Worth reading
57In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
4.3
¥trillion (cumulative core operating profit before R&D expenses, fiscal years 2026–2030)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,025Target2,030100 million; versus fiscal 2025
Operating profit margin+5.0pt
基準 2,025Target2,030%
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. For metrics expressed as percentages, differences are shown in percentage points (pt).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 profitNot disclosed → Core operating profit before R&D expenses: at least ¥4.3 trillion cumulatively (fiscal years 2026–2030)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNot disclosed → ¥65 billion achieved through SMT (fiscal years 2024–2025)
Total investment planApproximately ¥2.0 trillion (growth investments, cumulative for fiscal years 2026–2030)
Investment amount by sectorField Growth Investment / Amount Approximately ¥2.0 trillion, Field R&D expenses (base) / Amount Average 20% (as a percentage of revenue), Field R&D expenses (additional investments) / Amount Up to 5% (as a percentage of revenue), Field Strategic Investment / Amount Approximately ¥850 billion
Statements about the use of capital
Payout ratio / DOE policyAnnual dividend increases of at least ¥2 throughout the Corporate Strategy 2026 period (fiscal years 2026–2030)The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyTo conduct share repurchases flexibly when surplus funds arise
Key initiatives
01Generate cash through strong profit growth
02Accelerate pipeline-driven growth
03Disciplined capital allocation
04Improve productivity across the company
05Focus Area Approach
06R&D productivity
07Focus in business development (BD)
08Disciplined cost optimization
09Productivity Improvement
10Foundation of organizational culture
11Corporate Governance
Plan assumptionsAssumed fiscal 2026 exchange rates: ¥150 to the U.S. dollar and ¥180 to the euro, Assumed exchange rates from fiscal 2027 onward: ¥150 to the U.S. dollar and ¥155 to the euro, Assumed fiscal 2030 exchange rates: ¥150 to the U.S. dollar and ¥155 to the euro, R&D expenses (base): average 20% (as a percentage of revenue), R&D expenses (additional investments): up to 5% (as a percentage of revenue)
Non-financial targetsIndicator Number of Phase III/pivotal trials initiated / Target value At least 10 / Timing FY2026–FY2030, Indicator Number of Phase III/pivotal trials initiated / Target value At least 5 / Timing By fiscal 2027
Size of the Target MarketEstimated patient population Gastric and gastroesophageal junction adenocarcinoma: approximately 119,000 patients in first-line treatment and 50,000 in second-line treatment, Pancreatic adenocarcinoma: approximately 176,000 patients in first-line treatment and 40,000 in second-line treatment, Non-small cell lung cancer: approximately 234,000 patients in first-line treatment and 151,000 in second-line treatment and beyond, Prostate cancer: approximately 147,000 patients with mCRPC and 121,000 with mCSPC, Age-related macular degeneration with geographic atrophy: approximately 5 million patients worldwide / Source United States, Germany, France, Italy, Spain, the United Kingdom and Japan (estimated by Astellas), Retina. 2017;37:819-835, npj Precis Oncol. 2022;6:91, Int J Cancer. 2013;134:731
Risks identified by the company
Changes in the business environment and revisions to applicable laws and regulations in the pharmaceutical market
Changes in Exchange Rates
Delays in launching new products
The possibility of failing to achieve the expected results from sales activities for new and existing products
The possibility of being unable to continuously create competitive new drugs
Infringement of intellectual property rights by third parties and other matters
| Item | Details |
|---|---|
| Plan name | Corporate Strategy 2026 |
| Plan period | Fiscal years 2026–2030 |
| Progress against the plan | Formulated |
| Sales Target | Approximately ¥480 billion (fiscal 2025, sales of Focus Area products) → 2x (fiscal 2030 versus fiscal 2025) |
| Operating profit target | Not disclosed → Core operating profit before R&D expenses: at least ¥4.3 trillion cumulatively (fiscal years 2026–2030) |
| Operating profit margin target | Core operating margin: 26%; core operating profit plus R&D expenses as a percentage of revenue: approximately 40% (fiscal 2025) → Core operating margin: 30%; core operating profit plus R&D expenses as a percentage of revenue: 50% (fiscal 2030) |
| Payout ratio / DOE policy | Annual dividend increases of at least ¥2 throughout the Corporate Strategy 2026 period (fiscal years 2026–2030) |
| Treasury share acquisition policy | To conduct share repurchases flexibly when surplus funds arise |
| Total investment plan | Approximately ¥2.0 trillion (growth investments, cumulative for fiscal years 2026–2030) |
| Investment amount by sector | Field Growth Investment / Amount Approximately ¥2.0 trillion, Field R&D expenses (base) / Amount Average 20% (as a percentage of revenue), Field R&D expenses (additional investments) / Amount Up to 5% (as a percentage of revenue), Field Strategic Investment / Amount Approximately ¥850 billion |
| Non-financial targets | Indicator Number of Phase III/pivotal trials initiated / Target value At least 10 / Timing FY2026–FY2030, Indicator Number of Phase III/pivotal trials initiated / Target value At least 5 / Timing By fiscal 2027 |
| Plan assumptions | Assumed fiscal 2026 exchange rates: ¥150 to the U.S. dollar and ¥180 to the euro, Assumed exchange rates from fiscal 2027 onward: ¥150 to the U.S. dollar and ¥155 to the euro, Assumed fiscal 2030 exchange rates: ¥150 to the U.S. dollar and ¥155 to the euro, R&D expenses (base): average 20% (as a percentage of revenue), R&D expenses (additional investments): up to 5% (as a percentage of revenue) |
| Key initiatives | Generate cash through strong profit growth, Accelerate pipeline-driven growth, Disciplined capital allocation, Improve productivity across the company, Focus Area Approach, R&D productivity, Focus in business development (BD), Disciplined cost optimization, Productivity Improvement, Foundation of organizational culture, Corporate Governance |
| Results under the previous plan | Not disclosed → ¥65 billion achieved through SMT (fiscal years 2024–2025) |
| Size of the Target Market | Estimated patient population Gastric and gastroesophageal junction adenocarcinoma: approximately 119,000 patients in first-line treatment and 50,000 in second-line treatment, Pancreatic adenocarcinoma: approximately 176,000 patients in first-line treatment and 40,000 in second-line treatment, Non-small cell lung cancer: approximately 234,000 patients in first-line treatment and 151,000 in second-line treatment and beyond, Prostate cancer: approximately 147,000 patients with mCRPC and 121,000 with mCSPC, Age-related macular degeneration with geographic atrophy: approximately 5 million patients worldwide / Source United States, Germany, France, Italy, Spain, the United Kingdom and Japan (estimated by Astellas), Retina. 2017;37:819-835, npj Precis Oncol. 2022;6:91, Int J Cancer. 2013;134:731 |
| Risks identified | Changes in the business environment and revisions to applicable laws and regulations in the pharmaceutical market, Changes in Exchange Rates, Delays in launching new products, The possibility of failing to achieve the expected results from sales activities for new and existing products, The possibility of being unable to continuously create competitive new drugs, Infringement of intellectual property rights by third parties and other matters |
| Publication date | 26 May 2026 |
Items this document does not state (8)
Net income targetROE targetROIC targetCost of capitalSelf-assessment of PBR and share priceSegment targetReason for revision or withdrawalDate 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.Corporate Strategy 2026 is a growth strategy underpinned by internally generated funds. It is intended to generate cash through strong earnings growth, accelerate pipeline-led growth, achieve disciplined cash allocation and improve productivity across the company, enabling Astellas to create and deliver greater value to patients more quickly.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.