# JCR Pharmaceuticals Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第51期(2025/04/01－2026/03/31) (S100YSOS)
> Page: https://vizora.meequs.com/en/company/jcr-pharmaceuticals
> Retrieved: 2026-09-30T21:03:55.673Z

## Company

JCR Pharmaceuticals, founded in 1975, is a company in Pharmaceuticals listed on TSE Prime. It has 985 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JCR Pharmaceuticals Co.,Ltd. |
| Ticker | 4552 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4552.T) |
| Listing | TSE Prime |
| Head office | 兵庫県芦屋市春日町3番19号 |
| Representative (per filing) | 代表取締役社長 薗田 啓之 |
| Founded | Sep 1975 |
| Share capital | ¥9.06B |
| Employees (consolidated) | 985 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.jcrpharm.co.jp (https://www.jcrpharm.co.jp/) |
| Corporate number | 6140001000905 |
| EDINET | E00973 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YSOS, filed 2026-07-29). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.8 | 18 |
| Profitability | 25 | 22 |
| Cash conversion | 25 | 18 |
| Efficiency | 20.3 | 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)

- JCR Pharmaceuticals brought in ¥40.3B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +21.9% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥40.3B |  |
| Operating income | ¥555M | Margin 1.4% |
| Net income | ¥2.18B | Margin 5.4% |
| Free cash flow | -¥11.7B |  |
| Employees (consolidated) | 985 |  |
| EPS | ¥15.74 |  |
| Diluted EPS | ¥15.73 |  |
| Book value per share | ¥373.25 |  |
| Equity ratio | 42.9% |  |
| Shares outstanding | 129,686,000 |  |
| Treasury shares | 7,479,500 |  |
| Shareholders | 23,763 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 12.8% | Cash ÷ revenue 34.7% |
| Vs. industry median margin | -5.8 pp | Pharmaceuticals |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30085000000 | ¥40319000000 | +34.0% |
| Operating income | ¥8269000000 | ¥555000000 | -93.3% |
| Operating margin | 27.5% | 1.4% | -26.1 pp |
| Employees | 732 people | 985 people | +34.6% |
| Cash and equivalents | ¥26260000000 | ¥14007000000 | -46.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,319 | 100.0% | S100YSOS |
| Cost of revenue | 10,134 | 25.1% | S100YSOS |
| Gross profit | 30,185 | 74.9% | S100YSOS |
| SG&A | 29,629 | 73.5% | S100YSOS |
| Operating income | 555 | 1.4% | S100YSOS |
| Ordinary income | 1,165 | 2.9% | S100YSOS |
| Pretax income | 3,224 | 8.0% | S100YSOS |
| Income tax | 1,017 | 2.5% | S100YSOS |
| Net income | 2,207 | 5.5% | S100YSOS |
| Net income attributable to owners | 2,178 | 5.4% | S100YSOS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 74 |
| Operating income | 1 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 74.9% → Operating margin 1.4% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 33,072 | 40,319 | 7,247 | +21.9% |
| Gross profit | 22,169 | 30,185 | 8,016 | +36.2% |
| Operating income | -6,219 | 555 | 6,774 | — |
| Net income attributable to owners | -4,460 | 2,178 | 6,638 | — |
| Operating cash flow | -5,791 | -135 | 5,656 | — |
| Free cash flow | -15,458 | -11,716 | 3,742 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,781 | 3,244 | 13.1% | 2,678 | 4,927 | 89 | S100LL7F |
| FY ending Mar 2021 | 30,085 | 8,269 | 27.5% | 6,892 | 10,341 | 5,561 | S100OAJT |
| FY ending Mar 2022 | 51,082 | 19,933 | 39.0% | 14,507 | 9,289 | -2,118 | S100SNAG |
| FY ending Mar 2023 | 34,343 | 4,975 | 14.5% | 3,772 | -5,500 | -14,060 | S100TQM6 |
| FY ending Mar 2024 | 42,871 | 7,531 | 17.6% | 5,507 | 9,312 | 7,786 | S100W3Q5 |
| FY ending Mar 2025 | 33,072 | -6,219 | -18.8% | -4,460 | -5,791 | -15,458 | S100YSOS |
| FY ending Mar 2026 | 40,319 | 555 | 1.4% | 2,178 | -135 | -11,716 | S100YSOS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.9M |
| Operating income per employee (consolidated) | ¥563.5K |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 816 | 879 | 934 | 987 | 985 |
| Average salary (parent company) | ¥8.9M | ¥8.8M | ¥9M | ¥8.7M | ¥8.2M |
| Average age (parent company) | 40.9 years | 40.7 years | 41.2 years | 41.1 years | 41.4 years |
| Average tenure (parent company) | 8.7 years | 8.7 years | 8.9 years | 9.0 years | 9.5 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +21.9%

## 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 | -135 | -0.3% | S100YSOS |
| Capital expenditure | 11,581 | 28.7% | S100YSOS |
| Free cash flow | -11,716 | -29.1% | 算出 |
| Investing cash flow | -12,504 | -31.0% | S100YSOS |
| Financing cash flow | 13,305 | 33.0% | S100YSOS |
| Dividends paid | 2,441 | 6.1% | S100YSOS |
| Change in cash | 811 | 2.0% | S100YSOS |
| Cash and equivalents | 14,007 | 34.7% | S100YSOS |

## 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 | 30,733 | 13,278 | 18,756 | 13,196 | 14,007 | S100TQM6, S100W3Q5, S100YSOS |
| Total assets | 97,134 | 94,937 | 102,226 | 104,849 | 109,236 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Net assets | 51,089 | 52,413 | 56,475 | 47,734 | 47,359 | S100TQM6, S100W3Q5, S100YSOS |
| Share capital | 9,061 | 9,061 | 9,061 | 9,061 | 9,061 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Property, plant and equipment | 26,782 | 32,681 | 30,040 | 37,104 | 39,244 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Intangible assets excluding goodwill | 2,960 | 3,652 | 3,496 | 2,960 | 2,596 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Investment securities | 2,230 | 8,867 | 9,120 | 9,629 | 7,833 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Current assets | 62,188 | 47,802 | 57,581 | 51,487 | 56,076 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Current liabilities | 42,054 | 35,762 | 30,135 | 43,683 | 48,135 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Trade payables | 1,324 | — | — | — | — | S100OAJT |
| Short-term borrowings | 15,150 | 16,800 | 8,200 | 23,005 | 38,092 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Long-term borrowings | 2,450 | 5,500 | 14,350 | 12,050 | 12,200 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Bonds | 500 | — | — | — | — | S100SNAG |
| Interest-bearing debt | 18,100 | — | — | — | — | 算出 |
| Total liabilities | 46,045 | 42,523 | 45,750 | 57,114 | 61,877 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Non-controlling interests | 205 | 251 | 297 | 392 | 417 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Equity attributable to owners of parent | 49,697 | 50,740 | 53,761 | 45,878 | 45,697 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Retained earnings | 33,241 | 34,273 | 37,278 | 31,490 | 31,226 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |
| Treasury stock | -3,600 | -2,978 | -2,963 | -5,066 | -4,969 | S100SNAG, S100TQM6, S100W3Q5, S100YSOS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YSOS |
| Property, plant and equipment | 36% | S100YSOS |
| Intangibles and goodwill | 2% | S100YSOS |
| Investment securities | 7% | S100YSOS |
| Other assets | 42% | S100YSOS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YSOS |
| Equity | 43% | S100YSOS |

### 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 | 97,134 | 94,937 | 102,226 | 104,849 | 109,236 |
| Equity | 51,089 | 52,413 | 56,475 | 47,734 | 47,359 |
| Interest-bearing debt | 18,100 | — | — | — | — |
| Cash | 30,733 | 13,278 | 18,756 | 13,196 | 14,007 |

## 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) | 97.3% | S100YSOS |
| Fixed assets ÷ total assets | 35.9% | S100YSOS |
| Goodwill ÷ parent equity | — | —, S100YSOS |

### 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) | 12.8% |
| Cash ÷ revenue | 34.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -24.3% |
| Cash vs. profit gap | -2,313 JPY mn (of net income -106.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 112.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 28.7% |
| Investing CF relative to operating CF | — |

## 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 | 28.4% | 0.53× | 14.9% | 1.95× | 29.2% | S100SNAG |
| 2023 | 11.0% | 0.36× | 3.9% | 1.91× | 7.5% | S100TQM6 |
| 2024 | 12.8% | 0.43× | 5.6% | 1.89× | 10.5% | S100W3Q5 |
| 2025 | — | —× | -4.3% | —× | — | S100YSOS |
| 2026 | 5.4% | 0.38× | 2.0% | 2.34× | 4.8% | S100YSOS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社メディパルホールディングス | Major shareholder | 23.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.6% | 2026-03-31 |
| フューチャーブレーン株式会社 | Major shareholder | 7.1% | 2026-03-31 |
| 野村信託銀行株式会社（Ａ信託口） | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| キッセイ薬品工業株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 持田製薬株式会社 | Major shareholder | 1.8% | 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 | 1.2% | 2026-03-31 |
| 吉村 光司 | Major shareholder | 1.2% | 2026-03-31 |
| ＪＣＲファーマ従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YSOS | 2026-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSOS,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W3Q5 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3Q5,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TQM6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQM6,, |
| 訂正有価証券報告書－第48期(2022/04/01－2023/03/31) | S100SNAG | 2024-01-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNAG,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100OAJT | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAJT,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LL7F | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL7F,, |

## 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).