# KISSEI PHARMACEUTICAL 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81期(2025/04/01－2026/03/31) (S100YFN3)
> Page: https://vizora.meequs.com/en/company/kissei-pharmaceutical
> Retrieved: 2026-09-30T18:27:11.311Z

## Company

Kissei Pharmaceutical, founded in 1946, is a company in IT Services & System Integration listed on TSE Prime. It has 1,786 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KISSEI PHARMACEUTICAL CO., LTD. |
| Ticker | 4547 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4547.T) |
| Listing | TSE Prime |
| Head office | 長野県松本市芳野19番48号 |
| Representative (per filing) | 代表取締役会長 神澤陸雄 |
| Founded | Aug 1946 |
| Share capital | ¥24.4B |
| Employees (consolidated) | 1,786 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.kissei.co.jp (https://www.kissei.co.jp/) |
| Corporate number | 1100001012982 |
| EDINET | E00962 |
| Industries (Vizora) | IT Services & System Integration, Pharmaceuticals, General Contractors, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFN3, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 18 |
| Profitability | 6.8 | 22 |
| Efficiency | 17.2 | 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 80% of Kissei Pharmaceutical's sales come from Pharmaceutical products, with Information Service and Construction and Facility Maintenance Business making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed +10.3% from the prior year, operating profit -150.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥97.4B |  |
| Operating income | -¥2.93B | Margin -3.0% |
| Net income | ¥13.8B | Margin 14.1% |
| Free cash flow | -¥7.12B |  |
| Largest business | Pharmaceutical products | of segment revenue 80.0% |
| Employees (consolidated) | 1,786 |  |
| EPS | ¥301.38 |  |
| Book value per share | ¥5180.49 |  |
| Equity ratio | 83.7% |  |
| Shares outstanding | 46,541,985 |  |
| Treasury shares | 5,089,900 |  |
| Shareholders | 3,379 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 19.6% | Cash ÷ revenue 55.4% |
| Vs. industry median margin | -10.2 pp | Pharmaceuticals |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 60% of positive segment profit
- FY2026, segment profit share differs by 46 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥69044000000 | ¥97406000000 | +41.1% |
| Operating income | ¥1505000000 | ¥-2927000000 | -294.5% |
| Operating margin | 2.2% | -3.0% | -5.2 pp |
| Employees | 1,863 people | 1,786 people | -4.1% |
| Cash and equivalents | ¥43447000000 | ¥53971000000 | +24.2% |

