Jcr Pharmaceuticals Co., Ltd. TSE:4552
JCR Pharmaceuticals : FY2025-Q2 Financial Report (Jul. 1-Sep. 30, 2025)（536KB）
Source: MarketScreener
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Financial Summary Consolidated Financial Results for the Six Months ended September 30, 2025 (FY2025) (Japanese standard)October 30, 2025
Listed company name: JCR Pharmaceuticals Co., Ltd. Listed stock exchange: Tokyo Stock Exchange
Code number: 4552 URL: https://jcrpharm.com/
Representative: (Title) Representative Director, Chairman and President (Name) Shin Ashida
Person in charge of inquiries: (Title) Senior Corporate Officer, Executive Director, Corporate Strategy Division (Name) Yoh Ito TEL: 0797(32)1995
Scheduled date to file Quarterly Securities Report: November 14, 2025 Scheduled date to commence dividend payments: December 5, 2025 Preparation of supplemental information for this financial summary: Available IR Conference: To be held (for institutional investors and analysts)
(Fractions smaller than one million yen omitted)
Consolidated Financial Results for 2Q FY2025 (April 1, 2025 to September 30, 2025)
Consolidated Operating Results (Cumulative) (Percentage shows year-on-year changes.)
Net sales
Operating profit(loss)
Ordinary profit(loss)
Profit (loss) attributable to owners of parent
Six Months Ended
million yen
%
million yen
%
million yen
%
million yen
%
Sep. 30, 2025
21,362
28.2
2,379
-
2,362
-
1,710
-
Sep. 30, 2024
16,657
(31.4)
（739）
-
（1,621）
-
（691）
-
(Reference) Comprehensive income: Six months ended Sep. 30, 2025: 2,227 million yen (24.6%)
Six months ended Sep. 30, 2024: 1,788 million yen ([69.6]%)
Earnings per share (basic)
Earnings per share (diluted)
Six Months Ended
yen
yen
Sep. 30, 2025
14.03
14.03
Sep. 30, 2024
（5.53）
-
(Note) "Earnings per share (diluted)" for six months ended Sep. 30, 2024 is not stated because there was a net loss per share, even though there were residual shares.
Consolidated Financial Conditions
Total assets
Net assets
Equity ratio
As of
million yen
million yen
%
Sep. 30, 2025
109,055
48,517
44.1
Mar. 31, 2025
104,855
47,435
44.8
(Reference) Shareholders' equity: As of Sep 30, 2025: 48,080 million yen
As of Mar. 31, 2025: 46,967 million yen
Dividends
Dividends per share
1st quarter-end
2nd quarter-end
3rd quarter-end
Year-end
Annual
FY2024 FY2025
yen
yen
yen
yen
yen
-
10.00
-
10.00
20.00
-
10.00
FY2025 (Forecast)
-
10.00
20.00
(Notes) No revisions were made to the most recently announced dividend forecast.
Consolidated Forecasts for the Fiscal Year Ending March 31, 2026 (April 1, 2025 to March 31, 2026)
(Percentage figures for the fiscal year represent the changes from the previous year.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Earnings per share
Year ending Mar. 31, 2026
million yen
%
million yen
%
million yen
%
million yen
%
Yen
37,800
14.3
2,600
-
2,400
-
3,000
-
24.22
(Notes) No revisions were made to the most recently announced financial results forecast.
*Note
Changes in significant subsidiaries during the period: None
Application of specific accounting practices for preparing quarterly consolidated financial statements: None
Changes in accounting policy, changes in accounting estimates and restatements
Changes in accounting policy due to the revision of accounting standards, etc. : None
Changes in accounting principles other than 1. : None
Changes in accounting estimates : None
Restatements : None
Number of shares outstanding (common stocks)
1. Number of shares outstanding at the end of the period (including treasury stock) | As of Sep. 30, 2025 | 129,686,308 shares | As of Mar 31, 2025 | 129,686,308 shares |
2. Number of shares treasury stock at the end of the period | As of Sep. 30, 2025 | 7,702,502 shares | As of Mar 31, 2025 | 7,851,002 shares |
3. Average number of shares outstanding during the period (quarterly cumulative amount) | As of Sep. 30, 2025 | 121,901,549 shares | As of Sep 30, 2024 | 125,010,957 shares |
Review of accompanying quarterly consolidated financial statements by certified public accountants or auditing firms: None
Explanation on the appropriate use of forecasts of financial results and other comments (Note on forward-looking statements, etc.)
