# Eisai Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第114期(2025/04/01－2026/03/31) (S100YB05)
> Page: https://vizora.meequs.com/en/company/eisai
> Retrieved: 2026-09-30T21:31:35.089Z

## Company

Eisai, founded in 1936, is a company in Pharmaceuticals listed on TSE Prime. It has 11,067 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Eisai Co., Ltd. |
| Ticker | 4523 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4523.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区小石川4丁目6番10号 |
| Representative (per filing) | 代表執行役CEO 内藤 晴夫 |
| Founded | Nov 1936 |
| Employees (consolidated) | 11,067 |
| Fiscal year end | March |
| Website | www.eisai.co.jp (https://www.eisai.co.jp/) |
| Corporate number | 6010001000001 |
| EDINET | E00939 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YB05, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2024-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 56.8 | 22 |
| Cash conversion | 52.8 | 18 |
| Efficiency | 45.3 | 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)

- Eisai brought in ¥741.8B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit +33.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥741.8B |  |
| Operating income | ¥53.4B | Margin 7.2% |
| Net income | ¥42.4B | Margin 5.7% |
| Free cash flow | — |  |
| Employees (consolidated) | 11,067 |  |
| Cash ratio | 21.9% | Cash ÷ revenue 41.1% |
| Vs. industry median margin | 0 pp | Pharmaceuticals |
| ROE | 4.7% | Equity approximated |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2024, employees 0% while operating income rose 33%

## What changed in 7 years

| Metric | FY ending Mar 2017 | FY ending Mar 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥539097000000 | ¥741751000000 | +37.6% |
| Operating income | ¥59064000000 | ¥53408000000 | -9.6% |
| Operating margin | 11.0% | 7.2% | -3.8 pp |
| Employees | 10,452 people | 11,067 people | +5.9% |
| Cash and equivalents | ¥186775000000 | ¥304678000000 | +63.1% |

### 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 | 741,751 | 100.0% | S100YB05 |
| Operating income | 53,408 | 7.2% | S100YB05 |
| Net income | 43,784 | 5.9% | S100YB05 |
| Net income attributable to owners | 42,406 | 5.7% | S100YB05 |

## Per ¥100 of revenue（FY ending Mar 2024）

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 7.2% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.4%; Core profit growth: +33.4%
Operating leverage (core profit growth ÷ revenue growth): -93.75×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 744,402 | 741,751 | -2,651 | -0.4% |
| Operating income | 40,040 | 53,408 | 13,368 | +33.4% |
| Net income attributable to owners | 55,432 | 42,406 | -13,026 | -23.5% |
| Operating cash flow | -1,772 | 55,993 | 57,765 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 539,097 | 59,064 | 11.0% | 39,358 | 75,851 | — | S100LKNM |
| FY ending Mar 2018 | 600,054 | 77,212 | 12.9% | 51,845 | 149,649 | — | S100O9U7 |
| FY ending Mar 2019 | 642,834 | 86,154 | 13.4% | 63,386 | 103,714 | — | S100R09Z |
| FY ending Mar 2022 | 756,226 | 53,750 | 7.1% | 47,954 | 117,590 | — | S100YB05 |
| FY ending Mar 2023 | 744,402 | 40,040 | 5.4% | 55,432 | -1,772 | — | S100YB05 |
| FY ending Mar 2024 | 741,751 | 53,408 | 7.2% | 42,406 | 55,993 | — | S100YB05 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 10,456 | 10,683 | 11,322 | 11,076 | 11,067 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) -0.4%

## 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 | 55,993 | 7.5% | S100YB05 |
| Investing cash flow | -25,321 | -3.4% | S100YB05 |
| Financing cash flow | -22,720 | -3.1% | S100YB05 |
| Change in cash | 7,952 | 1.1% | 算出 |
| Cash and equivalents | 304,678 | 41.1% | S100YB05 |

## 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 | 270,525 | 291,924 | 309,633 | 267,350 | 304,678 | S100O9U7, S100R09Z, S100YB05 |
| Total assets | 1,049,031 | 1,071,520 | 1,239,315 | 1,263,350 | 1,393,799 | S100O9U7, S100R09Z, S100YB05 |
| Net assets | — | 651,981 | — | — | 898,975 | S100LKNM, S100YB05 |

### 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 | 1,049,031 | 1,071,520 | 1,239,315 | 1,263,350 | 1,393,799 |
| Equity | — | 651,981 | — | — | 898,975 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 270,525 | 291,924 | 309,633 | 267,350 | 304,678 |

### 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) | 21.9% |
| Cash ÷ revenue | 41.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.8% |
| Cash vs. profit gap | 13,587 JPY mn (of net income 32.0%) |
| 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 | 45.2% |

## 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 | — | —× | 4.9% | —× | — | S100O9U7 |
| 2019 | 9.9% | 0.61× | 6.0% | 1.63× | 9.7% | S100R09Z, S100LKNM |
| 2022 | — | —× | 3.9% | —× | — | S100YB05 |
| 2023 | — | —× | 4.4% | —× | — | S100YB05 |
| 2024 | 5.7% | 0.56× | 3.2% | 1.48× | 4.7% | S100YB05 |

## 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 | 18.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 10.0% | 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 | 5.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.7% | 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 | 2.3% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社BNYM （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 公益財団法人内藤記念科学振興財団 | Major shareholder | 1.5% | 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 | 1.4% | 2026-03-31 |
| 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 | 0.9% | 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 | 0.9% | 2026-03-31 |

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

- Sales stood still in FY ending Mar 2024 at ¥741.8B (-0.4%), but the profit lines split apart.
- Operating income rose from ¥40B to ¥53.4B (+33.4%). Net income did the opposite, sliding from ¥55.4B to ¥42.4B (-23.5%).
- Cash from operations turned around too: an outflow of -¥1.77B the year before became an inflow of ¥56B.

### Risks

- Once patents or data protection lapse on drugs such as Lenvima, generics can move in and sales can fall fast.
- Eisai already cut prices in China to get Lenvima onto the reimbursement list and when Methycobal fell under central purchasing; along with Japan's regular price cuts, this could happen again.
- A disagreement with a partner like Merck & Co. over contract terms could end the alliance.

Cited: Annual securities report (114th term) (事業等のリスク); Annual securities report (114th term) (経営方針、経営環境及び対処すべき課題等)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第114期(2025/04/01－2026/03/31) | S100YB05 | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB05,, |
| 有価証券報告書－第111期(2022/04/01－2023/03/31) | S100R09Z | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R09Z,, |
| 有価証券報告書－第110期(令和3年4月1日－令和4年3月31日) | S100O9U7 | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9U7,, |
| 有価証券報告書－第109期(令和2年4月1日－令和3年3月31日) | S100LKNM | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKNM,, |

## 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).