JMDC (4483) 1Q results: Recovery in business for pharmaceutical medical departments; business for pharmaceutical sales and marketing departments remains strong

Research evidence excerpt

J P M O R G A N

Asia Pacific Equity Research

06 August 2026

JMDC (4483)

1Q results: Recovery in business for pharmaceutical

medical departments; business for pharmaceutical

sales and marketing departments remains strong

Overweight

4483.T, 4483 JP

Price (05 Aug 26):¥3,070

Price Target (Dec-26):¥3,900

Positive: JMDC reported 1Q results on August 5. In 1Q, (1) the business for

pharmaceutical medical, sales and marketing departments, and for life and non-life

insurance companies performed well, with sales beating guidance by about ¥400

million, and (2) roughly ¥400 million in sales was recorded ahead of schedule in

the For industry segment. As a result, 1Q operating profit was ¥1.8 billion

(Bloomberg consensus: ¥1.2 billion), exceeding both guidance and consensus.

Although guidance for FY2026 was maintained, the company quickly recovered

from intensified competition in the business for medical departments, and 2Q For

industry segment sales guidance is strong at about +30% YoY, leaving a favorable

impression. We believe the share price reaction will be positive.

1Q results: In 1Q, Health Big Data business sales exceeded guidance by about

¥800 million, and EBITDA exceeded guidance by about ¥600 million. Key

factors were: (1) in Health Big Data business, JMDC’s core For industry

segment, especially for pharmaceutical medical affairs departments (1Q sales:

+26% YoY), pharmaceutical sales and marketing departments (1Q sales:

+46% YoY), and life and non-life insurance companies (1Q sales: +71% YoY),

all beat plan, with total sales exceeding guidance by about ¥400 million; (2)

about ¥400 million in sales was recognized early from 2Q to 1Q, with advance

recognition mainly in the pharmaceutical company sales and marketing

department within the For industry segment, with some also in the business for

healthcare professionals; and (3) 1Q sales from the high-margin For industry

segment beat guidance (1Q FY2026 sales for this segment: +26% YoY), while

sales from the low-margin For payer/consumer segment were below han

guidance (1Q FY2026 sales for this segment: +4% YoY), resulting in an

improved business mix and contributing to EBITDA growth.

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