Forward-looking statements, such as forecasts of financial results, contained in this document are based on information currently available to the Company and certain assumption that are judged as rational. The Company does not assure the achievement of these forecasts. In addition, actual financial results may differ significantly from forecasts due to various reasons. For assumptions underlying forecasts of financial results and notes regarding the appropriate use of forecasts of financial results, please refer to "1. Overview of Financial Results, Etc., (3) Explanation on Projections such as Forecasts of Consolidated Financial Results" on page 3 of the attached material.
Table of Contents for Attached Material
Overview of Financial Results, Etc. 2
Overview of Quarterly Financial Results 2
Overview of Quarterly Financial Conditions 3
Explanation on Projections such as Forecasts of Consolidated Financial Results 3
Quarterly Consolidated Financial Statements and Important Notes 4
Quarterly Consolidated Balance Sheets 4
Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income 6
(Quarterly Consolidated Statements of Income) 6
(Quarterly Consolidated Statements of Comprehensive Income) 7
Quarterly consolidated statements of cash flows 8
Notes to Quarterly Consolidated Financial Statements 9
(Notes on segment information) 9
(Notes on any significant changes in the amount of shareholders' equity) 9
(Notes on going concern assumption) 9
Other 10
R&D Pipeline 10
Overview of Financial Results, Etc.
Overview of Quarterly Financial Results
Financial results for Q2 FY2025
Net sales amounted to 21,362 million yen (up 28.2% year on year).
IZCARGO®10mg for intravenous infusion, a treatment for mucopolysaccharidosis type II, remained strong. Sales of GROWJECT®, a recombinant natural human growth hormone preparation, decreased due to a drug price revision in April 2025, which reduced product sales. However, total net sales increased compared to the same period last year as a result of an increase in income from contractual payment.
R&D expenses totaled 7,835 million yen (up 1,258 million yen, or 19.1%, year on year) reflecting proactive R&D activities.
As a result, the Company recorded an operating profit of 2,379 million yen (compared to an operating loss of 739 million yen in the same period of the previous fiscal year), an ordinary profit of 2,362 million yen (compared to an ordinary loss of 1,621 million yen in the same period of the previous fiscal year), and a profit attributable to owners of the parent of 1,710 million yen (compared to a loss attributable to owners of the parent of 691 million yen in the same period of the previous fiscal year).
Previous quarterly consolidated results (cumulative)
(April 1, 2024 to September 30, 2024)
Current quarterly consolidated results (cumulative)
(April 1, 2025 to September 30, 2025)
Rate of change
Amount (million yen)
Amount (million yen)
%
Net sales
16,657
21,362
28.2
Operating profit (loss)
(739)
2,379
-
Ordinary profit (loss)
(1,621)
2,362
-
Profit (loss) attributable to owners of parent
(691)
1,710
-
Main components of sales
Previous quarterly consolidated results (cumulative)
(April 1, 2024 to September 30, 2024)
Current quarterly consolidated results (cumulative)
(April 1, 2025 to September 30, 2025)
Rate of change
Amount (million yen)
Amount (million yen)
%
Human growth hormone product
GROWJECT®
9,401
8,915
(5.2)
Treatment for mucopolysaccharidosis type II
IZCARGO®for I.V. Infusion
2,845
3,354
17.9
Treatment for renal anemia Epoetin Alfa BS Inj. [JCR] Darbepoetin Alfa BS Inj. [JCR]
1,764
962
801
1,580
296
1,283
(10.4)
(69.2)
60.2
Regenerative medicine products
TEMCELL®HS Inj.
