Announcement • 21h
Kissei Pharmaceutical Co., Ltd. to Report Q1, 2027 Results on Jul 31, 2026 Kissei Pharmaceutical Co., Ltd. announced that they will report Q1, 2027 results on Jul 31, 2026 Live News • May 22
Kissei Pharmaceutical Reports Record Sales as TAVNEOS Liver Risk Prompts Stricter Safety Measures Kissei Pharmaceutical reported record net sales, supported by domestic drug sales, overseas licensing, and information services tied to digital education projects.
Higher R&D and in-licensing expenses led to operating losses, while gains on investment securities supported overall net income.
The company updated safety warnings for TAVNEOS in Japan after serious and fatal liver-related cases, and issued a Rapid Safety Communication calling for strict liver monitoring, while it evaluates the financial impact.
The mix of record sales with operating losses points to a company leaning heavily into pipeline and overseas expansion, while relying on investment gains to support the bottom line.
Tighter TAVNEOS safety labeling adds a clear product risk to watch, particularly around future prescribing trends and any knock-on effect this may have on revenue and ongoing clinical and licensing plans. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥3,605, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Pharmaceuticals industry in Japan. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,954 per share. New Risk • May 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Announcement • May 13
Kissei Pharmaceutical Co., Ltd. (TSE:4547) announces an Equity Buyback for 1,300,000 shares, representing 3.14% for ¥6,000 million. Kissei Pharmaceutical Co., Ltd. (TSE:4547) announces a share repurchase program. Under the program, the company will repurchase up to 1,300,000 shares, representing 3.14% of its share capital, for ¥ 6,000 million. The company will repurchase its shares in order to implement a flexible capital policy which responds to changes in the business environment, improve capital efficiency, and enhance shareholder returns. The shares repurchased will be cancelled. The program is valid till December 31, 2026. As of April 30, 2026, the company had 41,451,945 shares outstanding (excluding treasury shares) and 5,090,040 shares in treasury. Reported Earnings • May 12
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥332 (up from JP¥274 in FY 2025). Revenue: JP¥97.4b (up 10% from FY 2025). Net income: JP¥13.8b (up 15% from FY 2025). Profit margin: 14% (in line with FY 2025). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 6.0%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Announcement • May 11
Kissei Pharmaceutical Co., Ltd., Annual General Meeting, Jun 23, 2026 Kissei Pharmaceutical Co., Ltd., Annual General Meeting, Jun 23, 2026. Announcement • May 09
Kissei Pharmaceutical Co., Ltd. to Report Fiscal Year 2026 Results on May 11, 2026 Kissei Pharmaceutical Co., Ltd. announced that they will report fiscal year 2026 results on May 11, 2026 Major Estimate Revision • Apr 07
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥92.2b to JP¥94.1b. EPS estimate increased from JP¥269 to JP¥304 per share. Net income forecast to shrink 10% next year vs 9.6% growth forecast for Pharmaceuticals industry in Japan . Consensus price target up from JP¥5,140 to JP¥5,367. Share price rose 4.1% to JP¥4,840 over the past week. Buy Or Sell Opportunity • Apr 03
Now 20% undervalued Over the last 90 days, the stock has risen 3.8% to JP¥4,825. The fair value is estimated to be JP¥6,032, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 8.0%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are forecast to decline by 2.6% per annum over the same time period. Major Estimate Revision • Mar 31
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥269 to JP¥298. Revenue forecast steady at JP¥92.6b. Net income forecast to shrink 10% next year vs 9.7% growth forecast for Pharmaceuticals industry in Japan . Consensus price target of JP¥5,240 unchanged from last update. Share price was steady at JP¥4,650 over the past week. New Risk • Mar 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 34% and the cash payout ratio is 90%. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥77.92 (down from JP¥82.99 in 3Q 2025). Revenue: JP¥26.8b (up 16% from 3Q 2025). Net income: JP¥3.23b (down 10% from 3Q 2025). Profit margin: 12% (down from 16% in 3Q 2025). Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 104%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 03
