Kyowa Kirin (4151) Model update: Maintain price target and rating

研报英文原文证据摘录

Kyowa Kirin (4151) Model update: Maintain price target and rating

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

10 June 2026

Kyowa Kirin (4151) Underweight

4151.T, 4151 JP

Model update: Maintain price target and rating Price (10 Jun 26):¥2,382

Price Target (Dec-26):¥1,800

We revise our earnings estimates in response to 1Q FY2026 results. We maintain Japan Equity Research

our December 2026 ¥1,800 price target and Underweight rating. Kyowa Kirin

Biotechnology & Pharmaceuticals/

raised guidance for full-year FY2026 core operating profit from ¥100 billion to Medical Technologies & Services

¥130 billion with 1Q results to reflect R&D costs falling due to discontinuing AC Seiji Wakao, Ph.D.

rocatinlimab’s development. However, net profit guidance was unchanged at its

(81-3) 6736-8612

initial level due to the closing costs incurred stemming from ending rocatinlimab’s seiji.wakao@jpmorgan.com

clinical trials. It appears management will disclose the exact costs of ending the Yugo R. Kamimura, Ph.D.

trials with 3Q results. (81-3) 6736-8635

yugo.kamimura@jpmorgan.com

We forecast full-year FY2026 core operating profit to slightly beat guidance for Naoko Saito

¥130.0 billion with help from yen depreciation and rise 23.9% YoY to ¥136.0 (81-3) 6736-8693

billion (Bloomberg consensus estimate: ¥127.9 billion). We forecast 2Q core naoko.saito@jpmorgan.com

operating profit to grow 35.2% YoY to ¥34.6 billion (Bloomberg consensus for JPMorgan Securities Japan Co., Ltd.

operating profit: ¥35.1 billion). We forecast Crysvita’s overseas sales to grow from Key Changes (FYE Dec)

1Q’s ¥42.3 billion, which looked disappointing due to seasonal factors in North Prev Cur Δ

America (caused by inventory build-up in 4Q FY2025), and reach ¥62.8 billion in Adj. EPS - 26E (¥) 185.10 145.24 -21.5%

2Q. Adj.