20 countries with good potential for generating revenue and over 10 countries with strong established government relationships. This is not a standing start. We've grown. That's what makes Africa a durable growth engine. Disciplined execution that combines real patient impact with sustainable shareholder value. Ultimately, all of this infrastructure exists for one reason, the patient. Let me close with them. To sum it all up, as healthcare continues to evolve, so will we, but we will always remain focused on patients and their unmet need. By unlocking the potential of blood and cells, we can help patients experience an array of conditions, because blood delivers life-saving therapies. Modified cells can cure diseases and improve quality of life. Treated cells can offer alternative treatment options for patients. Processed blood can treat diverse illnesses.
That's why we will continue innovating, automating, expanding access, and building for the future in every corner of the world. We are glad to have this time with you, and I look forward to your questions. Thank you.
First question is from Tomoko-san. The floor is yours.
This is Tomoko speaking from UBS Securities. On this occasion, to educate myself about Africa, I'd like to raise questions. First, of course, Africa poses a significant growth potential in terms of its population or demographic characteristics. In terms of business, what is the competitive landscape? Yes, that is my first question about the competitive landscape. Also, what is your strength, the most strength that differentiates you? This is a very basic question that I'd like to ask in terms of your business in Africa. Also, if possible, about the African region, why was it important for you? Is it an indicator for the next midterm management plan that you are about to announce? Samejima-san, if you could expound on this matter.
To address the first of Africa-related questions, I'd like to address Gawin-san to answer your questions.
The biggest competition we see is fragmentation and misalignment with regards to the need to execute programs in a holistic way. That's why I talk about the Imara framework. The Imara framework is a comprehensive program that delivers funding, product solutions, training as one program versus a fragmented approach, which is currently happening on the continent. Secondly, I would say that the biggest competition actually is funding. That's the reason why we've invested heavily in government affairs and market access, because there's a need for us to work with governments to increase the amount of budgets that are allocated to healthcare. Then once those budgets are with the healthcare departments, increase the amount of budget that's available to blood services. You see that a lot in what we're doing currently with our government affairs and our market access policy.
One good example is in Kenya, where we now have reimbursement for sickle cell patients from the National Health Insurance Scheme that will give patients with sickle cell three cycles of red blood cell exchange per year. That's the type of example that we'll be looking at doing across the rest of the continent. In regards to strengths, I think it's clear what I presented is that we have localized. We have built a hub in Kenya, which is visa-free for other African countries, so they can come and be trained and have access to training on a regular basis.
It gives us an opportunity to engage with our customers within our own environment, it also allows us to build up technical expertise to ensure that our machines that are deployed across the continent, we have engineers on the continent that can ensure that they stay working. Being local, being on the ground moving out into the regions of Africa, because Africa is a very huge continent, is our clear differentiator and one of our strengths.
At the initial phase of economic development, the very basic healthcare will advance.
Blood is the essential part of the healthcare business. In the case of Terumo, for example, the cardiovascular region, advanced specialists must be trained, and catheter lab and operation rooms must be constructed, or very expensive tools must be purchased. There are many different elements. Economically, it will happen in the later stage of economic development in those advanced healthcare segments. That is the characteristic. For the time being, Terumo, Africa provides an opportunity for us to provide very basic elements like the blood BCT business that can provide the solutions for the entire ecosystem. BCT is the leading edge in terms of further advancing our business in Africa for the entire group. What does this TIS do? We are trying to train specialists by providing partnership and training programs with the local institutions.
For example, the procedural level is elevated for the local African specialists. In terms of market expansion, it will happen at a later stage. GS31 will address, of course, our focus on Africa, but BCT will be the leading edge for the entire group. Thank you for the question.
Thank you very much. I'd like to ask a follow-up question about the funding. In other areas, U.S. funding is slowing down. That is what we hear. In relationship to Terumo's business, you have cited an example in Kenya. Do you experience the same sort of funding from the U.S., and how do you overcome this situation?
