Company announces overhaul of pharmaceutical business: Quick Note

Research evidence excerpt

Company announces overhaul of pharmaceutical business: Quick Note

Global Markets Research

18 June 2026Teijin

3401.T 3401 JP / EQUITY: JAPAN CHEMICALS & TEXTILES

Company announces overhaul of pharmaceutical Rating Neutralbusiness

Target price JPY 1,570Quick Note

Closing price

17 June 2026 JPY 1,648.0Direction and details of announcement come as no surprise

After the market close on 17 June, Teijin announced it would transfer manufacturing, (Note: Quick Note reports are not a

marketing, and handling the approvals process for part of its pharmaceuticals business to vehicle for changes to ratings, target

LTL Pharma. The legal rights to manufacture and sell seven products, including its gout prices, or earnings forecasts)

treatment, will be transferred to the company. In its medium-term plan announced on 11

May and at a follow-up meeting on 4 June, Teijin indicated that it planned to overhaul its

pharmaceuticals operations aside from treatments for rare and intractable illnesses, so the

direction and details of the announcement come as no surprise (for more, see our 4 June Research Analysts

Quick Note report Teijin[3401](Neutral)-Medium-termbusinessplanbriefing:Prioritizing

Japan chemicals & textilesROEof8%overinvestments). We take a positive view of the company's focus on

Shigeki Okazaki - NSCexpanding sales of rare disease treatments, such as hypoparathyroidism treatment

shigeki.okazaki@nomura.com

Yorvipath. We also think there is a possibility that Teijin could review its diabetes +81 3 6703 1170

treatments (26/3 sales of ¥17.8bn) since these treatments do not fall under the rare

disease category.

Key comments made by the company

(1) The seven products covered by the transfer are Bonalon for treatment of osteoporosis