KYORIN Pharmaceutical Co.,Ltd., First Half Ordinary Profit Unexpectedly Revised Upward by 30%

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Thu Nov 7, 2024 3:30 pm JST Earnings

4569 KYORIN Pharmaceutical Co.,Ltd. 【J-GAAP】

Earnings Report

KYORIN Pharmaceutical Co.,Ltd. <4569> [TSE-P] announced its financial results after the market closed on November 7th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 29.9% from the same period last year, reaching 2.05 billion yen, resulting in an increase in profits compared to the previous forecast of a 17.6% decrease.

The progress rate against the 6.9 billion yen full-year plan was 29.7%, exceeding the five-year average of 18.1%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 3.5% from the same period last year to 4.85 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 25.6% from the same period last year, reaching 633 million yen. However, the operating profit margin remained almost flat, changing from 1.7% in the same period last year to 1.5%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	49,093	777	1,171	1,242	21.7	20.1	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	54,937	1,335	1,578	1,890	33.0	23.9	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	55,139	1,549	2,050	1,255	21.9	29.7	Nov 7, 2024	J-GAAP
YoY	+0.4%	+16.0%	+29.9%	-33.6%	-33.7%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	56,900	1,000	1,300	900	15.7	20	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	55,139	1,549	2,050	1,255	21.9	20	Nov 7, 2024	J-GAAP
Revision Rate	-3.1%	+54.9%	+57.7%	+39.4%	+39.5%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	64,595	4,678	5,024	3,432	59.8	32	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	68,261	4,951	4,850	3,745	65.2	32	Nov 7, 2024	J-GAAP
YoY	+5.7%	+5.8%	-3.5%	+9.1%	+9.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	113,270	5,123	5,827	4,723	82.4	52	May 11, 2023	J-GAAP
Mar, 2024	119,532	6,013	6,602	5,322	92.7	52	May 10, 2024	J-GAAP
Mar, 2025 Guidance	123,400	6,500	6,900	5,000	87.0	52	May 10, 2024	J-GAAP
YoY	+3.2%	+8.1%	+4.5%	-6.1%	-6.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	27,083	464	504	1,103	19.2	1.7	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	32,330	3,130	3,475	2,024	35.3	9.7	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	32,265	1,548	1,549	1,408	24.5	4.8	May 10, 2024	J-GAAP
Apr - Jun, 2024	28,419	1,150	1,417	885	15.4	4.0	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	26,720	399	633	370	6.4	1.5	Nov 7, 2024	J-GAAP
YoY	-1.3%	-14.0%	+25.6%	-66.5%	-66.5%