May I? Thank you very much for the question. For the time being, as Antoinette -san mentioned, currently, METI is funding our initiatives in Africa. Medius is being introduced under their funding.
By collaborating with the Japanese government, we are making inroads or expanding our footprint in Africa. For other regions, in terms of our competitors are also investing in Africa, we hear. Under the leadership of the Japanese government, in order to create healthcare markets in Japan, the government is investing. We'd like to gain this momentum so that we can establish a footprint in Africa. In terms of the size of our business, it is not sizable yet. TIS local training program for the specialists in Africa, that is under the leadership of JICA program, and we are partly funded by JICA.
Next, Kotani-san, please.
Thank you. Kotani from Mizuho Securities. I don't know whether it is appropriate to ask question without Antoinette. Rika is our concern. In case of CSL, the share price, we feel some concern. The plasma itself, currently, it used to be a growth driver as people thought, but inventory adjustment and other matters take place. Just like we know is that with the growth of Rika at your company, there are some other products as a group, but can I understand that the market growth of Rika still remains at a higher single digit? If you look at adoption by other companies, there has been some delay. Do you still maintain the same guidance in terms of the growth of the Rika market, or do you think that the market is more difficult than you anticipated? Thank you.
With regards to RECA, let me respond to the question. As was mentioned, CSL and our RECA is mostly like one-on-one. Depending on CSL, this will also impact the performance of RECA. That's the current situation. From our perspective, it's not just the CSL alone, but we should also think of how we can promote this to other companies, and that is the challenge that we are taking up. Overall, with regards to the market growth, we don't know. Separately from the individual growth, the market growth itself, we expect the growth of the market. That is still our understanding. It's not that this is just a single CSL source, but when it comes to plasma treatment, we still want to continue this challenge and take up this challenge. That is all. Thank you.
I guess from your point of view, it's not really data then. It's really more funding. I guess the clinical outcome superiority is probably. I'm trying to understand how it's understood in Africa. The debate over the clinical usefulness is pretty much, is it already settled? It's really just funding and insurance and all of that. Is that how we should understand? Is there a possibility that you could get like, say, Bill Gates Foundation, WHO, those sort of guys involved? That obviously would help with the penetration. Thank you for the opportunity.
Thank you very much for the question. You're absolutely right. I think on the question of data, there is data to support red blood cell exchange in the treatment of sickle cell disease in reducing the crises. You see data coming out of the U.K. There's some data coming out of France. We are also investing heavily in locally generated data on the continent. We've invested in medical affairs within Africa and health economics in Africa. We're currently engaging with a number of studies to get local data. If you look at the policy documents that have been released over the last few years, just this year alone, WHO has released a document related to sickle cell disease.
Africa CDC are about to release a continental plan for the treatment of sickle cell disease on the continent, and all of them are supporting the use of red blood cell exchange as one of the treatment options. ASH guidelines also are referenced at red blood cell as a treatment option for sickle cell disease. I think from a policy government, a guideline perspective, I think it's very clear that red blood cell exchange plays a significant role in the treatment of sickle cell disease. On the comment around reimbursement, that is a challenge. This is a marketplace that we have to build, which is why we, as I say, we've heavily invested in government affairs because we need to work with the ministries of health finance across Africa to ensure that they have the right health insurance schemes that cover patients that require red blood cell exchange.
You're seeing that with the country-level guidelines as well. Once the guidelines come, the funding typically follows. I can look at Ghana, Tanzania, Uganda, Ethiopia. They are all countries that have recently come out with guidelines that red blood cell exchange should be available for their citizens, and it's for us now to work with them over the coming few months to ensure that that converts into funding of their health insurance schemes, which ultimately will fund red blood cell exchange, which will ultimately turn into a growth driver and a revenue driver for Terumo.
Thank you very much.
