Worth reading
61In 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
56
% (progress toward the cross-shareholding reduction target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROENot disclosed → At least 10% (through fiscal 2031)
Only the target level is shown because the current level for comparison was not provided.Total investment plan¥260 billion (planned strategic investments over 10 years)
Investment amount by sectorField Research and development expenses (including capital expenditure and DX investments) / Amount ¥170 billion, Field M&A and in-licensing costs, etc. / Amount ¥90.0 billion
Statements about the use of capital
Payout ratio / DOE policyAnnual dividend of ¥190 as the minimumThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyShare buybacks are included as a cash outflow item under shareholder returns, but the buyback authorization, timing and terms are not disclosed
Self-assessment of PBR and share priceAims to achieve a PBR above 1.0x, with PBR at 1.06x in fiscal 2025. The company assesses that its share price remained at a certain levelPBR is a measure of how many times the share price is the book value per share.
Key initiatives
01A) Enhance the pipeline by executing the 3Xs of the Long-Term Management Plan 2031, thereby increasing revenue and net income through the launch of new drugs
02B) Allocate cash preferentially to strategic investments based on cash allocation
03C) Formulate a policy for reducing cross-shareholdings
04D) Strengthen investor communications by establishing a department specializing in IR and SR, the Public Relations and IR Department
05E) Reidentify materialities and hold a sustainability briefing
06F) Revise the bonus and share-based compensation systems for directors, excluding outside directors
Non-financial targetsIndicator Number of products from Phase 1 onward / Target value At least 8 products / Timing Through fiscal 2031, Indicator Number of products launched / Target value At least 8 products / Timing Through fiscal 2031, Indicator Number of in-licensed products / Target value 1 product per year / Timing Through fiscal 2031
| Item | Details |
|---|---|
| Plan name | Long-Term Management Plan 2031 |
| Plan period | Through fiscal 2031 (10 years) |
| Progress against the plan | Annual update |
| ROE target | Not disclosed → At least 10% (through fiscal 2031) |
| Payout ratio / DOE policy | Annual dividend of ¥190 as the minimum |
| Treasury share acquisition policy | Share buybacks are included as a cash outflow item under shareholder returns, but the buyback authorization, timing and terms are not disclosed |
| Self-assessment of PBR and share price | Aims to achieve a PBR above 1.0x, with PBR at 1.06x in fiscal 2025. The company assesses that its share price remained at a certain level |
| Total investment plan | ¥260 billion (planned strategic investments over 10 years) |
| Investment amount by sector | Field Research and development expenses (including capital expenditure and DX investments) / Amount ¥170 billion, Field M&A and in-licensing costs, etc. / Amount ¥90.0 billion |
| Non-financial targets | Indicator Number of products from Phase 1 onward / Target value At least 8 products / Timing Through fiscal 2031, Indicator Number of products launched / Target value At least 8 products / Timing Through fiscal 2031, Indicator Number of in-licensed products / Target value 1 product per year / Timing Through fiscal 2031 |
| Key initiatives | A) Enhance the pipeline by executing the 3Xs of the Long-Term Management Plan 2031, thereby increasing revenue and net income through the launch of new drugs, B) Allocate cash preferentially to strategic investments based on cash allocation, C) Formulate a policy for reducing cross-shareholdings, D) Strengthen investor communications by establishing a department specializing in IR and SR, the Public Relations and IR Department, E) Reidentify materialities and hold a sustainability briefing, F) Revise the bonus and share-based compensation systems for directors, excluding outside directors |
| Date of board resolution | 13 May 2026 |
| Publication date | 13 May 2026 |
Items this document does not state (12)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetCost of capitalSegment targetPlan assumptionsResults under the previous planReason for revision or withdrawalSize of the Target MarketRisks identified
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 decline in ROE was attributed to a significant decrease in net income due to the timing difference in cash inflows from derived products, the impact of the KurehaFin patent cliff, and increased costs for strategic investments, including in-licensing. PBR was maintained above 1.0x due to pipeline enhancement and reductions in the cost of capital under the Long-Term Management Plan 2031.
How to read this page
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