F3/27 1Q Results: Profit Slightly Beats Our Forecast Even Without One-time Boosts

研报英文原文证据摘录

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M

Update

August 7, 2026 03:01 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Terumo (4543) | Japan

Ryotaro Hayashi

Equity Analyst

F3/27 1Q Results: Profit Slightly

Beats Our Forecast Even

Without One-time Boosts

Erina Tokunaga

Research Associate

AlphaSignals Earnings Reaction

Terumo (4543.T, 4543 JT)

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Medical Technology | Japan

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Source: Company data, Morgan Stanley Research

Key Takeaways

Equal-weight

In-Line

¥2,450

¥2,373

¥3,500.4

¥11.9

1Q OP greatly beat consensus/our forecast, but the upside was mainly driven by

one-time gains incl. US tariff refunds (¥13bn) & settlement proceeds (¥20.1bn).

1Q GP excl. refunds and the 1Q tariff impact still exceeded our estimate by ¥2bn,

which we view as a genuine, albeit modest, beat.

1Q sales growth on a constant currency basis was in-line with our forecast. C&V

sales were on par with our estimate despite weaker RelayPro sales.

OrganOx's 1Q results slightly exceeded our expectations. While GPM declined in

1Q, management explained this was due to one-time production costs.

Terumo revised up its full-year OP guidance, but only to reflect the abovementioned one-time effects from refunds and settlement proceeds.

Impact of voluntary recall of certain RelayPro models: Other products made up

for lower RelayPro sales in 1Q. Terumo has identified the production issue that

caused the product defects, and stated production processes will need to be

adjusted and associated applications for approval made ahead. It noted it expects

shipments to resume by FY-end at the latest (also see our July 1 report).

Exhibit 1:

F3/27 1Q results highlights

F3/27

Q1

Q2

Q3

Q4

Full-year

Ce(old) Ce(new)

Con

(yen bn)

Con

e

Actual

e

Sales

(OrganOx sales, $mn)

295.2

310.6

36

311.8

39

308.4

39

320.8

42

318.7

45

1,239.0

165

1,239.0

165

9%

7%

6%

9%

7%

9%

6%

8%

6%

4%

7%

8%

7%

4%

7%

5%

7%

8%

6%

8%

5%

8%

6%

8%

5%

164.6

53%

178.5

57%

…