1,521
1,582
4.0
Treatment for Fabry disease Agalsidase Beta BS I.V. Infusion [JCR]
714
426
(40.3)
Total
16,246
15,858
(2.4)
Income from contractual payment
15
5,015
-
The Status of Research and Development (R&D) [Lysosomal Storage Disorder (LSD) Treatments]
We are currently focusing on the research and development of over 17 LSD treatments utilizing our proprietary blood-brain barrier (BBB) penetration technology, J-Brain Cargo®.
For pabinafusp alfa (JR-141), a BBB-penetrating enzyme replacement therapy for Hunter syndrome, we are progressing with global Phase III clinical trials. These trials are progressing smoothly, and the target number of cases has been achieved. In addition, we held a meeting with the U.S. Food and Drug Administration (FDA) in June 2025 to discuss our strategy for new drug application (NDA).
For lepunafusp alfa (JR-171), a BBB-penetrating enzyme replacement therapy for mucopolysaccharidosis type I, we have completed a 13-week Phase I/II clinical trial and it's extension study in Japan, Brazil, and the U.S. We intend to develop this product through licensing out and are in ongoing negotiations with potential partners.
For posnafusp alfa (JR-441), a BBB-penetrating enzyme replacement therapy for mucopolysaccharidosis type IIIA, a Phase I/II clinical trial is underway in Germany, and the planned enrollment was completed. We have also enrolled the target number of patients for Phase I trials in Japan, and the trials are progressing smoothly. Additionally, the treatment has been granted orphan drug designation by the European Commission (EC) in January 2022, by the U.S. Food and Drug Administration (FDA) in December 2023, and the Japan's Ministry of Health, Labour and Welfare in December 2024.
For JR-446, a BBB-penetrating enzyme replacement therapy for mucopolysaccharidosis type IIIB, we entered into a licensing agreement for overseas commercialization and a co-development and commercialization agreement in Japan with MEDIPAL HOLDINGS CORPORATION in September 2023. In December 2024, administration of the investigational drug in a Phase I/II
clinical trial began in Japan. Additionally, the drug received orphan drug designation from the FDA in April 2025, from the EC in June 2025, and from the Ministry of Health, Labour and Welfare of Japan in September 2025.
For JR-471, a BBB-penetrating enzyme replacement therapy candidate for fucosidosis using J-Brain Cargo®, we have granted MEDIPAL HOLDINGS CORPORATION an exclusive license, including sublicensing rights, for the research, development, manufacturing, and commercialization of the product outside Japan, under a licensing agreement signed in October 2022. We are currently conducting necessary studies in preparation for the initiation of clinical trials. Furthermore, in August 2025, the two companies have signed an exclusive global licensing deal and a co-development and commercialization partnership in Japan for JR-479, an investigational therapy for GM2 gangliosidosis.
[Human Growth Hormone Products]
An extension study of redalsomatropin alfa (JR-142), a long-acting recombinant human growth hormone, began administration of the investigational drug in a Phase III clinical trial in Japan in December 2024. Additionally, it is underway as part of a Phase II clinical trial.
[Creation of Platform Technologies] J-Brain Cargo®
In addition to expanding the applicability of JCR's proprietary J-Brain Cargo®technology to various modalities, we are focusing on licensing-out of this technology. In July 2025, we entered into an option agreement with Acumen Pharmaceuticals, Inc. for the licensing of the J-Brain Cargo®technology for the development of a blood-brain barrier-penetrating Alzheimer's disease treatment.
JUST-AAV
We are focusing on creating new platform technologies beyond J-Brain Cargo®. One of the outcomes of these efforts is the creation of a new gene therapy technology called 'JUST-AAV' using adeno-associated virus (AAV) vectors. This technology not only enables efficient delivery of vectors to the specific tissues but also reduces vector accumulation in the liver, which is expected to mitigate side effects. It is currently under development as a new platform technology. In December 2023, we began joint research with Modalis Therapeutics Corporation to develop new gene therapies using this technology. In January 2025, due to the success of the partnership thus far, we concluded to proceed to the next phase of their research by entering into a new joint research agreement. In addition, in July 2025, we entered into a license agreement with Alexion, AstraZeneca Rare Diseases to license the JUST-AAV capsids for the development of new genomic medicines.
