# CHUGAI PHARMACEUTICAL CO., LTD.: business model and financials

> Latest period: FY ending Dec 2023, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第115期(2025/01/01－2025/12/31) (S100XTBJ)
> Page: https://vizora.meequs.com/en/company/chugai-pharmaceutical
> Retrieved: 2026-09-30T21:37:16.767Z

## Company

Chugai, founded in 1988, is a company in Pharmaceuticals listed on TSE Prime. It has 7,604 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUGAI PHARMACEUTICAL CO., LTD. |
| Ticker | 4519 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4519.T) |
| Listing | TSE Prime |
| Head office | 東京都北区浮間五丁目5番1号(上記は登記簿上の本店所在地であり、事実上の本社業務は下記「最寄りの連絡場所」において行っております。) |
| Representative (per filing) | 代表取締役社長CEO 奥田 修 |
| Founded | Sep 1988 |
| Employees (consolidated) | 7,604 |
| Fiscal year end | December |
| Website | www.chugai-pharm.co.jp (https://www.chugai-pharm.co.jp/) |
| Corporate number | 5011501002900 |
| EDINET | E00932 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100XTBJ, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2023-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.2 | 18 |
| Efficiency | 60.9 | 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)

- Chugai brought in ¥1.11T in revenue.
- Revenue changed -11.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.11T |  |
| Operating income | — | Margin — |
| Net income | ¥325.5B | Margin 29.3% |
| Free cash flow | — |  |
| Employees (consolidated) | 7,604 |  |
| Cash ratio | 23.7% | Cash ÷ revenue 41.3% |
| ROE | 20.0% | Equity approximated |
| ROA | 17.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2018 | FY ending Dec 2023 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥579787000000 | ¥1111367000000 | +91.7% |
| Employees | 7,432 people | 7,604 people | +2.3% |
| Cash and equivalents | ¥146860000000 | ¥458674000000 | +212.3% |

### Change in segment revenue mix

Span: FY ending Dec 2018 → FY ending Dec 2023. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,111,367 | 100.0% | S100XTBJ |
| Pretax income | 443,821 | 39.9% | S100XTBJ |
| Net income | 325,472 | 29.3% | S100XTBJ |
| Net income attributable to owners | 325,472 | 29.3% | S100XTBJ |

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 Dec 2022 → FY ending Dec 2023、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,259,726 | 1,111,367 | -148,359 | -11.8% |
| Net income attributable to owners | 374,429 | 325,472 | -48,957 | -13.1% |
| Operating cash flow | 243,582 | 409,925 | 166,343 | +68.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 491,780 | — | — | 53,592 | 38,787 | — | S100KZU5 |
| FY ending Dec 2017 | 534,199 | — | — | 72,713 | 107,623 | — | S100NSNY |
| FY ending Dec 2018 | 579,787 | — | — | 92,488 | 119,074 | — | S100QH69 |
| FY ending Dec 2019 | 686,184 | 210,597 | 30.7% | 157,560 | 206,641 | 145,464 | S100KZU5 |
| FY ending Dec 2020 | 786,946 | 301,230 | 38.3% | 214,733 | 205,035 | 143,646 | S100NSNY |
| FY ending Dec 2021 | 999,759 | 421,897 | 42.2% | 302,995 | 279,626 | 206,760 | S100QH69 |
| FY ending Dec 2022 | 1,259,726 | — | — | 374,429 | 243,582 | — | S100XTBJ |
| FY ending Dec 2023 | 1,111,367 | — | — | 325,472 | 409,925 | — | S100XTBJ |

## People and productivity（FY ending Dec 2023, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥146.2M |
| Net income per employee (consolidated) | ¥42.8M |

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

| History | FY ending Dec 2019 | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,394 | 7,555 | 7,664 | 7,771 | 7,604 |
| Average salary (parent company) | — | ¥11M | ¥11.6M | — | — |
| Average age (parent company) | — | 43.0 years | 43.0 years | — | — |
| Average tenure (parent company) | — | 16.0 years | 16.0 years | — | — |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) -11.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 409,925 | 36.9% | S100XTBJ |
| Investing cash flow | -37,290 | -3.4% | S100XTBJ |
| Financing cash flow | -139,331 | -12.5% | S100XTBJ |
| Change in cash | 233,304 | 21.0% | 算出 |
| Cash and equivalents | 458,674 | 41.3% | S100XTBJ |

## 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 Dec 2019 | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 203,941 | 212,333 | 267,753 | 222,169 | 458,674 | S100NSNY, S100QH69, S100U3VS, S100XTBJ |
| Total assets | 1,058,915 | 1,235,498 | 1,538,694 | 1,869,758 | 1,932,547 | S100KZU5, S100NSNY, S100QH69, S100XTBJ |
| Net assets | 853,985 | 980,003 | 1,188,017 | — | 1,625,580 | S100NSNY, S100QH69, S100U3VS, S100XTBJ |
| Property, plant and equipment | 255,559 | 289,218 | 338,841 | — | — | S100KZU5, S100NSNY, S100QH69 |
| Current assets | 699,680 | 834,906 | 1,063,661 | — | — | S100KZU5, S100NSNY, S100QH69 |
| Total liabilities | 204,930 | 255,495 | 350,677 | — | — | S100KZU5, S100NSNY, S100QH69 |
| Equity attributable to owners of parent | 853,985 | 980,003 | 1,188,017 | — | — | S100KZU5, S100NSNY, S100QH69 |

### Balance sheet history

| Metric | FY ending Dec 2019 | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,058,915 | 1,235,498 | 1,538,694 | 1,869,758 | 1,932,547 |
| Equity | 853,985 | 980,003 | 1,188,017 | — | 1,625,580 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 203,941 | 212,333 | 267,753 | 222,169 | 458,674 |

### 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) | 23.7% |
| Cash ÷ revenue | 41.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 84,453 JPY mn (of net income 25.9%) |
| 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 | 9.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2019 | 23.0% | 0.65× | 14.9% | 1.24× | 18.4% | S100KZU5 |
| 2020 | 27.3% | 0.69× | 18.7% | 1.25× | 23.4% | S100NSNY |
| 2021 | 30.3% | 0.72× | 21.8% | 1.28× | 28.0% | S100QH69 |
| 2022 | — | —× | 22.0% | —× | — | S100XTBJ |
| 2023 | 29.3% | 0.58× | 17.1% | 1.17× | 20.0% | S100XTBJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ROCHE HOLDING LTD（常任代理人 西村あさひ法律事務所） | Major shareholder | 61.1% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2025-12-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2025-12-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SECS LENDING OMNIBUS ACCOUNT（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2025-12-31 |
| JP MORGAN CHASE BANK 385864（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 2025-12-31 |
| SMBC日興証券株式会社 | Major shareholder | 0.7% | 2025-12-31 |
| 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 | 0.6% | 2025-12-31 |
| 住友生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.5% | 2025-12-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES（常任代理人 香港上海銀行東京支店） | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/01/01－2025/12/31) | S100XTBJ | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTBJ,, |
| 有価証券報告書－第114期(2024/01/01－2024/12/31) | S100VHBT | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHBT,, |
| 訂正有価証券報告書－第113期(2023/01/01－2023/12/31) | S100U3VS | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3VS,, |
| 有価証券報告書－第112期(2022/01/01－2022/12/31) | S100QH69 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH69,, |
| 訂正有価証券報告書－第111期(令和3年1月1日－令和3年12月31日) | S100NSNY | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSNY,, |
| 有価証券報告書－第110期(令和2年1月1日－令和2年12月31日) | S100KZU5 | 2021-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZU5,, |

## 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).