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 2.6%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (34% earnings payout ratio) and cash flows (89.9% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 7.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 02
Kissei Pharmaceutical Co., Ltd. to Report Q3, 2026 Results on Jan 30, 2026 Kissei Pharmaceutical Co., Ltd. announced that they will report Q3, 2026 results on Jan 30, 2026 Reported Earnings • Nov 06
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥78.77 (up from JP¥25.86 in 2Q 2025). Revenue: JP¥23.6b (up 11% from 2Q 2025). Net income: JP¥3.27b (up 186% from 2Q 2025). Profit margin: 14% (up from 5.4% in 2Q 2025). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 35% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.7%). Announcement • Sep 02
Kissei Pharmaceutical Co., Ltd. to Report Q2, 2026 Results on Nov 04, 2025 Kissei Pharmaceutical Co., Ltd. announced that they will report Q2, 2026 results on Nov 04, 2025 New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (333% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Jul 30
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: JP¥108 (up from JP¥92.89 in 1Q 2025). Revenue: JP¥22.2b (up 4.9% from 1Q 2025). Net income: JP¥4.52b (up 10% from 1Q 2025). Profit margin: 20% (in line with 1Q 2025). Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 54%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but not covered by cash flows (333% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 30
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥274 (up from JP¥247 in FY 2024). Revenue: JP¥88.3b (up 17% from FY 2024). Net income: JP¥12.0b (up 7.2% from FY 2024). Profit margin: 14% (down from 15% in FY 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 7.6%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 03
Kissei Pharmaceutical Co., Ltd. to Report Q1, 2026 Results on Jul 29, 2025 Kissei Pharmaceutical Co., Ltd. announced that they will report Q1, 2026 results on Jul 29, 2025 Major Estimate Revision • May 29
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥85.8b to JP¥88.8b. EPS estimate increased from JP¥248 to JP¥285 per share. Net income forecast to grow 0.3% next year vs 0.2% growth forecast for Pharmaceuticals industry in Japan. Consensus price target up from JP¥4,175 to JP¥4,600. Share price rose 2.5% to JP¥3,960 over the past week. New Risk • May 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (333% cash payout ratio). Large one-off items impacting financial results. Major Estimate Revision • May 14
Consensus EPS estimates increase by 36% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥182 to JP¥248. Revenue forecast unchanged at JP¥85.8b. Net income forecast to shrink 11% next year vs 0.2% decline forecast for Pharmaceuticals industry in Japan. Consensus price target of JP¥4,175 unchanged from last update. Share price was steady at JP¥3,775 over the past week. Reported Earnings • May 08
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥274 (up from JP¥247 in FY 2024). Revenue: JP¥88.3b (up 17% from FY 2024). Net income: JP¥12.0b (up 7.2% from FY 2024). Profit margin: 14% (down from 15% in FY 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 7.6%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 08
Kissei Pharmaceutical Co., Ltd. (TSE:4547) announces an Equity Buyback for 1,400,000 shares, representing 3.27% for ¥5,334 million. Kissei Pharmaceutical Co., Ltd. (TSE:4547) announces a share repurchase program. Under the program, the company will repurchase up to 1,400,000 shares, representing 3.27% of its share capital, for ¥ 5,334 million. The shares will be repurchased at price of ¥ 3,810 per share. The company will repurchase its shares in order to implement a flexible capital policy which responds to changes in the business environment, improve capital efficiency, and enhance shareholder returns. The shares repurchased will be cancelled. As of April 30, 2025, the company had 42,805,038 shares outstanding (excluding treasury shares) and 5,106,147 shares in treasury. Announcement • May 07