Overview of Quarterly Financial Conditions
Status of Assets, Liabilities, and Net Assets
As of September 30, 2025, total assets amounted to 109,055 million yen (an increase of 4,199 million yen from March 31, 2025), total liabilities were 60,537 million yen (an increase of 3,117 million yen from March 31, 2025), and net assets were 48,517 million yen (an increase of 1,082 million yen from March 31, 2025).
Current assets increased by 4,776 million yen from March 31, 2025 to 55,833 million yen mainly due to increases in cash and deposits, accounts receivable - trade, and contract assets, and inventories. Non-current assets decreased by 576 yen million from March 31, 2025 to 53,221 yen million due to factors including an increase in investment securities and decreases in property, plant and equipment, intangible assets, and deferred tax assets.
Current liabilities increased by 3,520 million yen from March 31, 2025 to 47,508 million yen mainly due to increases in short-term borrowings and accounts payable - trade. Non-current liabilities decreased by 402 million yen from March 31, 2025 to 13,028 million yen, mainly due to a decrease in long-term borrowings.
Net assets increased by 1,082 million yen from March 31, 2025 to 48,517 million yen due to factors including dividend payments, the recording of a profit attributable to owners of parent, and an increase in valuation difference on available-for-sale securities.
As a result, the equity ratio as of September 30, 2025 was 44.1%, down 0.7 percentage points from March 31, 2025.
In order to achieve sustainable global growth, we need to secure a flexible and stable source of funds. We concluded commitment line agreements with our financial institutions for a total of 49,500 million yen for the purpose of securing operating funds.
Of this amount, 26,500 million yen has been concluded to finance the construction of a new plant for drug product filling and finishing. The construction of this new plant has been adopted by the Ministry of Economy, Trade and Industry (METI) under the project of Establishing Biopharmaceutical Manufacturing Sites to Strengthen Vaccine Production, and the subsidy from this project will be used to construct the new plant. The purpose of the commitment line agreement is to provide the necessary funds until we receive the subsidy.
Status of Cash Flows
Cash and cash equivalents as of September 30, 2025 increased by 2,425 million yen from March 31, 2025 to 15,621 million yen. The details of the cash flows and their primary causes are as follows:
(Cash Flow from Operating Activities)
Operating activities resulted in a cash inflow of 2,323 million yen, an increase of in inflow of 3,432 million yen from the same period last year. This was primarily due to a profit before income taxes of 2,541 million yen and depreciation of 1,459 million yen while inventories increased by 1,655 million yen.
(Cash Flow from Investing Activities)
Investing activities resulted in a cash outflow of 706 million yen, a decrease in outflow of 2,256 million yen from the same period last year. This was mainly driven by the purchase of property, plant and equipment of 911 million yen.
(Cash Flow from Financing Activities)
Financing activities resulted in a cash inflow of 770 million yen, a decrease in inflow of 3,081 million yen from the same period last year. This was primarily due to the repayment of long-term borrowings of 2,200 million yen, a dividend payment of 1,220 million yen, and a net increase in short-term borrowings of 4,200 million yen.
Explanation on Projections such as Forecasts of Consolidated Financial Results
Looking at consolidated financial results for the six months ended September 30, 2025, net sales and profits increased year on year. There have been no changes to the forecasts for the fiscal year ending March 31, 2026 announced on May 13, 2025.
