Worth reading
60In 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
20
Year-on-year decrease in operating income (%)Wording
Conditional
How definitive the wording is.Results for this period
Interim period (second quarter)1 April 2026–30 September 2026ConsolidatedJapanese GAAPNet Sales1,281,025¥ millionYear on year +5.1%Progress 50.0%
Operating profit13,561¥ millionYear on year -20.0%Progress 43.5%
Ordinary income15,343¥ millionYear on year -14.9%Progress 44.7%
Net income attributable to owners of the parent12,974¥ millionYear on year -20.1%Progress 51.9%
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¥96.07
Financial position at period-end
Total assets1,217,937¥ million
of which net assets 419,005 ¥ millionEquity ratio 34.4%vs. prior year-end -1.6pt
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+14,355
Investment+2,335
Financials-8,539
Net change+8,151
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¥139,766 million
Segment revenuePharmaceutical wholesale business ¥1,236,309 million (YoY +5.3%), Digital Business ¥1,690 million (YoY +39.6%), Logistics ¥28,921 million (YoY +3.7%), Healthcare Product Development ¥25,699 million (YoY +0.9%), Regional Medical and Long-Term Care Support ¥45,719 million (YoY -1.6%), Other Related Businesses ¥2,816 million (YoY -0.4%)
Segment profitPharmaceutical wholesale business ¥12,339 million (YoY -9.8%), Digital Business ¥-855 million, Logistics ¥1,811 million (YoY +32.7%), Healthcare Product Development ¥284 million (YoY -76.2%), Regional Medical and Long-Term Care Support ¥-152 million, Other Related Businesses ¥58 million (YoY -32.0%)
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 Forecast100 Yen (per share, before taking the share split into account) → 120 Yen (per share, before taking the share split into account)（+20.0%）
Shareholder Return PolicyBased on a total payout ratio of 100%, the company aims for a dividend on equity (DOE) of approximately 3% in the fiscal year ending March 2029.
Factors Behind Changes in Business Performance
New drugs, including specialty pharmaceuticals, and growth in the prescription drug market contributed to revenue, while operating expenses attributable to inflationary trends, including higher purchase prices for pharmaceuticals and other products and increased outsourced service costs, rose.
Disclosure regarding the going concern assumption
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 consolidationNew 0 companies / Excluded 0 companies / Company name Not applicable
Material subsequent eventsA stock split changing from 1 common share to 2 shares, with 1 October 2026 as the effective date
Impairment lossNo material impairment loss
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥18 million, Gain on sale of investment securities ¥4,378 million, Other ¥51 million / Extraordinary loss Loss on disposal and sale of fixed assets ¥103 million, Losses from disasters ¥354 million, Other ¥0 million
Depreciation and amortization¥6,316 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for institutional investors and analysts)
Issued Shares at Period-End144,334,408 shares
Treasury Shares at Period-End10,966,144 shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2026–30 September 2026 |
| Net Sales | ¥1,281,025 million (YoY +5.1%) |
| Operating profit | ¥13,561 million (YoY -20.0%) |
| Ordinary income | ¥15,343 million (YoY -14.9%) |
| Profit attributable to owners of the parent | ¥12,974 million (YoY -20.1%) |
| Net income per share | ¥96.07 |
| Equity ratio | End of the current fiscal period 34.4 / End of previous period 36 |
| Total assets | ¥1,217,937 million |
| Net assets | ¥419,005 million |
| Cash flows from operating activities | ¥14,355 million |
| Cash flows from investing activities | ¥2,335 million |
| Cash flows from financing activities | ¥-8,539 million |
| Cash and cash equivalents at end of period | ¥139,766 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 Yen (per share, before taking the share split into account) → 120 Yen (per share, before taking the share split into account)（+20.0%） |
| Shareholder Return Policy | Based on a total payout ratio of 100%, the company aims for a dividend on equity (DOE) of approximately 3% in the fiscal year ending March 2029. |
| Segment revenue | Pharmaceutical wholesale business ¥1,236,309 million (YoY +5.3%), Digital Business ¥1,690 million (YoY +39.6%), Logistics ¥28,921 million (YoY +3.7%), Healthcare Product Development ¥25,699 million (YoY +0.9%), Regional Medical and Long-Term Care Support ¥45,719 million (YoY -1.6%), Other Related Businesses ¥2,816 million (YoY -0.4%) |
| Segment profit | Pharmaceutical wholesale business ¥12,339 million (YoY -9.8%), Digital Business ¥-855 million, Logistics ¥1,811 million (YoY +32.7%), Healthcare Product Development ¥284 million (YoY -76.2%), Regional Medical and Long-Term Care Support ¥-152 million, Other Related Businesses ¥58 million (YoY -32.0%) |
| Depreciation and amortization | ¥6,316 million |
| Impairment loss | No material impairment loss |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥18 million, Gain on sale of investment securities ¥4,378 million, Other ¥51 million / Extraordinary loss Loss on disposal and sale of fixed assets ¥103 million, Losses from disasters ¥354 million, Other ¥0 million |
| Disclosure regarding the going concern assumption | 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 | New 0 companies / Excluded 0 companies / Company name Not applicable |
| Material subsequent events | A stock split changing from 1 common share to 2 shares, with 1 October 2026 as the effective date |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for institutional investors and analysts) |
| Issued Shares at Period-End | 144,334,408 shares |
| Treasury Shares at Period-End | 10,966,144 shares |
| Factors Behind Changes in Business Performance | New drugs, including specialty pharmaceuticals, and growth in the prescription drug market contributed to revenue, while operating expenses attributable to inflationary trends, including higher purchase prices for pharmaceuticals and other products and increased outsourced service costs, rose. |
Items this document does not state (5)
Operating MarginRevision to Earnings ForecastPayout ratioRegional 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.Revenue increased, supported by growth in the prescription drug market and the contribution of new drugs, including specialty pharmaceuticals. Profit declined as operating expenses attributable to inflationary trends, including higher purchase prices for pharmaceuticals and other products and increased outsourced service costs, rose.
How to read this page
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