Kissei Pharmaceutical Co., Ltd., Annual General Meeting, Jun 24, 2025 Kissei Pharmaceutical Co., Ltd., Annual General Meeting, Jun 24, 2025. Buy Or Sell Opportunity • Mar 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to JP¥3,885. The fair value is estimated to be JP¥4,881, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 7.7%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are forecast to decline by 7.1% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.6%). Announcement • Mar 01
Kissei Pharmaceutical Co., Ltd. to Report Fiscal Year 2025 Results on May 07, 2025 Kissei Pharmaceutical Co., Ltd. announced that they will report fiscal year 2025 results on May 07, 2025 Announcement • Feb 26
Kissei Pharmaceutical Co., Ltd. Announces Submission of New Drug Application for Gnhh Antagonist "Linzagolix" Indicated for Uterine Fibroids, in Japan Kissei Pharmaceutical Co., Ltd. announced that the company has submitted a new drug application for approval of manufacturing and marketing in Japan for the GnRH antagonist "Linzagolix" as indicated for uterine fibroids. Linzagolix is an orally administered GnRH (gonadotropin-releasing hormone)receptor antagonist. It antagonizes GnRH at the GnRH receptors located in the pituitary gland, thereby inhibiting the secretion of gonadotropins, which are gonadal-stimulating hormones. This reduction in gonadotropin secretion leads to a decrease in estrogen production in the ovaries, thereby improving bleeding and pain symptoms in patients with uterine fibroids. In two domestic phase III clinical trials (KLH2301 and KLH2302 trials) targeting uterine fibroids, Linzagolix demonstrated non-inferiority and superiority to the control group, respectively, and yielded favorable results. In Japan, Kissei is preparing for a domestic Phase III clinical trial for endometriosis. Overseas, Theramex (UK), licensee, is set to launch the drug for uterine fibroids in Europe in September 2024, and received approval from the European Medicines Agency (EMA) for the additional indication of endometriosis in November of the same year. Additionally, other licensee companies are progressing with development in South Korea and Taiwan. Kissei is committed to making Linzagolix available to patients worldwide as soon as possible. New Risk • Feb 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 13x cash flows per share). Share price has been volatile over the past 3 months (5.1% average weekly change). Large one-off items impacting financial results. Reported Earnings • Feb 04
Third quarter 2025 earnings released: EPS: JP¥82.99 (vs JP¥59.18 in 3Q 2024) Third quarter 2025 results: EPS: JP¥82.99 (up from JP¥59.18 in 3Q 2024). Revenue: JP¥23.2b (up 11% from 3Q 2024). Net income: JP¥3.59b (up 35% from 3Q 2024). Profit margin: 16% (up from 13% in 3Q 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥4,160, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Pharmaceuticals industry in Japan. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥6,258 per share. Declared Dividend • Dec 04
First half dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 2.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but not covered by cash flows (dividend approximately 13x free cash flows). The dividend has increased by an average of 8.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Announcement • Nov 30
Kissei Pharmaceutical Co., Ltd. to Report Q3, 2025 Results on Feb 03, 2025 Kissei Pharmaceutical Co., Ltd. announced that they will report Q3, 2025 results on Feb 03, 2025 Reported Earnings • Nov 07
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: JP¥25.86 (down from JP¥52.66 in 2Q 2024). Revenue: JP¥21.3b (up 21% from 2Q 2024). Net income: JP¥1.14b (down 53% from 2Q 2024). Profit margin: 5.4% (down from 14% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year. Announcement • Nov 05
Kissei Pharmaceutical Co., Ltd. (TSE:4547) announces an Equity Buyback for 1,400,000 shares, representing 3.17% for ¥5,292 million. Kissei Pharmaceutical Co., Ltd. (TSE:4547) announces a share repurchase program. Under the program, the company will repurchase up to 1,400,000 shares, representing 3.17% of its share capital, for ¥ 5,292 million. The shares will be repurchased at price of ¥ 3,780 per share. The company will repurchase its shares in order to implement a flexible capital policy which responds to changes in the business environment, improve capital efficiency, and enhance shareholder returns. The shares repurchased will be cancelled. As of October 31, 2024, the company had 44,205,187 shares outstanding (excluding treasury shares) and 5,105,998 shares in treasury. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.3%). Announcement • Sep 09
Kissei Pharmaceutical Co., Ltd. to Report Q2, 2025 Results on Nov 05, 2024 Kissei Pharmaceutical Co., Ltd. announced that they will report Q2, 2025 results on Nov 05, 2024 Reported Earnings • Aug 01
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥92.89 (up from JP¥70.95 in 1Q 2024). Revenue: JP¥21.2b (up 9.6% from 1Q 2024). Net income: JP¥4.11b (up 26% from 1Q 2024). Profit margin: 19% (up from 17% in 1Q 2024). Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 64%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Declared Dividend • Jul 11
Final dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 2.6%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 8.7% over the next 3 years. However, it would need to fall by 66% to increase the payout ratio to a potentially unsustainable range. Announcement • Jun 28
Kissei Pharmaceutical Co., Ltd. to Report Q1, 2025 Results on Jul 30, 2024 Kissei Pharmaceutical Co., Ltd. announced that they will report Q1, 2025 results on Jul 30, 2024 Reported Earnings • May 08
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥247 (up from JP¥228 in FY 2023). Revenue: JP¥75.6b (up 12% from FY 2023). Net income: JP¥11.2b (up 6.0% from FY 2023). Profit margin: 15% (in line with FY 2023). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 1.0%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • May 08
Kissei Pharmaceutical Co., Ltd., Annual General Meeting, Jun 25, 2024 Kissei Pharmaceutical Co., Ltd., Annual General Meeting, Jun 25, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.3%). Announcement • Mar 13
Kissei Pharmaceutical Co., Ltd. to Report Fiscal Year 2024 Results on May 07, 2024 Kissei Pharmaceutical Co., Ltd. announced that they will report fiscal year 2024 results on May 07, 2024 Reported Earnings • Feb 01
Third quarter 2024 earnings released: EPS: JP¥59.18 (vs JP¥72.45 in 3Q 2023) Third quarter 2024 results: EPS: JP¥59.18 (down from JP¥72.45 in 3Q 2023). Revenue: JP¥20.9b (up 11% from 3Q 2023). Net income: JP¥2.66b (down 20% from 3Q 2023). Profit margin: 13% (down from 18% in 3Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jan 30
Kissei Pharmaceutical Co., Ltd. Provides Dividend Guidance for the Year Ending March 2024 Kissei Pharmaceutical Co., Ltd. provided dividend guidance for the year ending March 2024. For the period, Company expects dividend of JPY 41.00 per share against JPY 40.00 per share paid a year ago. New Risk • Dec 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Price Target Changed • Dec 18
Price target increased by 7.4% to JP¥3,650 Up from JP¥3,400, the current price target is an average from 2 analysts. New target price is 20% above last closing price of JP¥3,050. Stock is up 22% over the past year. The company is forecast to post earnings per share of JP¥233 for next year compared to JP¥228 last year. Announcement • Dec 12
Kissei Pharmaceutical Co., Ltd. and Maruishi Pharmaceutical Co., Ltd. Announces KORSUVA®? IV Injection Syringe for Dialysis 17.5ug, 25.0ug to Launch in Japan for Treatment of Pruritus in Patients Undergoing Hemodialysis Kissei Pharmaceutical Co., Ltd. and Maruishi Pharmaceutical Co., Ltd. announced that KORSUVA® IV Injection Syringe for Dialysis 17.5g, 25.0g, and 35.0g (generic name: difelikefalin acetate "KORSUVA®") for the treatment of pruritus in patients undergoing hemodialysis will launch in Japan on December 13, 2023. KORSUVA® is a kappa opioid receptor agonist originated and developed by Cara Therapeutics Inc. In April 2013, Maruishi acquired certain rights from Cara, and since March 2017, Maruishi and Kissei have been jointly developing KORSUVA® for the indication of uremic pruritus in Japan. On September 25, 2023, Maruishi obtained manufacturing and marketing authorization of KORSUVA® in Japan for the treatment of pruritus in patients undergoing hemodialysis. The product is manufactured by Maruishi and marketed by Kissei in Japan. KORSUVA® is provided as a pre-filled syringe formulation to facilitate convenience in the medical environment. Through the supply of KORSUVA® Kissei and Maruishi strive to expand treatment options for uremic pruritus and to improve the QOL (Quality of Life) of patients undergoing hemodialysis. Major Estimate Revision • Dec 12
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥259 to JP¥233 per share. Revenue forecast steady at JP¥77.1b. Net income forecast to shrink 11% next year vs 7.6% growth forecast for Pharmaceuticals industry in Japan . Consensus price target down from JP¥3,400 to JP¥3,275. Share price was steady at JP¥3,160 over the past week. Announcement • Dec 07
Kissei Pharmaceutical Co., Ltd. to Report Q3, 2024 Results on Jan 30, 2024 Kissei Pharmaceutical Co., Ltd. announced that they will report Q3, 2024 results on Jan 30, 2024 Buying Opportunity • Nov 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.3%. The fair value is estimated to be JP¥3,802, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings is also forecast to grow by 2.3% per annum over the same time period. Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: JP¥52.66 (vs JP¥36.67 in 2Q 2023) Second quarter 2024 results: EPS: JP¥52.66 (up from JP¥36.67 in 2Q 2023). Revenue: JP¥17.7b (up 6.6% from 2Q 2023). Net income: JP¥2.41b (up 43% from 2Q 2023). Profit margin: 14% (up from 10% in 2Q 2023). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be JP¥3,705, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings is also forecast to grow by 3.1% per annum over the same time period. Price Target Changed • Oct 29
Price target increased by 7.1% to JP¥3,400 Up from JP¥3,175, the current price target is an average from 2 analysts. New target price is 6.4% above last closing price of JP¥3,195. Stock is up 23% over the past year. The company is forecast to post earnings per share of JP¥273 for next year compared to JP¥228 last year. Announcement • Oct 29
Kissei Pharmaceutical Co., Ltd. Revises Consolidated Earnings Guidance for the First Half Ending September 30, 2023 Kissei Pharmaceutical Co., Ltd. revised consolidated earnings guidance for the first half ending September 30, 2023. For the first half ending September 30, 2022, the company expects net sales of JPY 36,900 million compared to previous guidance of JPY 35,500 million, operating profit of JPY 2,000 million compared to previous guidance of JPY 900 million, profit attributable to owners of parent of JPY 5,600 million compared to previous guidance of JPY 4,800 million and basic earnings per share of JPY 122.26 per share compared to previous guidance of JPY 104.09. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥41.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.2%). Price Target Changed • Sep 01
Price target increased by 8.9% to JP¥3,350 Up from JP¥3,075, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥3,450. Stock is up 38% over the past year. The company is forecast to post earnings per share of JP¥247 for next year compared to JP¥228 last year. Announcement • Aug 30
Kissei Pharmaceutical Co., Ltd. to Report Q2, 2024 Results on Nov 07, 2023 Kissei Pharmaceutical Co., Ltd. announced that they will report Q2, 2024 results on Nov 07, 2023 Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥3,510, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Pharmaceuticals industry in Japan. Total returns to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥4,938 per share. New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 01
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥70.95 (up from JP¥35.46 in 1Q 2023). Revenue: JP¥19.3b (up 19% from 1Q 2023). Net income: JP¥3.27b (up 100% from 1Q 2023). Profit margin: 17% (up from 10.0% in 1Q 2023). Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. 
