Announcement • Jun 30
RaQualia Pharma Inc. to Report Q2, 2026 Results on Aug 14, 2026 RaQualia Pharma Inc. announced that they will report Q2, 2026 results on Aug 14, 2026 New Risk • May 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.5b (US$91.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (JP¥14.5b market cap, or US$91.0m). Reported Earnings • May 20
First quarter 2026 earnings released: JP¥8.81 loss per share (vs JP¥0.24 loss in 1Q 2025) First quarter 2026 results: JP¥8.81 loss per share (further deteriorated from JP¥0.24 loss in 1Q 2025). Revenue: JP¥801.0m (down 17% from 1Q 2025). Net loss: JP¥225.0m (loss widened JP¥219.8m from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥624, the stock trades at a trailing P/E ratio of 59.5x. Average trailing P/E is 16x in the Pharmaceuticals industry in Japan. Total loss to shareholders of 20% over the past three years. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: JP¥11.53 (vs JP¥22.87 loss in FY 2024) Full year 2025 results: EPS: JP¥11.53 (up from JP¥22.87 loss in FY 2024). Revenue: JP¥3.98b (up 28% from FY 2024). Net income: JP¥273.0m (up JP¥768.0m from FY 2024). Profit margin: 6.9% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥836, the stock trades at a trailing P/E ratio of 79.6x. Average trailing P/E is 16x in the Pharmaceuticals industry in Japan. Total loss to shareholders of 5.4% over the past three years. Reported Earnings • Feb 16
Full year 2025 earnings released: EPS: JP¥11.53 (vs JP¥22.87 loss in FY 2024) Full year 2025 results: EPS: JP¥11.53 (up from JP¥22.87 loss in FY 2024). Revenue: JP¥3.98b (up 28% from FY 2024). Net income: JP¥273.0m (up JP¥768.0m from FY 2024). Profit margin: 6.9% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Feb 15
Raqualia Pharma Inc. Provides Consolidated Earnings Guidance for Year Ending December 31, 2025 Raqualia Pharma Inc. provided consolidated Earnings Guidance for Year Ending December 31, 2025. For the period, the company expects net sales of JPY 3,980 million, Operating Profit of JPY 165 million, loss attributable to owners of parent JPY 63 million and Basic loss per share of JPY 2.58. Announcement • Feb 13
RaQualia Pharma Inc., Annual General Meeting, Mar 25, 2026 RaQualia Pharma Inc., Annual General Meeting, Mar 25, 2026. New Risk • Jan 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 35% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2025 earnings released: JP¥14.55 loss per share (vs JP¥11.33 loss in 2Q 2024) Second quarter 2025 results: JP¥14.55 loss per share (further deteriorated from JP¥11.33 loss in 2Q 2024). Revenue: JP¥569.6m (down 25% from 2Q 2024). Net loss: JP¥348.8m (loss widened 42% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • May 20
First quarter 2025 earnings released: JP¥0.23 loss per share (vs JP¥3.61 loss in 1Q 2024) First quarter 2025 results: JP¥0.23 loss per share (improved from JP¥3.61 loss in 1Q 2024). Revenue: JP¥965.0m (up 49% from 1Q 2024). Net loss: JP¥5.00m (loss narrowed 94% from 1Q 2024). Revenue is forecast to grow 10% 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, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Announcement • Apr 18
RaQualia Pharma Inc. announced that it has received ¥1.0290637 billion in funding from HK inno.N Corporation On April 18, 2025, RaQualia Pharma Inc. closed the transaction. New Risk • Apr 07
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 5.7% 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 Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (JP¥6.57b market cap, or US$44.9m). Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. President & Chairman of Board Masaki Sudo was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: JP¥22.87 loss per share (further deteriorated from JP¥14.95 loss in FY 2023). Revenue: JP¥3.11b (up 63% from FY 2023). Net loss: JP¥495.0m (loss widened 53% from FY 2023). Revenue missed analyst estimates by 28%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 11% 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, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Feb 14
RaQualia Pharma Inc., Annual General Meeting, Mar 25, 2025 RaQualia Pharma Inc., Annual General Meeting, Mar 25, 2025. Announcement • Dec 03
RaQualia Pharma Inc. to Report Fiscal Year 2024 Results on Feb 14, 2025 RaQualia Pharma Inc. announced that they will report fiscal year 2024 results on Feb 14, 2025 Reported Earnings • Nov 20
Third quarter 2024 earnings released: JP¥0.74 loss per share (vs JP¥6.57 loss in 3Q 2023) Third quarter 2024 results: JP¥0.74 loss per share (improved from JP¥6.57 loss in 3Q 2023). Revenue: JP¥958.4m (up 99% from 3Q 2023). Net loss: JP¥16.0m (loss narrowed 89% from 3Q 2023). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (JP¥12.3b market cap, or US$87.5m). Reported Earnings • Aug 18
