# KAKEN PHARMACEUTIAL CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第106期(2025/04/01－2026/03/31) (S100YK2Q)
> Page: https://vizora.meequs.com/en/company/kaken-pharmaceutial
> Retrieved: 2026-09-30T23:32:39.331Z

## Company

Kaken Pharmaceutial is a company in Pharmaceuticals listed on TSE Prime. It has 1,114 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAKEN PHARMACEUTICAL CO., LTD. |
| Ticker | 4521 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4521.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区本駒込二丁目28番8号 |
| Representative (per filing) | 代表取締役社長 堀内裕之 |
| Share capital | ¥23.9B |
| Employees (consolidated) | 1,114 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.kaken.co.jp (https://www.kaken.co.jp/) |
| Corporate number | 4010001000003 |
| EDINET | E00935 |
| Industries (Vizora) | Pharmaceuticals, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YK2Q, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.8 | 18 |
| Profitability | 15.9 | 22 |
| Efficiency | 23.4 | 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)

- About 97% of Kaken Pharmaceutial's sales come from Medicine, with Real estate making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -18.3% from the prior year, operating profit -104.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥76.9B |  |
| Operating income | -¥899M | Margin -1.2% |
| Net income | ¥2.14B | Margin 2.8% |
| Free cash flow | -¥16.5B |  |
| Largest business | Medicine | of segment revenue 96.7% |
| Employees (consolidated) | 1,114 |  |
| EPS | ¥51.84 |  |
| Book value per share | ¥3886.35 |  |
| Equity ratio | 82.8% |  |
| Shares outstanding | 44,139,000 |  |
| Treasury shares | 6,071,700 |  |
| Shareholders | 14,643 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 28.5% | Cash ÷ revenue 66.0% |
| Vs. industry median margin | -8.3 pp | Pharmaceuticals |
| ROE | 1.5% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 97 points
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74979000000 | ¥76871000000 | +2.5% |
| Operating income | ¥17788000000 | ¥-899000000 | -105.1% |
| Operating margin | 23.7% | -1.2% | -24.9 pp |
| Employees | 1,215 people | 1,114 people | -8.3% |
| Cash and equivalents | ¥77305000000 | ¥50705000000 | -34.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 薬業 → 薬業 | 96.7% |
| 薬業 → 事業再編・廃止 | 0.2% |
| 不動産事業 → 不動産事業 | 3.2% |
| 新設・再編 → 不動産事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 76,871 | 100.0% | S100YK2Q |
| Cost of revenue | 36,879 | 48.0% | S100YK2Q |
| Gross profit | 39,991 | 52.0% | S100YK2Q |
| SG&A | 40,891 | 53.2% | S100YK2Q |
| Operating income | -899 | -1.2% | S100YK2Q |
| Ordinary income | -206 | -0.3% | S100YK2Q |
| Pretax income | 2,313 | 3.0% | S100YK2Q |
| Income tax | 168 | 0.2% | S100YK2Q |
| Net income | 2,144 | 2.8% | S100YK2Q |
| Net income attributable to owners | 2,144 | 2.8% | S100YK2Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 53 |
| Operating income | -1 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 52.0% → Operating margin -1.2% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 94,035 | 76,871 | -17,164 | -18.3% |
| Gross profit | 58,532 | 39,991 | -18,541 | -31.7% |
| Operating income | 21,034 | -899 | -21,933 | -104.3% |
| Net income attributable to owners | 13,945 | 2,144 | -11,801 | -84.6% |
| Operating cash flow | 29,780 | -11,079 | -40,859 | -137.2% |
| Free cash flow | 25,388 | -16,502 | -41,890 | -165.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 89,232 | 26,512 | 29.7% | 19,370 | 27,468 | 25,266 | S100LM0Y |
| FY ending Mar 2021 | 74,979 | 17,788 | 23.7% | 13,405 | 14,380 | 12,094 | S100OG68 |
| FY ending Mar 2022 | 76,034 | 17,064 | 22.4% | 9,549 | 13,336 | 10,079 | S100R4OM |
| FY ending Mar 2023 | 72,984 | 7,998 | 11.0% | 5,440 | 9,253 | 7,047 | S100TVUM |
| FY ending Mar 2024 | 72,044 | 9,513 | 13.2% | 8,025 | 2,577 | 410 | S100W4L7 |
| FY ending Mar 2025 | 94,035 | 21,034 | 22.4% | 13,945 | 29,780 | 25,388 | S100YK2Q |
| FY ending Mar 2026 | 76,871 | -899 | -1.2% | 2,144 | -11,079 | -16,502 | S100YK2Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69M |
| Operating income per employee (consolidated) | -¥807K |
| Net income per employee (consolidated) | ¥1.9M |

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) | 1,164 | 1,130 | 1,135 | 1,126 | 1,114 |
| Average salary (parent company) | ¥8M | ¥8.1M | ¥8.2M | ¥8.4M | ¥8.7M |
| Average age (parent company) | 41.3 years | 41.8 years | 41.8 years | 41.8 years | 41.9 years |
| Average tenure (parent company) | 17.7 years | 18.0 years | 17.8 years | 17.6 years | 17.3 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) -18.3%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medicine | 74,328 | 96.7% | -2,277 | -3.1% |
| Real estate | 2,543 | 3.3% | 1,377 | 54.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Medicine | 96.7% | — | — | -3.1% |
| Real estate | 3.3% | 100.0% | 96.7 | 54.1% |

Loss-making segment (excluded from profit shares): Medicine -2,277 JPY mn

Segment → industry: Medicine → Pharmaceuticals / Real estate → Real Estate Development & Leasing

## 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 | -11,079 | -14.4% | S100YK2Q |
| Capital expenditure | 5,423 | 7.1% | S100YK2Q |
| Free cash flow | -16,502 | -21.5% | 算出 |
| Investing cash flow | 315 | 0.4% | S100YK2Q |
| Financing cash flow | -8,841 | -11.5% | S100YK2Q |
| Dividends paid | 6,498 | 8.5% | S100YK2Q |
| Share buyback | 2,343 | 3.0% | S100YK2Q |
| Change in cash | -19,380 | -25.2% | S100YK2Q |
| Cash and equivalents | 50,705 | 66.0% | S100YK2Q |

## 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 | 74,625 | 74,260 | 65,325 | 70,085 | 50,705 | S100TVUM, S100W4L7, S100YK2Q |
| Total assets | 165,181 | 166,328 | 171,623 | 193,377 | 178,217 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Net assets | 138,325 | 136,836 | 143,755 | 152,635 | 147,619 | S100TVUM, S100W4L7, S100YK2Q |
| Share capital | 23,853 | 23,853 | 23,853 | 23,853 | 23,853 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Property, plant and equipment | 25,734 | 25,498 | 25,355 | 27,629 | 27,134 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Intangible assets excluding goodwill | 8,236 | 6,741 | 7,462 | 22,228 | 24,291 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Goodwill | 312 | 230 | 937 | 5,459 | 5,399 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Investment securities | 17,093 | 17,511 | 20,532 | 18,875 | 18,730 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Current assets | 110,613 | 109,903 | 106,974 | 111,393 | 94,051 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Current liabilities | 19,049 | 20,838 | 19,024 | 30,354 | 20,803 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Trade payables | 5,861 | 6,130 | 6,976 | 8,186 | 7,428 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Short-term borrowings | 3,850 | 3,850 | 3,850 | 3,850 | 3,850 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Total liabilities | 26,855 | 29,491 | 27,868 | 40,742 | 30,597 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Non-controlling interests | 578 | 578 | — | — | — | S100R4OM, S100TVUM |
| Equity attributable to owners of parent | 132,893 | 131,368 | 135,207 | 143,794 | 137,109 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Retained earnings | 126,347 | 126,135 | 128,506 | 135,242 | 125,625 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |
| Treasury stock | -28,714 | -30,026 | -28,613 | -28,233 | -23,776 | S100R4OM, S100TVUM, S100W4L7, S100YK2Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YK2Q |
| Property, plant and equipment | 15% | S100YK2Q |
| Intangibles and goodwill | 17% | S100YK2Q |
| Investment securities | 11% | S100YK2Q |
| Other assets | 29% | S100YK2Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YK2Q |
| Other liabilities | 13% | S100YK2Q |
| Equity | 83% | S100YK2Q |
| Other liabilities | 0% | S100YK2Q |

### 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 | 165,181 | 166,328 | 171,623 | 193,377 | 178,217 |
| Equity | 138,325 | 136,836 | 143,755 | 152,635 | 147,619 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 74,625 | 74,260 | 65,325 | 70,085 | 50,705 |

## 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) | 35.3% | S100YK2Q |
| Fixed assets ÷ total assets | 15.2% | S100YK2Q |
| Goodwill ÷ parent equity | 3.9% | S100YK2Q |

Goodwill over 4 years: 312 → 5,399 JPY; total investing cash flow: -35,704 JPY. This does not imply causation.

### 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) | 28.5% |
| Cash ÷ revenue | 66.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -13,223 JPY mn (of net income -616.7%) |
| Shareholder returns / net income | 412.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 303.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| 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 | 12.6% | 0.46× | 5.8% | 1.24× | 7.2% | S100R4OM |
| 2023 | 7.5% | 0.44× | 3.3% | 1.25× | 4.1% | S100TVUM |
| 2024 | 11.1% | 0.43× | 4.7% | 1.27× | 6.0% | S100W4L7 |
| 2025 | 14.8% | 0.52× | 7.6% | 1.31× | 10.0% | S100YK2Q |
| 2026 | 2.8% | 0.41× | 1.2% | 1.32× | 1.5% | S100YK2Q |

## 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 | 10.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.7% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 4.8% | 2026-03-31 |
| ゴールドマン・サックス・アンド・カンパニーレギュラーアカウント (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 東レ株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.5% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.3% | 2026-03-31 |
| 杏林製薬株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 科研製薬従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YK2Q | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK2Q,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100W4L7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4L7,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TVUM | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVUM,, |
| 有価証券報告書－第103期(2022/04/01－2023/03/31) | S100R4OM | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4OM,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100OG68 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG68,, |
| 有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100LM0Y | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM0Y,, |

## 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).