Shionogi (4507): 1Q FY2026 results: Strong at first glance as ViVi equity-method investment profit does not reflect amortization

研报英文原文证据摘录

Shionogi (4507): 1Q FY2026 results: Strong at first glance as ViVi equity-method investment profit does not reflect amortization

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

03 August 2026

Shionogi (4507) Neutral

4507.T, 4507 JP

1Q FY2026 results: Strong at first glance as ViiV equity- Price (03 Aug 26):¥2,899

method investment profit does not reflect amortization Price Target (Dec-26):¥2,900

Neutral: Shionogi reported results at 15:30 on August 3, with a briefing at 17:00. Japan Equity Research

1Q operating profit was ¥66.9 billion (+90.6% YoY; our estimate: ¥52.4 billion,

Biotechnology & Pharmaceuticals/

Bloomberg consensus estimate: ¥48.2 billion). While this appears strong at first Medical Technologies & Services

glance, it is due to the method of reporting ViiV Healthcare’s equity-method AC Seiji Wakao, Ph.D.

investment profit, so our impression is neutral despite 1Q operating profit being

(81-3) 6736-8612

above our estimate and the Bloomberg consensus estimate. In contrast, while sales seiji.wakao@jpmorgan.com

trends for infectious disease drugs are a key variable, GSK has raised its 2026 Yugo R. Kamimura, Ph.D.

growth rate target for its HIV products from the single digits to the high single (81-3) 6736-8635

digits, and we view this as positive versus initial guidance. We think the share price yugo.kamimura@jpmorgan.com

might react positively in the near term to results that appear strong at first glance. Naoko Saito

(81-3) 6736-8693

• 1Q results: Sales were below our estimates, but while ViiV’s equity-method naoko.saito@jpmorgan.com

investment profit in guidance includes amortization, 1Q results did not because JPMorgan Securities Japan Co., Ltd.

of a delay in purchase price allocation. We expect results to ultimately reflect