Jcr Pharmaceuticals Co., Ltd. TSE:4552
JCR Pharmaceuticals : FY2025-Q3 Financial Report (Oct. 1-Dec. 31, 2025)（390KB）
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 Nine Months ended December 31, 2025 (FY2025) (Japanese standard)January 28, 2026
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 commence dividend payments: -
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 3Q FY2025 (April 1, 2025 to December 31, 2025)
Consolidated Operating Results (Cumulative) (Percentage shows year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Nine Months Ended
million yen
%
million yen
%
million yen
%
million yen
%
Dec. 31, 2025
30,353
17.3
427
-
711
-
1,744
-
Dec. 31, 2024
25,880
(23.2)
(754)
-
(1,380)
-
(576)
-
(Reference) Comprehensive income: Nine months ended Dec. 31, 2025: 1,680 million yen (12.2%)
Nine months ended Dec. 31, 2024: 1,497 million yen ([74.8]%)
Earnings per share (basic)
Earnings per share (diluted)
Nine Months Ended
yen
yen
Dec. 31, 2025
14.30
14.30
Dec. 31, 2024
(4.63)
-
(Note) "Diluted net income per share" for the third quarter of the fiscal year ending March 2025 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
%
Dec. 31, 2025
113,306
46,750
40.8
Mar. 31, 2025
104,855
47,435
44.8
(Reference) Shareholders' equity: As of Dec 31, 2025: 46,249 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
39,500
19.4
400
-
400
-
1,600
-
13.12
(Notes) 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
Restatement : None
Number of shares outstanding (common stocks)
1. Number of shares outstanding at the end of the period (including treasury stock) | As of Dec. 31, 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 Dec. 31, 2025 | 7,699,902 shares | As of Mar 31, 2025 | 7,851,002 shares |
3. Average number of shares outstanding during the period (quarterly cumulative amount) | As of Dec. 31, 2025 | 121,926,886 shares | As of Dec 31, 2024 | 124,422,312 shares |
The quarterly financial statements are outside of the scope of quarterly review by a certified public accountant or an audit firm.
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) Update on Full-Year Consolidated Financial Forecast" 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
Quarterly Financial Status Overview 3
Update on Full-Year Consolidated Financial Forecast 3
Quarterly Consolidated Financial Statements and Important Notes 5
Quarterly Consolidated Balance Sheets 5
Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income 7
(Quarterly Consolidated Statements of Income) 7
(Quarterly Consolidated Statements of Comprehensive Income) 8
Notes to Quarterly Consolidated Financial Statements 9
(Segment Information) 9
(Significant Changes in Shareholders' Equity) 9
(Going Concern Assumption) 9
(Quarterly Consolidated Statements of Income) 9
(Notes to the Quarterly Consolidated Statement of Cash Flows) 9
‌Overview of Financial Results, Etc.
‌Overview of Quarterly Financial Results
Financial results for Q3 FY2025
Net sales amounted to 30,353 million yen (up 17.3% year on year).
IZCARGOTM10mg for intravenous infusion, a treatment for mucopolysaccharidosis type II, remained strong. On the other hand, sales of GROWJECTTM, 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.
In addition to active research and development activities, the Company recognized a one-time contract payment associated with acquiring an exclusive license from Italfarmaco S.p.A. for the development and commercialization in Japan of givinostat, a treatment drug for Duchenne muscular dystrophy. As a result, R&D expenses totaled 13,372 million yen (up 3,447 million yen year on year).
As a result, the Company recorded an operating profit of 427 million yen (compared to an operating loss of 754 million yen in the same period of the previous fiscal year), an ordinary profit of 711 million yen (compared to an ordinary loss of 1,380 million yen in the same period of the previous fiscal year), and a profit attributable to owners of the parent of 1,744 million yen (compared to a loss attributable to owners of the parent of 576 million yen in the same period of the previous fiscal year).
Previous quarterly consolidated results (cumulative)
(April 1, 2024 to December 31, 2024)
Current quarterly consolidated results (cumulative)
(April 1, 2025 to December 31, 2025)
Rate of change
Amount (million yen)
Amount (million yen)
%
Net sales
25,880
30,353
17.3
Operating profit (loss)
(754)
427
-
Ordinary profit (loss)
(1,380)
711
-
Profit (loss) attributable to owners of parent
(576)
1,744
-
Main components of sales
Previous quarterly consolidated results (cumulative)
(April 1, 2024 to December 31, 2024)
Current quarterly consolidated results (cumulative)
(April 1, 2025 to December 31, 2025)
Rate of change
Amount (million yen)
Amount (million yen)
%
Human growth hormone product
GROWJECTTM
14,177
13,539
(4.5)
Treatment for mucopolysaccharidosis type II
IZCARGOTMfor I.V. Infusion
4,456
5,179
16.2
Treatment for renal anemia Epoetin Alfa BS Inj. [JCR] Darbepoetin Alfa BS Inj. [JCR]
2,595
1,250
1,345
2,346
595
1,750
(9.6)
(52.4)
30.1
Regenerative medicine products
TEMCELLTMHS Inj.
