Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a> has reported in-line performance for H1FY26. While mainstay product is facing pricing and competitive pressure, one-off licensing income has driven overall performance.   </li>
<li>JCR is expected to meet FY26 guidance. H1FY26 sales, operating profit, and net profit represent progress rate of 56.5%, 91.5%, and 57.0%, against full-year guidance, respectively.</li>
<li>Heavy dependence on one major product, which is subject to pricing and competitive pressure, and no major product launch lined up anytime soon are key near-term risks.</li>
</ul>



Jcr Pharmaceuticals (4552 JP) has reported in-line performance for H1FY26. While mainstay product is facing pricing and competitive pressure, one-off licensing income has driven overall performance.   
JCR is expected to meet FY26 guidance. H1FY26 sales, operating profit, and net profit represent progress rate of 56.5%, 91.5%, and 57.0%, against full-year guidance, respectively.
Heavy dependence on one major product, which is subject to pricing and competitive pressure, and no major product launch lined up anytime soon are key near-term risks.


JCR Pharmaceutical (4552 JP): Licensing Income Boosts H1FY26 Overall Performance; What Lies Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a> revenue increased 5% to ¥8.6B in Q1FY26, mainly driven by Izcargo, marred to an extent by NHI price revision impact on Growject.</li>
<li>Higher SG&amp;A expenses (up 9%) on increased commission payments and increased R&amp;D expenses (up 5% as clinical development activities progressed) resulted in operating loss of ¥606M.</li>
<li>JCR’s two pipeline drugs are under Phase III trials: pabinafusp alfa (JR-141) for Hunter syndrome and JR-142, for growth hormone deficiency. Approvals not expected before late FY27 or FY28.</li>
</ul>



Jcr Pharmaceuticals (4552 JP) revenue increased 5% to ¥8.6B in Q1FY26, mainly driven by Izcargo, marred to an extent by NHI price revision impact on Growject.
Higher SG&amp;A expenses (up 9%) on increased commission payments and increased R&amp;D expenses (up 5% as clinical development activities progressed) resulted in operating loss of ¥606M.
JCR’s two pipeline drugs are under Phase III trials: pabinafusp alfa (JR-141) for Hunter syndrome and JR-142, for growth hormone deficiency. Approvals not expected before late FY27 or FY28.


JCR Pharma (4552 JP): Izcargo Holds Revenue As Price Revision Impacts Growject; Guidance Reiterated

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a> revenue dropped 23% to ¥33B in FY25, mainly driven by lower contractual payments and reduced renal segment revenue.</li>
<li>R&amp;D expenses surged 37% YoY to ¥15B resulting in operating loss of ¥6.65B in FY25.</li>
<li>FY26 guidance signals back in black after one-time hurdles drag performance in FY25.</li>
</ul>



Jcr Pharmaceuticals (4552 JP) revenue dropped 23% to ¥33B in FY25, mainly driven by lower contractual payments and reduced renal segment revenue.
R&amp;D expenses surged 37% YoY to ¥15B resulting in operating loss of ¥6.65B in FY25.
FY26 guidance signals back in black after one-time hurdles drag performance in FY25.


JCR Pharmaceutical (4552 JP): Guidance Signals Stabilization After FY25 Hiccups, Concerns Remain

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a> revenue dropped 23% to ¥26B during 9MFY25, dragged by lower contractual payments. With higher R&amp;D and SG&amp;A expenses, the company reported operating loss of ¥754M.</li>
<li>FY25 Guidance has been revised downwards with revised sales now stands at ¥39B. While product sales remain largely on track, income from contractual payment was revised downward.</li>
<li>The heavy dependence on one major product and no major product launch lined up anytime soon poses as a negative on the company’s prospects in near future.</li>
</ul>



Jcr Pharmaceuticals (4552 JP) revenue dropped 23% to ¥26B during 9MFY25, dragged by lower contractual payments. With higher R&amp;D and SG&amp;A expenses, the company reported operating loss of ¥754M.
FY25 Guidance has been revised downwards with revised sales now stands at ¥39B. While product sales remain largely on track, income from contractual payment was revised downward.
The heavy dependence on one major product and no major product launch lined up anytime soon poses as a negative on the company’s prospects in near future.


