Terumo Corporation · TSE:4543
Terumo — Q2 2027 Earnings Presentation
29 slides from Terumo's earnings presentation, Nov 12, 2026
Slide 1: Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2027 (FY2026)
Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2027 (FY2026) Jin Hagimoto Chief Financial Officer Terumo Corporation Nov. 12, 2026
Slide 2: Forward-Looking Statements and Use of Document
Forward-Looking Statements and Use of Document Among the information that Terumo discloses, the forward-looking statements including financial projections are based upon our assumptions using information available to us at the time and are not intended to be guarantees of future events or performanc
Slide 3: Revision of FY26 Guidance
Revision of FY26 Guidance Background to the Current Revision FY26 guidance has been revised downward to reflect the impact of voluntary product recalls at Terumo Aortic (TA) and temporary supply constraints at Terumo Neuro (TN) Recent Revisions August : Revised upward to reflect US tariff refunds an
Slide 4: Revision of FY26 Guidance
Revision of FY26 Guidance Assumptions • Revenue: Reflects the impact of the voluntary product recalls at TA and temporary supply constraints at TN • Profit: Reflects risks related to asset values, considering uncertainties surrounding the future outlook for the TA business FY26 Oct. FY26 Nov. FY25 R
Slide 5: FY26 Guidance Variance Analysis (Operating Profit)
FY26 Guidance Variance Analysis (Operating Profit) Reflects the portfolio review for future growth and asset value risks related to the TA business (100M JPY) 200 2,575 130 482 2,245 Settlement US tariff proceeds refund 1,763 G/P increment 1,600 by sales increase, -975 etc. Impact of 1,190 terminati
Slide 6: FY26 Guidance Variance Analysis (Adjusted OP and Adjustments)
FY26 Guidance Variance Analysis (Adjusted OP and Adjustments) Despite the significant impact of temporary losses, adjusted operating profit is expected to increase 24% YoY, with underlying profit growth remaining solid (100M JPY) 421 2,615 130 2,715 200 -30 2,194 US tariff Risks related to refund Ch
Slide 7: Revision of FY26 Guidance by Company
Revision of FY26 Guidance by Company While reflecting the impacts on TA and TN, underlying businesses continue to perform solidly Revenue Adjusted Operating Profit Amount FY26 Aug. FY26 Nov. FY26 Aug. FY26 Nov. FY26 Nov. FY25 FY25 (100M JPY) Revised Revised Revision Revised Revised Revision Revised
Slide 8: FY26 Q2 Results
FY26 Q2 Results ©TERUMO CORPORATION 8
Slide 9: Highlights
Highlights Revenue Achieved record-high first-half revenue Continued strong revenue growth, led by the Americas and Asia, with 8% growth excluding FX impact Profit Adjusted operating profit reached a record high for the first half, driven by higher sales and pricing measures; increased 17% excluding
Slide 10: P&L, FCF
P&L, FCF Revenue: Continued strong performance in TIS and Global Blood Solutions, supported by favorable FX impact Operating Profit: Decreased significantly due to impairment losses and other expenses recorded in Q2, despite higher sales Change 100M JPY FY25 Q2 YTD FY26 Q2 YTD Change excluding FY25
Slide 11: OP Variance Analysis (Q2): Adjusted OP increased, driven by solid growth
OP Variance Analysis (Q2): Adjusted OP increased, driven by solid growth (100M JPY) G/P increment by sales increase: TIS and GBS led overall growth, with growth in 17 79 677 the OT business also contributing 86 Gross margin/Price: 553 Gross -44 -14 Margin/ FX Pricing measures contributed 451 Price S
Slide 12: OP Variance Analysis (Q2 YTD): Higher sales and tariff refund drove growth
OP Variance Analysis (Q2 YTD): Higher sales and tariff refund drove growth (100M JPY) 133 G/P increment by sales increase: 122 1,473 TIS and GBS led overall growth, with growth 214 in the OT business also contributing Gross -111 -29 Margin FX Gross margin/Price: 1,144 /Price SG&A R&D Tariff refund a
Slide 13: C&V: TIS led growth, mainly in the Americas and Asia
C&V: TIS led growth, mainly in the Americas and Asia (C&V: Cardiac and Vascular) (100M JPY) Q2 YTD Q2 Q2 YTD Comments YoY ( ) FX Neutral TIS : Higher volumes driven by increased +383 3,723 Terumo sales of key products contributed to 3,063 3,221 Interventional growth. Oncology and Endovascular System
Slide 14: TMCS: Strong performance in HCS and PS
TMCS: Strong performance in HCS and PS (TMCS: Medical Care Solutions) (100M JPY) Q2 YTD Q2 Q2 YTD Comments YoY ( ) FX Neutral HCS : Revenue increased in Japan, driven +62 1,156 Hospital Care by drug price revisions and higher 1,043 1,056 Solutions sales of key products. Asia also performed well Reve
