Worth reading
68In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
333
¥100 million (sales target for the fiscal year ending March 2029)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,029100 million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit marginNot disclosed → 50% or higher (fiscal year ending March 2029)
ROENot disclosed → 20% or higher (fiscal year ending March 2029)
Only the target level is shown because the current level for comparison was not provided.Total investment planApproximately ¥10.0 billion to ¥15.0 billion (strategic investment allocation over 3 years)
Investment amount by sectorField Growth Investment / Amount Approximately ¥6.0 billion to ¥10.0 billion / Primary uses M&A and in-house manufacturing, overseas sales networks and JV distributors, new businesses and R&D, Field Infrastructure investment / Amount Approximately ¥1.0 billion to ¥5.0 billion / Primary uses Recruitment and training, quality assurance and regulatory affairs, IT, PMI and governance, Field Human capital and management infrastructure / Amount ¥1.0 billion to ¥3.0 billion / Primary uses Recruitment, research and training facilities, PMI and IR, Field Facilities, systems and quality assurance / Amount ¥1.0 billion to ¥2.0 billion / Primary uses Manufacturing facilities, IT, quality control, quality assurance and regulatory compliance
Statements about the use of capital
Payout ratio / DOE policyDOE of 8.0%. During Stage 1, “Challenge” (fiscal year ending March 2027 to fiscal year ending March 2029), the company will balance growth investment with stable dividends and will flexibly consider further dividend increases during periods of profit growth.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Deepening Existing Businesses
02Launch new businesses
03Explore and execute small-scale M&A
04Build the growth foundation for the next phase
05Strengthen manufacturing (M&A plan)
06Strengthen sales (M&A plan)
07Strengthen R&D capabilities (M&A plan)
08Expand into new businesses (M&A plan)
09Strengthen information dissemination (M&A plan)
10Enhance existing products
11Exploring next-generation technologies
Plan assumptionsSecure cash and deposits of at least ¥5.0 billion in current assets in the fiscal year ending March 2029, Use liabilities of ¥4.0 billion to ¥5.0 billion, net assets of ¥30.0 billion to ¥34.0 billion and an equity ratio of at least 90% as benchmarks for the fiscal year ending March 2029, Investment of ¥1.0 billion to ¥3.0 billion per M&A or capital alliance, The investment payback period is generally expected to be approximately 5 to 10 years, Aim to reduce procurement costs for the applicable processes by 30% to 50%, Factor in the possibility of a temporary decline in profit margins and an increase in interest-bearing debt resulting from M&A execution
Segment targetCategory Total existing businesses / Actual results for the fiscal year ending March 2026 ¥10.9 billion / Target for the fiscal year ending March 2029 ¥13.3 billion / CAGR 7.0％, Category Media / Actual results for the fiscal year ending March 2026 ¥4 billion / Target for the fiscal year ending March 2029 ¥4.8 billion / CAGR 6.2％, Category Cryodevice / Actual results for the fiscal year ending March 2026 ¥3 billion / Target for the fiscal year ending March 2029 ¥3.8 billion / CAGR 7.5％, Category Medical devices / Actual results for the fiscal year ending March 2026 ¥2.5 billion / Target for the fiscal year ending March 2029 ¥3 billion / CAGR 6.2％, Category Micro Tools / Actual results for the fiscal year ending March 2026 ¥1 billion / Target for the fiscal year ending March 2029 ¥1.4 billion / CAGR 9.9％, Category Other / Actual results for the fiscal year ending March 2026 ¥200 million / Target for the fiscal year ending March 2029 ¥300 million / CAGR 6.5％, Category Japan / Actual results for the fiscal year ending March 2026 ¥3.6 billion / Target for the fiscal year ending March 2029 ¥3.8 billion / CAGR 1.7％, Category Overseas expansion / Actual results for the fiscal year ending March 2026 ¥7.2 billion / Target for the fiscal year ending March 2029 ¥9.5 billion / CAGR 9.4％, Category Europe / Actual results for the fiscal year ending March 2026 ¥3.9 billion / Target for the fiscal year ending March 2029 ¥5.3 billion / CAGR 10.2％, Category United States / Actual results for the fiscal year ending March 2026 ¥1.1 billion / Target for the fiscal year ending March 2029 ¥1.5 billion / CAGR 10.3％, Category China / Actual results for the fiscal year ending March 2026 ¥600 million / Target for the fiscal year ending March 2029 ¥700 million / CAGR 5.9％, Category India / Actual results for the fiscal year ending March 2026 ¥500 million / Target for the fiscal year ending March 2029 ¥700 million / CAGR 4.5％