Second quarter 2024 earnings released: JP¥11.36 loss per share (vs JP¥8.00 profit in 2Q 2023) Second quarter 2024 results: JP¥11.36 loss per share (down from JP¥8.00 profit in 2Q 2023). Revenue: JP¥762.5m (up 18% from 2Q 2023). Net loss: JP¥245.8m (down 242% from profit in 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. 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 Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (JP¥12.5b market cap, or US$84.2m). Price Target Changed • Jul 21
Price target decreased by 37% to JP¥1,200 Down from JP¥1,900, the current price target is provided by 1 analyst. New target price is 88% above last closing price of JP¥640. Stock is down 10% over the past year. The company is forecast to post earnings per share of JP¥23.60 next year compared to a net loss per share of JP¥14.95 last year. Reported Earnings • May 21
First quarter 2024 earnings released: JP¥3.61 loss per share (vs JP¥6.86 loss in 1Q 2023) First quarter 2024 results: JP¥3.61 loss per share (improved from JP¥6.86 loss in 1Q 2023). Revenue: JP¥648.0m (up 75% from 1Q 2023). Net loss: JP¥78.0m (loss narrowed 47% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 18% per year. Announcement • Mar 28
RaQualia Pharma Inc. (TSE:4579) completed the acquisition of FIMECS, Inc. from Yusuke Tominari, Kamakanae, Nissay Capital No. 11 Investment Limited Partnership managed by Nissay Capital Co., Ltd., ANRI No. 4 Fund managed by ANRI and others. RaQualia Pharma Inc. (TSE:4579) agreed to acquire FIMECS, Inc. from Yusuke Tominari, Kamakanae, Nissay Capital No. 11 Investment Limited Partnership managed by Nissay Capital Co., Ltd., ANRI No. 4 Fund managed by ANRI and others for ¥4.5 billion on February 14, 2024. FIMECS reported net worth of ¥625 million, total assets of ¥848 million, operating Loss of ¥576 million and net loss of ¥567 million as at December 2023. The transaction is expected to close on March 26, 2024.RaQualia Pharma Inc. (TSE:4579) completed the acquisition of FIMECS, Inc. from Yusuke Tominari, Kamakanae, Nissay Capital No. 11 Investment Limited Partnership managed by Nissay Capital Co., Ltd., ANRI No. 4 Fund managed by ANRI and others on March 26, 2024. Reported Earnings • Feb 19
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: JP¥14.98 loss per share (down from JP¥34.48 profit in FY 2022). Revenue: JP¥1.90b (down 35% from FY 2022). Net loss: JP¥323.7m (down 145% from profit in FY 2022). Revenue missed analyst estimates by 40%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Feb 14
RaQualia Pharma Inc., Annual General Meeting, Mar 26, 2024 RaQualia Pharma Inc., Annual General Meeting, Mar 26, 2024. New Risk • Dec 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.4b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.5% net profit margin). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Market cap is less than US$100m (JP¥14.4b market cap, or US$99.5m). Announcement • Dec 05
RaQualia Pharma Inc. to Report Fiscal Year 2023 Results on Feb 14, 2024 RaQualia Pharma Inc. announced that they will report fiscal year 2023 results on Feb 14, 2024 New Risk • Nov 15
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 5.4% 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 Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.5% net profit margin). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Reported Earnings • Nov 12
Third quarter 2023 earnings released: JP¥6.57 loss per share (vs JP¥0.095 loss in 3Q 2022) Third quarter 2023 results: JP¥6.57 loss per share (further deteriorated from JP¥0.095 loss in 3Q 2022). Revenue: JP¥481.0m (up 5.3% from 3Q 2022). Net loss: JP¥142.0m (loss widened JP¥140.0m from 3Q 2022). Revenue is forecast to grow 30% p.a. on average during the next 2 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 58% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Oct 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.9b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Market cap is less than US$100m (JP¥14.9b market cap, or US$99.4m). New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 32% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: JP¥8.00 (vs JP¥28.09 in 2Q 2022) Second quarter 2023 results: EPS: JP¥8.00 (down from JP¥28.09 in 2Q 2022). Revenue: JP¥644.0m (down 42% from 2Q 2022). Net income: JP¥173.0m (down 71% from 2Q 2022). Profit margin: 27% (down from 53% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 27% p.a. on average during the next 2 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 78% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2023 earnings released: JP¥6.86 loss per share (vs JP¥5.73 loss in 1Q 2022) First quarter 2023 results: JP¥6.86 loss per share (further deteriorated from JP¥5.73 loss in 1Q 2022). Revenue: JP¥370.0m (up 9.1% from 1Q 2022). Net loss: JP¥148.0m (loss widened 23% from 1Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥34.48 (down from JP¥36.03 in FY 2021). Revenue: JP¥2.92b (up 5.1% from FY 2021). Net income: JP¥723.0m (down 4.2% from FY 2021). Profit margin: 25% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Feb 20