2,296
2,212
(3.7)
Treatment for Fabry disease Agalsidase Beta BS I.V. Infusion [JCR]
1,149
863
(24.8)
Total
24,675
24,141
(2.2)
Income from contractual payment
517
5,249
914.9
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.
[Duchenne muscular dystrophy treatment]
In December 2025, the Company acquired an exclusive license from Italfarmaco S.p.A. for the development and commercialization in Japan of givinostat (marketed as Duvyzat®in the US, UK and EU), a treatment drug for Duchenne muscular dystrophy. We are currently formulating development plans for this drug with the aim of securing early approval in Japan.
[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.
[Other]
In December 2025, the Company entered into an agreement with Italfarmaco S.p.A. for strategic collaboration in drugs for rare diseases. This agreement aims to expand both companies' portfolios including exploring joint opportunities across JCR's R&D pipeline and platform technologies.
‌Quarterly Financial Status Overview
As of December 31, 2025, total assets amounted to 113,306 million yen (an increase of 8,450 million yen from March 31, 2025), total liabilities were 66,555 million yen (an increase of 9,135 million yen from March 31, 2025), and net assets were 46,750 million yen (a decrease of 684 million yen from March 31, 2025).
Current assets increased by 7,462 million yen from March 31, 2025 to 58,519 million yen mainly due to increases in cash and deposits, accounts receivable - trade, and contract assets, and inventories. Non-current assets increased by 987 million yen from March 31, 2025 to 54,786 million yen mainly due to a decrease in property, plant and equipment resulting from a tax purpose reduction entry to reflect the finalization of the Kobe Science Park Center (API plant) subsidy and an increase in construction in progress related to the construction of a new plant for drug product filling and finishing.
Current liabilities increased by 6,336 million yen from March 31, 2025 to 50,325 million yen mainly due to increases in short-term borrowings and accounts payable - other, despite a decrease in special suspense account for tax purpose reduction entry. Non-current liabilities increased by 2,798 million yen from March 31, 2025 to 16,230 yen million primarily due to an increase in long-term borrowings.
Net assets decreased by 684 million yen from March 31, 2025 to 46,750 million yen due to factors including the recording of a profit attributable to owners of parent, dividend payments, and a decrease in the valuation difference on available-for-sale securities.
As a result, the equity ratio as of December 31, 2025 was 40.8%, down 4.0 percentage points from March 31, 2025.
‌Update on Full-Year Consolidated Financial Forecast
The full-year consolidated financial forecast, originally announced on May 13, 2025, has been revised. For more details, please refer to the "Revision of Consolidated Financial Forecasts for Fiscal Year Ended March 31, 2026" released today.
Net sales are forecast at 39,500 million yen, up 1,700 million yen from the previous projection, mainly reflecting stronger-than-expected sales of products for renal anemia and Fabry disease.
Cost of sales is projected to increase by 1,200 million yen due to increased sales and changes in the product mix.
R&D expenses have been revised upward by 1,500 million yen, reflecting recognition of an upfront payment in the third quarter related to the exclusive givinostat license acquired from Italfarmaco S.p.A. in December 2025 for Japan.
Selling, general and administrative expenses have been revised upward by 1,200 million yen, reflecting recognition of depreciation
incurred prior to the confirmation of subsidies for the Kobe Science Park Center (API plant), as well as year-to-date performance through the third quarter.
As a result, operating profit has been revised down by 2,200 million yen to 400 million yen. Ordinary profit was revised down by 2,000 million yen to 400 million yen, and net profit attributable to owners of the parent was reduced by 1,400 million yen to 1,600 million yen.
There are no changes to the previously announced dividend forecast.
