Worth reading
58In 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
3.6
%Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales2,486,647¥ millionYear on year +3.6%Progress 97.0%
Operating profit36,374¥ millionYear on year -2.0%Progress 116.6%
Ordinary income39,744¥ millionYear on year +2.4%Progress 115.9%
Net income attributable to owners of the parent38,136¥ millionYear on year +10.6%Progress 152.5%
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¥545.54
Operating Margin1.5%
Financial position at period-end
Total assets1,155,766¥ million
of which net assets 416,012 ¥ millionEquity ratio 36.0%vs. prior year-end -0.6pt
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+33,566
Investment+12,817
Financials-33,336
Net change+13,047
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¥131,604 million
Segment revenuePharmaceutical wholesale business ¥2,401,013 million (YoY +3.8%), Healthcare Product Development Business ¥51,636 million (YoY -1.9%), Regional Medical and Nursing Care Support Business ¥93,937 million (YoY -0.5%), Specialty Pharmaceutical Distribution Contracting Business ¥436,100 million (YoY +47.6%), Medical-Related Services and Other Businesses ¥42,964 million (YoY +1.8%)
Segment profitPharmaceutical wholesale business ¥31,467 million (YoY -1.4%), Healthcare Product Development Business ¥830 million (YoY -56.6%), Regional Medical and Nursing Care Support Business ¥1,549 million (YoY +20.0%), Specialty Pharmaceutical Distribution Contracting Business ¥1,155 million (YoY +36.5%), Medical-Related Services and Other Businesses ¥1,276 million (YoY +21.6%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥2,563,000 million (YoY +3.1%)
Operating profit¥31,200 million (YoY -14.2%)
Ordinary income¥34,300 million (YoY -13.7%)
Net income¥25,000 million (YoY -34.4%)
Annual Dividend Forecast¥100 per share (actual for the fiscal year ended March 2026) → ¥120 per share (forecast for the fiscal year ending March 2027, based on the pre-stock-split basis; the annual dividend after the split will be ¥90)（20%）
Payout ratio18.3% (actual for the fiscal year ended March 2026), 32.5% (forecast for the fiscal year ending March 2027)
Shareholder Return PolicyThe company will continue to pay stable dividends and aims for a total payout ratio of at least 100% (previous medium-term management plan). Under the new medium-term management plan, shareholder returns will be implemented based on a DOE of 3.0% and a total payout ratio of 100% through the fiscal year ending March 2029.
Factors Behind Changes in Business Performance
Although sales of products related to COVID-19 declined, growth in the prescription pharmaceutical market and new drugs, including specialty pharmaceuticals, contributed to revenue. Operating profit declined due to higher procurement costs for pharmaceuticals and other products and higher operating expenses attributable to inflationary trends, including increased outsourcing costs. Ordinary profit benefited from equity in earnings of affiliates, while net income benefited from gains on sales of investment securities.
Disclosure regarding the going concern assumption
No applicable matters (There are no applicable matters.)
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 consolidationNo material changes. Additions: none; exclusions: none.