The time has come to end the QA session for this particular session. Those of you who have questions, we'd like to take them during the group QA session towards the end. Next, Mr. Craig Marshall, former CEO of Organ Technologies and currently an advisor to the business, will give a presentation. Although Mr. Iwata assumed the role of CEO on June 1st, today's presentation will be delivered by Mr. Marshall, who has led the growth of the Organ Technologies business to date. Craig, the floor is yours.
Work in this area. To begin, let me briefly walk you through our recent performance. Terumo Organ Technologies, formerly OrganOx, is forecasting to continue to experience high levels of top-line growth. Year-on-year growth is forecast to be 40% in the current fiscal year, taking revenues from JPY 18.1 billion in the prior year to JPY 25.5 billion in the current year. Adjusted operating profit margins are expected to remain at 20%. The growth drivers underpinning this high level of revenue growth are continued increase in market penetration, in addition to an underlying increase in the volume of transplants. In the longer term, the launch of the next generation of devices are expected to support revenue growth in the existing and in the new territories. It's very important to understand the underlying demand for organ transplantation globally far exceeds the current supply.
This indicates that the organ transplant market is still far from saturated. We can be confident that any increase in the supply of organs will be absorbed by this underlying demand. There are two issues which have historically very much limited the supply of donor organs, which were considered to be viable for transplant purposes. Both issues are linked to the traditional method of deploying an icebox to preserve the organs. The primary issue is the lack of oxygen received by the donor organ, which in turn reduces the time window to transplant the organ. The second and associated issue is the inability to assess the viability of the donor organ prior to a decision to transplant or to discard. When we look at the quadruple aim of healthcare through the lens of traditional organ storage using an icebox, we see in each quadrant how limited this approach really is.
From the patient perspective, their experience is compromised owing to the relatively long recovery times in hospital. From the perspective of the wider population of patients, there is a very high risk of no transplant and therefore a lack of hope in the system. From the perspective of the healthcare professionals, the traditional approach results in a very poor work-life balance, driven by the underlying urgency associated with each and every transplant. Finally, from a cost perspective, there is an unnecessary high burden linked to complications and readmissions for many of these patients. However, Organ Technologies addresses the challenges of traditional organ preservation head-on by providing the donor organ with a supply of oxygenated blood via its proprietary technology, automated normothermic perfusion. This means the donor organ is literally brought to life, and this safely extends the preservation period to at least 12 hours.
The approach, informed by human physiology, gives rise to a number of logistical benefits, such as the potential elimination of nighttime surgery. Furthermore, consequences of normothermic perfusion is the opportunity to reliably assess the viability of the donor organ with confidence. This typically results in an increase in the proportion of organs that can be transplanted in the range of 10%-30%. The three pillars which describe automated normothermic perfusion are, firstly, the extended preservation period, secondly, the increase in the number of transplants, and thirdly, the superior outcomes for these transplanted patients. The full impact of automated machine perfusion is best appreciated when viewed through the lens of the quadruple aim of healthcare. For patients, there is a reduced length of stay and a reduced rate of complications.
For the wider patient population, there is significantly increased hope of a transplant and a reduced time waiting for the transplant to happen. For the healthcare professionals, they are able to radically improve their work-life balance and enjoy a far more sustainable and rewarding career with significantly reduced risk of burnout. Finally, the overall costs associated with a transplant program are reduced, owing to the reduced rate of complications and staff burnouts. This highlights the many ways that Organ Technologies contribute to society through healthcare, which is of course the group mission for the Terumo Group. There are a number of key differentiators of normothermic perfusion product Metra. For example, it is thanks to the integration of the Terumo CDI blood gas analyzer that Metra is an automated and intuitive platform.
This allows Organ Technologies staff to train its customers, empowering them to redefine the organ transplant program at their hospital. Following the acquisition of OrganOx in 2025 by the Terumo Group, we are now beginning to realize a number of key synergies following the integration activities. These synergies are now being realized across several functions such as R&D, manufacturing, logistics, regulatory affairs, quality, IT, and last but not least, sales and marketing. When we look to the future, Organ Technologies is working on a very exciting pipeline of future products which harness these synergies linked to the acquisition by the Terumo Group in 2025. The next generation of devices will not only be more compact and lighter, but will benefit from having a platform architecture and cloud connectivity, which will drive productivity to unprecedented levels for our customers.
