Daicel: Briefing about life sciences segment Quick Note

Research evidence excerpt

Daicel: Briefing about life sciences segment Quick Note

Global Markets Research

14 July 2026Daicel

4202.T 4202 JP / EQUITY: JAPAN CHEMICALS & TEXTILES

RatingBriefing about life sciences segment Neutral

Target price JPY 1,280Quick Note

Closing price

13 July 2026 JPY 1,404.0Company expects profit growth at medical equipment business to take off in 29/3

Daicel held a briefing to discuss its life sciences segment at 11:00 JST on 14 July. It (Note: Quick Note reports are not a

primarily talked about its business strategies by product. vehicle for changes to ratings, target

prices, or earnings forecasts)The company is targeting a ¥10.7bn increase in operating profits at the life sciences

segment, from ¥1.3bn in 27/3 to ¥12.0bn in 31/3. It expects the medical equipment

business to account for the bulk of profit growth, with Daicel Injector needle-free injectors

at the forefront, supported by exosome isolation and purification equipment.

Research AnalystsWe see upside for earnings if and when the company gains approval for needle-free

injectors for intracutaneous injections. It currently has approval in Japan for subcutaneous Japan chemicals & textiles

injections. The strength of needle-free injectors is their precise control of the depth of Shu Kanbe, CFA - NSC

administration, and their use in intracutaneous injections could provide greater efficiency shu.kanbe@nomura.com

+81 3 6703 1214in drug delivery and help reduce side effects.

Daiki Ban - NSC

Main company comments daiki.ban@nomura.com

(1) Daicel is aiming to increase awareness of its needle-free injectors in 27/3 by providing +81 3 6703 1124

more clinical data in the vaccine domain. It plans to make announcements in 2026 at

academic conferences in Japan and overseas based on clinical data. In Japan, it is aiming