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥34.50 (down from JP¥36.03 in FY 2021). Revenue: JP¥2.92b (up 5.1% from FY 2021). Net income: JP¥723.4m (down 4.2% from FY 2021). Profit margin: 25% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jan 06
RaQualia Pharma Inc. announced that it has received ¥805.6125 million in funding from CVI Investments, Inc. On January 5, 2023, RaQualia Pharma Inc. closed the transaction. Announcement • Dec 21
RaQualia Pharma Inc. announced that it expects to receive ¥805.6125 million in funding from CVI Investments, Inc. RaQualia Pharma Inc. announced a private placement of 625,000 shares at an issue price of ¥1,258 for the gross proceeds of ¥786,250,000, 12,500 16th stock acquisition rights at an issue price of ¥1,549 for the gross proceeds of ¥19,362,500; aggregate proceeds of ¥805,612,500 on December 20, 2022. The transaction will include participation from CVI Investments, Inc. for 625,000 shares. The transaction has been approved by the board of directors of the company. The common shares and 16th stock acquisition rights is expected to close on January 5, 2023. Price Target Changed • Nov 27
Price target decreased to JP¥1,200 Down from JP¥1,900, the current price target is an average from 2 analysts. New target price is 10% below last closing price of JP¥1,336. Stock is up 45% over the past year. The company is forecast to post earnings per share of JP¥13.40 for next year compared to JP¥36.03 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: JP¥0.11 loss per share (vs JP¥6.35 loss in 3Q 2021) Third quarter 2022 results: JP¥0.11 loss per share (improved from JP¥6.35 loss in 3Q 2021). Revenue: JP¥457.1m (up 51% from 3Q 2021). Net loss: JP¥2.33m (loss narrowed 98% from 3Q 2021). Revenue is forecast to grow 13% 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 115% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Nov 16
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Michihiro Tsuchiya is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 13
Third quarter 2022 earnings released: JP¥0.095 loss per share (vs JP¥6.35 loss in 3Q 2021) Third quarter 2022 results: JP¥0.095 loss per share (improved from JP¥6.35 loss in 3Q 2021). Revenue: JP¥457.0m (up 51% from 3Q 2021). Net loss: JP¥2.00m (loss narrowed 99% from 3Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Nov 12
Raqualia Pharma Inc. Provides Consolidated Earnings Guidance for Year Ending December 31, 2022 RaQualia Pharma Inc. provided consolidated earnings guidance for year ending December 31, 2022. For the period, the company expected net sales of JPY 2,605 million, operating profit of JPY 420 million, profit attributable to owners of parent of JPY 342 million, Basic earnings per share of JPY 16.34 per basic share. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: JP¥28.09 (vs JP¥5.44 in 2Q 2021) Second quarter 2022 results: EPS: JP¥28.09 (up from JP¥5.44 in 2Q 2021). Revenue: JP¥1.11b (up 67% from 2Q 2021). Net income: JP¥589.0m (up 417% from 2Q 2021). Profit margin: 53% (up from 17% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 5.5% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Aug 16
RaQualia Pharma Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2022 RaQualia Pharma Inc. provided consolidated earnings guidance for the fiscal year ending December 31, 2022. For the year, the company expects net sales of JPY 2,605 million, operating profit of JPY 420 million, profit attributable to owners of parent of JPY 342 million and basic earnings per share of JPY 16.34. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥979, the stock trades at a forward P/E ratio of 70x. Average forward P/E is 18x in the Pharmaceuticals industry in Japan. Total loss to shareholders of 30% over the past three years. Reported Earnings • May 18
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: JP¥5.73 loss per share (down from JP¥8.97 profit in 1Q 2021). Revenue: JP¥339.0m (down 48% from 1Q 2021). Net loss: JP¥120.0m (down 164% from profit in 1Q 2021). Revenue exceeded analyst estimates by 38%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 1.7% compared to a 3.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target increased to JP¥1,900 Up from JP¥1,700, the current price target is provided by 1 analyst. New target price is 152% above last closing price of JP¥754. Stock is down 25% over the past year. The company is forecast to post earnings per share of JP¥16.00 for next year compared to JP¥36.03 last year. Board Change • Apr 27
