# KYORIN 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68期(2025/04/01－2026/03/31) (S100YDHG)
> Page: https://vizora.meequs.com/en/company/kyorin-pharmaceutical
> Retrieved: 2026-09-30T23:25:45.685Z

## Company

KYORIN Pharmaceutical, founded in 1923, is a company in Pharmaceuticals listed on TSE Prime. It has 1,982 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYORIN Pharmaceutical Co., Ltd. |
| Ticker | 4569 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4569.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目3番7号 |
| Representative (per filing) | 代表取締役社長 荻原 豊 |
| Founded | Dec 1923 |
| Share capital | ¥700M |
| Employees (consolidated) | 1,982 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Corporate number | 8010001096491 |
| EDINET | E00985 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YDHG, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.6 | 18 |
| Profitability | 34.1 | 22 |
| Cash conversion | 86.1 | 18 |
| Efficiency | 76.6 | 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)

- KYORIN Pharmaceutical brought in ¥126.3B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.9% from the prior year, operating profit -71.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥126257000000 → ¥3448000000
- Net income → operating cash flow: ¥3448000000 → ¥6381000000（difference ¥2933000000）
- Main uses of operating cash flow: CapEx ¥3976000000 / dividends ¥3303000000 / buybacks —
- Change in cash: ¥-3219000000
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 | ¥126.3B |  |
| Operating income | ¥3.57B | Margin 2.8% |
| Net income | ¥3.45B | Margin 2.7% |
| Free cash flow | ¥2.4B |  |
| Employees (consolidated) | 1,982 |  |
| EPS | ¥72.82 |  |
| Book value per share | ¥2226.69 |  |
| Equity ratio | 72.9% |  |
| Shares outstanding | 59,945,641 |  |
| Treasury shares | 1,840,100 |  |
| Shareholders | 12,701 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 6.0% | Cash ÷ revenue 9.3% |
| Vs. industry median margin | -4.4 pp | Pharmaceuticals |
| ROE | 2.6% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥102904000000 | ¥126257000000 | +22.7% |
| Operating income | ¥5786000000 | ¥3567000000 | -38.4% |
| Operating margin | 5.6% | 2.8% | -2.8 pp |
| Employees | 2,243 people | 1,982 people | -11.6% |
| Cash and equivalents | ¥26476000000 | ¥11802000000 | -55.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 126,257 | 100.0% | S100YDHG |
| Cost of revenue | 74,634 | 59.1% | S100YDHG |
| Gross profit | 51,622 | 40.9% | S100YDHG |
| SG&A | 48,055 | 38.1% | S100YDHG |
| Operating income | 3,567 | 2.8% | S100YDHG |
| Ordinary income | 4,031 | 3.2% | S100YDHG |
| Pretax income | 4,451 | 3.5% | S100YDHG |
| Income tax | 1,002 | 0.8% | S100YDHG |
| Net income | 3,448 | 2.7% | S100YDHG |
| Net income attributable to owners | 3,448 | 2.7% | S100YDHG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 38 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 40.9% → Operating margin 2.8% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.9%; Core profit growth: -71.6%
Operating leverage (core profit growth ÷ revenue growth): 24.32×
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 | 130,087 | 126,257 | -3,830 | -2.9% |
| Gross profit | 59,535 | 51,622 | -7,913 | -13.3% |
| Operating income | 12,567 | 3,567 | -9,000 | -71.6% |
| Net income attributable to owners | 9,086 | 3,448 | -5,638 | -62.1% |
| Operating cash flow | 3,506 | 6,381 | 2,875 | +82.0% |
| Free cash flow | -2,787 | 2,405 | 5,192 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 109,983 | 7,503 | 6.8% | 6,149 | 7,739 | 4,522 | S100LKCY |
| FY ending Mar 2021 | 102,904 | 5,786 | 5.6% | 6,130 | 5,189 | 65 | S100OCVJ |
| FY ending Mar 2022 | 105,534 | 5,007 | 4.7% | 3,932 | 6,346 | 3,656 | S100R2IL |
| FY ending Mar 2023 | 113,270 | 5,123 | 4.5% | 4,723 | 2,008 | -7,397 | S100TQ0U |
| FY ending Mar 2024 | 119,532 | 6,234 | 5.2% | 5,475 | 1,549 | -4,697 | S100W05E |
| FY ending Mar 2025 | 130,087 | 12,567 | 9.7% | 9,086 | 3,506 | -2,787 | S100YDHG |
| FY ending Mar 2026 | 126,257 | 3,567 | 2.8% | 3,448 | 6,381 | 2,405 | S100YDHG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.7M |
| Operating income per employee (consolidated) | ¥1.8M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,222 | 2,138 | 2,042 | 1,998 | 1,982 |
| Average salary (parent company) | ¥8.9M | ¥8.9M | ¥8.6M | ¥8.8M | ¥8.6M |
| Average age (parent company) | 47.0 years | 47.9 years | 44.5 years | 44.9 years | 45.0 years |
| Average tenure (parent company) | 20.1 years | 21.2 years | 19.1 years | 19.4 years | 19.2 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) -2.9%

