FY26 focus: fourth straight year of record-high BP, start of stable EPS growth

研报英文原文证据摘录

FY26 focus: fourth straight year of record-high BP, start of stable EPS growth

15 June 2026

Figure 4. Share price already seems to reflect weakened market expectations due to

termination of clinical trials for Kyowa Kirin’s Rocatinlimab

◼Estimated impact on core OP

⚫2026 ： Approx. +¥20b～+¥30b

⚫2027 ： Approx. +¥30b

⚫2028 ： Approx. +¥10b

⚫2029 onwards : Certain negative impact expected

◼Estimated impact on NP for the current FY

⚫In addition to the impact on core OP, closing costs arising from the

termination of the clinical trials will be recorded as “other expenses”

◼Impact on FY26 earnings forecast

⚫Currently under review; revision to the earnings forecast will be

disclosed at the time of the 1Q FY26 earnings announcement

Source: Mizuho Securities Equity Research, based on Kyowa Kirin's "Rocatinlimab Clinical Program Discontinuation"

material as of 4 March 2026

Figure 5. Medium-term market cap target of ¥3t on improved Figure 6. Targeting larger EPS boost from health science and

PER beverage businesses

Unlock long-term corporate valuation

through stronger EPS and improved PER.

Aim for market cap of ¥3t at an early stage.

Alcoholic Beverages Health Science & Pharmaceuticals

Non-Alcoholic Beverages

Strong EPS growth Improved PER EPS contribution EPS contribution EPS contribution

2028: 2028: 2028:

2026: Approx. 2026: Approx. 2026: Approx. Approx. ⚫High-single-digit % ⚫Balanced, resilient Approx. Approx.

profit portfolio EPS growth

across 20% 25% 25% 20% three core 55% 55% ⚫ROIC ≥10%

businesses

Reach Aim for 2028 EPS contribution

around ¥250 approx. 15x Kirin Brewery MiguelSan Lion BelgiumNew Other Non-Alcoholic ScienceHealth Kyowa Kirin by 2030 by growing the Health Science

and Non-Alcoholic Beverages

Businesses to a scale

comparable to other businesses