China OEM media fall far short
Kohjin Bio Co., Ltd. (TSE: 177A) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on November 12, 2026. China's regulations on the clinical research and application of new biomedical technologies took effect in May 2026, and medical institutions there that buy its products stopped providing cell therapy, so sales of OEM culture media for China fell well below plan. Tissue Culture sales fell 28.2% to ¥920 million and segment profit 47.6% to ¥263 million. Fewer Chinese visitors to Japan, amid travel restraint and reduced flights, also cut the number of patients receiving self-paid cell therapy at its Japanese customers.
Microbiology, which makes bacterial-test media used in drug-makers' quality testing, saw sales fall 10.0% to ¥618 million, broadly in line with plan, and narrowed its loss to ¥32 million. Cell Processing sales fell 23.6% to ¥410 million and the segment swung to a ¥59 million loss: related products beat plan, but contract processing fell short and its cost exceeded contract revenue. Total assets were ¥9,047 million and the equity ratio 64.9%.
Full-year loss forecast, dividend cut
Kohjin Bio revised its FY3/2027 forecast to net sales of ¥4,009 million (-18.8%), an operating loss of ¥126 million, an ordinary loss of ¥89 million and a net loss attributable to owners of ¥103 million. It cut its year-end dividend forecast to ¥5 from the ¥10 paid for FY3/2026.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 1,947 | 2,504 | -22.2% |
| Operating profit (¥ million) | -92 | 257 | profit to loss |
| Ordinary profit (¥ million) | -67 | 272 | profit to loss |
| Net profit attrib. to owners of parent (¥ million) | -78 | 202 | profit to loss |
| EPS (¥) | -15.37 | 39.53 | profit to loss |
| Tissue Culture — revenue (¥ million) | 920 | 1,282 | -28.2% |
| Tissue Culture — segment profit (¥ million) | 263 | 501 | -47.6% |
| Microbiology — revenue (¥ million) | 618 | 686 | -10.0% |
| Microbiology — segment profit (¥ million) | -32 | -36 | loss narrowed |
| Cell Processing — revenue (¥ million) | 410 | 536 | -23.6% |
| Cell Processing — segment profit (¥ million) | -59 | 76 | profit to loss |
| Total assets (¥ million) | 9,047 | 8,904 | +1.6% |
| Net assets (¥ million) | 5,874 | 5,945 | -1.2% |
| Equity ratio | 64.9% | 66.8% | -1.9 pt |
| FY3/2027 guidance — revenue (¥ million) | 4,009 | — | -18.8% |
| FY3/2027 guidance — operating profit (¥ million) | -126 | — | — |
| FY3/2027 guidance — ordinary profit (¥ million) | -89 | — | — |
| FY3/2027 guidance — net profit (¥ million) | -103 | — | — |
| Annual dividend per share (¥) | 5.00 | 10.00 | -50.0% |
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.