Financial Highlights
Financial Highlights | 1st Quarter of Fiscal 2026
First quarter of the fiscal year ending March 31, 2027 (April 1, 2026 to June 30, 2026) | Announced August 3, 2026
For the first quarter of fiscal 2026, consolidated revenue was 163.3 billion yen (up 63.7% year on year), operating profit was 66.9 billion yen (up
90.6%) and profit attributable to owners of parent was 97.7 billion yen (up 148.2%). Revenue growth was driven mainly by the consolidation of Torii
Pharmaceutical, the succession to the edaravone business (RADICUT / RADICAVA) and an increase in royalty income centered on the HIV franchise.
Revenue, operating profit and profit attributable to owners of parent all reached record highs for a first quarter. We are making steady progress
toward achieving the full-year forecast for FY2026.
Revenue
+163.3 B yen
+63.7% YoY
Operating profit
+66.9 B yen
+90.6% YoY
Profit attributable to owners of parent
+97.7 B yen
+148.2% YoY
EPS
¥246.79
Based on FY2026 Full-Year Earnings Forecast
PER
11.7×
Based on the closing share price of ¥2,898.5 as of August 3, 2026
ROE
13.7%
FY2025 Actual Result
｜Consolidated Statement of Profit or Loss (Summary)
Although selling, general and administrative expenses and research and development expenses increased in connection with the acquisition of the
JT pharmaceutical business and the edaravone business, the increase in revenue more than offset these expenses, resulting in significant growth
in operating profit.
| （B yen） | Apr.–Jun. 2025 Results |
Apr.–Jun. 2026 Results |
Change (%) | FY2026 Forecast |
Progress (%) |
| Revenue | 99.8 | 163.3 | 63.7% | 700.0 | 23.3% |
| Gross profit | 87.5 | 132.5 | 51.5% | 580.0 | 22.8% |
| SG&A expenses | 26.3 | 61.0 | 131.8% | 240.0 | 24.9% |
| R&D expenses | 24.9 | 31.8 | 27.7% | 155.0 | 20.5% |
| Operating profit | 35.1 | 66.9 | 90.6% | 220.0 | 30.4% |
| Profit before tax | 46.3 | 73.7 | 59.2% | 220.0 | 33.5% |
| Profit attributable to owners of parent | 39.4 | 97.7 | 148.2% | 210.0 | 46.5% |
Reference: EBITDA 93.4 billion yen (FY2025: 40.6 billion yen).
｜Main Drivers of Revenue Growth
Domestic prescription drugs
+19.4 B yen
+137.3% yoY
Sales of Torii Pharmaceutical-related products,
QUVIVIQ and RADICUT
Overseas subsidiaries / Exports
+28.0 B yen
+196.6% YoY
Sales of Fetroja, Fetcroja and RADICAVA
※RADICAVA will be recognized starting in Q1 2026.
Royalty income
+16.2 B yen
+25.3% YoY
Royalty income from the HIV franchise
｜Full-Year Forecast and Dividends
| Fiscal year ending March 31, 2027 (forecast) | Amount | YoY |
| Revenue | 700.0 B yen | +40.1% |
| Operating profit | 220.0 B yen | +32.0% |
| Profit attributable to owners of parent | 210.0 B yen | +2.4% |
| Basic earnings per share (forecast) | 246.79 yen | － |
| Annual dividend per share (forecast) | 76.00 yen (interim 38.00 yen, year-end 38.00 yen) | Previous year: 71.00 yen |
｜Ten-Year Trend
| (¥100 million, FY) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 (Forecast) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,389 | 3,447 | 3,680 | 3,334 | 2,972 | 3,351 | 4,267 | 4,351 | 4,383 | 4,997 | 7,000 |
| Operating profit | 1,082 | 1,152 | 1,451 | 1,306 | 1,174 | 1,103 | 1,490 | 1,533 | 1,566 | 1,703 | 2,200 |
| Profit attributable to owners of parent |
839 | 1,089 | 1,372 | 1,222 | 1,119 | 1,142 | 1,850 | 1,620 | 1,704 | 2,092 | 2,100 |
FY2017 and earlier: Japanese GAAP (net sales; profit attributable to owners of parent). FY2018 onward: IFRS. FY2025 figures are retrospectively adjusted following the finalization of the provisional accounting treatment for business combinations. FY2026 shows the full-year forecast as of August 3, 2026.