The first of the new generation of perfusion products will replace the current Metra, therefore serving the liver transplant market. The second of the new generation of perfusion products will target the kidney transplantation market. The future kidney perfusion program builds on the positive first in human experiences, namely the 36 subject study, which was published in 2025. At the recent ILTS, International Liver Transplantation Society meeting in Geneva in May this year, we hosted a tech suite allowing established customers from Europe and North America to see the new design of the liver perfusion device. The feedback was very positive indeed, confirming all the major opportunities to improve the current product have been addressed in the new generation of device. Thank you. This concludes my presentation, I would welcome any questions you may have.
Capture difference when we enter into this new generation product.
Not been determined yet.
I have a question regarding this new technology of normothermic machine perfusion, your competitors are targeting other organs, and you are talking about liver, kidney, and then expanding modalities is something that you are thinking about. In terms of technology, what are the new advancements we can see down the road?
Beyond liver and kidney, the next most obvious organ, which would be of interest in terms of the volume of organs that are transplanted is the heart. The opportunity is being explored to understand how we could address unmet needs in cardiac transplantation. Possibly, yeah. In addition to normothermic machine perfusion, obviously, there's an alternative in the form of HMP. The limitations of that approach are very much around the duration period and the inability to assess the viability of those organs. If we think about the U.S. market today, the only HMP product is the LifePort from Bridge to Life. I would highlight that is not a transportable product either. I think it's hard to compare the limitations of an HMP product with the NMP platform we've developed in Organ Technologies.
It's certainly fair to say it's significantly better than an ice box, but it's a long way short of normothermic machine perfusion in terms of the value proposition it presents to clinicians.
Before joining the Terumo Group, OrganOx had a relationship with Terumo prior to the acquisition. Why did you choose to become part of Terumo? What was the rationale behind the motivation?
The group. The degree of vertical integration, the obsession with quality, and the depth of understanding and the proximity to customers. Staying within healthcare for more than 100 years deeply impressed the OrganOx shareholders and board. Secondly, I would say that our values were strongly aligned. As a British business established by essentially a doctor, we felt we had an awful lot of DNA in common when we got to know each other during the due diligence process. I think both of those factors were material in this acquisition, from my perspective.
Thank you very much for taking my question. Liver organ put on a pump is maybe quicker as a competitor, but it's maybe greater timing, with OrganOx or, sorry, using the name of the company. I'm sorry. How you overcome this gap? I'm a little bit worried that now I think you are expanding the market share, but in the future more data is available. If doctor notes that the graft survival rate is lower at OrganOx, that might be a disadvantage. That's my question. Thank you.
Thank you. Actually, there's two questions I'd like to address there. One really is about the difference in our business model, actually we've now closed that gap. We're now able to fly the Metra. We can offer our customers the same operating model as TransMedics do. In fact, although it's currently embargoed because it's not yet been published, by the time of the American Transplant Congress later this month, we will be revealing favorable results from our post-approval study, which address that second point of graft survival. You're forgiven for thinking that, the latest data will address any concerns in that area.
Okay. Thank you very much. Just a quick follow-up. You mean that you are going to do the similar business model of anything?
We already do offer flight.
Without owning aircraft, right?
Without the expense of owning the aircraft. We operate with partners. Procurement partners and flight partners. Our customers pay directly those partners, but they can experience the same model as the TransMedics model, where they're paying one price for a very flat payment. Yes, we've qualified the Metra for flight now.
Okay, you don't do it by yourself.
We don't fly the planes. We don't own the planes, we enable, we facilitate those conversations with our qualified and certified partners.
Okay. Thank you very much.
Thank you.
Thank you for taking my question. I'm trying to figure out the difference between OCS, other competition versus Metra.
