Rohto Pharmaceutical (4527) FY2025 results briefing: Management confident of recovery in domestic skincare

研报英文原文证据摘录

Rohto Pharmaceutical (4527) FY2025 results briefing: Management confident of recovery in domestic skincare

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

14 May 2026

Rohto Pharmaceutical (4527) Overweight

4527.T, 4527 JP

FY2025 results briefing: Management confident of Price (14 May 26):¥2,418

recovery in domestic skincare Price Target (Dec-26):¥2,900

At the earnings briefing on May 14, we heard nothing to significantly change our Japan Equity Research

impression of FY2025 results or FY2026 guidance (announced on the

Cosmetics and Personal Care /

13th). Confirmation of the following points left us with a somewhat positive Paper and Packaging

impression: (1) management's confidence in the recovery of domestic skincare, (2) AC Akiko Kuwahara

its consideration of licensing in the pharmaceutical pipeline, and (3) its intention

(81-3) 6736-8617

to manage costs in the event that the business environment changes. akiko.kuwahara@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Summary of management’s remarks regarding key points: (1) Impact of

the conflict in the Middle East: There are no immediate problems with raw

material procurement, but 2H is highly uncertain. (2) Criteria for deciding

whether to continue in-house development or license out regenerative

medicine products in the pipeline: The company is considering the importance,

probability of success, and possible drug pricing, as well as the compatibility

with existing businesses. (3) Pipeline of drugs with high potential to contribute

to earnings in the medium term: The company has high expectations for two

regenerative medicine drugs for knee disorders. (4) Rohto Pharmaceutical's

focus area in regenerative medicine: Treatments for eye and skin diseases,