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. No independent directors (6 non-independent directors). Senior VP, Managing Executive Officer & Director Shuzo Watanabe is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: JP¥36.07 (up from JP¥28.93 loss in FY 2020). Revenue: JP¥2.78b (up 151% from FY 2020). Net income: JP¥755.8m (up JP¥1.36b from FY 2020). Profit margin: 27% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 38%. Earnings per share (EPS) also surpassed analyst estimates by 201%. Over the next year, revenue is expected to shrink by 21% compared to a 7.3% growth forecast for the pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 17
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: JP¥36.07 (up from JP¥28.93 loss in FY 2020). Revenue: JP¥2.78b (up 151% from FY 2020). Net income: JP¥755.8m (up JP¥1.36b from FY 2020). Profit margin: 27% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 38%. Earnings per share (EPS) also surpassed analyst estimates by 201%. Over the next year, revenue is expected to shrink by 21% compared to a 5.1% growth forecast for the pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Feb 16
RaQualia Pharma Inc. Provides Consolidated Earnings Guidance for the Year Ending December 31, 2022 RaQualia Pharma Inc. provided consolidated earnings guidance for the year ending December 31, 2022. For the year, the company expected net sales of JPY 2,605 million, operating income of JPY 420 million, net income attributable to owners of parent of JPY 342 million or JPY 16.34 per basic share. Announcement • Feb 15
RaQualia Pharma Inc., Annual General Meeting, Mar 25, 2022 RaQualia Pharma Inc., Annual General Meeting, Mar 25, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: JP¥6.35 loss per share (vs JP¥11.41 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: JP¥303.0m (up 51% from 3Q 2020). Net loss: JP¥133.0m (loss narrowed 44% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS JP¥5.44 (vs JP¥6.25 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥665.0m (up 167% from 2Q 2020). Net income: JP¥114.0m (up JP¥245.0m from 2Q 2020). Profit margin: 17% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2021 earnings released: EPS JP¥8.97 (vs JP¥15.66 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥655.0m (up 433% from 1Q 2020). Net income: JP¥188.0m (up JP¥516.0m from 1Q 2020). Profit margin: 29% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • May 16
RaQualia Pharma Inc. Provides Consolidated Earnings Guidance for the Year Ending December 31, 2021 RaQualia Pharma Inc. Provided consolidated earnings guidance for the year ending December 31, 2021. For the period, the company expects net sales of ¥2,738 million, operating profit of ¥420 million and profit attributable to owners of the parent of ¥343 million or ¥16.41 earnings per share. Reported Earnings • Apr 04
Full year 2020 earnings released: JP¥28.93 loss per share (vs JP¥0.24 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥1.11b (down 35% from FY 2019). Net loss: JP¥606.0m (down JP¥611.0m from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue and earnings miss expectations Revenue missed analyst estimates by 42%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 82%, compared to a 4.9% growth forecast for the Pharmaceuticals industry in Japan. Reported Earnings • Feb 14
Full year 2020 earnings released: JP¥28.97 loss per share (vs JP¥0.24 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥1.11b (down 35% from FY 2019). Net loss: JP¥607.0m (down JP¥612.0m from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 21
New 90-day high: JP¥1,110 The company is up 17% from its price of JP¥951 on 23 October 2020. The Japanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: JP¥1,105 The company is up 6.0% from its price of JP¥1,046 on 06 October 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is up 4.0% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: JP¥1,083 The company is up 15% from its price of JP¥938 on 03 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 1.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: JP¥11.41 loss per share The company reported a solid third quarter result with improved revenues and control over expenses, though losses increased. Third quarter 2020 results: Revenue: JP¥201.0m (up 23% from 3Q 2019). Net loss: JP¥239.0m (loss widened 8.1% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. 
