Lower licence income, higher research costs
JCR Pharmaceuticals Co., Ltd. (TSE: 4552) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on October 29, 2026 under Japanese GAAP. Contract revenue from licensing fell 70.6% to ¥1,474 million from ¥5,015 million, and sales of the growth hormone GROWJECT fell 11.5% to ¥7,888 million, while IZCARGO for Hunter syndrome (MPS II) grew 8.4% to ¥3,634 million; product sales overall slipped 2.2% to ¥15,503 million. Advancing global clinical development raised R&D expenses by ¥2,395 million. The ordinary loss was ¥3,798 million and the loss per share ¥31.67.
Pipeline deals and outlook
The global Phase 3 trial of pabinafusp alfa (JR-141), a blood-brain-barrier-crossing enzyme for Hunter syndrome, has completed enrolment. In October 2026 JCR signed an exclusive licence with Italfarmaco for its development and commercialisation in the U.S., Europe and Latin America, and through its partner Taiba it obtained approval in the United Arab Emirates in July and conditional approval in Kuwait in October. Total assets rose 4.2% to ¥113,876 million while net assets fell 12.6% to ¥41,389 million, cutting the equity ratio to 35.9% from 42.9%. JCR kept its FY3/2027 forecast of net sales of ¥45,700 million (+13.3%), operating profit of ¥1,100 million, ordinary profit of ¥500 million and net profit of ¥200 million, and its annual dividend of ¥20, including ¥10 at the half year.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 19,974 | 21,362 | -6.5% |
| Contract revenue (¥ million) | 1,474 | 5,015 | -70.6% |
| R&D expenses (¥ million) | 10,230 | 7,835 | +30.6% |
| Operating profit (¥ million) | -3,504 | 2,429 | profit to loss |
| Ordinary profit (¥ million) | -3,798 | 2,413 | profit to loss |
| Net profit attrib. to owners of parent (¥ million) | -3,867 | 1,746 | profit to loss |
| Comprehensive income (¥ million) | -4,859 | 2,263 | profit to loss |
| EPS (¥) | -31.67 | 14.32 | profit to loss |
| Total assets (¥ million) | 113,876 | 109,236 | +4.2% |
| Net assets (¥ million) | 41,389 | 47,359 | -12.6% |
| Equity ratio | 35.9% | 42.9% | -7.0 pt |
| FY3/2027 guidance — revenue (¥ million) | 45,700 | — | +13.3% |
| FY3/2027 guidance — operating profit (¥ million) | 1,100 | — | +98.2% |
| FY3/2027 guidance — ordinary profit (¥ million) | 500 | — | -57.1% |
| FY3/2027 guidance — net profit (¥ million) | 200 | — | -90.8% |
| Annual dividend per share (¥) | 20.00 | 20.00 | unchanged |
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