Worth reading
65In 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
146026
¥ millionWording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales3,817,354¥ millionYear on year +4.0%Progress 96.8%
Operating profit53,182¥ millionYear on year -4.4%Progress 96.7%
Ordinary income75,723¥ millionYear on year +16.0%Progress 105.9%
Net income attributable to owners of the parent42,534¥ millionYear on year +5.6%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥206.67
Operating Margin1.4%
Financial position at period-end
Total assets1,922,002¥ million
of which net assets 795,399 ¥ millionEquity ratio 33.9%vs. prior year-end 0.0pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+46,552
Investment+9,299
Financials-29,397
Net change+26,454
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥286,539 million
Segment revenueWholesale business for prescription pharmaceuticals and other products ¥2,466,109 million (YoY +4.0%), Wholesale business for cosmetics, daily necessities and over-the-counter pharmaceuticals ¥1,237,846 million (YoY +4.2%), Related businesses, including wholesale of veterinary pharmaceuticals and food-processing raw materials ¥117,328 million (YoY +0.4%)
Segment profitWholesale business for prescription pharmaceuticals and other products ¥24,292 million (YoY -3.6%), Wholesale business for cosmetics, daily necessities and over-the-counter pharmaceuticals ¥26,430 million (YoY -5.6%), Related businesses, including wholesale of veterinary pharmaceuticals and food-processing raw materials ¥2,325 million (YoY -4.9%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥3,944,000 million (YoY +3.3%)
Operating profit¥55,000 million (YoY +3.4%)
Ordinary income¥71,500 million (YoY -5.6%)
Profit attributable to owners of the parent¥39,000 million (YoY -8.3%)
Annual Dividend Forecast¥66 → ¥68（+3.0%）
Payout ratio35.7
Shareholder Return PolicyThe Company aims to achieve total shareholder return of 40% of profit before amortization of goodwill and intangible assets associated with growth investments, on a cumulative basis over the five-year period from the fiscal year ended March 2023 through the fiscal year ending March 2027.
Factors Behind Changes in Business Performance
The increase in net sales was due to higher sales in all segments: the wholesale business for prescription pharmaceuticals and other products; the wholesale business for cosmetics, daily necessities and over-the-counter pharmaceuticals; and the related businesses, including wholesale of veterinary pharmaceuticals and food-processing raw materials. The decline in operating profit was due to higher procurement costs, changes in the product mix, increased business investment expenses, investments in personnel and wage increases, and higher logistics costs. The increase in ordinary profit was due to the recognition of equity-method investment gains and gains on the operation of investment partnerships.
Disclosure regarding the going concern assumption
Not applicable.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew Number of companies 2 / Company name シグニホールディングス株式会社, シグニ株式会社 / Excluded Number of companies 2 / Company name 株式会社ＭＶＣ, 株式会社ファルフィールド
Material subsequent eventsOn 11 May 2026, the Company announced the commencement of a tender offer for shares of 株式会社ＰＡＬＴＡＣ. The impact has not been incorporated into the earnings forecasts at this time.
