# Fuji Pharma Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2024/10/01－2025/09/30) (S100XAU2)
> Page: https://vizora.meequs.com/en/company/fuji-pharma
> Retrieved: 2026-09-30T19:08:07.374Z

## Company

Fuji Pharma, founded in 1959, is a company in Pharmaceuticals listed on TSE Prime. It has 1,760 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fuji Pharma Co.,Ltd. |
| Ticker | 4554 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4554.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区三番町5番地7 |
| Representative (per filing) | 代表取締役社長 森田 周平 |
| Founded | Apr 1959 |
| Share capital | ¥3.9B |
| Employees (consolidated) | 1,760 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | September |
| Website | www.fujipharma.jp (https://www.fujipharma.jp/) |
| Corporate number | 5010001084045 |
| EDINET | E00975 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100XAU2, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.9 | 18 |
| Profitability | 84.1 | 22 |
| Cash conversion | 69.4 | 18 |
| Efficiency | 54.7 | 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)

- Fuji Pharma brought in ¥51.7B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +12.0% from the prior year, operating profit +28.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥51677000000 → ¥3000000000
- Net income → operating cash flow: ¥3000000000 → ¥5801000000（difference ¥2801000000）
- Main uses of operating cash flow: CapEx ¥3854000000 / dividends ¥1036000000 / buybacks —
- Change in cash: ¥2660000000
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 | ¥51.7B |  |
| Operating income | ¥4.99B | Margin 9.7% |
| Net income | ¥3B | Margin 5.8% |
| Free cash flow | ¥1.95B |  |
| Employees (consolidated) | 1,760 |  |
| EPS | ¥100.5 |  |
| Book value per share | ¥1742.11 |  |
| Equity ratio | 50.2% |  |
| Shares outstanding | 24,891,100 |  |
| Treasury shares | 395,600 |  |
| Shareholders | 10,785 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 7.8% | Net cash -¥17B · Cash ÷ revenue 14.0% |
| Vs. industry median margin | +2.5 pp | Pharmaceuticals |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33793000000 | ¥51677000000 | +52.9% |
| Operating income | ¥3139000000 | ¥4990000000 | +59.0% |
| Operating margin | 9.3% | 9.7% | +0.4 pp |
| Employees | 1,550 people | 1,760 people | +13.5% |
| Cash and equivalents | ¥12041000000 | ¥7245000000 | -39.8% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,677 | 100.0% | S100XAU2 |
| Cost of revenue | 30,914 | 59.8% | S100XAU2 |
| Gross profit | 20,763 | 40.2% | S100XAU2 |
| SG&A | 15,773 | 30.5% | S100XAU2 |
| Operating income | 4,990 | 9.7% | S100XAU2 |
| Ordinary income | 4,459 | 8.6% | S100XAU2 |
| Pretax income | 4,000 | 7.7% | S100XAU2 |
| Income tax | 1,000 | 1.9% | S100XAU2 |
| Net income | 3,000 | 5.8% | S100XAU2 |
| Net income attributable to owners | 3,000 | 5.8% | S100XAU2 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 30 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 40.2% → Operating margin 9.7% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.0%; Core profit growth: +28.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.38×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,138 | 51,677 | 5,539 | +12.0% |
| Gross profit | 17,844 | 20,763 | 2,919 | +16.4% |
| Operating income | 3,880 | 4,990 | 1,110 | +28.6% |
| Net income attributable to owners | 6,146 | 3,000 | -3,146 | -51.2% |
| Operating cash flow | 4,151 | 5,801 | 1,650 | +39.7% |
| Free cash flow | -221 | 1,947 | 2,168 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 36,279 | 4,173 | 11.5% | 2,962 | 7,035 | 3,751 | S100KDTI |
| FY ending Sep 2020 | 33,793 | 3,139 | 9.3% | 2,085 | 5,770 | 3,155 | S100N2LZ |
| FY ending Sep 2021 | 33,990 | 3,349 | 9.9% | 2,432 | 5,993 | 2,097 | S100PTQF |
| FY ending Sep 2022 | 35,426 | 3,777 | 10.7% | 2,696 | -658 | -13,081 | S100SI94 |
| FY ending Sep 2023 | 40,889 | 3,858 | 9.4% | 3,435 | 1,917 | -1,980 | S100UZR2 |
| FY ending Sep 2024 | 46,138 | 3,880 | 8.4% | 6,146 | 4,151 | -221 | S100XAU2 |
| FY ending Sep 2025 | 51,677 | 4,990 | 9.7% | 3,000 | 5,801 | 1,947 | S100XAU2 |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.4M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,532 | 1,560 | 1,621 | 1,658 | 1,760 |
| Average salary (parent company) | ¥6M | ¥6.7M | ¥6.9M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 42.4 years | 42.9 years | 42.6 years | 42.7 years | 43.1 years |
| Average tenure (parent company) | 10.9 years | 11.2 years | 11.2 years | 11.1 years | 11.0 years |

