# Alfresa Holdings Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/04/01－2026/03/31) (S100YH29)
> Page: https://vizora.meequs.com/en/company/alfresa-holdings
> Retrieved: 2026-09-30T17:59:47.288Z

## Company

Alfresa Holdings, founded in 2003, is a company in Pharmaceuticals listed on TSE Prime. It has 12,525 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Alfresa Holdings Corporation |
| Ticker | 2784 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2784.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目1番3号 |
| Representative (per filing) | 代表取締役社長 荒川 隆治 |
| Founded | Sep 2003 |
| Share capital | ¥18.5B |
| Employees (consolidated) | 12,525 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Corporate number | 3010001084757 |
| EDINET | E02962 |
| Industries (Vizora) | Pharmaceuticals, Specialty Trading & Wholesale, Drugstores & Pharmacies |

> Profile source: annual securities report (S100YH29, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33.2 | 179 |
| Profitability | 14.9 | 185 |
| Cash conversion | 56.1 | 179 |
| Efficiency | 79.2 | 185 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 89% of Alfresa Holdings's sales come from Ethical Pharmaceuticals Wholesaling business, with Self-medication Products Wholesaling business and Manufacturing business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit -5.0%.

## Company structure

- Segment revenue mix: Ethical Pharmaceuticals Wholesaling business 89.0%、Self-medication Products Wholesaling business 8.6%、Manufacturing business 1.2%、Dispensing Pharmacy and Related businesses 1.2%
- Revenue → net income: ¥3104064000000 → ¥41831000000
- Net income → operating cash flow: ¥41831000000 → ¥38566000000（difference ¥-3265000000）
- Main uses of operating cash flow: CapEx ¥28525000000 / dividends ¥12025000000 / buybacks ¥638000000
- Change in cash: ¥15841000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.1T |  |
| Operating income | ¥36.2B | Margin 1.2% |
| Net income | ¥41.7B | Margin 1.3% |
| Free cash flow | ¥10B |  |
| Largest business | Ethical Pharmaceuticals Wholesaling business | of segment revenue 89.0% |
| Employees (consolidated) | 12,525 |  |
| EPS | ¥92.26 |  |
| Book value per share | ¥1212.69 |  |
| Equity ratio | 33.7% |  |
| Shares outstanding | 191,300,000 |  |
| Treasury shares | 9,097,700 |  |
| Shareholders | 10,648 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 6.1% |
| Vs. industry median margin | -1.7 pp | Specialty Trading & Wholesale |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2610427000000 | ¥3104064000000 | +18.9% |
| Operating income | ¥27929000000 | ¥36164000000 | +29.5% |
| Operating margin | 1.1% | 1.2% | +0.1 pp |
| Employees | 12,045 people | 12,525 people | +4.0% |
| Cash and equivalents | ¥169060000000 | ¥190684000000 | +12.8% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 医療用医薬品等卸売事業 → 医療用医薬品等卸売事業 | 87.4% |
| セルフメディケーション卸売事業 → セルフメディケーション卸売事業 | 8.6% |
| セルフメディケーション卸売事業 → 事業再編・廃止 | 1.4% |
| 医薬品等製造事業 → 医薬品等製造事業 | 1.2% |
| 医薬品等製造事業 → 事業再編・廃止 | 0.1% |
| 医療関連事業 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 医療用医薬品等卸売事業 | 1.6% |
| 新設・再編 → 調剤薬局等事業 | 1.2% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Ethical Pharmaceuticals Wholesaling business | 5 years | +3.9% | ¥2763082000000 | 1.2% | 2 |
| Self-medication Products Wholesaling business | 5 years | +0.4% | ¥266626000000 | 1.1% | 2 |
| Manufacturing business | 5 years | +2.3% | ¥37181000000 | 3.2% | 2 |
| Dispensing Pharmacy and Related businesses | — | — | ¥37174000000 | 1.3% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,104,064 | 100.0% | S100YH29 |
| Cost of revenue | 2,886,183 | 93.0% | S100YH29 |
| Gross profit | 217,880 | 7.0% | S100YH29 |
| SG&A | 181,716 | 5.9% | S100YH29 |
| Operating income | 36,164 | 1.2% | S100YH29 |
| Ordinary income | 38,634 | 1.2% | S100YH29 |
| Pretax income | 62,007 | 2.0% | S100YH29 |
| Income tax | 20,175 | 0.6% | S100YH29 |
| Net income | 41,831 | 1.3% | S100YH29 |
| Net income attributable to owners | 41,746 | 1.3% | S100YH29 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 6 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 7.0% → Operating margin 1.2% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.8%; Core profit growth: -5.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.04×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,961,051 | 3,104,064 | 143,013 | +4.8% |
| Gross profit | 213,927 | 217,880 | 3,953 | +1.8% |
| Operating income | 38,080 | 36,164 | -1,916 | -5.0% |
| Net income attributable to owners | 27,389 | 41,746 | 14,357 | +52.4% |
| Operating cash flow | 5,639 | 38,566 | 32,927 | +583.9% |
| Free cash flow | -14,489 | 10,041 | 24,530 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,698,511 | 47,645 | 1.8% | 40,273 | 33,828 | 13,252 | S100LQUD |
| FY ending Mar 2021 | 2,610,427 | 27,929 | 1.1% | 24,501 | -21,191 | -39,402 | S100OHEM |
| FY ending Mar 2022 | 2,585,643 | 29,091 | 1.1% | 32,182 | 36,546 | 19,558 | S100R438 |
| FY ending Mar 2023 | 2,696,069 | 30,148 | 1.1% | 25,786 | 13,086 | -12,379 | S100TRUQ |
| FY ending Mar 2024 | 2,858,500 | 38,460 | 1.3% | 29,558 | 86,379 | 71,051 | S100W3KK |
| FY ending Mar 2025 | 2,961,051 | 38,080 | 1.3% | 27,389 | 5,639 | -14,489 | S100YH29 |
| FY ending Mar 2026 | 3,104,064 | 36,164 | 1.2% | 41,746 | 38,566 | 10,041 | S100YH29 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥247.8M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥3.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 11,925 | 11,772 | 12,517 | 12,452 | 12,525 |
| Average salary (parent company) | ¥6.9M | ¥7M | ¥7.7M | ¥8M | ¥8.4M |
| Average age (parent company) | 42.4 years | 43.3 years | 45.2 years | 47.0 years | 46.6 years |
| Average tenure (parent company) | 14.7 years | 16.0 years | 16.8 years | 15.7 years | 14.0 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +4.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ethical Pharmaceuticals Wholesaling business | 2,763,082 | 89.0% | 33,297 | 1.2% |
| Self-medication Products Wholesaling business | 266,626 | 8.6% | 3,012 | 1.1% |
| Manufacturing business | 37,181 | 1.2% | 1,203 | 3.2% |
| Dispensing Pharmacy and Related businesses | 37,174 | 1.2% | 499 | 1.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Ethical Pharmaceuticals Wholesaling business | 89.0% | 87.6% | -1.4 | 1.2% |
| Self-medication Products Wholesaling business | 8.6% | 7.9% | -0.7 | 1.1% |
| Manufacturing business | 1.2% | 3.2% | 2.0 | 3.2% |
| Dispensing Pharmacy and Related businesses | 1.2% | 1.3% | 0.1 | 1.3% |