Yeah.
Obviously, price, business model, as you have said. How important is the automation of the medication? When we go out into the future, if you really want to pay an arm and a leg for your competition, you could keep doing so. Not everyone can pay for the full service, and you want to probably run the system on your own in the future. In which case, automation becomes important. Is that how we should think about it? How should we think about the automation as a competitive advantage?
Thank you for the question. I would like to just highlight the dependency in a very positive way on the CDI platform. We're measuring continuously the blood gases. We've heard today of just about how important blood is in so many applications, and here we have another one. We're providing oxygenated blood at the right level of oxygenation. Not too much, not too little. We can only guarantee that by constantly measuring the partial pressure of oxygen in the blood. That's thanks to the CDI, which remains unique in the marketplace. Thanks to that, our customers, we can entrust this sophisticated device into the hands of our customers after two days of training. They for themselves can look after these organs. That empowers them, gives them agency in this space in a way that our competitors cannot afford to do the same.
Last question is about the Metra L. I guess you showed some slide. The final slide was on how the new customers are very happy with it.
Yeah.
What exactly were the customers happy with? Is it the size of the machine, or is it something else that you improved? If you could give us a-
A combination, size is the most obvious difference. The way we've achieved that reduction in size is by having a version of the replacement to the CDI 550, the CDI OneView, as a dedicated piece of electronics for this application. It actually predates the acquisition, but we've been working as a development partner on this for some years now, and that will be at the heart of our new generation of normothermic perfusion devices. By taking really the active ingredient of the CDI and embedding that in the platform, we've been able to reduce the size by not having a second screen, for example.
The conclusion is it does sound like automation is very important.
Automation has been and will remain so in the future.
Thank you.
Yes. A very much improved user interface and connectivity to the cloud. Those are other aspects. Different battery technology. I could go on, but there's a number of different technologies which we are bringing into the clinic with this new generation.
Well, looking forward to the full reveal. Thank you.
Thank you.
Mori, please. Go ahead.
This is Mori speaking, Nomura Securities. About one thing on batteries. You said that you are trying to minimize the size of the battery in order to perform the battery for 24 /7. How minimize the size? What is the smallest size of battery that you should achieve?
Laptop battery. It's a much smaller, compact affair than we've had in the past. I don't fully understand the question. I'm so sorry. Is a member of the Terumo Group, that the advent of regenerative medicine is a much bigger opportunity than it is a threat. If we look about what's really state-of-the-art with our associates in BCT and imagining some of the cell and gene therapy, what do you need for that? You need an oxygenated blood slide. You need multi-day perfusion. We've not talked about what we're doing outside of transplantation here today, but I think it's fair to say and just to assure you all, we have experience of five-day perfusions routinely, and that is a wonderful basis from which we can imagine combining some of the groundbreaking cell and gene therapies into a future normothermic platform.
I think it's far more of an opportunity than it is a threat.
Okay. Thank you very much.
Thank you.
JP Morgan Securities, Saito speaking. I would like to ask about the CDMO business German plant. In your previous answer, you mentioned that you will respond to the needs of both Europe and the U.S.. The needs of both European and American markets. Your drugs are typically liquid drugs. When it comes to U.S.-made liquid drugs, are you thinking about bringing that to Germany and filling them there?
Thank you for your question. Yes, that's what we have in mind. In Japan and in Europe and the U.S., you can freeze it, you can have it frozen. I think liquid type would be easier for all pharmaceutical companies. Therefore, we are thinking in that direction.
Okay. Thank you. The second question, regarding the German site, your strategy. You're having big projects and mid-to-small size projects. What is the expected ratio of the project size in terms of strategy? Where I'm coming from is this. What kind of candidate drugs you have, and if your expectation changes, how flexible will you be to change your production lines? That's what I'm trying to get at.
