Immuno-Biological Laboratories Co., Ltd.

Business Details

Comprised of three services: Diagnostic Reagent Services (ELISA kits, antibodies, contract services, In Vitro Diagnostic Pharmaceuticals), Testing Services (blood lipoprotein profiling centered on LipoSEARCH®), and TG Silkworm Services (manufacturing and sale of proteins and antibodies using genetically modified silkworms). Main customers are domestic and overseas pharmaceutical companies, research institutions, and CRO companies, and the segment supplies a wide range of products from research reagents to raw material antibodies for In Vitro Diagnostic Pharmaceuticals under an ISO13485-certified quality management system. This is the core segment, accounting for approximately 99% of the Group's consolidated net sales.

Recent Overview

Diagnostic Reagent Services and TG Silkworm Services drove a 35% increase in operating income, while Testing Services declined sharply

In FY2026 (ending March 2026), the Antibody-related Business achieved net sales of ¥1,002 million (up 3.9% year on year) and operating income of ¥281 million (up 35.4% year on year), a substantial increase in profit. Diagnostic Reagent Services benefited from continued adoption of ELISA kits by overseas CRO companies and increased domestic sales of raw material antibodies for In Vitro Diagnostic Pharmaceuticals. TG Silkworm Services recorded increased sales of Neosilk® Human-type Collagen I, and iMatrix-511 silk and antibody contract services progressed as planned. On the other hand, Testing Services net sales declined sharply by 50.3% year on year to ¥31 million due to the absence of large-scale LipoSEARCH® projects and a decrease in the number of clinical tests. Sysmex Corporation (¥112 million) was newly disclosed as a major customer. For the next fiscal year, net sales are forecast at ¥1,082 million (up 8.0% year on year) and operating income at ¥322 million (up 14.2% year on year).

Key Products

Growth Drivers

• Expansion of overseas sales through continued adoption of ELISA kits for clinical trials conducted by overseas CRO companies
• Increased domestic and overseas sales of raw material antibodies for In Vitro Diagnostic Pharmaceuticals (such as glucagon antibodies)
• Expansion of exclusive sales of Neosilk® Human-type Collagen I to an Italian company within TG Silkworm Services
• Expansion of Laminin511-E8 (iMatrix-511 silk) and antibody contract services for a major In Vitro Diagnostic Pharmaceuticals company
• Expanded joint development and supply of diagnostic reagent raw materials through the business alliance with Sysmex Corporation
• Expansion of sales channels and overseas sales through strengthened information strategy utilizing SNS and other means
• Improved profitability through a shift toward a higher-margin product mix and strengthened cost management

Risks

• Price pressure from intensifying global competition in the research reagent market
• Impact of exchange rate fluctuations (yen depreciation/appreciation) on overseas sales and raw material costs
• Impact of U.S. reciprocal tariff issues and tariff trends on overseas sales forecasts
• Risk of delays in the approval and insurance coverage process for In Vitro Diagnostic Pharmaceuticals
• Tightening of raw material procurement using naphtha as a feedstock, and rising logistics, utility, and raw material costs
• Rising labor costs due to base salary increases and higher manufacturing/development costs
• Continued risk of the absence of large-scale LipoSEARCH® projects in Testing Services
• Increasing R&D expenses in pharmaceutical seeds development and uncertainty over the success of out-licensing