TERUMO CORPORATION
4543・Prime Market・Precision Instruments
Business
Terumo Corporation is a medical device manufacturer founded in 1921, operating as a group that includes 101 consolidated subsidiaries. The company comprises four segments: Cardiac and Vascular Company (endovascular treatment, neurovascular, and cardiac surgery), Medical Care Solutions Company (solutions for hospitals, home care, and pharmaceuticals), Blood and Cell Technology Company (blood and cell processing), and Organ Technologies Business (organ preservation devices). Overseas markets account for approximately 80% of revenue, capturing global medical demand centered on the Americas, Europe, and Asia. Its main customers are medical institutions and medical-related companies such as hospitals, blood centers, and pharmaceutical companies, and its business is underpinned by structural growth in medical demand driven by an aging population, an increase in chronic diseases, and the spread of minimally invasive treatments.
Business Model
The core revenue source is the manufacture and sale of high-value-added medical devices in the cardiovascular, blood, and cell fields, with global supply supported by a tripolar production system spanning Costa Rica, Japan, and Vietnam. In addition, the company pursues revenue diversification through a CDMO business for pharmaceutical companies (Kofu Plant and Leverkusen Plant in Germany) and by providing solutions that combine digital ecosystems and software. Research and development expenses continue to be invested at 6.8% of revenue (¥76.9 billion), maintaining a structure that sustains the new product pipeline and technological competitive advantage.
Company Strengths
The Cardiac and Vascular Company's revenue was ¥676,421 million, maintaining a high adjusted operating margin of 24.2%. It holds a broad range of sub-segments including Interventional Systems (¥443,505 million), Neuro (¥106,902 million), Cardiovascular, and Aortic, achieving revenue growth across all sub-segments while diversifying the risk of dependence on a single area.
The company is promoting globally optimized production locations, building a tripolar system across Costa Rica, Japan, and Vietnam. Production output for the current period across all segments totaled ¥1,163,848 million (up 13.7% year on year), realizing an increased production system in response to expanding demand. Capital expenditures of ¥97.1 billion were made, continuously strengthening production capacity at the Ashitaka Plant, Kofu Plant, Terumo BCT, and other facilities.
The company has continued to carry out strategic M&A, including the 2006 acquisition of MicroVention (neurovascular), the 2011 acquisition of CaridianBCT (blood and cell), and the 2017 acquisition of Bolton Medical (aortic). Most recently, it acquired the Leverkusen plant in Germany (€150 million) in September 2025 and Organox (approximately US$1.5 billion) in October 2025, expanding its business into new areas such as CDMO and organ preservation.
ENVALITH's Perspective
Performance Trend
Revenue expanded 60.9% over five fiscal years, from ¥703,303 million in FY2022 (ended March 2022) to ¥1,131,877 million in FY2026 (ending March 2026). FY2026 revenue increased 9.2% year on year (up 8.6% excluding foreign exchange effects). Operating profit was ¥176,320 million (up 11.8% year on year), and profit attributable to owners of parent was ¥135,914 million (up 16.2% year on year), with growth at every profit stage. External tailwinds included continued expansion of medical demand in the market environment and yen depreciation. For FY2027 (ending March 2027), the company forecasts revenue of ¥1,239,000 million (up 9.5% year on year), operating profit of ¥224,500 million (up 27.3% year on year), and profit attributable to owners of parent of ¥165,300 million (up 21.6% year on year). This outlook for continued revenue and profit growth incorporates a certain degree of impact from US tariff policy and geopolitical risk.
Growth Strategy
Advancing the shift 'From Devices to Solutions' toward the final year of GS26; accelerating growth through M&A and capital investment
The core business of the Cardiovascular Company, centered on access products. Achieved a year-on-year increase of 8.6% overseas in FY2026 (ending March 2026). Continuing to promote production increases and productivity improvements under the three-pillar structure of Costa Rica, Japan, and Vietnam, aiming to expand sales in high-growth markets.
Global Blood Solutions, centered on Source Plasma Collection Systems (Global Blood Solutions) in North America, achieved high growth of 15.5% year-on-year overseas in FY2026 (ending March 2026). Continuing investment to expand production capacity (¥21,700 million in the current fiscal year) to accelerate expansion into growth regions.
On September 30, 2025, acquired WuXi Biologics' drug product manufacturing plant in Leverkusen, Germany, for an acquisition price of ¥27,104 million. This will be utilized as the company's first overseas CDMO production site, strengthening global contract manufacturing capabilities for combination products such as prefilled syringes.
On October 29, 2025, made OrganOx Limited (organ preservation devices) a wholly owned subsidiary for an acquisition price of ¥230,632 million. Organ preservation devices utilizing normothermic machine perfusion (NMP) technology will be developed as a new segment, the "Organ Technologies Business." Recorded revenue of ¥7,985 million in FY2026 (ending March 2026), mainly in North America.
Issued 5-year bonds denominated in USD 500 million (payment date April 28, 2026, coupon rate 4.488% per annum, 2.371% per annum after interest rate and currency swap). Refinanced short-term borrowings used for the OrganOx acquisition into long-term funding to ensure financial stability.
Last updated: July 19, 2026