Growth drivers deliver in pharmaceuticals
Otsuka Holdings Co., Ltd. (TSE: 4578) reported consolidated results for the first nine months of FY12/2026, January 1 to September 30, 2026, on October 30, 2026 under IFRS. Pharmaceutical revenue rose 14.2% to ¥1,460,575 million on antipsychotic Rexulti and anticancer agent Lonsurf, its growth drivers under the fourth medium-term plan, plus long-acting injectables Abilify Maintena and Abilify Asimtufii, anti-APRIL antibody Voyxact launched in 2025, higher royalty income and an intravenous-solutions business started in the US in May 2025. Nutraceutical revenue rose 6.9% to ¥460,631 million and its segment profit 15.3% to ¥55,965 million as all three of its growth categories expanded. Business profit before research and development rose 13.3% to ¥697,201 million; R&D spending rose 4.7% to ¥260,316 million, roughly flat excluding currency, and business profit climbed 19.2%. Operating profit rose only 4.0% to ¥423,733 million.
Forecast raised, pipeline added
Profit attributable to owners of the parent rose 8.2% to ¥322,105 million, or ¥612.03 per share. Otsuka kept its FY12/2026 revenue forecast at ¥2,725,000 million, as stronger Rexulti and Voyxact sales offset weaker functional beverages, but raised business profit to ¥500,000 million from ¥470,000 million, operating profit to ¥488,000 million from ¥469,000 million and profit attributable to owners of the parent to ¥370,000 million from ¥355,000 million, citing higher gross profit, tighter cost control and R&D now seen at ¥373,000 million instead of ¥385,000 million. In June, Otsuka Pharmaceutical completed the $700 million purchase of Transcend Therapeutics, adding PTSD candidate TSND-201, with up to $525 million more payable on sales. The annual dividend plan is ¥200, including an interim ¥100, against ¥140 last year, and the equity ratio rose to 74.4%.
| Metric | 9M FY12/2026 | 9M FY12/2025 | Change |
|---|---|---|---|
| Revenue (¥ million) | 2,042,439 | 1,818,743 | +12.3% |
| Business profit (¥ million) | 436,884 | 366,503 | +19.2% |
| Operating profit (¥ million) | 423,733 | 407,421 | +4.0% |
| Pre-tax profit (¥ million) | 422,273 | 392,772 | +7.5% |
| Net profit attrib. to owners of parent (¥ million) | 322,105 | 297,658 | +8.2% |
| Comprehensive income (¥ million) | 323,881 | 267,571 | +21.0% |
| EPS (¥) | 612.03 | 560.81 | +9.1% |
| Pharmaceutical — revenue (¥ million) | 1,460,575 | 1,278,680 | +14.2% |
| Pharmaceutical — segment profit (¥ million) | 380,241 | 371,609 | +2.3% |
| Nutraceutical — revenue (¥ million) | 460,631 | 430,767 | +6.9% |
| Nutraceutical — segment profit (¥ million) | 55,965 | 48,555 | +15.3% |
| Consumer products — revenue (¥ million) | 26,967 | 25,811 | +4.5% |
| Consumer products — segment profit (¥ million) | 24,483 | 21,219 | +15.4% |
| Total assets (¥ million) | 4,323,273 | 4,197,562 | +3.0% |
| Equity attrib. to owners of parent (¥ million) | 3,216,875 | 3,033,444 | +6.0% |
| Equity ratio | 74.4% | 72.3% | +2.1 pt |
| FY12/2026 guidance — revenue (¥ million) | 2,725,000 | 2,468,892 | +10.4% |
| FY12/2026 guidance — business profit (¥ million) | 500,000 | 446,129 | +12.1% |
| FY12/2026 guidance — operating profit (¥ million) | 488,000 | 479,375 | +1.8% |
| FY12/2026 guidance — net profit (¥ million) | 370,000 | 363,150 | +1.9% |
| Annual dividend per share (¥) | 200.00 | 140.00 | +42.9% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.