## 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 | 6,381 | 5.1% | S100YDHG |
| Capital expenditure | 3,976 | 3.1% | S100YDHG |
| Free cash flow | 2,405 | 1.9% | 算出 |
| Investing cash flow | -1,644 | -1.3% | S100YDHG |
| Financing cash flow | -7,956 | -6.3% | S100YDHG |
| Dividends paid | 3,303 | 2.6% | S100YDHG |
| Change in cash | -3,219 | -2.5% | S100YDHG |
| Cash and equivalents | 11,802 | 9.3% | S100YDHG |

## 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 | 26,289 | 18,816 | 13,886 | 15,021 | 11,802 | S100TQ0U, S100W05E, S100YDHG |
| Total assets | 171,924 | 176,045 | 177,627 | 193,618 | 195,455 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Net assets | 124,507 | 125,461 | 130,735 | 136,285 | 142,425 | S100TQ0U, S100W05E, S100YDHG |
| Share capital | 700 | 700 | 700 | 700 | 700 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Property, plant and equipment | 24,334 | 25,834 | 28,950 | 30,303 | 30,506 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Intangible assets excluding goodwill | 3,289 | 5,393 | 5,088 | 4,757 | 4,085 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Investment securities | 25,703 | 22,979 | 22,106 | 20,042 | 18,863 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Current assets | 116,376 | 119,030 | 119,240 | 136,134 | 135,142 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Current liabilities | 32,182 | 34,983 | 45,491 | 35,111 | 29,368 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Trade payables | 10,896 | 13,762 | 14,265 | 15,517 | 14,441 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Short-term borrowings | 10,300 | 10,300 | 10,100 | 7,400 | 2,600 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Long-term borrowings | 10,836 | 10,636 | 435 | 20,235 | 20,444 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Total liabilities | 47,416 | 50,584 | 46,892 | 57,333 | 53,029 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Equity attributable to owners of parent | 120,491 | 122,182 | 124,829 | 130,892 | 131,067 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Retained earnings | 132,710 | 134,396 | 136,726 | 142,789 | 131,545 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |
| Treasury stock | -17,671 | -17,666 | -17,350 | -17,349 | -5,929 | S100R2IL, S100TQ0U, S100W05E, S100YDHG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YDHG |
| Property, plant and equipment | 15% | S100YDHG |
| Intangibles and goodwill | 2% | S100YDHG |
| Investment securities | 10% | S100YDHG |
| Other assets | 67% | S100YDHG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YDHG |
| Other liabilities | 20% | S100YDHG |
| Equity | 73% | S100YDHG |
| Other liabilities | 0% | S100YDHG |

### 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 | 171,924 | 176,045 | 177,627 | 193,618 | 195,455 |
| Equity | 124,507 | 125,461 | 130,735 | 136,285 | 142,425 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,289 | 18,816 | 13,886 | 15,021 | 11,802 |

## 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) | 24.2% | S100YDHG |
| Fixed assets ÷ total assets | 15.6% | S100YDHG |
| Goodwill ÷ parent equity | — | —, S100YDHG |

### 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) | 6.0% |
| Cash ÷ revenue | 9.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.9% |
| Cash vs. profit gap | 2,933 JPY mn (of net income 85.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 95.8% |
| Shareholder payments — dividends / FCF | 137.3% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 25.8% |

## 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 | 3.7% | 0.61× | 2.3% | 1.43× | 3.3% | S100R2IL |
| 2023 | 4.2% | 0.65× | 2.7% | 1.43× | 3.9% | S100TQ0U |
| 2024 | 4.6% | 0.68× | 3.1% | 1.43× | 4.4% | S100W05E |
| 2025 | 7.0% | 0.70× | 4.9% | 1.45× | 7.1% | S100YDHG |
| 2026 | 2.7% | 0.65× | 1.8% | 1.49× | 2.6% | S100YDHG |

## 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 | 10.4% | 2026-03-31 |
| 株式会社マイカム | Major shareholder | 8.9% | 2026-03-31 |
| 株式会社ルキウス | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| キョーリン製薬グループ持株会 | Major shareholder | 3.6% | 2026-03-31 |
| ