Worth reading
63In 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
1
¥ trillion (fiscal 2028 revenue target)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,028100 million
Operating profit+0.1%
基準 2,026Target2,028100 million
ROE-2,017.0pt
基準 2,025Target8%
ROIC+3.0pt
基準 2,025Target2,028%
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.
What happened to the previous planNot disclosed → Leqembi achieved full-year sales of approximately twice the previous fiscal year’s level. Lenvima exceeded its full-year forecast for fiscal 2025.
Total investment planApproximately ¥1 trillion (growth investment over the three years beginning in fiscal 2026)
Investment amount by sectorField Internal R&D investment / Amount Approximately ¥500 billion, Field Pipeline enhancement / Amount Approximately ¥500 billion, Field IT and capital investment / Amount Not disclosed, Field M&A / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyThe Company will make sustainable and stable dividend payments after comprehensively considering consolidated results, the dividend payout ratio and free cash flow. The policy applies to the three-year period beginning in fiscal 2026. Specific numerical targets for the dividend payout ratio and DOE are not disclosed.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 policyThe Company will consider share repurchases after taking the total shareholder return ratio into account. Specific numerical figures for the repurchase authorization, timing and conditions are not disclosed.
Key initiatives
01Business Growth
02Expansion of the organic business
03Product development
04Drug Discovery
05Non-drug-discovery activities
06Management Foundation
07Enhance profitability through cost structure reform
08Further optimize the management foundation
09Diversify financing sources
10Renew management performance indicators
11Advance balance sheet management
Plan assumptionsThe fiscal 2028 target for adjusted ROIC is calculated on the assumption of net debt of ¥100 billion, The plan for Lenvima takes into account a price reduction in the United States under the IRA in January 2028, The plan assumes that, barring certain conditions, generic Lenvima products will not be marketed in the United States through 30 June 2030, The cost-of-sales ratio is assumed to be 30% in fiscal 2028, 3L products are assumed to account for approximately 70% of revenue in fiscal 2028
Segment targetBusiness and Products Leqembi / Sales target Approximately ¥300 billion (fiscal 2028), Business and Products Dayvigo / Sales target Approximately ¥100 billion (fiscal 2028), Business and Products Lenvima / Sales target Approximately ¥250 billion (fiscal 2028), Business and Products 3L（LENVIMA、DAYVIGO、LEQEMBI） / Percentage of revenue Approx. 70% (fiscal 2028)
Non-financial targetsIndicator Obtain topline data from the Phase II Etalanetug trial for sAD / Target and timing During fiscal 2027, Indicator File an application for ledasorexton (E2086) / Target and timing Application planned for fiscal 2028, Indicator Advance new projects into clinical development / Target and timing Aim to enter clinical development in fiscal 2028, Indicator Pipeline approvals, applications and entry into clinical development / Target and timing Steadily build up the pipeline by fiscal 2028
Risks identified by the company
General industry and market conditions
Interest Rates
Currency and foreign exchange fluctuations
Technological advances
Competitors obtaining patents
Completion of clinical trials
Claims or concerns regarding product safety and efficacy
Regulatory review periods and approval取得
Healthcare reforms in Japan and overseas
Managed care
Trends toward containing healthcare costs
Government laws and regulations affecting domestic and overseas businesses
Inability to build manufacturing capacity sufficient to meet demand
Difficulty obtaining raw materials
Failure to achieve market acceptance
Reason for revision or withdrawal
To strengthen the management foundation needed to achieve sustainable growth as a drug discovery company by using Leqembi’s growth as a starting point, investing in priority pipeline programs, and advancing a new financing policy.