Quarterly Consolidated Financial Statements and Important Notes
Quarterly Consolidated Balance Sheets
(Millions of yen)
As of March 31, 2025 As of September 30, 2025
Assets
Current assets
Cash and deposits
13,196
15,621
Accounts receivable - trade, and contract assets
12,236
13,645
Merchandise and finished goods
2,571
2,182
Work in process
6,388
7,528
Raw materials and supplies
12,799
13,702
Other
3,866
3,152
Total current assets
51,056
55,833
Non-current assets
Property, plant and equipment
Buildings and structures, net
13,229
12,746
Land
10,587
10,587
Construction in progress
9,495
10,254
Other, net
4,097
3,542
Total property, plant and equipment
37,410
37,131
Intangible assets
Patent right
1,881
1,743
Other
1,079
962
Total intangible assets
2,960
2,705
Investments and other assets
Investment securities
9,629
10,404
Other
3,803
2,984
Allowance for doubtful accounts
(4)
(4)
Total investments and other assets
13,427
13,384
Total non-current assets
53,798
53,221
Total assets
104,855
109,055
Liabilities
Current liabilities
Accounts payable - trade
590
1,052
Short-term borrowings
26,055
28,455
Income taxes payable
36
365
Special suspense account for tax purpose reduction entry
11,996
11,996
Provision for bonuses
1,089
1,368
Provision for bonuses for directors (and other officers)
127
62
Other
4,093
4,207
Total current liabilities
43,988
47,508
Non-current liabilities
Long-term borrowings
12,050
11,650
Provision for employee stock ownership plan
120
109
Retirement benefit liability
966
1,002
Other
294
266
Total non-current liabilities
13,431
13,028
Total liabilities
57,420
60,537
(Millions of yen)
As of March 31, 2025 As of September 30, 2025
Net assets
Shareholders' equity
Share capital
9,061
9,061
Capital surplus
10,392
10,378
Retained earnings
31,191
31,681
Treasury shares
(5,066)
(4,976)
Total shareholders' equity
45,579
46,144
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
937
1,515
Deferred gains or losses on hedges
2
1
Foreign currency translation adjustment
393
371
Remeasurements of defined benefit plans
53
47
Total accumulated other comprehensive income
1,387
1,935
Share acquisition rights
75
75
Non-controlling interests
392
361
Total net assets
47,435
48,517
Total liabilities and net assets
104,855
109,055
Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Quarterly Consolidated Statements of Income)
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Net sales
16,657
21,362
Cost of sales
4,330
4,323
Gross profit
12,326
17,038
Selling, general and administrative expenses
13,066
14,659
Operating profit (loss)
(739)
2,379
Non-operating income
Interest income
68
38
Dividend income
17
21
Gain on sale of investment securities
0
41
Foreign exchange gains
-
158
Compensation income
-
47
Other
48
45
Total non-operating income
134
353
Non-operating expenses
Share of loss of entities accounted for using equity method
398
91
Interest expenses
63
157
Commission expenses
41
31
Depreciation
98
77
Foreign exchange losses
404
-
Other
9
13
Total non-operating expenses
1,016
370
Ordinary profit (loss)
(1,621)
2,362
Extraordinary income
Gain on sale of investment securities
-
209
Gain on reversal of share acquisition rights
393
-
Gain on cancellation of contract
627
-
Other
44
-
Total extraordinary income
1,065
209
Extraordinary losses
Loss on disposal of non-current assets
0
31
Total extraordinary losses
0
31
Profit (loss) before income taxes
(556)
2,541
Income taxes - current
24
252
Income taxes - deferred
100
581
Total income taxes
124
833
Profit (loss)
(680)
1,707
Profit (loss) attributable to non-controlling interests
10
(3)
Profit (loss) attributable to owners of parent
(691)
1,710
(Quarterly Consolidated Statements of Comprehensive Income)
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Profit (loss)
(680)
1,707
Other comprehensive income
Valuation difference on available-for-sale securities
1,863
578
Deferred gains or losses on hedges
8
(1)
Foreign currency translation adjustment
208
(50)