### 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 |
| --- | ---: |
| 医薬品 → 医薬品 | 80.0% |
| 医薬品 → 事業再編・廃止 | 1.7% |
| 情報サービス → 情報サービス | 12.3% |
| 建設請負 → 事業再編・廃止 | 5.1% |
| 物品販売 → 物品販売 | 0.9% |
| 新設・再編 → 情報サービス | 2.3% |
| 新設・再編 → 建設・施設メンテナンス | 4.4% |
| 新設・再編 → 物品販売 | 0.0% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Pharmaceutical products | 5 years | +6.7% | ¥77950000000 | -5.8% | 2 |
| Information Service | 5 years | +10.9% | ¥14237000000 | 7.7% | 2 |
| Construction and Facility Maintenance Business | 2 years | +19.7% | ¥4331000000 | 13.7% | 2 |
| Trading business | 5 years | +7.8% | ¥886000000 | 15.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 97,406 | 100.0% | S100YFN3 |
| Cost of revenue | 51,587 | 53.0% | S100YFN3 |
| Gross profit | 45,818 | 47.0% | S100YFN3 |
| SG&A | 48,745 | 50.0% | S100YFN3 |
| Operating income | -2,927 | -3.0% | S100YFN3 |
| Ordinary income | -1,162 | -1.2% | S100YFN3 |
| Pretax income | 16,891 | 17.3% | S100YFN3 |
| Income tax | 2,930 | 3.0% | S100YFN3 |
| Net income | 13,960 | 14.3% | S100YFN3 |
| Net income attributable to owners | 13,779 | 14.1% | S100YFN3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 50 |
| Operating income | -3 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 47.0% → Operating margin -3.0% → Net margin 14.1%
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 | 88,330 | 97,406 | 9,076 | +10.3% |
| Gross profit | 44,065 | 45,818 | 1,753 | +4.0% |
| Operating income | 5,773 | -2,927 | -8,700 | -150.7% |
| Net income attributable to owners | 11,961 | 13,779 | 1,818 | +15.2% |
| Operating cash flow | 6,521 | -1,485 | -8,006 | -122.8% |
| Free cash flow | 1,491 | -7,121 | -8,612 | -577.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 63,234 | 1,857 | 2.9% | 2,817 | 13,934 | 12,632 | S100LO0H |
| FY ending Mar 2021 | 69,044 | 1,505 | 2.2% | 5,285 | -2,542 | -4,027 | S100OOE8 |
| FY ending Mar 2022 | 65,381 | -1,402 | -2.1% | 12,921 | 1,533 | -386 | S100R0YK |
| FY ending Mar 2023 | 67,493 | -1,129 | -1.7% | 10,528 | -6,679 | -9,226 | S100TRIA |
| FY ending Mar 2024 | 75,579 | 4,017 | 5.3% | 11,160 | -1,677 | -3,510 | S100W31F |
| FY ending Mar 2025 | 88,330 | 5,773 | 6.5% | 11,961 | 6,521 | 1,491 | S100YFN3 |
| FY ending Mar 2026 | 97,406 | -2,927 | -3.0% | 13,779 | -1,485 | -7,121 | S100YFN3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.5M |
| Operating income per employee (consolidated) | -¥1.6M |
| Net income per employee (consolidated) | ¥7.7M |

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) | 1,828 | 1,795 | 1,779 | 1,778 | 1,786 |
| Average salary (parent company) | ¥7.5M | ¥7.6M | ¥7.6M | ¥7.8M | ¥8M |
| Average age (parent company) | 43.0 years | 43.3 years | 43.6 years | 43.3 years | 42.7 years |
| Average tenure (parent company) | 18.6 years | 18.8 years | 19.1 years | 18.8 years | 18.2 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +10.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceutical products | 77,950 | 80.0% | -4,524 | -5.8% |
| Information Service | 14,237 | 14.6% | 1,102 | 7.7% |
| Construction and Facility Maintenance Business | 4,331 | 4.4% | 595 | 13.7% |
| Trading business | 886 | 0.9% | 136 | 15.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceutical products | 80.0% | — | — | -5.8% |
| Information Service | 14.6% | 60.1% | 45.5 | 7.7% |
| Construction and Facility Maintenance Business | 4.4% | 32.5% | 28.0 | 13.7% |
| Trading business | 0.9% | 7.4% | 6.5 | 15.3% |

Loss-making segment (excluded from profit shares): Pharmaceutical products -4,524 JPY mn

Segment → industry: Information Service → IT Services & System Integration / Pharmaceutical products → Pharmaceuticals / Construction and Facility Maintenance Business → General Contractors / Trading business → Specialty Trading & Wholesale

## 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 | -1,485 | -1.5% | S100YFN3 |
| Capital expenditure | 5,636 | 5.8% | S100YFN3 |
| Free cash flow | -7,121 | -7.3% | 算出 |
| Investing cash flow | 17,500 | 18.0% | S100YFN3 |
| Financing cash flow | -10,255 | -10.5% | S100YFN3 |
| Dividends paid | 4,841 | 5.0% | S100YFN3 |
| Share buyback | 5,217 | 5.4% | S100YFN3 |
| Change in cash | 5,812 | 6.0% | S100YFN3 |
| Cash and equivalents | 53,971 | 55.4% | S100YFN3 |

