27/1 Q1 results: No stand-out progress with development

Research evidence excerpt

27/1 Q1 results: No stand-out progress with development

Global Markets Research

15 June 2026SanBio

4592.T 4592 JP / EQUITY: JAPAN PHARMACEUTICALS

27/1 Q1 results: No stand-out progress with Rating Neutraldevelopment

Target price JPY 1,400Quick Note

Closing price

15 June 2026 JPY 1,210First impression in line: Losses in Q1 look low versus our full-year forecast but

within bounds of expectations (Note: Quick Note reports are not a

SanBio released 27/1 Q1 results after the close on 15 June, posting operating losses of vehicle for changes to ratings, target

¥953mn (y-y improvement of ¥54mn y-y). Operating costs broke down as R&D costs of prices, or earnings forecasts)

¥680mn (down ¥42mn) and other costs of ¥272mn (down ¥12mn). Operating losses were

equivalent to only 18% of our full-year 27/1 forecast of operating losses of ¥5,227mn.

However, this was within the bounds of expectations as we expect increases in pre-

product launch sales-related costs and in R&D costs for development in the US through

Research AnalystsH2.

Japan pharmaceuticals &Focus likely to shift to new regions/indications, but we also see potential for delays healthcareto development in stroke

The Japanese government set the NHI drug price for the company's Akuugo treatment for Japan small cap - pharmaceuticals

traumatic brain injury (TBI) on 20 May, ahead of the release of Q1 results. The share price & healthcare

fell following the announcement of the drug price as MHLW's documents showed that it is Kota Maeda - NSC

assuming peak sales of ¥2.8bn. Akuugo has only been granted conditional and time- kota.maeda@nomura.com

+81 3 6703 1181limited approval, and we thus find it unlikely that sales launch data will prompt a recovery

in expectations in the near term.