Terumo Corporation TSE:4543
Terumo : Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2026 (FY2025)
Source: MarketScreener
Jin Hagimoto
Chief Financial Officer Terumo Corporation
Feb. 13, 2026
Highlights: Strong Earnings Results Exceeding Guidance
Revenue
Highest ever results both for the quarter and the Q3 YTD
Strong sales led by North America, with 9% growth excluding FX impact
Profit
Operating profit, adjusted operating profit, and profit for the period all reached
record highs for the Q3 TYD
Performance progressed ahead of FY25 Guidance, driven by pricing measures and appropriate cost control
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, Q3 YTD profit margin exceeded last year and achieved growth outpacing revenue
100M JPY | FY24 Q3 YTD | FY25 Q3 YTD | Change | Change excluding FX impact | FY24 Q3 | FY25 Q3 | Change | |
Revenue | 7,722 | 8,316 | 8% | 9% | 2,636 | 2,966 | 13% | |
Gross Profit | 4,221 | 4,457 | 6% | 7% | 1,451 | 1,532 | 6% | |
（%） | (54.7%) | (53.6%) | (55.1%) | (51.6%) | ||||
SG&A Expenses | 2,257 | 2,433 | 8% | 9% | 777 | 869 | 12% | |
（%） | (29.2%) | (29.3%) | (29.5%) | (29.3%) | ||||
R&D Expenses | 554 | 518 | -7% | -6% | 187 | 183 | -2% | |
（%） | (7.2%) | (6.2%) | (7.1%) | (6.2%) | ||||
Other Income and Expenses | -76 | -57 | - | - | -30 | -40 | - | |
Operating Profit | 1,335 | 1,449 | 9% | 11% | 458 | 439 | -4% | |
（%） | (17.3%) | (17.4%) | (17.4%) | (14.8%) | ||||
Adjusted Operating Profit | 1,593 | 1,735 | 9% | 12% | 553 | 591 | 7% | |
（%） | (20.6%) | (20.9%) | (21.0%) | (19.9%) | ||||
Profit before Tax | 1,318 | 1,466 | 11% | 467 | 454 | -3% | ||
（%） | (17.1%) | (17.6%) | (17.7%) | (15.3%) | ||||
Profit for the Year | 986 | 1,095 | 11% | 354 | 326 | -8% | ||
（%） | (12.8%) | (13.2%) | (13.4%) | (11.0%) | ||||
FCF | 939 | -1,738 | - |
Average exchange rate (USD/EUR)
153JPY/165JPY
149JPY/ 172JPY
152JPY/163JPY 154JPY/179JPY
OP Variance Analysis (Q3): Growth due to strong sales
103
-24 9
(100M JPY)
553
Gross margin/ Price
-33
SG&A
R&D
-11
M&A
-6
FX
458
G/P increment by
sales increase
439
591
G/P increment by sales increase:
TIS and GBS led the overall growth
Gross margin/Price:
Pricing measures partially offset the rising tariff impact
(Key components)
Pricing measures: +3.5 B JPY Tariff impact: -4.2 B JPY
SG&A:
Increase due to business expansion
M&A:
Leverkusen Plant profit: -1.6 B JPY OrganOx profit: +0.5 B JPY
FX:
Average
FY24 Q3 OP
FY24 Q3
Adj. OP
FY25 Q3
Adj. OP
FY25 Q3 OP
Flow +1.4 B JPY, Stock -2.0 B JPY
exchange rate (USD/EUR)
152JPY/163JPY
154JPY/ 179JPY
OP Variance Analysis (Q3 YTD): Contribution from pricing measures and strong sales
285 17 (100M JPY) G/P increment by sales increase:
Average
exchange
FY24 Q3 YTD OP
FY24 Q3 YTD
Adj. OP
Gross
29
1,735
1,593
margin
/Price
-141
SG&A
R&D
-11
M&A
1,335
G/P increment
by sales increase
-36
FX
1,449
FY25 Q3 YTD
Adj. OP
FY25 Q3 YTD OP
TIS and GBS led the overall growth
Gross margin/Price:
Pricing measures, particularly in C&V, contributed significantly, while the escalating tariff impact partially offset these positive effects (Key components)
Pricing measures: +11.5 B JPY
Tariff impact: -7.0 B JPY
SG&A:
Increase due to business expansion
R&D:
Decrease YoY due to impairment of capitalized
R&D last year
M&A:
Leverkusen Plant profit: -1.6 B JPY OrganOx profit: +0.5 B JPY
FX:
Flow -0.4 B JPY, Stock -3.2 B JPY
rate
(USD/EUR)
153JPY/165JPY
149JPY/ 172JPY
C&V: TIS led the way, continued expansion mainly in North America
(C&V: Cardiac and Vascular)
(100M JPY)
Q3 Q3 YTD Comments Q3 YTD YoY
11%
Revenue
1,420
1,579 1,747
( ) FX Neutral
4,641 4,968
TIS
4,077
7%
(8%)
Terumo Interventional Systems
TN
Terumo Neuro
TCV