Okay. Thank you very much. We hope, we can have larger projects, obviously, as a majority. Depending on timing, we have multiple production lines to be installed in the German site. Depending on the line characteristic, we can cater to different needs. Not just the big projects, but we can do smaller projects, dependent upon the acquisition of the business. Also, our strengths of Terumo in the CDMO business should be showcased. Those are some of the strategic decisions. When it comes to larger-scale projects, maybe you'll have changes in the drug midway, and if it's a pharmaceutical CDMO, or you might have a situation in which you cannot fully utilize your tank.
On the other hand, if it's a device CDMO, or how much flexibility would you be able to have physically, depending on the change in drug? Basically speaking, it's not the size of the tank, but rather the orders coming in from the pharmaceutical companies will determine the filling capacity of ours. We have certain tanks, and it's not that we need to always have them full. Depending on the number of orders and the number of units, we will make sure that we can adjust our production level.
That means that you are going towards the larger-scale projects, that's your strategy, and that's going to be the best case scenario for you?
Yes, that's going to be most advantageous for us. We will aim for that.
Okay. Thank you.
Any other questions from the floor? Yoshihara-san?
Thank you very much for this opportunity. I am not sure whether you are willing to answer, but I would like to ask this question of Samejima-san. What was the biggest motivation for you to have this IR day today? You are about to make announcement in December for the GS31, but at this point in time, can you give us an indication about the next midterm management plan? The next midterm management plan, the previous one and the current one, the entire management team was involved in the formulation of the current MTP. Samejima-san, this is going to be the first MTP under your leadership, and we have high hopes for that. Could you please comment?
Thank you very much for the question. Thank you very much once again, we invited you on this occasion because we wanted to demonstrate our strong fundamentals. No matter how hard we try to penetrate our message verbally by showing our performance and indicators, it is not compelling enough, convincing enough. We wanted to have the presence of each company to deliver our technology and the strategy to be in place and for you to see firsthand. Terumo has a 105-year history. We have accumulated our alignment technology by combining multiple different factors and technologies in order to best fit the medical needs. We provide solutions and products. We wanted to demonstrate this, showcase this to you firsthand to convince that Terumo has strong core fundamentals and is willing and capable of achieving strong growth in the future.
That's why we have convened this IR day today. Regarding GS31, it is to be finalized. We are in a preparation phase yet. Since I came on board, non-organic growth will be the big theme in organic growth, that is. We have presented today is the current state of affairs for each business portfolio and what is to be implemented going forward. The new portfolio, which is the organic portfolio, OT business. We would like to explore some other business opportunities, and from a high level, we would like to present this GS31 in December.
Any other question, please? Again, Yatsunami-san, please.
I am Yatsunami from Nissay Asset . Thank you for this precious opportunity. I heard and saw presentations today. We understand that your strength comes from the fact that each one of you is working hard to solve the patient needs at the clinical practice setting. We can understand that fully. Through the presentations, you talk about consistency end-to-end. From the very beginning of the involvement and when entering into the delivery, you have an end-to-end function, and I understand that this is one of your core strengths. To utilize this core strength for your next mid-term plan, you have various technologies, various elements that can be combined to be developed. From the point of view of the time schedule, sometimes it may take too long, sometimes you may miss an opportunity because of the delay.
How can you enhance these elements and accelerate your development pace? Sometimes I would understand that you have to revisit your current project and to further evolve your development for next MTP. What is your view?
Thank you very much. Yes, exactly. That is the very point of my focus since me assuming this position. We have Managing Director Asada in charge of innovation, we had people in charge of corporate R&D, people in charge of IP, people in charge of clinical practice, and people in charge of regulatory affairs. All these people, they need for innovation. Asada also takes care of innovation. It's not just internal development, but for external technology acquisition, single person can make decisions all together comprehensively. In the past, we had R&D team for each business unit, the cross-functional communication was not very strong.
Under his leadership, each president, each R&D, each company, people can work together to look at the knowhows and foundation, which serve as the core. We have a more active communication to make use of this. One of our core technologies, which I introduced in my presentation at the very beginning, we have a coating technology. In Southern California, we have a satellite office, which is the new corporate R&D. By this, we were able to hire local academia connection and local engineer exchanges, which can further accelerate our technology. We need to have innovation generated in a timely manner, and this is one of our top priorities.
