Olympus (7733): CEO & CFO meeting: China business steadily recovering, no change in progress on response to FDA

Research evidence excerpt

Olympus (7733): CEO & CFO meeting: China business steadily recovering, no change in progress on response to FDA

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

23 July 2026

Olympus (7733) Overweight

7733.T, 7733 JP

CEO & CFO meeting: China business steadily Price (22 Jul 26):¥1,726

recovering, no change in progress on response to FDA Price Target (Dec-26):¥1,900

Olympus hosted a meeting with its CEO and CFO June 22. Our impression is Japan Equity Research

positive as we confirmed that the China business is on a recovery trend, with

Medical Technologies & Services

initiatives in China are progressing smoothly as planned, and sense management

is confident in maintaining share in the GI endoscope market. However, we expect Naoko Saito AC

a limited short-term impact on the stock as there were no new announcements. (81-3) 6736-8693

naoko.saito@jpmorgan.com

There has been no change in progress regarding its FDA response. The FDA has

Seiji Wakao, Ph.D.

not yet reinspected the Aizu plant, and management has not yet heard from the FDA (81-3) 6736-8612

regarding findings at the eight other sites. We think the stock will fluctuate in seiji.wakao@jpmorgan.com

FY2026 depending on progress on the FDA response and will watch JPMorgan Securities Japan Co., Ltd.

developments.

• Changes under new structure: Management regards 2026 as a year of

rebuilding and held this meeting to discuss structural cost issues, quality issues,

and the new leadership structure (the CEO regularly holds such meetings).

Because the company’s organizational structure had been complex, it switched

to a new management structure and reorganized into an organization better able

to fulfill its accountability responsibilities.

• Progress on FDA response: Management held discussions with the FDA a