27/3 Q1 results: Operating losses on higher R&D costs

Research evidence excerpt

27/3 Q1 results: Operating losses on higher R&D costs

Global Markets Research

30 July 2026JCR Pharmaceuticals

4552.T 4552 JP / EQUITY: JAPAN PHARMACEUTICALS

27/3 Q1 results: Operating losses on higher R&D Rating Neutralcosts

Target price JPY 430Quick Note

Closing price

30 July 2026 JPY 504First impression slightly negative: Earnings undershoot our forecasts, we will be

keeping a close eye on developments (Note: Quick Note reports are not a

JCR Pharmaceuticals posted 27/3 Q1 sales of ¥9.70bn (up 13.2% y-y) and operating vehicle for changes to ratings, target

losses of ¥2.10bn (versus prior-year losses of ¥0.61bn), undershooting our forecasts of prices, or earnings forecasts)

sales of ¥10.40bn and operating losses of ¥0.13bn. This was due to R&D costs rising from

¥3.35bn in 26/3 Q1 to ¥5.89bn in 27/3 Q1 as global testing costs were concentrated in Q1,

as well as weak sales of some pharmaceuticals. Our first impression is only slightly

negative as we expect sales of Growject and other products to recover through Q2-H2 and

Research Analystswill be keeping a close eye on future developments. The company retained its full-year

guidance. Japan pharmaceuticals &

healthcare

Key points at results briefing and points to watch

Japan small cap - pharmaceuticalsBelow, we summarize the main takeaways from the results briefing held from 17:30 JST

& healthcareon 30 July, the same day as the results announcement. (1) Pharmaceutical sales have

Miho Kawamura - NSCbeen pushed back for products such as epoetin alfa and agalsidase beta. The number of

miho.kawamura@nomura.com

patients treated with Izcargo was higher than expected in Q1. (2) The increase in licensing +81 3 6703 1189

revenues (up ¥1.37bn y-y) was largely due to the exercise of options at US-based