Seikagaku Corporation, a Tokyo Prime-listed pharmaceutical maker, told the Tokyo Stock Exchange on September 24 that a sharp expected fall in royalty income will turn its full-year profit forecast into a loss, four months after it issued more optimistic guidance.
The company now expects consolidated sales of ¥37.1bn for the year ending March 2027, down 11.4% from the ¥41.9bn it forecast on May 13. Operating profit swings from a forecast ¥2.1bn gain to a ¥2.1bn loss, a roughly ¥4.1bn deterioration. Ordinary profit is cut 95.2%, from ¥4.2bn to ¥200mn. Net profit attributable to shareholders reverses from a forecast ¥2.3bn gain to a ¥1.8bn loss, taking forecast per-share earnings from ¥41.21 to a loss of ¥32.96.
| Metric | Previous forecast | Revised forecast | Change |
|---|---|---|---|
| Sales | ¥41.9bn | ¥37.1bn | -11.4% |
| Operating profit | ¥2.1bn | -¥2.1bn | -¥4.1bn |
| Ordinary profit | ¥4.2bn | ¥200mn | -95.2% |
| Net profit (parent) | ¥2.3bn | -¥1.8bn | -¥4.1bn |
| Earnings per share | ¥41.21 | -¥32.96 | - |
For comparison, Seikagaku's actual consolidated results for the year that ended in March 2026 were sales of ¥36.6bn, an operating loss of ¥660mn, ordinary profit of ¥1.7bn and net profit of ¥1.5bn. The newly forecast net loss is a step down even from that already thin prior-year profit.
Seikagaku named a single cause for the reversal: a sharp expected decline in royalty income. The disclosure does not name the licensing counterparty, product or agreement behind the decline.
The revision also forced Seikagaku to publish, for the first time this year, a non-consolidated, parent-only forecast. The company does not normally disclose one, but the gap between the new non-consolidated numbers and last year's results was expected to meet the exchange's timely-disclosure criteria. On that non-consolidated basis, sales are seen falling 6.8% to ¥22.0bn from ¥23.6bn, the operating loss widens to ¥3.6bn from ¥1.9bn, and last year's ¥737mn net profit turns into a ¥2.5bn loss, an earnings-per-share swing from ¥13.50 to a loss of ¥44.86.
Seikagaku also cut its full-year dividend forecast to ¥20.00 per share from ¥30.00, with both the interim and year-end payments reduced from ¥15.00 to ¥10.00. The company said shareholder returns remain a key management priority and called the reduction regrettable, framing it as a direct consequence of the weaker earnings outlook.
Both the earnings and dividend figures are forecasts for a fiscal year that has not yet finished, not results already booked. Seikagaku's own notice cautions that the projections assume current economic and market conditions and that actual results may differ due to various future factors.