Year over year: Employees (consolidated) +6.2% · Revenue (consolidated) +12.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,801 | 11.2% | S100XAU2 |
| Capital expenditure | 3,854 | 7.5% | S100XAU2 |
| Free cash flow | 1,947 | 3.8% | 算出 |
| Investing cash flow | -4,219 | -8.2% | S100XAU2 |
| Financing cash flow | 954 | 1.8% | S100XAU2 |
| Dividends paid | 1,036 | 2.0% | S100XAU2 |
| Change in cash | 2,660 | 5.1% | S100XAU2 |
| Cash and equivalents | 7,245 | 14.0% | S100XAU2 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,199 | 3,546 | 2,324 | 4,585 | 7,245 | S100SI94, S100UZR2, S100XAU2 |
| Total assets | 64,239 | 75,538 | 85,332 | 90,000 | 93,405 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Net assets | 32,681 | 35,806 | 41,177 | 45,563 | 46,908 | S100SI94, S100UZR2, S100XAU2 |
| Share capital | 3,799 | 3,799 | 3,799 | 3,799 | 3,904 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Trade receivables | 11,866 | — | — | — | — | S100PTQF |
| Property, plant and equipment | 14,392 | 18,762 | 20,547 | 20,911 | 20,914 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Intangible assets excluding goodwill | 2,397 | 10,404 | 10,493 | 12,444 | 13,941 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Goodwill | 865 | 691 | 412 | 88 | — | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Investment securities | 7,762 | 7,339 | 10,587 | 7,092 | 5,094 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Current assets | 34,834 | 34,727 | 39,114 | 42,468 | 47,913 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Current liabilities | 20,192 | 23,975 | 29,771 | 35,797 | 30,988 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Trade payables | 5,713 | 6,249 | 5,672 | 4,140 | 4,570 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Short-term borrowings | 7,000 | 8,300 | 11,300 | 15,300 | 15,300 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Long-term borrowings | 6,633 | 11,193 | 6,583 | 83 | 7,202 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Bonds | — | — | 2,100 | 1,500 | 1,750 | S100UZR2, S100XAU2 |
| Interest-bearing debt | — | — | 19,983 | 16,883 | 24,252 | 算出 |
| Total liabilities | 31,557 | 39,732 | 44,155 | 44,437 | 46,496 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Non-controlling interests | 1 | 2 | 2 | 3 | 3 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Equity attributable to owners of parent | 32,246 | 34,175 | 36,723 | 41,956 | 44,137 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Retained earnings | 24,628 | 26,546 | 29,082 | 34,256 | 36,219 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |
| Treasury stock | -590 | -579 | -567 | -505 | -498 | S100PTQF, S100SI94, S100UZR2, S100XAU2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XAU2 |
| Property, plant and equipment | 22% | S100XAU2 |
| Intangibles and goodwill | 15% | S100XAU2 |
| Investment securities | 5% | S100XAU2 |
| Other assets | 50% | S100XAU2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XAU2 |
| Interest-bearing debt | 26% | 算出 |
| Other liabilities | 19% | S100XAU2 |
| Equity | 50% | S100XAU2 |
| Other liabilities | 0% | S100XAU2 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 64,239 | 75,538 | 85,332 | 90,000 | 93,405 |
| Equity | 32,681 | 35,806 | 41,177 | 45,563 | 46,908 |
| Interest-bearing debt | — | — | 19,983 | 16,883 | 24,252 |
| Cash | 10,199 | 3,546 | 2,324 | 4,585 | 7,245 |

## 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) | 40.5% | S100XAU2 |
| Fixed assets ÷ total assets | 22.4% | S100XAU2 |
| Goodwill ÷ parent equity | — | —, S100XAU2 |

### 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) | 7.8% |
| Cash ÷ revenue | 14.0% |
| Net cash (cash − interest-bearing debt) | -¥17B |
| Net debt ÷ operating cash flow | 2.93× |
| Cash conversion (operating CF ÷ operating income) | 116.3% |
| Cash vs. profit gap | 2,801 JPY mn (of net income 93.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.5% |
| Shareholder payments — dividends / FCF | 53.2% |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 72.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.2% | 0.53× | 3.8% | 1.99× | 7.5% | S100PTQF |
| 2022 | 7.6% | 0.51× | 3.9% | 2.10× | 8.1% | S100SI94 |
| 2023 | 8.4% | 0.51× | 4.3% | 2.27× | 9.7% | S100UZR2 |
| 2024 | 13.3% | 0.53× | 7.0% | 2.23× | 15.6% | S100XAU2 |
| 2025 | 5.8% | 0.56× | 3.3% | 2.13× | 7.0% | S100XAU2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社FJP | Major shareholder | 17.6% | 2025-09-30 |
| 今井 博文 | Major shareholder | 12.5% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.8% | 2025-09-30 |
| 新井 規子 | Major shareholder | 5.1% | 2025-09-30 |
| Lotus Japan Holdings合同会社 | Major shareholder | 5.0% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.3% | 2025-09-30 |
| 株式会社Yamhill Sciences | Major shareholder | 4.1% | 2025-09-30 |
| 今井 道子 | Major shareholder | 1.8% | 2025-09-30 |
| 公益財団法人今井精一記念財団 | Major shareholder | 1.6% | 2025-09-30 |
| 富士製薬工業従業員持株会 | Major shareholder | 1.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2024/10/01－2025/09/30) | S100XAU2 | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAU2,, |
| 有価証券報告書－第60期(2023/10/01－2024/09/30) | S100UZR2 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZR2,, |
| 有価証券報告書－第59期(2022/10/01－2023/09/30) | S100SI94 | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI94,, |
| 有価証券報告書－第58期(令和3年10月1日－令和4年9月30日) | S100PTQF | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTQF,, |
| 有価証券報告書－第57期(令和2年10月1日－令和3年9月30日) | S100N2LZ | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2LZ,, |
| 有価証券報告書－第56期(令和1年10月1日－令和2年9月30日) | S100KDTI | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDTI,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| キッズウェル・バイオ | Supply/OEM | 当社がフィルグラスチムBS原薬を富士製薬工業に独占供給 | S100YMXX |

## 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).