Slide 15: TBCT: Strong global sales of blood collection products
TBCT: Strong global sales of blood collection products (TBCT: Blood and Cell Technologies) (100M JPY) Q2 YTD Q2 Q2 YTD Comments YoY ( ) FX Neutral 1,248 GBS : Strong sales of blood collection +133 1,071 Global products, particularly in Europe 980 Blood Solutions Revenue 640 +20% 17% 554 GTI : Perfor
Slide 16: OT: Sustained high growth driven by an expanding liver transplant market
OT: Sustained high growth driven by an expanding liver transplant market (OT: Terumo Organ Technologies) Q2 Q2 YTD Comments (100M JPY) Revenue: 11.6 B JPY 116 +36% YoY (+25% excluding FX impact) • Sustained high growth driven by increasing liver transplant volumes 86 • Growth temporarily slowed due
Slide 17: Revenue by Region: Americas led growth, with Asia also expanding
Revenue by Region: Americas led growth, with Asia also expanding FY26 Q2 YTD FY26 Q2 YTD Revenue (100M JPY) Comments YoY change Regional breakdown ( ) FX Neutral Q2 YTD Q2 Americas FY24 1,906 947 22% TIS led growth, with OT also contributed to revenue FY25 2,071 966 (10%) growth. TCV and GBS also pe
Slide 18: Reference
Reference ©TERUMO CORPORATION 18
Slide 19: FY26 One-time Gains/Losses
FY26 One-time Gains/Losses (100M JPY) P&L Line Adjustment H2 FY26 Item Q1 Q2 Forecast Forecast Item Cost of Tariff Refunds Sales - 130 6 136 Other Adjustment Settlement Proceeds Income Item 201 201 Investments Adjustment SG&A -2 -2 Growth Acquisition-related Item Expenses for Arsenal Medical R&D, et
Slide 20: P&L (QoQ)
P&L (QoQ) (100M JPY) FY25 Q2 Q3 Q4 FY26 Q1 Q2 (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) (Jul-Sep) Revenue 2,750 2,966 3,003 3,118 3,127 Gross Profit 1,470 (53.5%) 1,532 (51.6%) 1,490 (49.6%) 1,785 (57.3%) 1,665 (53.2%) SG&A Expenses 808 (29.4%) 869 (29.3%) 898 (29.9%) 907 (29.1%) 900 (28.8%) R&D Expen
Slide 21: SG&A (QoQ)
SG&A (QoQ) (100M JPY) FY25 Q2 Q3 Q4 FY26 Q1 Q2 (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) (Jul-Sep) Salaries & Wages 421 447 468 502 484 Sales Promotion 53 61 62 61 53 Logistics Costs 59 58 58 62 64 Depreciation and Amortization 70 76 76 73 72 Others 205 228 233 210 227 SG&A Expenses Total 808 869 898
Slide 22: SG&A (YoY)
SG&A (YoY) (100M JPY) YoY % FY25 Q2 FY26 Q2 YoY YoY % excluding FX FY25 Q2 FY26 Q2 YoY YoY % YTD YTD impact Salaries & Wages 827 986 158 19% 10% 421 484 62 15% Sales Promotion 108 114 6 6% 0% 53 53 0 0% Logistics Costs 116 126 10 9% 1% 59 64 5 9% Depreciation and 139 145 6 4% -3% 70 72 1 2% Amortiza
Slide 23: Adjusted Operating Profit: Adjustments
Adjusted Operating Profit: Adjustments (100M JPY) FY25 Q2 YTD FY26 Q2 YTD FY25 Q2 FY26 Q2 Adjusted Operating Profit 1,144 1,473 553 677 Adjustment 1. Amortization of -100 -143 -50 -71 acquired intangible assets Adjustment 2. Non-recurring profit or loss -34 -622 -53 -793 Operating Profit 1,010 708 4
Slide 24: CAPEX, Depreciation and Amortization, R&D Expenses
CAPEX, Depreciation and Amortization, R&D Expenses (100M JPY) FY26 FY23 FY24 FY25 FY26Q2 YTD Guidance CAPEX 784 825 971 349 850 Depreciation 702 781 867 503 990 Amortization of acquired intangible assets 200 210 242 143 290 Others 502 571 625 360 700 CAPEX is based on construction in progress and ex
Slide 25: Free Cash Flow
Free Cash Flow 639 1,496 (100M JPY) 545 129 1,226 -399 Others CAPEX -351 -32 695 Other Income Working operating Depreciation taxes, etc. capital CF and amortization FY26Q2 YTD Operating CF FCF Profit before tax YoY -317 +116 -127 +213 +591 +476 +19 +421 +916 ©TERUMO CORPORATION 25
Slide 26: Cash Flow (Q2)
Cash Flow (Q2) Operating CF Investing and financing CF (100M JPY) +751 -783 797 -211 3,146 273 130 3,115 CAPEX 399 -110 -208 Working Others Depreciation Income capital, etc. Profit and taxes, -1,100 Issuance before tax amortization etc. Repayment of bonds of borrowings * Cash at the end * Aligned wi
Slide 27: Cash Flow (Q2 YTD)
Cash Flow (Q2 YTD) Operating CF Investing and financing CF +1,496 -1,186 (100M JPY) 607 545 -399 695 -351 Working CAPEX 2,180 Depreciation Income capital, etc. 55 3,115 2,805 and taxes, -221 Amortization Others etc. Profit Dividends before tax -2,800 Issuance of Bond redemptions bonds and and repaym
Slide 28: Foreign Exchange Sensitivity
Foreign Exchange Sensitivity Annual impact of 1 JPY depreciation (Flow) (100M JPY) USD EUR CNY Revenue 33 13 46 +20% Adjusted Operating Profit (+8%) 5 7 24 1,349 Impact of 1 JPY depreciation (Stock) (100M JPY) 1,198 2,049 USD EUR CNY 38% Adjusted Operating Profit (+13%) -3.0 -1.0 -2.5 ©TERUMO CORPOR
Slide 29: ~“TERUMO
~“TERUMO