Olympus: F3/26 4Q Results: Strong Earnings, but FDA-related Uncertainty Remains

研报英文原文证据摘录

Olympus: F3/26 4Q Results: Strong Earnings, but FDA-related Uncertainty Remains

Update

May 12, 2026 02:09 PM GMT

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

Equity Analyst

F3/26 4Q Results: Strong Ryotaro.Hayashi@morganstanleymufg.comErina Tokunaga +81 3 6836-8409

Research Associate

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

Earnings, but FDA-related

Olympus (7733.T, 7733 JT)

Medical Technology | JapanUncertainty Remains

Stock Rating Equal-weight

Industry View In-Line

Price target ¥1,700

Reaction to earnings Shr price, close (May 12, 2026) ¥1,541

Mkt cap, curr, basic (bn) ¥1,737.4

Unchanged Meaningful upside Modest revision higher Avg daily trading value (bn) ¥8.2

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research Related report

Medical Technology: Preview of F3/27 Guidance

Key Takeaways & Potential Share Buyback Announcements (27

Mar 2026)

Olympus reported F3/26 4Q OP well above consensus/our forecasts, partly due

to brisk sales in Europe and the US (conversely, sales were down sharply in

China).

Costs related to the elimination of 2,000 positions came in around ¥4bn below

the company's expectation, which also contributed to the overperformance; as a

result, the upside at the adjusted OP level was modest.

The median value for F3/27 OP guidance is ¥146bn, and the company announced

a buyback of up to ¥60bn; both figures are somewhat higher than we previously

expected (see related report).

The company has initiated a strategic review of the Surgical Business (surgical

endoscopes/energy devices/ENT/operating room systems), where there are

profitability issues.