: Achieved double-digit growth across all product areas 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,
+226
+63
+26
Adjusted Operating Profit
3%
344
410
423
1,179
1,293
Terumo Cardiovascular
920
10%
(14%)
TA
Terumo Aortic
progressing above plan. Effects of price revisions also materialized
: While supply issues with surgical vascular products remain, hybrid product rollout progressed as planned
+12
Profit %
FY23 24%
FY24 26%
FY25 FY23
24% 23%
FY24 FY25 25% 26%
Profit : Achieved double-digit 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)
Q3
Q3 YTD
Comments
Q3 YTD
YoY
Revenue
533 555 575
( ) FX Neutral
1,597
1,632 HCS
1,473
2%
(2%)
Hospital Care
Solutions
LCS
4%
Life Care Solutions
: In Japan, pricing measures progressed smoothly, but revenue declined due to business transfer and supply issue of certain product
: Domestic sales decreased due to shrinking SMBG (Self-Monitoring of Blood Glucose) market. Overseas sales progressed as planned, led primarily by Asia
-12
-4
PS
Adjusted Operating Profit | 77 | 65 | 79 | 160 | 192 | 214 11% (13%) | |
21% | |||||||
FY23 | FY24 | FY25* | FY23 | FY24 | FY25* | ||
Profit % | 14% | 12% | 14% | 11% | 12% | 13% | |
Pharmaceutical Solutions
: In Japan, CDMO business increased revenue. Overseas, PLAJEX performed well in Europe and US
+51
Profit : Increased due to pricing measures and appropriate cost control
*Calculated excluding the profit & loss of the Leverkusen Plant.
Adjusted OP including the profit & loss of the Leverkusen Plant are as follows: Q3: 6.2 B JPY (Profit %: 11%)
Q3 YTD: 19.7 B JPY (Profit %: 12%)
TBCT: Plasma innovation drove revenue growth, supported improved profitability
(TBCT: Blood and Cell Technologies)
(100M JPY)
Q3 Q3 YTD Comments Q3 YTD YoY
Revenue
437
501
23%
615
( ) FX Neutral
1,685
GBS
1,482
1,278
14%
(16%)
Global Blood Solutions
: Rika (source plasma collection system) increased significantly in addition to strong sales of whole blood collection systems in US. Securing a tender for whole blood collection systems in Asia further contributed to revenue growth
+190
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
+14
Adjusted Operating Profit
Profit %
252
198
32
66
96
45%
139
27%
(27%)
Profit : Profit increased, driven by improved
profitability from higher sales of Rika
FY23 FY24 FY25 FY23 FY24 FY25 7% 13% 16% 11% 13% 15%
OrganOx: Rapid revenue growth by increasing liver transplants and market share
(100M JPY)
Q3 (Nov-Dec) | Q3 YTD | Comments |
Consolidated Results*
Revenue:
2.9 B JPY
Adjusted
Operating Profit:
0.5 B JPY
130
Revenue:
89
13%
21%
+50%* 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
Revenue by Region: Americas strongly drove overall growth
FY25 Q3 YTD
Regional breakdown
Americas
FY23 FY24
Q3 YTD 2,382
2,906
Q3
845
1,000
Revenue (100M JPY) | FY25 Q3 YTD YoY change | Comments |
( ) FX Neutral
11%
All Companies continued to see robust demand, with TIS, PS, and GBS driving the Americas to double-digit growth excluding FX impact
39%
21%
20%
8%
12%
FY25
3,229
1,159
(15%)
In C&V, TIS and TN maintained stable growth.
Europe
Japan
China
Asia and Others
1,390
1,593
1,753
1,587
1,649
1,685
10%
494
553
630
(6%)
576
580
587
2%
601 | 190 | |||
665 | 219 | |||
690 | 239 | |||
870 | 285 | |||
910 | 283 | |||
959 | 351 | |||
4%
(5%)
5%
(8%)
In TMCS, PS saw significant revenue growth
C&V continued to grow, driven especially by sustained double-digit growth in TN. In TMCS, HCS saw revenue decline due to business transfer and supply issue with certain product. PS achieved revenue growth
In C&V, TN continued to grow through expanded sales channels via VBP. TA saw revenue decline due to supply constraints and tariff impacts.