Impairment loss¥677 million
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥161 million, Gain on sale of investment securities ¥15,581 million, Reversal of provision for losses related to the Antimonopoly Act ¥1,486 million, Other ¥538 million / Extraordinary loss Loss on disposal and sale of non-current assets ¥321 million, Impairment Losses ¥677 million, Impairment Loss on Investment Securities ¥2,080 million, Other ¥139 million
Depreciation and amortization¥12,341 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingAvailable (for institutional investors and analysts)
Issued Shares at Period-End72,167,204 shares
Treasury Shares at Period-End4,529,359 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 | ¥2,486,647 million (YoY +3.6%) |
| Operating profit | ¥36,374 million (YoY -2.0%) |
| Ordinary income | ¥39,744 million (YoY +2.4%) |
| Profit attributable to owners of the parent | ¥38,136 million (YoY +10.6%) |
| Net income per share | ¥545.54 |
| Operating Margin | 1.5% |
| Equity ratio | End of the current fiscal period 36.0% / End of previous period 36.6% |
| Total assets | ¥1,155,766 million |
| Net assets | ¥416,012 million |
| Cash flows from operating activities | ¥33,566 million |
| Cash flows from investing activities | ¥12,817 million |
| Cash flows from financing activities | ¥-33,336 million |
| Cash and cash equivalents at end of period | ¥131,604 million |
| Full-year earnings forecast | Net Sales ¥2,563,000 million (YoY +3.1%) / Operating profit ¥31,200 million (YoY -14.2%) / Ordinary income ¥34,300 million (YoY -13.7%) / Net income ¥25,000 million (YoY -34.4%) |
| Annual Dividend Forecast | ¥100 per share (actual for the fiscal year ended March 2026) → ¥120 per share (forecast for the fiscal year ending March 2027, based on the pre-stock-split basis; the annual dividend after the split will be ¥90)（20%） |
| Payout ratio | 18.3% (actual for the fiscal year ended March 2026), 32.5% (forecast for the fiscal year ending March 2027) |
| Shareholder Return Policy | The company will continue to pay stable dividends and aims for a total payout ratio of at least 100% (previous medium-term management plan). Under the new medium-term management plan, shareholder returns will be implemented based on a DOE of 3.0% and a total payout ratio of 100% through the fiscal year ending March 2029. |
| Segment revenue | Pharmaceutical wholesale business ¥2,401,013 million (YoY +3.8%), Healthcare Product Development Business ¥51,636 million (YoY -1.9%), Regional Medical and Nursing Care Support Business ¥93,937 million (YoY -0.5%), Specialty Pharmaceutical Distribution Contracting Business ¥436,100 million (YoY +47.6%), Medical-Related Services and Other Businesses ¥42,964 million (YoY +1.8%) |
| Segment profit | Pharmaceutical wholesale business ¥31,467 million (YoY -1.4%), Healthcare Product Development Business ¥830 million (YoY -56.6%), Regional Medical and Nursing Care Support Business ¥1,549 million (YoY +20.0%), Specialty Pharmaceutical Distribution Contracting Business ¥1,155 million (YoY +36.5%), Medical-Related Services and Other Businesses ¥1,276 million (YoY +21.6%) |
| Depreciation and amortization | ¥12,341 million |
| Impairment loss | ¥677 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥161 million, Gain on sale of investment securities ¥15,581 million, Reversal of provision for losses related to the Antimonopoly Act ¥1,486 million, Other ¥538 million / Extraordinary loss Loss on disposal and sale of non-current assets ¥321 million, Impairment Losses ¥677 million, Impairment Loss on Investment Securities ¥2,080 million, Other ¥139 million |
| Disclosure regarding the going concern assumption | No applicable matters (There are no applicable matters.) |
| 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 | No material changes. Additions: none; exclusions: none. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Available (for institutional investors and analysts) |
| Issued Shares at Period-End | 72,167,204 shares |
| Treasury Shares at Period-End | 4,529,359 shares |
| Factors Behind Changes in Business Performance | Although sales of products related to COVID-19 declined, growth in the prescription pharmaceutical market and new drugs, including specialty pharmaceuticals, contributed to revenue. Operating profit declined due to higher procurement costs for pharmaceuticals and other products and higher operating expenses attributable to inflationary trends, including increased outsourcing costs. Ordinary profit benefited from equity in earnings of affiliates, while net income benefited from gains on sales of investment securities. |
Items this document does not state (4)
Revision to Earnings ForecastRegional salesOrders received and order backlogMaterial subsequent events
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.Revenue increased despite lower sales of products related to COVID-19, owing to growth in the prescription pharmaceutical market and contributions from new drugs, including specialty pharmaceuticals. Operating profit declined due to higher procurement costs for pharmaceuticals and other products, as well as higher operating expenses attributable to inflationary trends, including increased outsourcing costs. Ordinary profit benefited from equity in earnings of affiliates, while net income benefited from gains on sales of investment securities associated with the reduction of cross-held shares.
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