Semiconductors in medtech: Where Fujifilm and Shimadzu stand

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Semiconductors in medtech: Where Fujifilm and Shimadzu stand

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Medical Equipment Industry

Semiconductors in medtech: Where

Fujifilm and Shimadzu stand

Industry Overview

17 July 2026

Assessing semiconductor exposure within medtech Equity

Amid the unprecedented AI-driven rally, sectors with limited direct benefits, including Japan

medtech, have continued to underperform the market. While the concentration in AI- Medical Technology

related stocks has started to ease in July, the broader AI rally will likely continue beyond

1Q. Against this backdrop, we assess the semiconductor businesses of Fujifilm and KeiResearchTakeuchiAnalyst>>

Shimadzu, the two medtech companies with exposure to the semiconductor market. BofAS Japan

+81 3 6225 8104

Fujifilm: Earnings upside, but a declining profit mix kei.takeuchi@bofa.comRitsuo Watanabe >>

Fujifilm (4901, Neutral, B-2-7、7/17 close ¥3,633) offers a broad portfolio of liquid Research Analyst

BofAS Japan

materials, mainly for front-end processes, and holds a world-leading share in chemical +81 3 6225 6259

mechanical planarization (CMP) slurry in particular. Against the backdrop of expanding ritsuo.watanabe@bofa.com

demand for advanced packaging, the company is focusing on CMP slurry and polyimide

as key growth areas. If growth visibility improves, semiconductor materials revenue

could exceed the company’s FY3/31 target of ¥500bn, versus consensus of ¥413.9bn

and our forecast of ¥368.7bn.

However, driven by profit growth in areas including Bio CDMO (Contract Development

and Manufacturing Organization), we forecast semiconductor materials’ share of group

operating profit to decline from 21% in FY3/26 to 16% in FY3/31. Even if Fujifilm

achieves its guidance, we estimate the ratio at around 20%, suggesting that the