‌Quarterly Consolidated Financial Statements and Important Notes
‌Quarterly Consolidated Balance Sheets
(Millions of yen)
As of March 31, 2025 As of December 31, 2025
Assets
Current assets
Cash and deposits
13,196
15,643
Accounts receivable - trade, and contract assets
12,236
14,829
Merchandise and finished goods
2,571
1,240
Work in process
6,388
8,202
Raw materials and supplies
12,799
15,461
Other
3,866
3,143
Allowance for doubtful accounts
-
(1)
Total current assets
51,056
58,519
Non-current assets
Property, plant and equipment
Buildings and structures, net
13,229
6,683
Land
10,587
11,029
Construction in progress
9,495
19,606
Other, net
4,097
2,361
Total property, plant and equipment
37,410
39,680
Intangible assets
Patent right
1,881
1,673
Other
1,079
955
Total intangible assets
2,960
2,629
Investments and other assets
Investment securities
9,629
9,383
Other
3,803
3,098
Allowance for doubtful accounts
(4)
(4)
Total investments and other assets
13,427
12,476
Total non-current assets
53,798
54,786
Total assets
104,855
113,306
Liabilities
Current liabilities
Accounts payable - trade
590
1,676
Short-term borrowings
26,055
37,762
Income taxes payable
36
197
Special suspense account for tax purpose reduction entry
11,996
-
Provision for bonuses
1,089
619
Provision for bonuses for directors (and other officers)
127
93
Other
4,093
9,975
Total current liabilities
43,988
50,325
Non-current liabilities
Long-term borrowings
12,050
14,850
Provision for employee stock ownership plan
120
101
Retirement benefit liability
966
1,016
Other
294
263
Total non-current liabilities
13,431
16,230
Total liabilities
57,420
66,555
(Millions of yen)
As of March 31, 2025 As of December 31, 2025
Net assets
Shareholders' equity
Share capital
9,061
9,061
Capital surplus
10,392
10,378
Retained earnings
31,191
30,492
Treasury shares
(5,066)
(4,974)
Total shareholders' equity
45,579
44,958
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
937
817
Deferred gains or losses on hedges
2
(1)
Foreign currency translation adjustment
393
429
Remeasurements of defined benefit plans
53
44
Total accumulated other comprehensive income
1,387
1,290
Share acquisition rights
75
75
Non-controlling interests
392
425
Total net assets
47,435
46,750
Total liabilities and net assets
104,855
113,306
‌Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Quarterly Consolidated Statements of Income)‌
(Millions of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
Net sales
25,880
30,353
Cost of sales
7,007
6,767
Gross profit
18,873
23,585
Selling, general and administrative expenses
19,627
23,158
Operating profit (loss)
(754)
427
Non-operating income
Interest income
91
54
Dividend income
34
38
Gain on sale of investment securities
1
82
Foreign exchange gains
-
566
Other
74
153
Total non-operating income
200
895
Non-operating expenses
Share of loss of entities accounted for using equity method
433
134
Interest expenses
103
308
Commission expenses
55
40
Depreciation
143
113
Foreign exchange losses
77
-
Other
12
14
Total non-operating expenses
827
611
Ordinary profit (loss)
(1,380)
711
Extraordinary income
Gain on sale of investment securities
-
209
Subsidy income
-
* 1,882
Gain on reversal of share acquisition rights
393
-
Gain on cancellation of contract
627
-
Other
44
-
Total extraordinary income
1,065
2,091
Extraordinary losses
Loss on disposal of non-current assets
2
31
Total extraordinary losses
2
31
Profit (loss) before income taxes
(317)
2,772
Income taxes - current
35
167
Income taxes - deferred
125
808
Total income taxes
161
975
Profit (loss)
(478)
1,796
Profit attributable to non-controlling interests
97
52
Profit (loss) attributable to owners of parent
(576)
1,744
‌(Quarterly Consolidated Statements of Comprehensive Income)
(Millions
of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
Profit (loss)
(478)
1,796
Other comprehensive income
Valuation difference on available-for-sale securities
1,585
(119)
Deferred gains or losses on hedges
1
(4)
Foreign currency translation adjustment
6
16
Remeasurements of defined benefit plans, net of tax
(18)
(9)
Share of other comprehensive income of entities accounted for using equity method
401
-
Total other comprehensive income
1,976
(116)
Comprehensive income
1,497
1,680
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
1,397
1,647
Comprehensive income attributable to non-controlling interests
100 33
‌Notes to Quarterly Consolidated Financial Statements
‌(Segment Information)
As the group operates as a single segment focused on the pharmaceutical business, segment information has been omitted.
‌(Significant Changes in Shareholders' Equity)
There are no relevant items to report.
‌(Going Concern Assumption)
There are no relevant items to report.
‌(Quarterly Consolidated Statements of Income)
* Subsidy income
Subsidy income was recognized for the nine-month period ended December 31, 2025, representing the net amount previously recorded in a special account for subsidized tax purpose reduction entry after deducting tax purpose reduction entry and unused amounts to be refunded.
‌(Notes to the Quarterly Consolidated Statement of Cash Flows)
The quarterly consolidated statement of cash flows for the cumulative period of the third quarter has not been prepared. Depreciation and amortization expenses for the cumulative period of Q3 FY2025 are as follows:
3Q FY2024
(April 1, 2024 to December 31, 2024)
3Q FY2025
(April 1, 2025 to December 31, 2025)
Depreciation and amortization 2,506 million yen 2,018 million yen