PS also declined
C&V grew due to increased demand across all segments. HCS and PS saw revenue declines due to timing differences
Toward Achieving FY25/GS26 and Beyond
Operating profit of existing businesses are making steady progress toward the FY26 target of 20%
OP OP%
(100M JPY)
16.5%
OP%* based on
existing businesses
18.7%
17.5%
16.4%
20.0%
Key Initiatives
Expanding businesses that support sustainable profit growth
Continued execution of pricing measures
Promoting group-wide profitability improvement initiatives
15.2% 15.2%
14.3%
FY21 FY22 FY23 FY24 FY25 FY26
*Excluding acquisition-related expenses (Leverkusen Plant and OrganOx) as well as other one-time costs
Advancing structural reforms across each business
Continue profitability enhancement measures alongside business expansion in Beyond GS26
References©TERUMO CORPORATION 13
P&L (QoQ)
(100M JPY)
FY24 Q3 (Oct-Dec) | Q4 (Jan-Mar) | FY25 Q1 (Apr-Jun) | Q2 (Jul-Sep) | Q3 (Oct-Dec) | ||
Revenue | 2,636 | 2,639 | 2,600 | 2,750 | 2,966 | |
Gross Profit | 1,451 (55.1%) | 1,385 (52.5%) | 1,455 (56.0%) | 1,470 (53.5%) | 1,532 (51.6%) | |
SG&A Expenses | 777 (29.5%) | 818 (31.0%) | 755 (29.1%) | 808 (29.4%) | 869 (29.3%) | |
R&D Expenses | 187 (7.1%) | 188 (7.1%) | 164 (6.3%) | 171 (6.2%) | 183 (6.2%) | |
Other Income and Expenses | -30 | -138 | 24 | -40 | -40 | |
Operating Profit | 458 (17.4%) | 242 (9.2%) | 559 (21.5%) | 451 (16.4%) | 439 (14.8%) | |
Adjusted Operating Profit | 553 (21.0%) | 441 (16.7%) | 591 (22.7%) | 553 (20.1%) | 591 (19.9%) | |
Quarterly | USD | 152 JPY | 153 JPY | 145 JPY | 147JPY | 154JPY |
Average rate EUR | 163 JPY | 161 JPY | 164 JPY | 172JPY | 179JPY | |
SG&A (QoQ)
(100M JPY)
FY24 Q3 (Oct-Dec) | Q4 (Jan-Mar) | FY25 Q1 (Apr-Jun) | Q2 (Jul-Sep) | Q3 (Oct-Dec) | ||
Salaries & Wages | 406 | 430 | 406 | 421 | 447 | |
Sales Promotion | 54 | 60 | 55 | 53 | 61 | |
Logistics Costs | 56 | 57 | 57 | 59 | 58 | |
Depreciation and Amortization | 70 | 71 | 68 | 70 | 76 | |
Others | 190 | 200 | 169 | 205 | 228 | |
SG&A Expenses Total (%) | 777 (29.5%) | 818 (31.0%) | 755 (29.1%) | 808 (29.4%) | 869 (29.3%) | |
R&D Expenses (%) | 187 (7.1%) | 188 (7.1%) | 164 (6.3%) | 171 (6.2%) | 183 (6.2%) | |
Total (%) | 963 (36.6%) | 1,006 (38.1%) | 920 (35.4%) | 979 (35.6%) | 1,053 (35.5%) | |
Quarterly | USD | 152 JPY | 153 JPY | 145 JPY | 147JPY | 154JPY |
Average rate EUR | 163 JPY | 161 JPY | 164 JPY | 172JPY | 179JPY | |
SG&A (YoY)
(100M JPY)
FY24 Q3 YTD | FY25 Q3 YTD | YoY | YoY％ | YoY% excluding FX impact | |
Salaries & Wages | 1,188 | 1,274 | 86 | 7% | 9% |
Sales Promotion | 153 | 169 | 16 | 10% | 11% |
Logistics Costs | 166 | 173 | 8 | 5% | 6% |
Depreciation and Amortization | 207 | 215 | 7 | 4% | 5% |
Others | 543 | 602 | 59 | 11% | 12% |
SG&A Expenses Total | 2,257 | 2,433 | 176 | 8% | 9% |
(%) | (29.2%) | (29.3%) | |||
R&D Expenses | 554 | 518 | -36 | -7% | -6% |
(%) | (7.2%) | (6.2%) | |||
Total | 2,811 | 2,951 | 140 | 5% | 6% |
(%) | (36.4%) | (35.5%) |
FY24 Q3 | FY25 Q3 | YoY | YoY％ |
406 | 447 | 41 | 10% |
54 | 61 | 7 | 12% |
56 | 58 | 1 | 2% |
70 | 76 | 6 | 8% |
190 | 228 | 39 | 20% |
777 | 869 | 93 | 12% |
(29.5%) | (29.3%) | ||
187 | 183 | -4 | -2% |
(7.1%) | (6.2%) | ||
