KYORIN Pharmaceutical (4569) Q2 2026 earnings summary

Executive summary

• Net sales for FY2025 1H rose 6.5% year-on-year to ¥58.7 billion, driven by growth in new drugs and generics.

• Operating profit figures are mixed: one report notes a 12.0% decline to ¥1.4 billion due to higher R&D expenses, while another cites a 16.0% increase to ¥2,050 million.

• Profit attributable to owners of parent increased, with one source reporting a 19.0% rise to ¥1.5 billion and another a 9.6% rise to ¥1,494 million.

• Interim results exceeded forecasts for net sales and profit attributable to owners, but operating profit fell short due to R&D costs.

• Comprehensive income doubled to ¥2,308 million, a 100.3% increase year-over-year.

Financial highlights

• Net sales: ¥58.7 billion (+6.5% YoY); new drugs (Japan): ¥41.4 billion (+6.1% YoY); generics: ¥16.8 billion (+7.2% YoY).

• Operating profit: ¥1.4 billion (-12.0% YoY) or ¥2,050 million (+16.0% YoY); ordinary profit: ¥1.6 billion (-22.8% YoY).

• R&D expenses surged 41.6% YoY to ¥5.4 billion.

• Earnings per share (basic) for the period was ¥26.01, up from ¥21.86 year-over-year.

• Equity ratio improved to 73.4% as of September 30, 2025, from 70.4% at March 31, 2025.

Outlook and guidance

• Full-year FY2025 forecast remains unchanged: net sales ¥127.0 billion (-2.4% YoY), operating profit ¥6.1 billion (-51.5% YoY), profit attributable to owners ¥4.8 billion (-47.2% YoY).

• Mainstay products Beova, Lasvic, and Lyfnua expected to drive new drug sales growth.

• Dividend policy maintained: interim dividend of ¥20 per share, annual dividend forecast at ¥57 per share.

• Full-year EPS forecast is ¥83.55.