JCR Pharmaceuticals Co.,Ltd
4552・Prime Market・Pharmaceuticals
Pharmaceuticals Business
Single-segment business centered on rare disease and biopharmaceutical products
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥40,319 million | ¥33,072 million | ↑ |
| Operating profit | ¥555 million | △¥6,219 million | ↑ |
| Ordinary profit | ¥1,165 million | △¥7,046 million | ↑ |
| Profit attributable to owners of parent | ¥2,178 million | △¥4,460 million | ↑ |
| Total product sales | ¥32,446 million | ¥31,655 million | ↑ |
| Contract revenue | ¥5,549 million | ¥517 million | ↑ |
| Equity ratio | 42.9% | 45.1% | ↓ |
| Earnings per share | ¥17.87 | △¥36.02 | ↑ |
| Total assets | ¥109,236 million | ¥104,849 million | ↑ |
| Short-term borrowings | ¥38,092 million | ¥23,005 million | ↓ |
Business Details
The only segment operated by the JCR Pharma Group. It manufactures and sells products including the human growth hormone preparation GROWJECT® as its core product, IZCARGO® for the treatment of Mucopolysaccharidosis Type II, renal anemia treatment drugs, the regenerative medicine product TEMCELL® HS Inj., and treatments for Fabry disease. Based on its proprietary blood-brain barrier crossing technology, J-Brain Cargo®, the company holds a pipeline of more than 17 treatments for lysosomal diseases and is actively advancing clinical development both domestically and overseas. Its main sales destinations are Medipal Holdings and Kissei Pharmaceutical.
Recent Overview
Turned profitable from a significant loss in the prior year, driven by a surge in contract revenue and strong product sales
In FY2026 (ending March 2026), net sales increased substantially to ¥40,319 million (up 21.9% year on year). Contract revenue surged to ¥5,549 million (up 972.8% year on year), driven by factors including the exclusive license acquisition for Givinostat from Italfarmaco. Product sales also grew to ¥32,446 million (up 2.5%), led by IZCARGO® (up 18.3%). Research and development expenses remained at a high level of ¥16,761 million (up 8.6% year on year), but the company achieved a turnaround to profitability with operating profit of ¥555 million, ordinary profit of ¥1,165 million, and profit attributable to owners of parent of ¥2,178 million, compared to a significant loss in the prior year. Additionally, an error in the presentation of the prior-year cash flow statement was discovered during the preparation of the annual securities report, leading to a correction of the financial results announcement dated June 23, 2026.
Key Products
Growth Drivers
- Continued revenue growth from ongoing market penetration of IZCARGO® (up 18.3% in FY2026 (ending March 2026); further revenue growth from increased sales volume expected in the next fiscal year)
- Sharp increase in contract revenue driven by the exclusive license acquisition for Givinostat from Italfarmaco and other factors (¥5,549 million in FY2026 (ending March 2026), up 972.8% year on year)
- Expanded licensing revenue opportunities through external licensing of J-Brain Cargo® technology (to Acumen Pharmaceuticals and others)
- Conclusion of a license agreement for JUST-AAV technology with Alexion AstraZeneca Rare Disease (July 2025)
- Progress toward regulatory filing following achievement of target patient enrollment in the JR-141 global Phase 3 clinical trial
- Pipeline expansion through the strategic partnership agreement concerning rare disease treatments concluded with Italfarmaco (December 2025)
- Strengthened research and development infrastructure through the commencement of operations of the Advanced Biopharmaceutical Research Institute within Kobe Biomedical Innovation Cluster (April 2026)
- Revenue growth in Darbepoetin Alfa BS Inj. "JCR" (up 19.5%) and Agalsidase Beta BS for Intravenous Infusion "JCR" (up 12.4%)
Risks
- Continued downward pressure on revenue for GROWJECT® due to drug price revisions (down 0.9% in FY2026 (ending March 2026) following the April 2025 revision)
- Risk of profit pressure from sustained high levels of research and development expenses (¥16,761 million in FY2026 (ending March 2026); projected to increase 15.7% year on year to ¥19,300 million in the next fiscal year)
- High volatility in contract revenue, with performance subject to significant fluctuation depending on the timing of license agreement conclusions (next fiscal year's ordinary profit is forecast to decline 57.1% year on year to ¥500 million)
- Customer concentration risk with respect to Medipal Holdings
- Deterioration in financial soundness due to a decline in the equity ratio (from 45.1% at the end of the prior fiscal year to 42.9% at the end of the current fiscal year) and a substantial increase in short-term borrowings (from ¥23,005 million to ¥38,092 million)
- Risk of intensifying competition for existing products, including a significant revenue decline for Epoetin Alfa BS Inj. "JCR" (down 33.7%)
- Risk of cash flow deterioration due to large-scale capital expenditure associated with the construction of a new pharmaceutical formulation plant (¥11,427 million in acquisitions of property, plant and equipment) and a sharp increase in construction in progress (from ¥9,190 million to ¥19,411 million)
- Risk related to financial reporting process controls, as evidenced by the correction of the financial results announcement (June 23, 2026) due to a presentation error in the prior-year cash flow statement
Last updated: June 23, 2026