Non-financial targetsIndicator Number of permanent employees / Target 20% to 30% increase from the current level / Timing Stage 1 (fiscal year ending March 2027 to fiscal year ending March 2029), Indicator Number of training sessions attended / Target 300 to 500 annually / Timing Stage 1, Indicator Priority research themes / Target 5 to 10 / Timing 3 years, Indicator Patent applications / Target 10 / Timing 3 years, Indicator Joint Research / Target 3 to 5 / Timing 3 years, Indicator Candidates for commercialization / Target 10 / Timing 3 years, Indicator M&A and Capital Alliances / Target 1 to 3 / Timing 3 years, Indicator Sales partners in priority countries / Target 20% to 30% increase / Timing 3 years
Risks identified by the company
Pharmaceutical, certification and quality-control systems in each country
Insurance systems, price controls and policies favoring domestic products
Fluctuations in foreign exchange rates, logistics costs, labor costs and raw materials
Changes in regulations in each country and delays in certification
Price competition and the emergence of local companies
Supply-chain and quality risks
Market restructuring resulting from competing M&A and geopolitical risks
Temporary declines in profit margins associated with M&A
Increases in interest-bearing debt associated with M&A
Future business performance may differ from actual results due to changes in the business environment and other factors
| Item | Details |
|---|---|
| Plan name | Kitazato Challenge 2036 (Stage 1, “Challenge”; Over Tokyo Tower 333 Plan) |
| Plan period | Medium term: fiscal year ending March 2027 to fiscal year ending March 2029 / Long-term vision: fiscal year ending March 2027 to fiscal year ending March 2036 |
| Progress against the plan | Formulated |
| Sales Target | 109 (actual for the fiscal year ending March 2026; existing businesses) → 333 (target for the fiscal year ending March 2029)（205.5%） |
| Operating profit margin target | Not disclosed → 50% or higher (fiscal year ending March 2029) |
| ROE target | Not disclosed → 20% or higher (fiscal year ending March 2029) |
| Payout ratio / DOE policy | DOE of 8.0%. During Stage 1, “Challenge” (fiscal year ending March 2027 to fiscal year ending March 2029), the company will balance growth investment with stable dividends and will flexibly consider further dividend increases during periods of profit growth. |
| Total investment plan | Approximately ¥10.0 billion to ¥15.0 billion (strategic investment allocation over 3 years) |
| Investment amount by sector | Field Growth Investment / Amount Approximately ¥6.0 billion to ¥10.0 billion / Primary uses M&A and in-house manufacturing, overseas sales networks and JV distributors, new businesses and R&D, Field Infrastructure investment / Amount Approximately ¥1.0 billion to ¥5.0 billion / Primary uses Recruitment and training, quality assurance and regulatory affairs, IT, PMI and governance, Field Human capital and management infrastructure / Amount ¥1.0 billion to ¥3.0 billion / Primary uses Recruitment, research and training facilities, PMI and IR, Field Facilities, systems and quality assurance / Amount ¥1.0 billion to ¥2.0 billion / Primary uses Manufacturing facilities, IT, quality control, quality assurance and regulatory compliance |
| Segment target | Category Total existing businesses / Actual results for the fiscal year ending March 2026 ¥10.9 billion / Target for the fiscal year ending March 2029 ¥13.3 billion / CAGR 7.0％, Category Media / Actual results for the fiscal year ending March 2026 ¥4 billion / Target for the fiscal year ending March 2029 ¥4.8 billion / CAGR 6.2％, Category Cryodevice / Actual results for the fiscal year ending March 2026 ¥3 billion / Target for the fiscal year ending March 2029 ¥3.8 billion / CAGR 7.5％, Category Medical devices / Actual results for the fiscal year ending March 2026 ¥2.5 billion / Target for the fiscal year ending March 2029 ¥3 billion / CAGR 6.2％, Category Micro Tools / Actual results for the fiscal year