Segment → industry: Manufacturing business → Pharmaceuticals / Self-medication Products Wholesaling business → Specialty Trading & Wholesale / Ethical Pharmaceuticals Wholesaling business → Specialty Trading & Wholesale / Dispensing Pharmacy and Related businesses → Drugstores & Pharmacies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 38,566 | 1.2% | S100YH29 |
| Capital expenditure | 28,525 | 0.9% | S100YH29 |
| Free cash flow | 10,041 | 0.3% | 算出 |
| Investing cash flow | -8,721 | -0.3% | S100YH29 |
| Financing cash flow | -14,047 | -0.5% | S100YH29 |
| Dividends paid | 12,025 | 0.4% | S100YH29 |
| Share buyback | 638 | 0.0% | S100YH29 |
| Change in cash | 15,841 | 0.5% | S100YH29 |
| Cash and equivalents | 190,684 | 6.1% | S100YH29 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 179,108 | 158,776 | 212,315 | 174,813 | 190,684 | S100TRUQ, S100W3KK, S100YH29 |
| Total assets | 1,303,991 | 1,339,852 | 1,447,625 | 1,439,885 | 1,507,016 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Net assets | 471,835 | 488,335 | 479,859 | 482,247 | 507,903 | S100TRUQ, S100W3KK, S100YH29 |
| Share capital | 18,454 | 18,454 | 18,454 | 18,454 | 18,454 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Property, plant and equipment | 162,758 | 176,821 | 181,601 | 192,436 | 201,609 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Intangible assets excluding goodwill | 18,807 | 17,860 | 16,572 | 11,464 | 13,127 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Goodwill | 2,913 | 2,545 | 2,065 | 1,402 | 1,000 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Investment securities | 87,284 | 91,555 | 105,627 | 115,315 | 106,363 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Current assets | 1,016,471 | 1,034,527 | 1,121,233 | 1,094,496 | 1,159,314 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Current liabilities | 802,813 | 825,732 | 906,989 | 894,961 | 938,474 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Trade payables | 755,250 | 780,343 | 855,328 | 834,925 | 882,025 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Short-term borrowings | 48 | — | — | — | — | S100R438 |
| Long-term borrowings | — | — | 10,000 | 10,000 | 10,000 | S100W3KK, S100YH29 |
| Bonds | — | — | 20,000 | 20,000 | 20,000 | S100W3KK, S100YH29 |
| Total liabilities | 832,156 | 851,517 | 967,766 | 957,637 | 999,113 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Non-controlling interests | 241 | 244 | 259 | 459 | 545 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Equity attributable to owners of parent | 427,504 | 442,137 | 424,269 | 428,484 | 456,621 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Retained earnings | 352,015 | 366,649 | 384,507 | 399,650 | 427,968 | S100R438, S100TRUQ, S100W3KK, S100YH29 |
| Treasury stock | -44,625 | -686 | -36,412 | -21,369 | -21,550 | S100R438, S100TRUQ, S100W3KK, S100YH29 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YH29 |
| Property, plant and equipment | 13% | S100YH29 |
| Intangibles and goodwill | 1% | S100YH29 |
| Investment securities | 7% | S100YH29 |
| Other assets | 66% | S100YH29 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 58% | S100YH29 |
| Other liabilities | 8% | S100YH29 |
| Equity | 34% | S100YH29 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,303,991 | 1,339,852 | 1,447,625 | 1,439,885 | 1,507,016 |
| Equity | 471,835 | 488,335 | 479,859 | 482,247 | 507,903 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 179,108 | 158,776 | 212,315 | 174,813 | 190,684 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 6.5% | S100YH29 |
| Fixed assets ÷ total assets | 13.4% | S100YH29 |
| Goodwill ÷ parent equity | 0.2% | S100YH29 |

