Tavneos after the safety alert
Kissei Pharmaceutical Co., Ltd. (TSE: 4547) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on November 4, 2026. Pharmaceutical sales fell 2.5% to ¥37,401 million. Sales of Tavneos, for microscopic polyangiitis and granulomatosis with polyangiitis, dropped 44.0% to ¥3,140 million after the company issued an emergency safety communication, a so-called blue letter, in May 2026. Growth in the uterine-fibroid treatment Iseltie, launched in March 2026, the overactive-bladder drug Beova, the dialysis-pruritus drug Korsuva and the immune thrombocytopenia drug Tavalisse, plus higher co-promotion fees, could not offset lower overseas licence income.
Operating and ordinary profit returned to the black mainly because the prior half carried heavy R&D spending for an in-licensing deal. With administrative procedures under way that include revoking Tavneos's marketing approval, Kissei booked an impairment loss of ¥2,162 million and an inventory write-down of ¥2,125 million, taking extraordinary losses to ¥4,313 million. Gains on the sale of investment securities fell to ¥8,040 million from ¥14,828 million. The information services business grew sales 27.7% to ¥6,517 million, while construction and facility maintenance fell 42.9% on project delays.
Guidance: higher operating line, lower net
Kissei raised its FY3/2027 forecast for net sales by ¥300 million to ¥89,000 million (−8.6%), with Tavneos cut by ¥1,500 million and information services raised by ¥1,800 million, and lifted operating profit to ¥2,500 million and ordinary profit to ¥4,400 million. It cut attributable profit by ¥3,300 million to ¥10,000 million (−27.4%), while still planning ¥6,000 million of securities gains in the second half and ¥14,000 million for the year. It paid an interim dividend of ¥105, including a ¥40 80th-anniversary dividend, and plans ¥170 for the year. In development, it began a Phase II trial in Japan in September 2026 for CG0070 in intermediate-risk non-muscle-invasive bladder cancer.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 45,503 | 45,831 | -0.7% |
| Operating profit (¥ million) | 1,694 | -6,837 | loss to profit |
| Ordinary profit (¥ million) | 2,923 | -5,622 | loss to profit |
| Extraordinary income (¥ million) | 8,058 | 15,199 | -47.0% |
| Extraordinary losses (¥ million) | 4,313 | 166 | n.m. |
| Net profit attrib. to owners of parent (¥ million) | 5,191 | 7,784 | -33.3% |
| Comprehensive income (¥ million) | 675 | 10,001 | -93.2% |
| EPS (¥) | 124.88 | 186.81 | -33.2% |
| Total assets (¥ million) | 266,852 | 275,086 | -3.0% |
| Net assets (¥ million) | 229,564 | 231,536 | -0.9% |
| Equity ratio | 85.5% | 83.7% | +1.8 pt |
| FY3/2027 guidance — revenue (¥ million) | 89,000 | — | -8.6% |
| FY3/2027 guidance — operating profit (¥ million) | 2,500 | — | loss to profit |
| FY3/2027 guidance — ordinary profit (¥ million) | 4,400 | — | loss to profit |
| FY3/2027 guidance — net profit (¥ million) | 10,000 | — | -27.4% |
| Annual dividend per share (¥) | 170.00 | 160.00 | +6.3% |
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