Impairment lossAmount ¥670 million / Subject assets Not disclosed
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥20 million, Gain on sale of investment securities ¥21,347 million, Other ¥481 million / Extraordinary loss Loss on disposal and sale of non-current assets ¥200 million, Impairment Losses ¥670 million, Amortization of goodwill ¥9,543 million, Impairment Loss on Investment Securities ¥529 million, Business structure improvement costs ¥4,554 million, Other ¥228 million
Depreciation and amortization¥17,439 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person Institutional investors and securities analysts
Issued Shares at Period-End215,975,042 Shares
Treasury Shares at Period-End11,276,403 Shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥3,817,354 million (YoY +4.0%) |
| Operating profit | ¥53,182 million (YoY -4.4%) |
| Ordinary income | ¥75,723 million (YoY +16.0%) |
| Profit attributable to owners of the parent | ¥42,534 million (YoY +5.6%) |
| Net income per share | ¥206.67 |
| Operating Margin | 1.4% |
| Equity ratio | End of the current fiscal period 33.9 / End of previous period 33.9 |
| Total assets | ¥1,922,002 million |
| Net assets | ¥795,399 million |
| Cash flows from operating activities | ¥46,552 million |
| Cash flows from investing activities | ¥9,299 million |
| Cash flows from financing activities | ¥-29,397 million |
| Cash and cash equivalents at end of period | ¥286,539 million |
| Full-year earnings forecast | Net Sales ¥3,944,000 million (YoY +3.3%) / Operating profit ¥55,000 million (YoY +3.4%) / Ordinary income ¥71,500 million (YoY -5.6%) / Profit attributable to owners of the parent ¥39,000 million (YoY -8.3%) |
| Annual Dividend Forecast | ¥66 → ¥68（+3.0%） |
| Payout ratio | 35.7 |
| Shareholder Return Policy | The Company aims to achieve total shareholder return of 40% of profit before amortization of goodwill and intangible assets associated with growth investments, on a cumulative basis over the five-year period from the fiscal year ended March 2023 through the fiscal year ending March 2027. |
| Segment revenue | Wholesale business for prescription pharmaceuticals and other products ¥2,466,109 million (YoY +4.0%), Wholesale business for cosmetics, daily necessities and over-the-counter pharmaceuticals ¥1,237,846 million (YoY +4.2%), Related businesses, including wholesale of veterinary pharmaceuticals and food-processing raw materials ¥117,328 million (YoY +0.4%) |
| Segment profit | Wholesale business for prescription pharmaceuticals and other products ¥24,292 million (YoY -3.6%), Wholesale business for cosmetics, daily necessities and over-the-counter pharmaceuticals ¥26,430 million (YoY -5.6%), Related businesses, including wholesale of veterinary pharmaceuticals and food-processing raw materials ¥2,325 million (YoY -4.9%) |
| Depreciation and amortization | ¥17,439 million |
| Impairment loss | Amount ¥670 million / Subject assets Not disclosed |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥20 million, Gain on sale of investment securities ¥21,347 million, Other ¥481 million / Extraordinary loss Loss on disposal and sale of non-current assets ¥200 million, Impairment Losses ¥670 million, Amortization of goodwill ¥9,543 million, Impairment Loss on Investment Securities ¥529 million, Business structure improvement costs ¥4,554 million, Other ¥228 million |
| Disclosure regarding the going concern assumption | Not applicable. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New Number of companies 2 / Company name シグニホールディングス株式会社, シグニ株式会社 / Excluded Number of companies 2 / Company name 株式会社ＭＶＣ, 株式会社ファルフィールド |
| Material subsequent events | On 11 May 2026, the Company announced the commencement of a tender offer for shares of 株式会社ＰＡＬＴＡＣ. The impact has not been incorporated into the earnings forecasts at this time. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person Institutional investors and securities analysts |
| Issued Shares at Period-End | 215,975,042 Shares |
| Treasury Shares at Period-End | 11,276,403 Shares |
| Factors Behind Changes in Business Performance | The increase in net sales was due to higher sales in all segments: the wholesale business for prescription pharmaceuticals and other products; the wholesale business for cosmetics, daily necessities and over-the-counter pharmaceuticals; and the related businesses, including wholesale of veterinary pharmaceuticals and food-processing raw materials. The decline in operating profit was due to higher procurement costs, changes in the product mix, increased business investment expenses, investments in personnel and wage increases, and higher logistics costs. The increase in ordinary profit was due to the recognition of equity-method investment gains and gains on the operation of investment partnerships. |
Items this document does not state (3)
Revision to Earnings ForecastRegional salesOrders received and order backlog
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.Gross profit increased on higher sales, but operating profit declined due to higher procurement costs resulting from drug price revisions and other factors, changes in the product mix, increased business investment expenses, investments in personnel and wage increases, and higher logistics costs. Ordinary profit increased due to the recognition of equity-method investment gains and gains on the operation of investment partnerships. While the Company recorded gains on the sale of investment securities, it also recognized amortization of goodwill and business structure improvement expenses, affecting net profit.
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