## 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 | 53,004 | 48,884 | 45,887 | 48,158 | 53,971 | S100TRIA, S100W31F, S100YFN3 |
| Total assets | 238,087 | 221,200 | 260,929 | 244,059 | 275,086 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Net assets | 202,180 | 194,814 | 221,136 | 210,126 | 231,536 | S100TRIA, S100W31F, S100YFN3 |
| Share capital | 24,356 | 24,356 | 24,356 | 24,356 | 24,356 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Property, plant and equipment | 24,074 | 24,579 | 24,861 | 27,069 | 28,093 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Intangible assets excluding goodwill | 1,569 | 1,507 | 1,992 | 1,894 | 1,969 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Goodwill | — | — | 309 | 242 | 176 | S100W31F, S100YFN3 |
| Investment securities | 96,631 | 74,769 | 106,361 | 84,869 | 104,271 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Current assets | 99,342 | 100,641 | 104,551 | 106,980 | 114,969 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Current liabilities | 18,744 | 14,957 | 17,663 | 16,578 | 21,688 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Trade payables | 4,104 | 4,617 | 4,893 | 4,602 | 6,661 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Short-term borrowings | 1,640 | 1,490 | 1,340 | 1,280 | 1,250 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Total liabilities | 35,907 | 26,385 | 39,793 | 33,933 | 43,550 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Non-controlling interests | 794 | 914 | 1,107 | 1,122 | 1,390 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Equity attributable to owners of parent | 153,854 | 161,246 | 162,683 | 165,550 | 169,339 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Retained earnings | 118,183 | 125,576 | 127,310 | 131,488 | 136,253 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |
| Treasury stock | -12,912 | -12,912 | -13,209 | -14,520 | -15,513 | S100R0YK, S100TRIA, S100W31F, S100YFN3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YFN3 |
| Property, plant and equipment | 10% | S100YFN3 |
| Intangibles and goodwill | 1% | S100YFN3 |
| Investment securities | 38% | S100YFN3 |
| Other assets | 31% | S100YFN3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YFN3 |
| Other liabilities | 13% | S100YFN3 |
| Equity | 84% | S100YFN3 |

### 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 | 238,087 | 221,200 | 260,929 | 244,059 | 275,086 |
| Equity | 202,180 | 194,814 | 221,136 | 210,126 | 231,536 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 53,004 | 48,884 | 45,887 | 48,158 | 53,971 |

## 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) | 28.8% | S100YFN3 |
| Fixed assets ÷ total assets | 10.2% | S100YFN3 |
| Goodwill ÷ parent equity | 0.1% | S100YFN3 |

### 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) | 19.6% |
| Cash ÷ revenue | 55.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -15,264 JPY mn (of net income -110.8%) |
| Shareholder returns / net income | 73.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| 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 | 19.8% | 0.27× | 5.4% | 1.55× | 8.4% | S100R0YK |
| 2023 | 15.6% | 0.29× | 4.6% | 1.46× | 6.7% | S100TRIA |
| 2024 | 14.8% | 0.31× | 4.6% | 1.49× | 6.9% | S100W31F |
| 2025 | 13.5% | 0.35× | 4.7% | 1.54× | 7.3% | S100YFN3 |
| 2026 | 14.1% | 0.38× | 5.3% | 1.55× | 8.2% | S100YFN3 |

## 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 | 12.1% | 2026-03-31 |
| 株式会社八十二長野銀行(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 | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| 有限会社カンザワ | Major shareholder | 4.0% | 2026-03-31 |
| 神澤 陸雄 | Major shareholder | 3.7% | 2026-03-31 |
| 第一生命保険株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.2% | 2026-03-31 |
| 鍋林株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| キッセイグループ従業員持株会 | Major shareholder | 2.9% | 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 | 2.7% | 2026-03-31 |
| 塩野義製薬株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YFN3 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFN3,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W31F | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W31F,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TRIA | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRIA,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R0YK | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0YK,, |
| 訂正有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OOE8 | 2022-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOE8,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LO0H | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO0H,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| スズケン | Alliance | 透析用治療薬「ウパシタ」の共同販促（三和化学） | S100YFRU |

## 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).