Terumo (4543): Supplement on the voluntary recall of RelayPro in the aortic business

研报英文原文证据摘录

Terumo (4543): Supplement on the voluntary recall of RelayPro in the aortic business

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

02 July 2026

Terumo (4543) Overweight

4543.T, 4543 JP

Supplement on the voluntary recall of RelayPro in the Price (01 Jul 26):¥2,157

aortic business Price Target (Dec-26):¥2,700

Terumo announced on July 1 that it has initiated a voluntary global recall, Japan Equity Research

following a similar recall in Japan, for specific models of the RelayPro thoracic

Medical Technologies & Services

stent-graft system, which is part of the cardiac and vascular company's aortic

business. Management had already assumed an overseas voluntary recall when it Naoko Saito AC

announced the domestic voluntary recall on June 1. The only change to the earnings (81-3) 6736-8693

naoko.saito@jpmorgan.com

impact this time is that the company specified that the cost of recalling inventory

Seiji Wakao, Ph.D.

at overseas hospitals would be in the hundreds of millions of yen. Management (81-3) 6736-8612

explained that this figure is well within a manageable range and that it does not plan seiji.wakao@jpmorgan.com

to revise its FY2026 guidance, which it considers still achievable. We expect any JPMorgan Securities Japan Co., Ltd.

short-term pullback in the stock to be limited. The details are as follows (the press

release is here).

• The negative impact on FY2026 sales is expected to be ¥3 billion (already

factored into the FY2026 guidance), unchanged from the June 1

announcement. Management now expects the FY2026 cost impact, which it

said would be negligible as of June 1, to be in the hundreds of millions of yen.

Shipments are to resume gradually in 2H FY2026.

• RelayPro, made by US subsidiary Bolton Medical, generates annual global

sales of about ¥12 billion.