| Item | Details |
|---|---|
| Plan name | Three-Year Plan (Fiscal 2026–2028) for Transforming into a Sustainably Growing Company |
| Plan period | Fiscal years 2026-2028 |
| Progress against the plan | Formulated |
| Sales Target | ¥883.5 billion (fiscal 2026 forecast; reference: ¥825.4 billion actual for fiscal 2025) → ¥1 trillion (fiscal 2028 target)（Approx. 13.2% increase (calculated)） |
| Operating profit target | ¥70 billion (fiscal 2026 forecast for core operating profit) → ¥90 billion (fiscal 2028 core operating profit target)（Approx. 28.6% increase (calculated)） |
| ROE target | 4.4% (fiscal 2025 actual) → 8% over the medium to long term（Approx. 81.8% increase (calculated)） |
| ROIC target | 6.8% (fiscal 2025 actual) → 9.0% (fiscal 2028 target)（Approx. 32.4% increase (calculated)） |
| Payout ratio / DOE policy | The Company will make sustainable and stable dividend payments after comprehensively considering consolidated results, the dividend payout ratio and free cash flow. The policy applies to the three-year period beginning in fiscal 2026. Specific numerical targets for the dividend payout ratio and DOE are not disclosed. |
| Treasury share acquisition policy | The Company will consider share repurchases after taking the total shareholder return ratio into account. Specific numerical figures for the repurchase authorization, timing and conditions are not disclosed. |
| Total investment plan | Approximately ¥1 trillion (growth investment over the three years beginning in fiscal 2026) |
| Investment amount by sector | Field Internal R&D investment / Amount Approximately ¥500 billion, Field Pipeline enhancement / Amount Approximately ¥500 billion, Field IT and capital investment / Amount Not disclosed, Field M&A / Amount Not disclosed |
| Segment target | Business and Products Leqembi / Sales target Approximately ¥300 billion (fiscal 2028), Business and Products Dayvigo / Sales target Approximately ¥100 billion (fiscal 2028), Business and Products Lenvima / Sales target Approximately ¥250 billion (fiscal 2028), Business and Products 3L（LENVIMA、DAYVIGO、LEQEMBI） / Percentage of revenue Approx. 70% (fiscal 2028) |
| Non-financial targets | Indicator Obtain topline data from the Phase II Etalanetug trial for sAD / Target and timing During fiscal 2027, Indicator File an application for ledasorexton (E2086) / Target and timing Application planned for fiscal 2028, Indicator Advance new projects into clinical development / Target and timing Aim to enter clinical development in fiscal 2028, Indicator Pipeline approvals, applications and entry into clinical development / Target and timing Steadily build up the pipeline by fiscal 2028 |
| Plan assumptions | The fiscal 2028 target for adjusted ROIC is calculated on the assumption of net debt of ¥100 billion, The plan for Lenvima takes into account a price reduction in the United States under the IRA in January 2028, The plan assumes that, barring certain conditions, generic Lenvima products will not be marketed in the United States through 30 June 2030, The cost-of-sales ratio is assumed to be 30% in fiscal 2028, 3L products are assumed to account for approximately 70% of revenue in fiscal 2028 |
| Key initiatives | Business Growth, Expansion of the organic business, Product development, Drug Discovery, Non-drug-discovery activities, Management Foundation, Enhance profitability through cost structure reform, Further optimize the management foundation, Diversify financing sources, Renew management performance indicators, Advance balance sheet management |
| Results under the previous plan | Not disclosed → Leqembi achieved full-year sales of approximately twice the previous fiscal year’s level. Lenvima exceeded its full-year forecast for fiscal 2025. |
| Reason for revision or withdrawal | To strengthen the management foundation needed to achieve sustainable growth as a drug discovery company by using Leqembi’s growth as a starting point, investing in priority pipeline programs, and advancing a new financing policy. |
| Risks identified | General industry and market conditions, Interest Rates, Currency and foreign exchange fluctuations, Technological advances, Competitors obtaining patents, Completion of clinical trials, Claims or concerns regarding product safety and efficacy, Regulatory review periods and approval取得, Healthcare reforms in Japan and overseas, Managed care, Trends toward containing healthcare costs, Government laws and regulations affecting domestic and overseas businesses, Inability to build manufacturing capacity sufficient to meet demand, Difficulty obtaining raw materials, Failure to achieve market acceptance |
| Publication date | 25 May 2026 |
Items this document does not state (6)
Operating profit margin targetNet income targetCost of capitalSelf-assessment of PBR and share priceSize 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.To establish a foundation for sustainable growth by using Leqembi’s growth as a starting point, investing in priority pipeline programs, and strengthening the management foundation under a new financing policy.
How to read this page
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