963 | 1,053 | 89 | 9% |
(36.6%) | (35.5%) |
Adjusted Operating Profit: Adjustments
FY24 Q3 YTD | FY25 Q3 YTD | |
Adjusted Operating Profit | 1,593 | 1,735 |
Adjustment 1. Amortization of acquired intangible assets | -161 | -171 |
Adjustment 2. Non-recurring profit or loss | -97 | -115 |
Operating Profit | 1,335 | 1,449 |
Adjustment 2. Non-recurring profit or loss | FY24 Q3 YTD | FY25 Q3 YTD |
Restructuring expenses | -79 | -14 |
Impairment losses | -25 | -3 |
Gain on sale of TBCT land | 14 | - |
Revision of the exclusive distribution agreement (Including impairment loss) | - | -79 |
Loss compensation from pharmaceutical companies | - | 38 |
Others | -7 | -9 |
OrganOx-related expenses | -32 | |
OrganOx inventory step-up costs recorded as expenses (provisional) | -16 |
Acquisition-related cost
Lawsuit settlement
Impairment loss
Restructuring expense
Nonlife insurance income
Loss on disaster
Other non-recurring profit or loss
(100M JPY)
FY24 Q3 | FY25 Q3 |
553 | 591 |
-52 | -71 |
-43 | -81 |
458 | 439 |
Adjusted Operating Profit: Quarterly Trend
FY25 Q1 | Q2 | Q3 | Q4 （Assumptions） | FY26 （Assumptions） | |||
Adjusted Operating Profit | 591 | 553 | 591 | ||||
Adjustment 1. Amortization of acquired intangible assets | -51 | -50 | -71 | -68 | |||
Existing Amortization | -51 | -50 | -60 | -52 | |||
Amortization of OrganOx（provisional） | - | - | -10 | -16 | -65 | ||
Adjustment 2. Non-recurring profit or loss | 19 | -52 | -81 | ||||
Restructuring expenses | -13 | - | -1 | -50 | |||
Impairment losses | - | -1 | -2 | ||||
Revision of the exclusive distribution agreement (Including impairment loss) | - | -44 | -34 | ||||
Loss compensation from pharmaceutical companies | 32 | 5 | - | ||||
Others | -0 | -1 | -8 | ||||
OrganOx-related expenses | - | -10 | -21 | -2 | -10* | ||
OrganOx inventory step-up costs recorded as expenses (provisional) | - | - | -16 | -24 | -70* | ||
Operating Profit | 559 | 451 | 439 |
(100M JPY)
*Recognized through FY26 only
CAPEX, Depreciation and Amortization, R&D Expenses
(100M JPY)
FY22 | FY23 | FY24 | FY25 Q3 YTD | FY25 Guidance | ||
CAPEX | 758 | 784 | 825 | 715 | 950 | |
Depreciation and Amortization | 635 | 702 | 781 | 631 | 870 | |
Amortization of acquired intangible assets | 188 | 200 | 210 | 172 | 240 | |
Others | 447 | 502 | 571 | 459 | 630 | |
CAPEX = Construction in progress record FY25 Q3 YTD CAPEX (71.5 Construction of a new building Development and Manufactur collection-related, R&D, and R&D Expenses | basis, lease depreci B JPY) includes at the Kofu Plan ing Organization core IT platforms FY22 616 | ation (IFRS16) is not : t to enhance ma ) and other ope (SAP) FY23 691 | included in Deprecia nufacturing c rations, as well FY24 742 | tion apabilities for CDMO (Contract as investments in source plasma FY25 Q3 FY25 YTD Guidance 518 715 | ||
Free Cash Flow
Depreciation
and Income taxes,
Amortization etc.
-430
Working capital gains and losses
Other
operating CF
M&A
and Others
-613
CAPEX
FCF
FY25 Q3 YTD Operating CF
Profit before tax
1,466
689
-391
85 1,419
(100M JPY)
-2,545 -1,738
YoY | +148 | +50 | +45 | -249 | -17 | -23 | -104 | -2,550 | -2,677 |
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