JCR Pharmaceutical (4552 JP): Sluggish 9MFY25 Performance, Guidance Revised Downward

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<li>
<a href="https://www.smartkarma.com/entities/nippon-shinyaku-co-ltd" target="_blank" data-smartkarma-citation="entities:6634:1" rel="noopener">Nippon Shinyaku (4516 JP)</a> and <a href="https://www.smartkarma.com/entities/capricor-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:37671:1" rel="noopener">Capricor Therapeutics (CAPR US)</a> announced positive topline results from its pivotal Phase 3 HOPE-3 trial evaluating Deramiocel.  </li>
<li>Capricor plans to submit its response to the Complete Response Letter incorporating HOPE-3 data, following prior alignment with FDA.</li>
<li>The next big trigger for the stock would be the approval of Deramiocel and RGX-121 by FDA followed by their commercialization.</li>
</ul>



Nippon Shinyaku (4516 JP) and Capricor Therapeutics (CAPR US) announced positive topline results from its pivotal Phase 3 HOPE-3 trial evaluating Deramiocel.  
Capricor plans to submit its response to the Complete Response Letter incorporating HOPE-3 data, following prior alignment with FDA.
The next big trigger for the stock would be the approval of Deramiocel and RGX-121 by FDA followed by their commercialization.


Nippon Shinyaku (4516 JP): Deramiocel Data Positive, Approval and Commercialization Next Big Trigger

Japan

JCR Pharmaceuticals Co., Ltd. develops, produces, and sells pharmaceutical products and raw materials.  The Company also sells equipment for hospital and laboratory use.  JCR Pharmaceuticals' products include drug for leukemic diseases and hormonal agents including genetically engineered human somatotrophic hormone (growth hormone) and gonadotropic hormone.

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Jcr Pharmaceuticals (4552 JP)

JCR Pharmaceutical (4552 JP): Licensing Income Boosts H1FY26 Overall Performance; What Lies Ahead

Jcr Pharmaceuticals reports in-line H1FY26 performance with one-off licensing income driving overall results, but faces risks due to pricing...

Tina Banerjee

JCR Pharma (4552 JP): Izcargo Holds Revenue As Price Revision Impacts Growject; Guidance Reiterated

Jcr Pharmaceuticals Q1FY26 revenue was up 5% to ¥8.6B, driven by Izcargo. Operating loss of ¥606M was due to higher SG&A and R&D expenses. New...

Tina Banerjee

JCR Pharmaceutical (4552 JP): Guidance Signals Stabilization After FY25 Hiccups, Concerns Remain

Jcr Pharmaceutical sales drops 23% in FY25 to ¥33B due to lower contractual payments and reduced renal revenue. Surged R&D expenses led to...

Tina Banerjee

JCR Pharmaceutical (4552 JP): Sluggish 9MFY25 Performance, Guidance Revised Downward

JCR has again cut FY25 revenue guidance by 15%, as an expected licensing agreement may not be finalized this fiscal. With this, FY25 revenue is...

Tina Banerjee

Nippon Shinyaku (4516 JP): Deramiocel Data Positive, Approval and Commercialization Next Big Trigger

Nippon Shinyaku and Capricor announce positive Phase 3 results for Deramiocel, with potential FDA approval and commercialization on the horizon....

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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JCR Pharmaceutical (4552 JP): Licensing Income Boosts H1FY26 Overall Performance; What Lies Ahead

​Jcr Pharmaceuticals reports in-line H1FY26 performance with one-off licensing income driving overall results, but faces risks due to pricing...

Tina Banerjee

JCR Pharma (4552 JP): Izcargo Holds Revenue As Price Revision Impacts Growject; Guidance Reiterated

​Jcr Pharmaceuticals Q1FY26 revenue was up 5% to ¥8.6B, driven by Izcargo. Operating loss of ¥606M was due to higher SG&A and R&D expenses. New...

Tina Banerjee

JCR Pharmaceutical (4552 JP): Guidance Signals Stabilization After FY25 Hiccups, Concerns Remain

​Jcr Pharmaceutical sales drops 23% in FY25 to ¥33B due to lower contractual payments and reduced renal revenue. Surged R&D expenses led to...

Tina Banerjee

JCR Pharmaceutical (4552 JP): Sluggish 9MFY25 Performance, Guidance Revised Downward

JCR has again cut FY25 revenue guidance by 15%, as an expected licensing agreement may not be finalized this fiscal. With this, FY25 revenue is...

Tina Banerjee

Nippon Shinyaku (4516 JP): Deramiocel Data Positive, Approval and Commercialization Next Big Trigger

​Nippon Shinyaku and Capricor announce positive Phase 3 results for Deramiocel, with potential FDA approval and commercialization on the horizon....

Tina Banerjee

Jcr Pharmaceuticals reports in-line H1FY26 performance with one-off licensing income driving overall results, but faces risks due to pricing...

Jcr Pharmaceuticals Q1FY26 revenue was up 5% to ¥8.6B, driven by Izcargo. Operating loss of ¥606M was due to higher SG&A and R&D expenses. New...

Jcr Pharmaceutical sales drops 23% in FY25 to ¥33B due to lower contractual payments and reduced renal revenue. Surged R&D expenses led to...

Nippon Shinyaku and Capricor announce positive Phase 3 results for Deramiocel, with potential FDA approval and commercialization on the horizon....