Terumo Corporation TSE:4543

Terumo : Financial Results for the Fiscal Year Ended March 31, 2026 (FY2025)

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Source: MarketScreener

Financial Results for the Fiscal Year Ended March 31, 2026 (FY2025)

Terumo Corporation

Jin Hagimoto

Chief Financial Officer





May 15, 2026



Highlights

FY25 Results

Revenue reached record highs for both the quarter and the full year

Strong sales led by North America, with 9% growth excluding FX impact

Operating profit reached a record high despite the recognition of one-time expenses

FY26 Guidance

Revenue, operating profit, and profit for the year to reach record highs, targeting the sixth consecutive fiscal year

Growth in existing businesses underpinned by strong fundamentals, together with

contributions from Terumo Organ Technologies* acquired last year

*The business segment operated by OrganOx, whose acquisition was completed in 2025, has been

named "Terumo Organ Technologies"



P&L, FCF

Revenue: Driven by TIS and Global Blood Solutions, particularly in North America

Operating profit: While tariff impacts were fully realized from Q3, profit margins were maintained at the same level as the previous year

100M JPY

FY24 Q4 YTD

FY25 Q4 YTD

Change

Change excluding FX impact

FY24 Q4

FY25 Q4

Change

Revenue

10,362

11,319

9%

9%

2,639

3,003

14%

Gross Profit

5,607

5,947

6%

6%

1,385

1,490

8%

（%）

(54.1%)

(52.5%)

(52.5%)

(49.6%)

SG&A Expenses

3,074

3,331

8%

8%

818

898

10%

（%）

(29.7%)

(29.4%)

(31.0%)

(29.9%)

R&D Expenses

742

769

4%

4%

188

251

33%

（%）

(7.2%)

(6.8%)

(7.1%)

(8.3%)

Other Income and Expenses

-214

-84

-

-

-138

-28

-

Operating Profit

1,577

1,763

12%

12%

242

315

30%

（%）

(15.2%)

(15.6%)

(9.2%)

(10.5%)

Adjusted Operating Profit

2,034

2,194

8%

8%

441

459

4%

（%）

(19.6%)

(19.4%)

(16.7%)

(15.3%)

Profit before Tax

1,546

1,783

15%

227

317

39%

（%）

(14.9%)

(15.7%)

(8.6%)

(10.5%)

Profit for the Year

1,170

1,359

16%

184

264

44%

（%）

(11.3%)

(12.0%)

(7.0%)

(8.8%)

FCF

1,283

-1,132

-

Average exchange rate (USD/EUR)

153JPY/164JPY

151JPY/175JPY

153JPY/161JPY 157JPY/184JPY



One-time Expenses / Adjustments

FY25: One-time expenses of 48.8 billion yen were recorded, mainly related to acquisition-related costs and expenses associated with the optimization of the business portfolio. Due to the recognition of litigation-related costs in Q4, these expenses increased by approximately 6.0 billion yen compared with the Q3 assumptions.

FY26 Guidance: Expected to contribute over 10 billion yen to profit growth in FY26, due to the absence of one-time expenses

FY25

Forecast as of Q3

FY25

FY25

Forecast

vs. Actuals

FY26

Guidance

Existing amortization of acquired intangible

assets

-213

-217

-4

-220

OrganOx-related expenses

-99

-101

-2

-150 *

Revision of the exclusive distribution

agreement (Including impairment loss)

-78

-78

*Of the total, 8.0 B

recognized through

Loss compensation from pharmaceutical

37

43

+6

Restructuring expenses

-64

-73

-9

Lawsuit settlement

-55

-55

Others

-12

-7

Total

-429

-488

-59

-370

(100M JPY)

JPY will be FY26



OP Variance Analysis (Q4): Growth due to strong sales

77

Gross margin/ Price

2

(100M JPY)

441

-45

G/P increment by

sales increase

SG&A

-47

R&D

-9

M&A

FX

315

242

39 459

G/P increment by sales increase:

TIS and GBS led the overall growth

Gross margin/Price:

Positive effects from pricing measures were offset by tariff impacts and impairment losses associated with the discontinuation of certain projects

(Key components)

Pricing measures: +3.1 B JPY Tariff impact: -5.0 B JPY Impairment loss: -2.2 B JPY

R&D:

Impairment of capitalized R&D were recognized

M&A:

Leverkusen Plant profit: -2.0 B JPY

Terumo Organ Technologies profit: +1.1 B JPY

FY24 Q4 OP

Average

FY24 Q4

Adj. OP

FY25 Q4

Adj. OP

FY25 Q4

OP

FX:

Flow +5.4 B JPY, Stock -1.5 B JPY

exchange rate

(USD/EUR)

153JPY/161JPY

157JPY/ 184JPY



OP Variance Analysis (Q4 YTD): Contribution from pricing measures and strong sales

362

(100M JPY) G/P increment by sales increase:

TIS and GBS led the overall growth

Average

FY24 Q4 YTD OP

FY24 Q4 YTD

Adj. OP

-28

2,034

margin

/Price

-139

-18

G/P increment by

sales increase

SG&A R&D

-20

M&A

FX

1,763

1,577

Gross

2 2,194

FY25 Q4 YTD

Adj. OP

FY25 Q4 YTD OP

Gross margin/Price:

Pricing measures, particularly in C&V, contributed significantly, while the tariff impact and impairment losses offset positive effects (Key components)

Pricing measures: +14.6 B JPY Tariff impact: -12.1 B JPY

SG&A:

Increase due to business expansion

R&D:

Impairment of capitalized R&D were recognized

M&A:

Leverkusen Plant profit: -3.7 B JPY

Terumo Organ Technologies profit: +1.7 B JPY

FX:

Flow +4.9 B JPY, Stock -4.7 B JPY

exchange rate

(USD/EUR)

153JPY/164JPY

151JPY/ 175JPY



C&V: TIS led the way, driven mainly by North America, TN also delivered growth

(C&V: Cardiac and Vascular)

(100M JPY)

Q4

Q4 YTD

Comments

Q4 YTD

YoY

6,764

5,557 6,244

1,480 1,602 1,797

12%

8%

(7%)

1,547 1,640

1,239

319

368

347

6%

(8%)

FY23 FY24 FY25

FY23 FY24 FY25

-6%

Profit %

Adjusted Operating Profit

Revenue

( ) FX Neutral

TIS

Terumo Interventional Systems

TN

Terumo Neuro

TCV

Terumo Cardiovascular

TA

Terumo Aortic

: Achieved double-digit growth in US excluding FX impact, driven by volume increases and pricing measures

: In China, sales channels expanded

with VBP (Volume-Based Procurement), maintaining strong performance. In Japan, cerebral aneurysm treatment products performed well

: Achieved growth in overseas markets. Effects of price revisions also materialized

: While supply issues with surgical vascular products remain, hybrid product also contributed

+372

+97

+27

+25

22% 23% 19% 22%

25% 24%

Profit : Achieved profit growth through higher sales and pricing measures



TMCS: Increased sales in PS contributed to revenue and profit growth*

(TMCS: Medical Care Solutions)

(100M JPY)

Q4

Q4 YTD

Comments

Q4 YTD

YoY

Profit %

Adjusted Operating Profit

Revenue

503 515 530

( ) FX Neutral

( ) FX Neutral

1,976 2,112 2,161

2%

3%

(2%)

198

38

38

38

10%

(8%)

2%

230 252

HCS

Hospital Care

Solutions

LCS

Life Care

Solutions

PS

Pharmaceutical

Solutions

: In Japan, pricing measures progressed smoothly, but revenue declined due to business transfer and supply issue of certain product. Increased in Asia due to inventory build-up

: Domestic sales decreased due to shrinking SMBG (Self-Monitoring of Blood Glucose) market. Overseas sales progressed as planned, led primarily by Asia

: In Japan, CDMO business increased revenue. Overseas, PLAJEX performed well in Europe and US

+9

-6

+47

FY23 FY24 FY25 * 8% 7% 7%

FY23 FY24 FY25 * 10% 11% 12%

Profit : Increased due to pricing measures

and appropriate cost control

*Calculated excluding the profit & loss of the Leverkusen Plant. Adjusted OP including the Leverkusen Plant are as follows: Q4: 1.8 B JPY (Profit %: 3%)



TBCT: GBS, including Plasma Innovation, drove revenue growth

(TBCT: Blood and Cell Technologies)

(100M JPY)

Q4 Q4 YTD Comments Q4 YTD YoY

Revenue

( ) FX Neutral

2,310 GBS

2,003

1,683

15%

(15%)

Global

Blood Solutions

405

521

625

20%

: Rika (source plasma collection system) increased significantly in addition to strong sales of Reveos (automated whole blood processing system) in US. Securing tenders of Reveos in Asia further contributed to revenue growth