ending March 2026 ¥1 billion / Target for the fiscal year ending March 2029 ¥1.4 billion / CAGR 9.9％, Category Other / Actual results for the fiscal year ending March 2026 ¥200 million / Target for the fiscal year ending March 2029 ¥300 million / CAGR 6.5％, Category Japan / Actual results for the fiscal year ending March 2026 ¥3.6 billion / Target for the fiscal year ending March 2029 ¥3.8 billion / CAGR 1.7％, Category Overseas expansion / Actual results for the fiscal year ending March 2026 ¥7.2 billion / Target for the fiscal year ending March 2029 ¥9.5 billion / CAGR 9.4％, Category Europe / Actual results for the fiscal year ending March 2026 ¥3.9 billion / Target for the fiscal year ending March 2029 ¥5.3 billion / CAGR 10.2％, Category United States / Actual results for the fiscal year ending March 2026 ¥1.1 billion / Target for the fiscal year ending March 2029 ¥1.5 billion / CAGR 10.3％, Category China / Actual results for the fiscal year ending March 2026 ¥600 million / Target for the fiscal year ending March 2029 ¥700 million / CAGR 5.9％, Category India / Actual results for the fiscal year ending March 2026 ¥500 million / Target for the fiscal year ending March 2029 ¥700 million / CAGR 4.5％ |
| Non-financial targets | Indicator Number of permanent employees / Target 20% to 30% increase from the current level / Timing Stage 1 (fiscal year ending March 2027 to fiscal year ending March 2029), Indicator Number of training sessions attended / Target 300 to 500 annually / Timing Stage 1, Indicator Priority research themes / Target 5 to 10 / Timing 3 years, Indicator Patent applications / Target 10 / Timing 3 years, Indicator Joint Research / Target 3 to 5 / Timing 3 years, Indicator Candidates for commercialization / Target 10 / Timing 3 years, Indicator M&A and Capital Alliances / Target 1 to 3 / Timing 3 years, Indicator Sales partners in priority countries / Target 20% to 30% increase / Timing 3 years |
| Plan assumptions | Secure cash and deposits of at least ¥5.0 billion in current assets in the fiscal year ending March 2029, Use liabilities of ¥4.0 billion to ¥5.0 billion, net assets of ¥30.0 billion to ¥34.0 billion and an equity ratio of at least 90% as benchmarks for the fiscal year ending March 2029, Investment of ¥1.0 billion to ¥3.0 billion per M&A or capital alliance, The investment payback period is generally expected to be approximately 5 to 10 years, Aim to reduce procurement costs for the applicable processes by 30% to 50%, Factor in the possibility of a temporary decline in profit margins and an increase in interest-bearing debt resulting from M&A execution |
| Key initiatives | Deepening Existing Businesses, Launch new businesses, Explore and execute small-scale M&A, Build the growth foundation for the next phase, Strengthen manufacturing (M&A plan), Strengthen sales (M&A plan), Strengthen R&D capabilities (M&A plan), Expand into new businesses (M&A plan), Strengthen information dissemination (M&A plan), Enhance existing products, Exploring next-generation technologies |
| Risks identified | Pharmaceutical, certification and quality-control systems in each country, Insurance systems, price controls and policies favoring domestic products, Fluctuations in foreign exchange rates, logistics costs, labor costs and raw materials, Changes in regulations in each country and delays in certification, Price competition and the emergence of local companies, Supply-chain and quality risks, Market restructuring resulting from competing M&A and geopolitical risks, Temporary declines in profit margins associated with M&A, Increases in interest-bearing debt associated with M&A, Future business performance may differ from actual results due to changes in the business environment and other factors |
| Publication date | 24 June 2026 |
Items this document does not state (10)
Operating profit targetNet income targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceResults under the previous planReason for revision or withdrawalSize of the Target MarketDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The plan was newly formulated based on the business environment surrounding the Group. The Group stated that it aims to realize its long-term vision by expanding new businesses and M&A while using its existing businesses as the core.
How to read this page
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