Financial Highlights
Financial Highlights | 2nd Quarter of Fiscal 2026
Second quarter of the fiscal year ending March 31, 2027 (April 1, 2026 to September 30, 2026) | Announced October 29, 2026
For the first half (interim period) of fiscal 2026, consolidated revenue was 350.4 billion yen (up 64.5% year on year), operating profit was 115.2 billion yen (up 55.8%) and profit attributable to owners of parent was 119.5 billion yen (up 44.0%). Revenue growth was driven mainly by an increase in royalty income centered on the HIV franchise, growth in Torii Pharmaceutical-related products and the insomnia treatment QUVIVIQ, and the expansion of our overseas business following the succession to the edaravone business.
Reflecting the steady progress of our core businesses, we have revised upward our full-year forecast for FY2026 to revenue of 720.0 billion yen (up 20.0 billion yen from the previous forecast), operating profit of 230.0 billion yen (up 10.0 billion yen) and profit attributable to owners of parent of 212.5 billion yen (up 2.5 billion yen).Overseas, we expect sales to grow through the RADICAVA business and, upon completion of the acquisition of IntraBio Inc., the launch of AQNEURSA, a treatment for Niemann-Pick disease type C (NPC) and ataxia-telangiectasia (A-T). In Japan, we expect further market penetration of QUVIVIQ, and in the HIV business, we expect increases in royalty income and share of profit of investments accounted for using the equity method, supported by the strong performance of ViiV Healthcare. On the cost side, amortization of intangible assets related to the acquisition of IntraBio is expected to increase, while we will continue to prioritize and focus our R&D investments.
Revenue
350.4 B yen
+64.5% YoY
Operating profit
115.2 B yen
+55.8% YoY
Profit attributable to owners of parent
119.5 B yen
+44.0% YoY
EPS
¥249.67
Based on FY2026 Full-Year Earnings Forecast
PER
11.98×
Based on the closing share price of ¥2,991 as of October 28, 2026
ROE
13.7%
FY2025 Actual Result
| （B yen） | 1H FY2025 |
1H FY2026 |
Change (%) | FY2026 Forecast |
Progress (%) |
Revenue |
213.0 |
350.4 |
64.5% |
720.0 |
48.7% |
Gross profit |
183.1 |
286.6 |
56.6% |
595.0 |
48.2% |
SG&A expenses |
54.5 |
120.6 |
121.4% |
265.0 |
45.5% |
R&D expenses |
52.4 |
64.7 |
28.6% |
140.0 |
46.2% |
Operating profit |
74.0 |
115.2 |
55.8% |
230.0 |
50.1% |
Profit before tax |
97.6 |
107.3 |
9.9% |
220.5 |
48.7% |
Profit attributable to |
83.0 |
119.5 |
44.0% |
212.5 |
56.2% |
｜Main Drivers of Revenue Growth
Domestic prescription drugs
+37.5 B yen
+101.7% YoY
Sales of Torii Pharmaceutical-related products, RADICUT and QUVIVIQ
Overseas subsidiaries / Exports
+64.4 B yen
+210.2% YoY
Sales of RADICAVA, Fetroja and Fetcroja
※RADICAVA will be recognized starting in Q1 2026.
Royalty income
+36.1 B yen
+27.9% YoY
Royalty income from the HIV franchise
｜Full-Year Forecast and Dividends
| Fiscal year ending March 31, 2027 (forecast) | Initial forecast |
Revised forecast |
YoY |
| Revenue | 700.0 B yen | 720.0 B yen | +44.1% |
| Operating profit | 220.0 B yen | 230.0 B yen | +35.1% |
| Profit attributable to owners of parent | 210.0 B yen | 212.5 B yen | +1.6% |
| Basic earnings per share (forecast) | 246.79 yen | 249.72 yen | － |
| Annual dividend per share (forecast) | 76.00 yen (interim 38.00 yen, year-end 38.00 yen) | 86.00 yen (interim 40.00 yen, year-end 46.00 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 | 7,200 |
| Operating profit | 1,082 | 1,152 | 1,451 | 1,306 | 1,174 | 1,103 | 1,490 | 1,533 | 1,566 | 1,703 | 2,300 |
| 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 | 2,125 |
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 October 29, 2026.
｜Frequently Asked Questions
- Q1 Why did you revise the full-year forecast?
-
We raised our revenue forecast by 20.0 billion yen to 720.0 billion yen. This reflects higher royalty income from the HIV franchise and further market penetration of QUVIVIQ, as well as expected growth in our overseas business driven by cefiderocol and the addition of AQNEURSA to our product portfolio upon completion of the acquisition of IntraBio. On the cost side, selling, general and administrative expenses are expected to increase by 25.0 billion yen, mainly due to higher amortization of intangible assets related to the acquisition of IntraBio. R&D expenses, on the other hand, are expected to decrease by 15.0 billion yen, due in part to a review of our pipeline. As a result, we now expect operating profit of 230.0 billion yen (an upward revision of 10.0 billion yen) and profit attributable to owners of parent of 212.5 billion yen (an upward revision of 2.5 billion yen).
- Q2 What were the main drivers of revenue growth in the first half?
-
Three factors contributed to revenue growth:
(1) Prescription drugs increased by 37.5 billion yen (up 101.7% year on year), driven by the growth of Torii Pharmaceutical-related products and QUVIVIQ.
(2) Overseas subsidiaries / exports increased by 64.4 billion yen (up 210.2%), led by RADICAVA in the U.S.
(3) Royalty income, mainly from the HIV franchise, increased by 36.1 billion yen (up 27.9%).
- Q3 Why did other income and expenses improve significantly year on year?
-
This was mainly due to the recognition of share of profit of ViiV Healthcare, which became an equity-method affiliate. We also recorded a loss of approximately 7.2 billion yen in connection with the decision to divest our generic drug business in China. Even after deducting this loss, other income and expenses significantly exceeded the level of the same period of the previous year.
- Q4 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.
- Q5 How are the growth investments made in FY2025 contributing to business performance?
- Q6 Why are you acquiring IntraBio?
-
The acquisition will enable us to build a business foundation in the U.S. and Europe, positioning rare diseases as a new growth area. Upon completion of the acquisition, we will obtain AQNEURSA, which is approved in the U.S. and the EU for the neurological manifestations of NPC. In the U.S., AQNEURSA has also received supplemental approval as the first and only treatment for A-T.
By leveraging the U.S. business foundation established through the RADICAVA business together with IntraBio's expertise, we aim to establish our rare disease franchise at an early stage. We will also make use of the talent and know-how we gain to accelerate the development of our rare disease pipeline, including programs for Fragile X syndrome, Jordan's syndrome and Pompe disease.
- Q7 What is your shareholder return policy for FY2026?
-
Together with the announcement of our second-quarter financial results, we announced an increase in our dividend forecast for FY2026. The interim dividend will be 40 yen per share, an increase of 2 yen from the previous forecast, and the year-end dividend will be 46 yen per share, an increase of 8 yen. As a result, we plan to pay an annual dividend of 86 yen per share, an increase of 15 yen from 71 yen in the previous fiscal year.