Kissei Pharmaceutical Cuts FY2027 Earnings Forecast on Tabneos Shortfall

Kissei Pharmaceutical Cuts FY2027 Earnings Forecast on Tabneos Shortfall

Kissei Pharmaceutical Co., Ltd. (TSE:4547) has revised downward its earnings guidance for the fiscal year ending March 2027, citing weaker-than-expected sales of its flagship vasculitis treatment Tabneos.

For the interim period (April–September 2026), the company reduced revenue guidance to JPY 44.8bn from JPY 48.0bn, a 6.7% decline. Full-year revenue is now forecast at JPY 88.7bn versus the prior JPY 95.7bn estimate. The company attributed the revision to first-quarter prescription trends for Tabneos, its treatment for microscopic polyangiitis and granulomatosis with polyangiitis, which diverged significantly from plan. Management also noted that higher cost-of-goods-sold ratios will compress gross margins as Tabneos sales decline. Additionally, the company pushed back anticipated milestone payments from acquired products to the next fiscal year.

The revisions paint a sharper earnings contraction than headline revenue declines suggest. Operating profit (eigyo rieki) is projected to fall 73.7% in the interim period to JPY 500M and decline 54.5% for the full year to JPY 2.0bn. Ordinary income (keijo rieki), a Japan-specific metric capturing non-operating financial items, is forecast at JPY 1.70bn for the full year, down 33.3%. While extraordinary gains on investment securities sales may provide partial offset, the substantial deterioration in core operating profitability underscores execution risks around Tabneos commercialization and highlights dependency on a single product.

Source: Original filing (TDnet) | 日本語版

This article is for informational purposes only and does not constitute investment advice. Always verify against the original filing.