｜Frequently Asked Questions
- Q1 What were the main drivers behind the significant increase in revenue?
-
There were three primary drivers. First, domestic prescription drug sales increased by JPY 19.4 billion year-on-year, mainly due to the consolidation of Torii Pharmaceutical as a subsidiary. Second, revenue from overseas subsidiaries and exports increased by JPY 28.0 billion, driven primarily by RADICAVA sales in the United States. Third, royalty income, mainly from the HIV franchise, increased by JPY 16.2 billion.
- Q2 Why did operating profit increase at a faster pace than revenue?
-
In addition to revenue growth, operating profit benefited from the recognition of JPY 27.8 billion in other income, including gains associated with the accounting treatment of ViiV Healthcare as an equity-method affiliate. At the same time, SG&A and R&D expenses also increased year-on-year. Therefore, it is important to consider both revenue and expense dynamics when evaluating profitability.
- Q3 Have you revised your full-year earnings forecast following the strong first-quarter results?
-
No changes have been made to our full-year forecast at this time. For FY2026, we continue to expect revenue of JPY 700.0 billion, operating profit of JPY 220.0 billion, and profit attributable to owners of the parent of JPY 210.0 billion. First-quarter progress against the full-year forecast was 23.3% for revenue and 30.4% for operating profit.
- Q4 Why did SG&A expenses increase year-on-year?
-
The increase was primarily attributable to the consolidation of Torii Pharmaceutical, the acquisition of the edaravone business, and investments to strengthen commercial operations and business infrastructure for RADICAVA and infectious disease products in the United States. SG&A expenses were JPY 45.2 billion in the first quarter, representing 24.9% progress toward the full-year forecast of JPY 181.6 billion. We will continue to manage expenses appropriately while monitoring sales trends and the effectiveness of our initiatives.
- Q5 How did the edaravone business, including RADICAVA, contribute to first-quarter performance?
-
Following the acquisition of the edaravone business, RADICAVA contributed JPY 24.2 billion in revenue to Shionogi Inc. As a result, revenue from overseas subsidiaries and exports reached JPY 42.2 billion, an increase of JPY 28.0 billion year-on-year. During investor meetings, we also noted that RADICAVA's North American sales increased 14.6% year-on-year on a U.S. dollar basis.
- Q6 What impact did the consolidation of Torii Pharmaceutical have on first-quarter performance?
-
Products associated with Torii Pharmaceutical contributed JPY 18.8 billion in revenue, helping domestic prescription drug sales reach JPY 33.5 billion, an increase of JPY 19.4 billion from the prior year. We have also communicated to investors that Torii Pharmaceutical's business continues to perform steadily. Looking ahead, we expect further growth through integration synergies and manufacturing process improvements.
- Q7 How do you view the growth prospects of the HIV business?
-
The HIV business remains one of Shionogi's key long-term growth drivers. The HIV treatment landscape continues to shift from daily oral therapies toward long-acting injectable treatments and prevention options that can be administered every few months. Through our involvement with ViiV Healthcare, we benefit from the continued growth of leading products such as CABENUVA and APRETUDE. Investor discussions have reflected strong interest in the expanding adoption of long-acting therapies and the progress of next-generation products, reinforcing our confidence in the long-term growth potential of this market.
- Q8 Why did Shionogi acquire the RADICAVA business?
-
As part of our strategy to cultivate new growth drivers beyond infectious diseases, we are strengthening our presence in the rare disease field. RADICAVA is a treatment for amyotrophic lateral sclerosis (ALS), a disease with substantial unmet medical need, and we believe it aligns well with our long-term growth strategy.
In addition to the product itself, the acquisition provided Shionogi with an established U.S. commercial platform, as well as an organization and expertise specialized in rare diseases. These assets are expected to serve as an important foundation for launching future products and business development opportunities in the rare disease space.
- Q9 Why did Shionogi acquire JT's pharmaceutical business, including Torii Pharmaceutical?
-
Torii Pharmaceutical has a strong competitive position in allergy and dermatology, particularly in sublingual immunotherapy, and the acquisition is expected to significantly strengthen Shionogi's domestic business. In addition, JT's pharmaceutical business possesses strong drug discovery and research capabilities, making the acquisition a strategic investment to enhance our R&D platform.
By integrating its research infrastructure, pipeline, and talent, we aim to further strengthen our innovation capabilities and accelerate the creation of future new medicines.
- Q10 What is your dividend forecast for FY2026?