Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> registered 1% YoY decline in revenue to ¥715.4B in 9MFY26 while the adjusted operating profit witnessed 183% YoY decrease to ¥89.9B (margin down 510bps to 12.6%).</li>
<li>The company partially revised full-year forecasts for FY26. The company expects profits to be further lower than previous guidance due to ship holds in Surgical division.</li>
<li>The Q3FY26 results showed certain improvements that will help the company take positive step forward. We would prefer to stay on the sidelines and watch for the time being.</li>
</ul>



Olympus Corp (7733 JP) registered 1% YoY decline in revenue to ¥715.4B in 9MFY26 while the adjusted operating profit witnessed 183% YoY decrease to ¥89.9B (margin down 510bps to 12.6%).
The company partially revised full-year forecasts for FY26. The company expects profits to be further lower than previous guidance due to ship holds in Surgical division.
The Q3FY26 results showed certain improvements that will help the company take positive step forward. We would prefer to stay on the sidelines and watch for the time being.


Olympus Corp (7733 JP): Turnaround Will Take Some Time, Company Taking Positive Baby Steps For Now

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> registered 20% QoQ rise in revenue to ¥247.8B in Q2FY26 while the adjusted operating profit witnessed 183% QoQ growth to ¥37.4B (margin expanded 870bps to 15.1%).</li>
<li>The company reiterated full-year forecasts for FY26. The company expects revenue to be ¥998B, flat YoY (+3% after FX adjustment).</li>
<li>Sequential improvement offers early green shoots. Moreover, decreasing “Elevate” program cost, product launches and venturing into endoluminal surgical robotics segment will slowly help propel growth in the near to midterm.</li>
</ul>



Olympus Corp (7733 JP) registered 20% QoQ rise in revenue to ¥247.8B in Q2FY26 while the adjusted operating profit witnessed 183% QoQ growth to ¥37.4B (margin expanded 870bps to 15.1%).
The company reiterated full-year forecasts for FY26. The company expects revenue to be ¥998B, flat YoY (+3% after FX adjustment).
Sequential improvement offers early green shoots. Moreover, decreasing “Elevate” program cost, product launches and venturing into endoluminal surgical robotics segment will slowly help propel growth in the near to midterm.


Olympus Corp (7733 JP): A Much-Awaited Turnaround On the Cards? One Quarter At a Time

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s Phase 3 trial of depression drug candidate HA1406 met pre-specified primary efficacy endpoint. Jiangsu Hengrui Pharmaceuticals received NMPA approval for long-acting basal insulin, sudelidec injection.</li>
<li>Otsuka Holdings secured FDA approval for Simtriyo, a once-daily extended-release capsule for ADHD. Nippon Shinyaku obtained exclusive commercialization rights for Tadekinig alfa in the U.S. for Hyperinflammatory Syndrome.</li>
<li>Pharmaessentia announced topline results from the Phase 1b clinical trial of P1101 (Besremi) and anti-PD1 in Chronic Hepatitis B or D. Cipla secured FDA approval for generic Advair Diskus.</li>
</ul>


CSPC Pharmaceutical’s Phase 3 trial of depression drug candidate HA1406 met pre-specified primary efficacy endpoint. Jiangsu Hengrui Pharmaceuticals received NMPA approval for long-acting basal insulin, sudelidec injection.
Otsuka Holdings secured FDA approval for Simtriyo, a once-daily extended-release capsule for ADHD. Nippon Shinyaku obtained exclusive commercialization rights for Tadekinig alfa in the U.S. for Hyperinflammatory Syndrome.
Pharmaessentia announced topline results from the Phase 1b clinical trial of P1101 (Besremi) and anti-PD1 in Chronic Hepatitis B or D. Cipla secured FDA approval for generic Advair Diskus.


APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

<ul>
<li>Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.</li>
<li>Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.</li>
<li>Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.</li>
</ul>


Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.
Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.
Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.


APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.</li>
<li>Software catches a defensive bid with NEC and Fujitsu set to outperform.</li>
<li>Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.</li>
</ul>


Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.
Software catches a defensive bid with NEC and Fujitsu set to outperform.
Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.


Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Japan

OLYMPUS CORPORATION manufactures optoelectronic products. The Company's products include cameras, video sets, endoscopes for medicine and industrial use, microscopes, analytical equipment, office communication systems, and laseroptical scanners.

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Olympus (7733 JT)

Olympus Corp (7733 JP): Turnaround Will Take Some Time, Company Taking Positive Baby Steps For Now

Olympus sees revenue and profit drop in 9MFY26, revises full-year forecasts lower due to ship holds in Surgical division. Q3 results show some...

Tina Banerjee

Olympus Corp (7733 JP): A Much-Awaited Turnaround On the Cards? One Quarter At a Time

Olympus Corp sees strong Q2FY26 results with revenue up 20% and operating profit up 183% QoQ. We would still prefer to wait and watch for any...

Tina Banerjee

APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

Hengrui got NMPA approval for long-acting insulin. FDA approves Otsuka’s new CNS drug. Pharmaessentia announced positive topline result from Phase...

Tina Banerjee

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

Andrew Jackson

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Olympus Corp (7733 JP): Turnaround Will Take Some Time, Company Taking Positive Baby Steps For Now

​Olympus sees revenue and profit drop in 9MFY26, revises full-year forecasts lower due to ship holds in Surgical division. Q3 results show some...

Tina Banerjee

Olympus Corp (7733 JP): A Much-Awaited Turnaround On the Cards? One Quarter At a Time

​Olympus Corp sees strong Q2FY26 results with revenue up 20% and operating profit up 183% QoQ. We would still prefer to wait and watch for any...

Tina Banerjee

APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

Hengrui got NMPA approval for long-acting insulin. FDA approves Otsuka’s new CNS drug. Pharmaessentia announced positive topline result from Phase...

Tina Banerjee

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

Andrew Jackson

Olympus sees revenue and profit drop in 9MFY26, revises full-year forecasts lower due to ship holds in Surgical division. Q3 results show some...

Olympus Corp sees strong Q2FY26 results with revenue up 20% and operating profit up 183% QoQ. We would still prefer to wait and watch for any...