Terumo (4543N) Q3 2026 Earnings Report

The call conveyed a broadly positive operational and financial picture: record revenue and record (adjusted) operating profit YTD, strong North American demand, rapid OrganOx margin expansion, and concrete cost-saving initiatives that support the company’s GS26 targets. Offsetting these positives are tangible near-term headwinds — tariff and FX pressure, Q3 one-time expenses that compressed the quarterly margin, a JPY 1.6 billion loss at the Leverkusen plant during start-up, and execution/volume variability in the Rika plasma business and a temporary donor slowdown at OrganOx. Management emphasized that pricing actions and disciplined cost control have largely mitigated tariff impacts and that strategic one-time investments are intended to improve future profitability.

Terumo said its results have exceeded guidance and reiterated progress toward GS26, reporting Q3 year‑to‑date revenue of JPY 831.6 billion, operating profit JPY 144.9 billion and adjusted operating profit JPY 173.5 billion; North America sales grew ~9% excl. FX while Cardiac & Vascular revenue rose ~8% in local currency. Management quantified headwinds and offsets: tariffs reduced gross profit by JPY 4.2 billion while pricing measures contributed +JPY 3.5 billion, FX weakened margins by about one percentage point, the Leverkusen plant reduced profit by JPY 1.6 billion, and OrganOx (consolidated from Nov. 29) added JPY 2.9 billion of Q3 revenue and JPY 0.5 billion of adjusted OP (OrganOx Y/Y revenue +50%, margin up from 13% to 21%). They disclosed purchase-accounting amortization of roughly JPY 4 billion in this fiscal year and JPY 7 billion next year, one‑time overseas restructuring/severance of about JPY 1 billion in FY26 and expected annualized workforce cost savings of ~JPY 3 billion from the following year, while reiterating GS26 targets of late double‑digit revenue growth, a ~20% operating profit margin and ~10% ROIC.