JCR Pharmaceuticals: F3/26 4Q Results: JCR Plans to Select Partners for JR-141 & JR-171 in F3/27; Potentially a Year With New Drug Catalysts Finally Picking Up

研报英文原文证据摘录

JCR Pharmaceuticals: F3/26 4Q Results: JCR Plans to Select Partners for JR-141 & JR-171 in F3/27; Potentially a Year With New Drug Catalysts Finally Picking Up

Update

May 13, 2026 01:31 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MJCR Pharmaceuticals (4552) | Japan Shinichiro Muraoka

Equity Analyst

F3/26 4Q Results: JCR Plans to Shinichiro.Muraoka@morganstanleymufg.comJaeheon Lee +81 3 6836-5424

Jaeheon.Lee@morganstanleymufg.com +81 3 6836-8443

Select Partners for JR-141 & JR-

JCR Pharmaceuticals (4552.T, 4552 JT)

Pharmaceuticals | Japan171 in F3/27; Potentially a Year

Stock Rating Equal-weight

Industry View In-Line

Price target ¥550With New Drug Catalysts Shr price, close (May 13, 2026) ¥563

Mkt cap, curr, basic (bn) ¥69.4

Avg daily trading value (bn) ¥0.7Finally Picking Up

Reaction to earnings

Unchanged In-line Modest revision higher

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

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Minor positive for share price: If the two partnership drug candidates that have

been delayed can be successfully contracted as JCR expects, we see potential for

the stock to recover.

Remain EW: Historically, JCR has often not executed new drug partnerships as

expected, and until actual announcements are made, the share price is unlikely to

move meaningfully.

On timing, the firm is planning on one partner decision in 1H and the other in 2H;

if events proceed smoothly throughout the year, investor attention on JCR is

likely to then increase.

Depending on the launch trajectory of Denali (received FDA approval for MPS II

in March), market expectations for JCR as a second mover could also pick up.

Results overview: JCR had revised up F3/26 earnings just two days ago on May 11