Kureha Takes ¥36.5 Billion Impairment, Cuts Forecast and Dividend on PVDF and Drug Weakness

Kureha ( (JP:4023) ) just unveiled an announcement.

Kureha Corporation will book significant impairment losses in FY2025 on manufacturing facilities for its PVDF battery materials and KREMEZIN drug due to slower EV demand in Europe and the U.S. and shrinking spherical activated carbon demand. The write-downs, totaling about ¥36.5 billion, prompt a sharp downgrade of its earnings outlook, with the company now forecasting a net loss and lower year-end dividend, while also scrapping bonuses and performance-linked share compensation for internal directors to reflect weaker performance and preserve capital.

Management cited delays in PVDF demand recovery and structural headwinds in the KREMEZIN business, including new competing therapies and ongoing drug price cuts, as key drivers of reduced profitability. Despite planned asset sales and cost-cutting efforts, the impairments outweigh operational improvements, and Kureha plans to outline its strategic response, including future plans for the PVDF business, in a new mid-term management plan to be released in May 2026.

The most recent analyst rating on (JP:4023) stock is a Hold with a Yen3800.00 price target. To see the full list of analyst forecasts on Kureha stock, see the JP:4023 Stock Forecast page.

More about Kureha

Kureha Corporation is a Japanese chemical manufacturer with businesses spanning advanced materials and specialty chemicals. Its product portfolio includes polyvinylidene fluoride (PVDF) used as a binder for automotive lithium-ion secondary batteries and KREMEZIN, a spherical activated carbon therapeutic agent for chronic renal failure, positioning the company in key industrial and healthcare-related markets.

Average Trading Volume: 367,538

Technical Sentiment Signal: Buy

Current Market Cap: Yen150.8B

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