Immuno-Biological Laboratories Co., Ltd.
4570・Growth Market・Pharmaceuticals
Business
Immuno-Biological Laboratories Co., Ltd. is a research and development-driven biotech venture founded in 1982, having accumulated antibody development know-how for over 44 years. In its core Antibody-related Business, the company operates three services: sales of research reagents such as ELISA assay kits and antibodies, manufacturing and sales of raw materials for In Vitro Diagnostic Pharmaceuticals, testing services centered on Testing Services (LipoSEARCH®), and protein production using genetically modified silkworms (TG Silkworm Services). Major customers include domestic and overseas pharmaceutical companies, CRO companies, research institutions, and universities, with Sysmex Corporation and Immuno-Biological Laboratories, Inc. disclosed as key business partners. The group consists of the parent company and two consolidated subsidiaries (AI Bio Co., Ltd. and Neosilk Cosmetics Co., Ltd.), and is listed on the Growth Market of the Tokyo Stock Exchange.
Business Model
The company sells in-house-developed, highly specific antibodies and ELISA kits domestically and internationally as research reagents and In Vitro Diagnostic Pharmaceuticals raw materials, while also generating ongoing revenue through contract services such as antibody production and assay development. Continued adoption of its ELISA kits for clinical trials by overseas CRO companies, together with joint development and supply of diagnostic reagent raw materials through a business alliance with Sysmex, forms a stable revenue base. In the TG Silkworm Services segment, OEM supply of Neosilk® Human-type Collagen I (under a 10-year contract with 303 Pharma) and sales of iMatrix-511 silk are also sources of revenue.
Company Strengths
Since its founding in 1982, the company has accumulated over 44 years of antibody development know-how and holds a proprietary product lineup including ELISA kits, antibodies, and synthetic peptides under an ISO13485-certified quality management system. Track record includes ELISA kits continuously adopted for clinical trials by overseas CRO companies, and increasing domestic and overseas sales of antibodies used as raw materials for In Vitro Diagnostic Pharmaceuticals (such as glucagon antibodies).
The company holds proprietary TG Silkworm technology capable of mass-producing target proteins in silkworm cocoons, and has commercialized high-value-added proteins such as Human-type Collagen I, Laminin511-E8 (iMatrix-511 silk), and fibronectin. A 10-year OEM contract with Italy's 303 Pharma (concluded in December 2023) and commercialization achievements through joint research with Nippi serve as the basis for its competitive advantage.
Through a business alliance agreement with Sysmex Corporation (concluded in June 2022, effective through March 2027), the company is advancing joint development and supply of reagent raw materials for the clinical testing field. Sales to Sysmex in FY2026 (ending March 2026) expanded to ¥112,857 thousand (up 23.6% year on year), with collaboration with a major diagnostic reagent manufacturer contributing to strengthening the earnings base.
ENVALITH's Perspective
Performance Trend
Consolidated net sales for FY2026 (ending March 2026) were ¥1,005 million (up 3.7% year on year), operating income was ¥281 million (up 34.4%), ordinary income was ¥300 million (up 43.2%), and net income attributable to owners of parent was ¥329 million (up 32.1%). Revenue growth decelerated from 18.7% in the previous fiscal year to 3.7% in the current period; however, an increase in the sales mix of the higher-margin Diagnostic Reagent Services and TG Silkworm Services, together with strengthened cost management, drove a substantial improvement in the cost of sales ratio, from 34.6% in the previous period to 29.6% in the current period. The operating margin rose sharply from 21.6% to 28.0%. Ordinary income included one-off factors such as ¥5,513 thousand in insurance cancellation refunds related to retirement, ¥6,131 thousand in foreign exchange gains, and ¥3,859 thousand in subsidy income, among others. The financial base remains solid, with an equity ratio of 85.5% and cash and cash equivalents at fiscal year-end of ¥928 million. As external factors, risks of rising raw material and logistics costs stemming from U.S. reciprocal tariff issues and Middle East tensions are explicitly cited as cost-increasing factors for the next fiscal period and beyond.
Growth Strategy
Full-scale entry into the In Vitro Diagnostic Pharmaceuticals market and continued revenue and profit growth driven by TG Silkworm Services and overseas sales channel expansion
Focusing on the development of highly differentiated antibodies through continued adoption in clinical trials conducted by overseas CRO companies, strengthened information strategy utilizing SNS and other channels, and joint research and technology integration with domestic and overseas partner companies. Antibody-related Business sales, including Diagnostic Reagent Services, are planned at ¥1,082 million (up 8.0% year on year) for FY2027 (ending March 2027).
In addition to exclusive supply to an Italian company, the company is promoting profit maximization through improvements in production methods and cost reduction. TG Silkworm Services sales in FY2026 (ending March 2026) achieved high growth of ¥102,806 thousand (up 21.0% year on year). Continued sales growth is expected in the next fiscal period.
In FY2026 (ending March 2026), Sysmex Corporation was disclosed as a major customer with sales of ¥112,857 thousand. Through the alliance with a major domestic diagnostic reagent manufacturer, the company aims to advance mutual use of diagnostic reagent development technologies and provide original, high-quality products worldwide.
The anti-HIV antibody is progressing through IND-enabling studies led by CURED. The GIST diagnostic and therapeutic antibody, developed jointly with Tokushima University, has already obtained a domestic patent in Japan and is under discussion with a partner company. While the revenue impact upon commercialization is expected to be significant, the programs are currently at the development and discussion stage.
The company is switching domestic mail-order sales from operation by a domestic agency to in-house operation, aiming to improve fine-grained service and strengthen management systems. Discussions are underway regarding a sales strategy utilizing local agencies for entry into the Chinese market. The target for FY2027 (ending March 2027) is sales of ¥5,000 thousand (up 86.6% year on year) and a return to operating profit.
Last updated: July 19, 2026