Terumo (4543): Earnings model update: Price hikes via competitive products in FY2026, too; lifting new business margins still a topic

Research evidence excerpt

Terumo (4543): Earnings model update: Price hikes via competitive products in FY2026, too; lifting new business margins still a topic

J P M O R G A N Asia Pacific Equity Research

20 June 2026

Terumo (4543)

Earnings model update: Price hikes via competitive Overweight

products in FY2026, too; lifting new business 4543.T, 4543 JP

margins still a topic Price (19 Jun 26):¥2,225

▲Price Target (Dec-26):¥2,700

Prior (Dec-26):¥2,500

We revise our earnings estimates and adjust our price target through end-2026 from

¥2,500 to ¥2,700. We maintain our Overweight rating. We raise our FY2026 and Japan Equity Research

FY2027 operating profit estimates because we think that price hikes could Medical Technologies & Services

contribute again in FY2026, and that the impact of sharply higher resin-based raw AC Naoko Saito

material costs will be milder than our previous estimate in FY2026. Fundamentals (81-3) 6736-8693

in existing businesses are strong, but we believe the focus of the next medium-term naoko.saito@jpmorgan.com

plan will be on customer acquisition in the CDMO and plasma innovation Seiji Wakao, Ph.D.

businesses in Europe, and on the sustainability of sales growth in the Organ (81-3) 6736-8612

Technologies segment, and we expect the share price to gradually rise as good seiji.wakao@jpmorgan.com

results are confirmed. JPMorgan Securities Japan Co., Ltd.

• Earnings estimates: Main points behind revisions to our FY2026–27 earnings Key Changes (FYE Mar) estimates are as follows: (1) We expect price hikes to contribute again in

Prev Cur Δ

FY2026, as in FY2025, and we therefore revise up our sales and operating Adj. EPS - 27E (¥) 100.68 113.89 13.1%

profit margin forecasts, primarily in the Cardiac & Vascular Company. Terumo Adj. EPS - 28E (¥) 110.44 120.81 9.4%