# Astellas Pharma Inc.: business model and financials

> Latest period: FY ending Mar 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YBPK)
> Page: https://vizora.meequs.com/en/company/astellas-pharma
> Retrieved: 2026-09-30T22:09:06.340Z

## Company

Astellas, founded in 1923, is a company in Pharmaceuticals listed on TSE Prime. It has 14,754 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Astellas Pharma Inc. |
| Ticker | 4503 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4503.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋本町二丁目5番1号 |
| Representative (per filing) | 代表取締役社長 岡村 直樹 |
| Founded | Apr 1923 |
| Employees (consolidated) | 14,754 |
| Fiscal year end | March |
| Website | www.astellas.com (https://www.astellas.com/) |
| Corporate number | 5010001034966 |
| EDINET | E00920 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YBPK, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2024-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Efficiency | 39.1 | 32 |

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)

- Astellas brought in ¥1.6T in revenue.
- Revenue changed +5.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.6T |  |
| Operating income | — | Margin — |
| Net income | ¥17B | Margin 1.1% |
| Free cash flow | — |  |
| Employees (consolidated) | 14,754 |  |
| Cash ratio | 9.4% | Cash ÷ revenue 20.9% |
| ROE | 1.1% | Equity approximated |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2024, operating cash flow is 10.1× net income

## What changed in 7 years

| Metric | FY ending Mar 2017 | FY ending Mar 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1311665000000 | ¥1603672000000 | +22.3% |
| Employees | 17,202 people | 14,754 people | -14.2% |
| Cash and equivalents | ¥340923000000 | ¥335687000000 | -1.5% |

### Change in segment revenue mix

Span: FY ending Mar 2017 → FY ending Mar 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,603,672 | 100.0% | S100YBPK |
| Pretax income | 24,969 | 1.6% | S100YBPK |
| Net income attributable to owners | 17,045 | 1.1% | S100YBPK |

A machine-readable operating income value exists, but it is not in the validated published data, so the chart is omitted.

## Year over year（FY ending Mar 2023 → FY ending Mar 2024、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,518,619 | 1,603,672 | 85,053 | +5.6% |
| Net income attributable to owners | 98,714 | 17,045 | -81,669 | -82.7% |
| Operating cash flow | 327,767 | 172,475 | -155,292 | -47.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,311,665 | — | — | 218,701 | 235,612 | — | S100LIQN |
| FY ending Mar 2018 | 1,300,316 | — | — | 164,679 | 312,614 | — | S100O9T7 |
| FY ending Mar 2019 | 1,306,348 | — | — | 222,265 | 258,630 | — | S100SMI3 |
| FY ending Mar 2022 | 1,296,163 | — | — | 124,086 | 257,444 | — | S100YBPK |
| FY ending Mar 2023 | 1,518,619 | — | — | 98,714 | 327,767 | — | S100YBPK |
| FY ending Mar 2024 | 1,603,672 | — | — | 17,045 | 172,475 | — | S100YBPK |

## People and productivity（FY ending Mar 2024, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥108.7M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Mar 2018 | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 16,617 | 16,243 | 14,522 | 14,484 | 14,754 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +5.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 172,475 | 10.8% | S100YBPK |
| Investing cash flow | -845,802 | -52.7% | S100YBPK |
| Financing cash flow | 614,060 | 38.3% | S100YBPK |
| Change in cash | -59,267 | -3.7% | 算出 |
| Cash and equivalents | 335,687 | 20.9% | S100YBPK |

## 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 2018 | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 331,731 | 311,074 | 315,986 | 376,840 | 335,687 | S100O9T7, S100LIQN, S100YBPK |
| Total assets | 1,858,205 | 1,897,648 | 2,332,395 | 2,456,518 | 3,569,603 | S100O9T7, S100SMI3, S100YBPK |
| Net assets | — | 1,258,396 | — | — | 1,595,988 | S100LIQN, S100YBPK |

### Balance sheet history

| Metric | FY ending Mar 2018 | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,858,205 | 1,897,648 | 2,332,395 | 2,456,518 | 3,569,603 |
| Equity | — | 1,258,396 | — | — | 1,595,988 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 331,731 | 311,074 | 315,986 | 376,840 | 335,687 |

### 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) | 9.4% |
| Cash ÷ revenue | 20.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 155,430 JPY mn (of net income 911.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 490.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2018 | — | —× | 8.9% | —× | — | S100O9T7 |
| 2019 | 17.0% | 0.70× | 11.8% | 1.49× | 17.7% | S100SMI3, S100LIQN |
| 2022 | — | —× | 5.3% | —× | — | S100YBPK |
| 2023 | — | —× | 4.1% | —× | — | S100YBPK |
| 2024 | 1.1% | 0.53× | 0.6% | 1.89× | 1.1% | S100YBPK |

## 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 | 19.0% | 2026-03-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 7.2% | 2026-03-31 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 野村信託銀行株式会社 (投信口) | Major shareholder | 1.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社日本カストディ銀行 (信託口４) | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YBPK | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBPK,, |
| 訂正有価証券報告書－第18期(2022/04/01－2023/03/31) | S100SMI3 | 2024-01-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SMI3,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100O9T7 | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9T7,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LIQN | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIQN,, |

## 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).