+265

Adjusted

265

336

GTI

Global Therapy Innovations

: Demand for cell collection for cell and gene therapies expanded, and demand for equipment replacement continued especially in US and Europe

+43

Operating Profit

25 67

164

84

26%

27%

(23%)

Profit : Profit increased, driven by improved

profitability from higher sales of Rika

FY23

FY24

FY25

FY23

FY24

FY25

Profit %

6%

13%

13%

10%

13%

15%



Terumo Organ Technologies: Rapid revenue growth by increasing liver transplants and market share

(100M JPY)

Q4

Q4 YTD

Comments

Revenue:

5.1 B JPY

Adjusted

Operating Profit:

1.1 B JPY

181

Revenue:

127

21%

12%



+48%* growth year-on-year

  • Growth supported by an increase in liver transplant volumes and customer base expansion

    *Excluding FX impact

    *Following the acquisition of all shares of OrganOx Limited and its consolidation as a wholly owned subsidiary on October 29, 2025, revenue attributable to OrganOx has been recognized

    FY24 FY25

    Revenue AOP%

    Adjusted Operating Profit:

    21%, establishing a high-profitability model

  • Significant profit increase driven by

    strong revenue growth

  • Further improvements in profitability expected in FY26 onward



Revenue by Region: Americas strongly drove overall growth

FY25 Q4 YTD

Regional breakdown

Americas

FY23 FY24

Q4 YTD

Q4

1,051

1,205

898

3,280

3,957

Revenue (100M JPY)

FY25 Q4 YTD

YoY change

Comments

( ) FX Neutral

12%

(14%)

All companies continued to see robust demand, with TIS, PS, and GBS driving double-digit growth excluding FX impact

39%

21%

20%

8%

12%

Europe

Japan

FY25

4,434

1,915

2,183

2,427

11%

525

590

674

(5%)

In C&V, TIS and TN maintained stable growth. In TMCS, PS saw revenue growth

2,111

524

2% decline due to business transfer and supply issue

2,172

523

with certain product. PS achieved revenue growth

2,226

541

In C&V, TN continued to grow by sustained double-digit growth. In TMCS, HCS saw revenue

China

Asia and Others

In C&V, TN continued to grow through expanded sales channels via VBP. TA saw revenue decline due to supply constraints and tariff impacts

794

194

7%

850

185

(7%)

913

223

1,118

249

10%

1,201

290

(12%)

1,319

360

C&V saw double-digit growth due to increased demand across all segments. GBS grew by securing large tenders

FY26 Guidance

©TERUMO CORPORATION 13





FY26 Guidance

Record-high revenue and profit are expected, with the financial targets of GS26 to be achieved

Assumptions

  • Cost Increases due to the Middle East situation：Assumed based on currently available information

  • US tariffs (Section 122 of the Trade Act)：Assumed at 10% through the end of July, and 15% thereafter



Amount (100M JPY)

FY25 Actual

FY26 Guidance

YoY%

Change excluding

FX impact

Revenue

11,319

12,390

9%

8%

Operating Profit (OP %)

1,763 (15.6%)

2,245 (18.1%)

27%

20%

Adjusted Operating Profit (Adj. OP %)

2,194 (19.4%)

2,615 (21.1%)

19%

12%

Profit for the Year

1,359

1,653

22%

ROIC

7.5％

8.2%

ROE

9.2%

10.2%

Exchange rate (USD/EUR) 153JPY/164JPY 155JPY/180JPY

Excluding M&A executed in FY25

Operating Profit (OP %)

1,847 (16.4%)

2,425 (20.0%)

31%

24%

ROIC

8.5％

10.0%



FY26 Guidance by Company

Revenue: High single-digit growth across all companies, with additional contributions from OT

Operating profit: Profit growth exceeding revenue growth across all companies, driven by operational

improvements and the introduction of new products

FY26 Guidance by Company (100M JPY)

Revenue

Adjusted Operating Profit

Adjusted Operating Profit

％

Amount

YoY%

Change

excluding FX

impact

Amount

YoY%

C&V

7,340

8%

6%

1,960

20%

27%

TMCS

2,343

8%

8%

244

13%

10%

TMCS (excluding Leverkusen)

2,340

8%

8%

330

29%

14%

TBCT

2,450

6%

5%

385

15%

16%

OT*

255

-

-

51

-

20%

(C&V: Cardiac and Vascular, TMCS: Medical Care Solutions, TBCT: Blood and Cell Technologies, OT: Terumo Organ Technologies)