Goodwill over 4 years: 2,913 → 1,000 JPY; total investing cash flow: -66,090 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 12.7% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.6% |
| Cash vs. profit gap | -3,180 JPY mn (of net income -7.6%) |
| Shareholder returns / net income | 30.3% |
| Shareholder returns / FCF | 126.1% |
| Shareholder payments — dividends / net income | 28.8% |
| Shareholder payments — dividends / FCF | 119.8% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 22.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.2% | 1.98× | 2.5% | 3.05× | 7.5% | S100R438 |
| 2023 | 1.0% | 2.04× | 2.0% | 3.04× | 5.9% | S100TRUQ |
| 2024 | 1.0% | 2.05× | 2.1% | 3.22× | 6.8% | S100W3KK |
| 2025 | 0.9% | 2.05× | 1.9% | 3.39× | 6.4% | S100YH29 |
| 2026 | 1.3% | 2.11× | 2.8% | 3.33× | 9.4% | S100YH29 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 13.7% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC)RE SILCHESTER INTERNATIONALINVESTORS INTERNATIONALVALUE EQUITY TRUST(常任代理人 香港上海銀行東京支店) | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.6% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS(常任代理人 香港上海銀行東京支店) | Major shareholder | 3.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY505051(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.9% | 2026-03-31 |
| アルフレッサ ホールディングス社員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC)RE NON TREATY CLIENTS ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.3% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託第一三共口 再信託受託者株式会社日本カストディ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDU UCITS CLIENTS NON LENDING 15PCT TREATY ACCOUNT (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.9% | 2026-03-31 |
| 福神 雄介 | Major shareholder | 1.7% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥3.1T, up +4.8% from ¥2.96T.
- Operating income slipped -5.0%, from ¥38.1B to ¥36.2B.
- Net income attributable to owners rose +52.4% to ¥41.7B, and operating cash flow climbed from ¥5.64B to ¥38.6B.
- Free cash flow turned positive at ¥10B, after a negative figure the year before.

### Drivers

- Sales grew thanks to a stronger push into clinics and more handling of specialty drugs with restricted distribution.
- Operating income was held back by investment costs booked in SG&A, including regenerative medicine and a biosimilar manufacturing facility, along with drug price cuts and higher logistics and labor costs.
- Net income was lifted by a one-off gain from selling cross-held shares.

### Risks

- Official drug prices are cut on a regular schedule, which can hurt results.
- Drawn-out price talks with hospitals, or final prices that differ from estimates, could affect earnings.
- Investments in logistics centers and acquisitions take a long time to pay back and could face impairment.

Cited: Annual Securities Report, 23rd fiscal year (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 23rd fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YH29 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH29,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W3KK | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3KK,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TRUQ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRUQ,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R438 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R438,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OHEM | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHEM,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LQUD | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQUD,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 住友ファーマ | Alliance | 「マイスタン」の販売提携（アルフレッサファーマ） | S100YH29 |
| 田辺ファーマ㈱ | Co-development | 「モディオダール」の共同販売と適応症拡大の共同開発 | S100YH29 |
| サノフィ㈱ | Co-development | 抗てんかん薬「ビガバトリン」の共同開発 | S100YH29 |
| ケイファーマ | Co-development | ALS 治療薬の開発権・製造販売権の許諾を受ける | S100YH29 |
| あらた | Alliance | 食品・日用品・一般用医薬品の卸売での業務提携 | S100YH29 |
| ㈱日本アクセス | Alliance | 食品・日用品・一般用医薬品の卸売での業務提携 | S100YH29 |
| 遼寧成大股份有限公司 | Alliance | 中国のヘルスケア事業での包括的業務提携 | S100YH29 |
| 伊藤忠 | Alliance | 中国のヘルスケア事業での包括的業務提携 | S100YH29 |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).