Remeasurements of defined benefit plans, net of tax
(12)
(6)
Share of other comprehensive income of entities accounted for using equity method
401
-
Total other comprehensive income
2,469
520
Comprehensive income
1,788
2,227
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
1,740
2,258
Comprehensive income attributable to non-controlling interests
48 (30)
Quarterly consolidated statements of cash flows
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Cash flows from operating activities
Profit (loss) before income taxes
(556)
2,541
Depreciation
1,667
1,459
Loss (gain) on sale of investment securities
0
(251)
Share of loss (profit) of entities accounted for using equity method
398
91
Gain on reversal of share acquisition rights
(393)
-
Increase (decrease) in retirement benefit liability
21
34
Increase (decrease) in provision for bonuses
162
278
Share-based payment expenses
9
27
Interest and dividend income
(85)
(59)
Interest expenses
63
157
Foreign exchange losses (gains)
457
(81)
Decrease (increase) in trade receivables
2,579
(1,409)
Decrease (increase) in accounts receivable - other
69
512
Decrease (increase) in inventories
(1,830)
(1,655)
Increase (decrease) in trade payables
(350)
462
Increase (decrease) in accounts payable - other
159
(190)
Increase (decrease) in accrued consumption taxes
(1,818)
453
Other, net
(228)
(738)
Subtotal
325
1,633
Interest and dividends received
85
59
Interest paid
(68)
(152)
Income taxes refund (paid)
(1,451)
783
Net cash provided by (used in) operating activities
(1,109)
2,323
Cash flows from investing activities
Purchase of property, plant and equipment
(2,992)
(911)
Proceeds from sale and redemption of investment securities
2
293
Other, net
27
(88)
Net cash provided by (used in) investing activities
(2,962)
(706)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
5,112
4,200
Proceeds from long-term borrowings
300
-
Repayments of long-term borrowings
(300)
(2,200)
Net decrease (increase) in treasury shares
15
17
Dividends paid
(1,248)
(1,220)
Other, net
(26)
(27)
Net cash provided by (used in) financing activities
3,852
770
Effect of exchange rate change on cash and cash equivalents
(264)
38
Net increase (decrease) in cash and cash equivalents
(484)
2,425
Cash and cash equivalents at beginning of period
18,756
13,196
Cash and cash equivalents at end of period
18,271
15,621
Notes to Quarterly Consolidated Financial Statements
(Notes on segment information)
Segment information is not disclosed since the Group has only one segment, Pharmaceuticals.
(Notes on any significant changes in the amount of shareholders' equity)
Not applicable.
(Notes on going concern assumption) Not applicable.
Other
R&D Pipeline
Recombinant drug products
Code Nonproprietary Name | Status | Indication |
Remarks | ||
JR-141 BBB-Penetrating Iduronate-2-sulfatase | Global: Clinical Phase III trials | Mucopolysaccharidosis II (Hunter syndrome) |
ERT | ||
(rDNA origin) | J-Brain Cargo® | |
JR-142 Long-acting Growth hormone (rDNA origin) | Japan: Clinical Phase III trials | Pediatric growth hormone deficiency |
J-MIG System® | ||
JR-171 | Mucopolysaccharidosis I (Hurler syndrome, etc.) | |
BBB-Penetrating α-L-Iduronidase | Global: Clinical Phase I/II trials | ERT J-Brain Cargo® |
(rDNA origin) | J-MIG System® | |
JR-441 BBB-Penetrating heparan N-sulfatase (rDNA origin) | Germany: Clinical Phase I/II trials Japan: Clinical Phase I trials | Mucopolysaccharidosis IIIA (Sanfilippo syndrome type A) |
ERT J-Brain Cargo® | ||
JR-446 | Mucopolysaccharidosis IIIB (Sanfilippo syndrome type B) | |
BBB-Penetrating α-N-acetylglucosaminidase (rDNA origin) | Japan: Clinical Phase I/II trials | |
ERT J-Brain Cargo® | ||
JR-471 | Fucosidosis | |
BBB-penetrating α-L-fucosidase | Preclinical | |
ERT | ||
(rDNA origin) | J-Brain Cargo® | |
JR-479 | GM2 gangliosidosis (Tay-Sachs disease, Sandhoff disease) | |
BBB-penetrating β-Hexosaminidase A | Preclinical | |
ERT | ||
(rDNA origin) | J-Brain Cargo® |
(Note) ERT= Enzyme Replacement Therapy