Business Expansion Through M&A

「Regarding its CRO business, which undertakes development work for pharmaceuticals, food products and other products, the company brought ClinCloud Co., Ltd., which provides EDC systems used in pharmaceutical-development clinical trials and clinical research, into the group in November 2025.」

「In April 2025, the company additionally acquired a 29% stake in Daiichi Sankyo Espha Co., Ltd., increasing its ownership stake to 80%.」

「In May 2024, the company acquired shares in Dyna Co., Ltd., which operates 18 dispensing pharmacies in Yamanashi Prefecture. In July 2024, it acquired shares in Gyotoku Pharmacy Co., Ltd. and Bottom Heart Co., Ltd., which operate pharmacies along the JR Yamanote Line offering high convenience, including year-round opening.」

「During the nine-month period ended the third quarter, the number of stores increased by 35, comprising 18 new stores, 3 stores acquired through business transfers and 14 stores acquired through the conversion of companies into subsidiaries. After a decrease of 5 stores due to closures, the business had 922 stores in total.」

「During the six-month period ended the second quarter, the number of stores increased by 17, comprising 15 new stores and 2 stores acquired through business transfers. After a decrease of 4 stores due to closures, the business had 905 stores in total.」

「The company incurred M&A-related expenses after OnCall Co., Ltd., which operates a matching platform for short-term job opportunities for physicians and nurses, was brought into the group in April 2023. It will leverage synergies from the group integration to drive further business expansion.」

「The store count increased by 29, comprising 19 new stores, 2 stores acquired through business acquisitions and 8 stores acquired through the acquisition of subsidiaries. After 8 closures, the total store count for this business was 855.」

「During the six-month period ended the second quarter, the number of stores increased by 11, comprising 10 new stores and 1 store acquired through a business transfer. After a decrease of 8 stores due to closures, the business had 837 stores in total.」

「The number of stores increased by 6, comprising 5 new stores and 1 store acquired through a business transfer. After a decrease of 6 stores due to closures, the business had 834 stores in total.」

「During the fiscal year, the number of stores increased by 31, comprising 16 new stores, 3 stores acquired through business transfers and 12 stores acquired through the conversion of companies into subsidiaries. After a decrease of 8 stores due to closures, the business had 834 stores in total.」

「Regarding M&A during the period, the company acquired all shares in K.I. Chozai Yakkyoku Co., Ltd. in July 2021, adding 8 stores in Kyushu, and acquired all shares in Saita Pharmacy Co., Ltd. in November, adding 4 stores in Tohoku.」

「Regarding M&A during the period, the company acquired all shares in K.I. Chozai Yakkyoku Co., Ltd. in July 2021, adding 8 stores in Kyushu.」

「This was mainly due to a ¥505 million increase in retained earnings, offset by decreases of ¥2,214 million in capital surplus and ¥633 million in non-controlling interests following the additional acquisition of shares in Nichihos Co., Ltd., a consolidated subsidiary of the Company, making it a wholly owned subsidiary.」

「The number of stores increased by 34, comprising 16 new stores, 5 stores acquired through business transfers and 13 stores acquired through the conversion of companies into subsidiaries. This was offset by a decrease of 28 stores, comprising 16 closures and 12 stores transferred to other businesses, resulting in 811 stores across the business.」

「During the nine-month period ended the third quarter, the number of stores increased by 23, comprising 16 new stores, 5 stores acquired through business transfers and 2 stores acquired through the conversion of companies into subsidiaries. This was offset by a decrease of 15 stores, comprising 12 closures and 3 stores transferred to other businesses, resulting in 813 stores across the business.」

「During the first half of the consolidated fiscal year, the Group added 21 stores, comprising 14 new stores, 5 stores acquired through business acquisitions and 2 stores acquired through the acquisition of subsidiaries. After a reduction of 7 stores due to closures and other factors, the total store count for the Group was 819.」

「In addition, the Group pursued active M&A during the current fiscal year, acquiring shares in 株式会社ナチュラルライフ and other companies and adding 39 stores, mainly in Hokuriku and western Japan.」

「In addition, the Group pursued active M&A during the current fiscal year, acquiring shares in 株式会社ナチュラルライフ and other companies and adding 38 stores, mainly in Hokuriku and western Japan.」

「In addition, the Group pursued active M&A during the current fiscal year, acquiring shares in 株式会社ナチュラルライフ and other companies and adding 38 stores, mainly in Hokuriku and western Japan.」

「In addition, the Group pursued active M&A during the current fiscal year, acquiring shares in 株式会社ナチュラルライフ and other companies in April 2019 and adding 28 stores, mainly in Hokuriku and Kitakyushu.」

「Although performance was materially affected by revisions to dispensing fees and drug prices, the Group pursued active M&A, including the acquisition of shares in 株式会社ニチホス, which operated 25 stores mainly in the Kansai region, in January 2019.」

「In the fourth quarter, 25 stores had been added through a large-scale M&A transaction as of 31 January,」

「The store count increased by 13, comprising 3 new stores, 1 store acquired through a business acquisition and 9 stores acquired through the acquisition of subsidiaries, while 11 stores were removed through closures and business transfers.」

「During the three months ended, the Group opened 2 new stores and acquired 8 stores through the conversion of businesses into subsidiaries, increasing its store count by a total of 10 stores. After closing 4 stores, the Group had 724 stores.」

「During the nine months ended, the Group opened 19 new stores and acquired 9 stores through the conversion of businesses into subsidiaries, increasing its store count by a total of 28 stores, including 1 retail outlet. After closing 10 stores, including 3 retail outlets, the Group had 714 stores.」

「During the first half of the consolidated fiscal year, the Group added 25 stores, comprising 16 new stores and 9 stores acquired through the acquisition of subsidiaries, including 1 retail outlet. After a reduction of 4 stores due to closures, including 2 retail outlets, the total store count for the Group was 717.」

「The Group added 143 stores, comprising 18 new stores, 14 stores acquired through business acquisitions and 111 stores acquired through the acquisition of subsidiaries. After a reduction of 10 stores due to closures, including 3 retail outlets, the total number of directly operated stores across the Group was 696.」

「The Group added 134 stores, comprising 12 new stores, 13 stores acquired through business acquisitions and 109 stores acquired through the acquisition of subsidiaries. After a reduction of 6 stores due to closures, including 3 retail outlets, the total number of directly operated stores across the Group was 691.」

「Based on a resolution adopted at a meeting of the Board of Directors held on 23 August 2016, the Company entered into a share transfer agreement with the shareholders of 共栄堂 on the same date concerning a capital and business alliance with 共栄堂, and acquired all shares of 共栄堂 on 3 October 2016.」

「The Group added 9 stores, comprising 2 stores acquired through business acquisitions and 7 stores acquired through the acquisition of subsidiaries.」

「The Group is pursuing business expansion through M&A and other measures as a management strategy.」