Terumo: F3/26 4Q Results: Unexpectedly Strong F3/27 Guidance

Research evidence excerpt

Terumo: F3/26 4Q Results: Unexpectedly Strong F3/27 Guidance

Update

May 15, 2026 12:20 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTerumo (4543) | Japan Ryotaro Hayashi

Equity Analyst

F3/26 4Q Results: Unexpectedly Ryotaro.Hayashi@morganstanleymufg.comErina Tokunaga +81 3 6836-8409

Research Associate

Erina.Tokunaga@morganstanleymufg.com +81 3 6836-8418

Strong F3/27 Guidance

Terumo (4543.T, 4543 JT)

Medical Technology | Japan

Reaction to earnings

Stock Rating Equal-weight

Unchanged In-line Modest revision higher Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥2,400

consensus EPS Shr price, close (May 15, 2026) ¥1,922

Mkt cap, curr, basic (bn) ¥2,834.9

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥11.2

Key Takeaways Related report

Terumo reported 4Q OP about ¥5bn below consensus, but if we add back the Medical Technology: Preview of F3/27 Guidance

one-time losses discussed below our impression is not bad. Sales are doing well. & Potential Share Buyback Announcements (27

Mar 2026)

F3/27 OP guidance is significantly higher than consensus (Ex 1). Of particular

note, Terumo anticipates unusually high sales growth at Terumo Medical Care

Solutions.

F3/27 guidance looks for TMCS to benefit from recovery from the fentanyl

shortage of the previous year, as well as price pass-throughs and high growth in

Pharmaceutical Solutions.

In the Terumo Organ Technologies business (OrganOx), the company recorded

sales of ¥8bn between Nov 2025 and Mar 2026. F3/27 guidance assumes sales of

¥25.5bn and adjusted OP of ¥51bn.

Our F3/27 forecasts factor in cost growth of ¥5bn related to the situation in the

Middle East; the figure reflected in Terumo's F3/27 guidance is ¥2.5bn.