Thank you very much. Each decision has to be made quickly, promptly.
You mentioned that when we talk to the people on the side, you have various gates, of course, for safety and quality that may be needed. If you have to go through many gates, how can you change the decision-making possibility?
Yes. For medical devices and also pharmaceuticals, the quality management system is a system where we need to comply with all the requirements. What I often say is that, of course, quality is the basis of what Terumo's strength has been supported. In detail, sometimes there may be an overkill, is that we raise the bar in terms of the reference and the standards too high, so to speak, sometimes internally. I have that experience when I was heading the company unit. By reviewing this, revisiting them. QMS, of course, is very important.
We have to be sufficient and well prepared for this, but it shouldn't be an extreme burden. In Southern California, in order to promote development there, under different QMS, we will be able to have a faster development. We want to establish such a technology capability as Terumo Group.
Thank you very much. We should be looking forward to the next MTP for a rich pipeline.
Yes. We'd like to do our best so that we get into this rich pipeline. Thank you.
Next, Hayashi, please.
Thank you. This is Hayashi from Morgan Stanley Securities. Thank you for your presentations today. Just one cardiovascular company. If I did not miss it in the slides, imaging the equipment, the future growth, you are expecting that to happen in the U.S. first, and then you are expecting China to grow, too. However, when it comes to your sales, Japan, U.S., India, were the top three. What is your outlook on China? What kind of stance are you going to take? Do you have any challenges that you are foreseeing in terms of selling imaging equipment in China? Thank you.
We have the product and marketing manager for imaging, Matsuzaki. He will take the question.
Yes, as you pointed out, when it comes to global markets, China is going to be a growing market in outlook. Looking at the current market situation, I think it is steadily growing. We would want to get into the market, and we are considering ways in which we can make the entry.
You have a Chinese subsidiary, but is it difficult to do just through your subsidiary? Do you need a local partner?
Regarding our portfolio, we have the 12 system and Medius system. We have two portfolios, and we will make sure that we will optimize our product line-up to the market.
Thank you.
Next question is from Ari-sa n.
This is Ari speaking. I'd like to ask simple questions. During the presentations of four companies, one is [Data Center], Reveos, and Kanshas, CDMO. Revenue-wise, what is the priority in terms of these four different companies? In terms of the size of the revenue, what is the order for these four companies? From Samejima-san, could you please address this?
Thank you very much for the question. Regarding OPUSWAVE and Kanshas, these have a very significant growth potential. Reveos will be the top one in terms of the revenue contribution. That is the top element. In terms of the size of revenue, Reveos is going to remain the top. And as we introduced today, in terms of the growth potential, each one of these four, during the GS31 period, they will be the growth drivers. And that is a level that we'd like to achieve. And that's why we introduced with a sense of hope.
Thank you very much. For the organ transplant, I'd like to address this question of Craig-san, if I may. What is the downside risk for this organ transplant business? What will be the downside risks, if I may?
When OrganOx was a small company, those sorts of risks kept me awake at night. That's one of the things that we've now been able to very much address as part of the Terumo Group, by building in dual sourcing and much better resilience levels. For any med tech company, it's something that happens in a sterilization plant, which is supplying a supplier who supplies you. That's the kind of thing that can happen, and we just have to remain paranoid in our supplier audits and our quality assurance procedures that we are on the front foot with all of those risks. I wouldn't single out anything, but just what comes with the territory of operating in a highly regulated market like this, where we are dependent on third parties, ultimately, for our suppliers.
Thank you. There were several questions asked in that area. From pipeline perspective, I think you have much foreseeability and much ahead in the future. In that sense, in this area, I understand that the demand is increasing. Is it better than you have expected in terms of your pipeline? There's several things coming out, but we cannot see the numbers. We are not very clear about the pipeline. Can you give us some indications?
