Worth reading
37Immaterial
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
10
¥100 millionWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedWhat happened to the previous planNon-compliance with the market capitalization of tradable shares criterion as of 31 December 2023 → Compliance with the same criterion as of 31 December 2024+0.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThe company aims for a dividend on equity (DOE) of at least 2.0% from the fiscal year ending December 2026 and at least 3.0% in the fiscal year ending December 2028. It plans to resume dividend payments from the fiscal year ending December 2025.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe company regards management that is conscious of the cost of capital and share price as an important management issue, but specific PBR and share price figures and assessments of their levels were not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expand supply and demand to drive growth in the pharmaceuticals business
02Strategic investment in new products and new businesses
03Business portfolio management with a focus on the cost of capital
04Transform the organizational culture and promote human capital management
05Strengthen shareholder returns and IR activities
Plan assumptionsCompliance within the plan period may prove difficult due to changes in the business environment and the effects of market conditions. The market for the infection control business has contracted since the COVID-19 pandemic.
Size of the Target MarketThe company has set the long-term goal of becoming No. 1 in Asia's gastrointestinal medicine market. Market size, growth rate figures and sources were not disclosed.
Risks identified by the company
Changes in the Business Environment
Impact of market conditions
If compliance with the criteria cannot be confirmed by the end of December 2026, the possibility of designation as securities under supervision or securities to be delisted, and delisting
Change of market segment to the Standard Market if compliance becomes difficult during the plan period
Reason for revision or withdrawal
As of the end of December 2025, the market capitalization of tradable shares was ¥9.0 billion against the ¥10.0 billion Prime Market continued listing requirement, resulting in non-compliance.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | Starting fiscal year Not disclosed / Final year End of December 2026 (improvement period) |
| Progress against the plan | Formulated |
| Payout ratio / DOE policy | The company aims for a dividend on equity (DOE) of at least 2.0% from the fiscal year ending December 2026 and at least 3.0% in the fiscal year ending December 2028. It plans to resume dividend payments from the fiscal year ending December 2025. |
| Self-assessment of PBR and share price | The company regards management that is conscious of the cost of capital and share price as an important management issue, but specific PBR and share price figures and assessments of their levels were not disclosed. |
| Plan assumptions | Compliance within the plan period may prove difficult due to changes in the business environment and the effects of market conditions. The market for the infection control business has contracted since the COVID-19 pandemic. |
| Key initiatives | Expand supply and demand to drive growth in the pharmaceuticals business, Strategic investment in new products and new businesses, Business portfolio management with a focus on the cost of capital, Transform the organizational culture and promote human capital management, Strengthen shareholder returns and IR activities |
| Results under the previous plan | Non-compliance with the market capitalization of tradable shares criterion as of 31 December 2023 → Compliance with the same criterion as of 31 December 2024 |
| Reason for revision or withdrawal | As of the end of December 2025, the market capitalization of tradable shares was ¥9.0 billion against the ¥10.0 billion Prime Market continued listing requirement, resulting in non-compliance. |
| Size of the Target Market | The company has set the long-term goal of becoming No. 1 in Asia's gastrointestinal medicine market. Market size, growth rate figures and sources were not disclosed. |
| Risks identified | Changes in the Business Environment, Impact of market conditions, If compliance with the criteria cannot be confirmed by the end of December 2026, the possibility of designation as securities under supervision or securities to be delisted, and delisting, Change of market segment to the Standard Market if compliance becomes difficult during the plan period |
| Publication date | 24 March 2026 |
Items this document does not state (13)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetTreasury share acquisition policyCost of capitalTotal investment planInvestment amount by sectorSegment targetNon-financial targetsDate 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 company explained that it is important to obtain an appropriate valuation from the capital markets through sustainable business growth and enhancement of corporate value, while compliance within the plan period may prove difficult due to changes in the business environment and the effects of market conditions. No specific direct cause was disclosed for the non-compliance as of the end of December 2025.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.