owners of the parent of ¥143 billion (+22.2%).

• FY25 guidance unchanged; Q1 results exceeded guidance even excluding FX effects.

• Dividend forecast raised to ¥30 per share for FY2026, up from ¥26 in FY2025.

• Management expects continued uncertainty due to FX and industry trends but will focus on high value-added products, cost improvements, and SG&A management.

• Tariff impact (~10B JPY) expected mainly in H2, but fundamentals remain strong and impacts to be passed to customers.