Meeting With CEO and CFO: Leveraging Long-Built Assets for Growth

Research evidence excerpt

Meeting With CEO and CFO: Leveraging Long-Built Assets for Growth

Update

July 22, 2026 10:47 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MOlympus (7733) | Japan Ryotaro Hayashi

Equity Analyst

Meeting With CEO and CFO: Ryotaro.Hayashi@morganstanleymufg.comErina Tokunaga +81 3 6836-8409

Research Associate

Erina.Tokunaga@morganstanleymufg.com +81 3 6836-8418

Leveraging Long-Built Assets for

Growth

Key Takeaways Olympus (7733.T, 7733 JT)

Management did not provide any specific comment on the progress of Medical Technology | Japan

discussions with the FDA. Stock Rating Equal-weight

Industry View In-Line

Management reconfirmed its policy for growth in Endoluminal Robotics—a long- Price target ¥1,850

Shr price, close (Jul 22, 2026) ¥1,726

term strategy. Mkt cap, curr, basic (bn) ¥1,900.5

Avg daily trading value (bn) ¥8.4

To a question on whether the BioProtect acquisition was overpriced,

management stated it views the acquisition as appropriate for growth, margin

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and ROIC.

1. Olympus: 1-on-1 Meeting with New CFO: Our

Management acknowledged cultural transformation will take time, but aims to Questions on M&A/PMI, Business Portfolio

reinvigorate R&D/innovation leveraging the strengths of its Japanese workforce. Review, and Preserving/Changing Corporate

Culture (June 15 2026)

Growth in Endoluminal field: Management again declined to comment on the 2. Olympus: Small Meeting with New CEO Bob

timing of its regulatory submission or commercial launch in this field (despite White (July 15 2025)

Intuitive Surgical having already filed a 510k in the GI Endoluminal Robotics field).

Management noted Olympus holds an extremely unique position in this field, given

the broader shift from endoscopic diagnosis toward endoscopic therapies, its strong