Terumo (4543): Solid results address many concerns

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Terumo (4543): Solid results address many concerns

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Terumo (4543)

Solid results address many concerns

Maintain Rating: BUY | PO: 2,900 JPY | Price: 1,922 JPY

15 May 2026

FY3/27 adjusted OP guidance tops consensus by 8% Equity

After the close on 15 May, the company announced its FY3/26 full-year results and held

an earnings call. FY3/26 revenue rose 9% YoY and adjusted operating profit increased Ritsuo Watanabe >>

Research Analyst

8%, with adjusted operating profit of ¥219.4bn beating consensus (¥218.2bn) by 1%. BofAS Japan

FY3/27 guidance of revenue ¥1,239.0bn (+9% YoY) and adjusted operating profit +81 3 6225 6259 ritsuo.watanabe@bofa.com

¥261.5bn (+19% YoY) exceeded consensus by 2% and 8%, respectively. In addition to Kei Takeuchi >>

organic revenue growth, price increases (¥10.0bn vs. FY3/26) and lower one-off costs Research Analyst

(¥7.5bn), both key market focus areas, appear to have come in better than expected. BofAS+81 3 6225Japan8104

Overall, this was a strong set of results that alleviates concerns around FY3/27 kei.takeuchi@bofa.com

performance. Share price reaction should be positive.

Raw materials and OrganOx concerns should ease Stock Data

On raw materials, management stated there are no procurement issues and that the plan

already factors in a ¥2.5bn impact from higher prices. The FY3/27 revenue plan for Price 1,922 JPY

OrganOx of ¥25.5bn also exceeds consensus, which should help ease concerns. Caution Price Objective 2,900 JPY

is still warranted regarding potential negative spillover to the Rika business from Date Established 1-May-2026

contracting wins at the Leverkusen plant and softer performance at CSL, but Investment Opinion B-1-7

management explained that both projects are progressing without issues at this stage.