Thank you for the question. With RIKEN being involved, RIKEN made several products, and it is under development. It is under the co-development stage. In that sense, in a continued manner, we will be launching various products. In principle, these are the projects of the pharmaceutical companies. We cannot make a disclosure as to what they are. There are several co-development projects underway.
This may be an often asked question. Is there anything related to lipids? Well, lipid-related project.
How do you say? I have the question about the lipid-related. It's not very clear at this point on that. Is that clearly included? No? Right. It's not clearly indicated. About the OPUSWAVE, this has been often explained, and the potential market and the potential growth were explained. Your target market and the target share haven't been clearly mentioned. If you look at this product profile, and based on your past performance and track record, excluding the market access, how much do you think we can gain? Can you give us some potential?
Thank you for the question. Without OPUSWAVE at the moment, in Japanese market, we have the leading position. With OPUSWAVE, we will have some increment. In addition, the existing products are replaced. Putting them together, we will have even stronger leader position than now.
What about U.S.?
Well, U.S., Matsuoka-san, if you could speak on that, please.
Yes, for U.S., we are follower in the U.S. market. We have unique technology, but the competitor's already in the market. After launch, it's very difficult to say this, but two-digit is what we want to aim at. It may take time, but with the geo-fencing system and the clinical setting, we can cover almost all case loads. We do want to aim for two-digit.
Thank you.
Next, Kotani-san, please.
Sorry for asking so many questions. My final two questions. One request maybe. Number of launches, if you can disclose that. This is a diagnostic business solution, and it's hard to go and look at the individual labels, and it's hard to really grasp the growth. There are so many projects, and you're focusing on generic products right now. I know that there are some that you cannot disclose, but it would be nice if you can disclose further. This is a request.
Well, we will try.
How should I say it, how far can I go? Projects, for example. We can say it's not a 1 million level or single million level, but it's tens of millions of level. Is that what you are looking for? Why are the suppliers not willing to disclose such information?
Well, there are several explanations. For example, cybersecurity is one. There are many factors.
The pharmaceutical companies do not want to make clear what they are asking to whom?
If I was okay to disclose this information, and it's dependent upon the pharmaceutical companies.
If you can just disclose the number of projects for PMCs, that would be helpful.
And-
Where is Terumo in the sort of development or possibly clinical usage of defatting and reconditioning in general? That's my final question.
We're about halfway through a study that's not yet published, where we've been doing exactly that.
Could we get the name of the study or when this will be announced?
I'll provide it later for you. Yeah.
Is it within a couple of years, or is it farther out?
It's within that sort of timeframe. Yeah.
Okay. Thank you.
Yeah.
[Non-English content].
This is Hagimoto speaking, Terumo CFO. Today, we have introduced our growth initiatives and products driven by our core technologies. To reiterate, Terumo's growth is based on a scalable and repeatable growth model centered on core technologies, which continues to generate new growth drivers in the next MTP, Midterm Management Plan. We are making steady progress in both growth and profitability and will continue disciplined investment by allocating resources and focus on these growth areas. Finally, I will outline our IR-related activities for this fiscal year. We will continue to hold quarterly earnings calls as usual. This will be continued to give you an update on our performance. As for the events, in addition to today's IR Day, we are planning to have a technology-focused briefing.
Today, we focused on business as well as the strategies and technologies, but we are planning to have a technology-focused briefing at a later date in Shonan at PLAJEX. In December, the GS31 announcement will take place, and the technology-focused briefing will be in October. Through these activities, we aim to provide not only performance updates, but also deeper insights into our growth drivers and technological foundation as to why these are contributing to Terumo's growth. We will continue to engage in dialogue with you to enhance your understanding. Through these initiatives, we'd like to contribute for the betterment of your understanding. Today is the first step. We have convened this IR Day event, and thank you very much once again for your participation out of your busy schedule. That concludes our IR Day event. Thank you very much.