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

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 23.1 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 4,899 5,244 3,585 62.5 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% +1.1% -7.5% +4.5% +4.4%

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 6,234 6,822 5,475 95.4 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% +4.3% +1.1% -8.7% -8.8%

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 3,468 3,813 2,259 39.4 10.7 Feb 6, 2024 J-GAAP
Jan - Mar, 2024 32,265 1,431 1,431 1,326 23.1 4.4 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%

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