*OT represents the business of OrganOx, which was acquired in October 2025; year-on-year growth rates are not shown as no prior-year comparison is available



Profit Variance Analysis (FY26 Guidance)

141

430

Gross Margin/ Price

2,194

-220

SG&A

-50

R&D

120

FX

(100M JPY)

2,615

2,245

G/P increment by sales increase:

Continued growth across all companies, with additional contributions from Terumo Organ Technologies

Gross margin/Price :

1,763

G/P increment by sales increase

Despite tariff impact and raw material cost

pressures, pricing measures and the absence of

one-time expenses expected to be a positive impact

FY25

OP

FY25

Adj. OP

FY26

Adj. OP

FY26 OP

  • Price: +10.0 B JPY

  • Cost reductions from the absence of one-time expenses and business restructuring: +7.5 B JPY

  • Tariff impact: -4.5 B JPY

  • Impact of higher raw material costs: -2.5 B JPY

SG&A increase:

Increase due to business expansion



Product and Regional Development

Continue to generate growth opportunities by focusing in growth areas and expanding sales of new products from FY26 onward

C&V

Kanshas (JP)

R2P/peripheral

TR Band Distal (JP, EU) Hemostasis device designed for distal radial artery procedures.

Dual Sensor System (US, JP)

Imaging

Glidewire GT-R (US)

Next-gen IVR guidewire

Fenestrated TREO (US)

Abdominal aortic stent graft

CDI OneView (Global)

Next-gen CDI series

intervention



TMCS

Glidewire Advantage (US)

Peripheral guidewire

Next-gen for R2P/Venous

WEB (Global)

Intrasaccular device

SOFIA 88 (Global)

Large-bore aspiration catheter



TBCT

ThoracoFlo

Hybrid vascular graft for thoracoabdominal aortic aneurysm

RapidLink

New device for aortic arch surgery

Medication management solutions Expanding solutions by integrating digital technologies built around infusion pumps

CDMO expansion

Accelerated regional expansion

Improved operational excellence

Enhancement of infrastructure through the

In-house CSTD

In-house development

and manufacturing of CSTD

10-second digital

thermometer

Overseas expansion

Expanding sales of new products

PLAJEX

expansion

build-out of AI capabilities and automation

Reveos

automated whole blood processing system

Expansion into new regions

(Closed System Drug Transfer Devices)

in North America, Asia, and Europe.



Dividend Proposal: Continuous increase per shareholder return policy

Shareholder return policy: Continue stable increase in dividend, with a steadily expanding increase amount

Annual dividend (JPY)

36.0

22.0 26.0

30.0

17.0

20.0

FY21 FY22 FY23 FY24 FY25 FY26

Guidance

FY20-FY23 : Di

vidend amounts per sha

re are adjusted based on t

he number of shares issued

and outstanding as of 1st

April 2024

FY21-FY23: Dividend amounts per share are adjusted based on the number of shares issued and outstanding as of 1st April 2024

Dividend payout

ratio

29%

34%

31%

33%

33%

32%

References

©TERUMO CORPORATION 19





P&L (QoQ)

(100M JPY)

FY24 Q4

(Jan-Mar)

FY25 Q1

(Apr-Jun)

Q2

(Jul-Sep)

Q3

(Oct-Dec)

Q4

(Jan-Mar)

Revenue

2,639

2,600

2,750

2,966

3,003

Gross Profit

1,385 (52.5%)

1,455 (56.0%)

1,470 (53.5%)

1,532 (51.6%)

1,490 (49.6%)

SG&A Expenses

818 (31.0%)

755 (29.1%)

808 (29.4%)

869 (29.3%)

898 (29.9%)

R&D Expenses

188 (7.1%)

164 (6.3%)

171 (6.2%)

183 (6.2%)

251 (8.3%)

Other Income and Expenses

-138

24

-40

-40

-28

Operating Profit

242 (9.2%)

559 (21.5%)

451 (16.4%)

439 (14.8%)

315 (10.5%)

Adjusted Operating Profit

441 (16.7%)

591 (22.7%)

553 (20.1%)

591 (19.9%)

459 (15.3%)

Quarterly

USD

153 JPY

145 JPY

147JPY

154JPY

157JPY

Average rate EUR

161 JPY

164 JPY

172JPY

179JPY

184JPY



©TERUMO CORPORATION 20

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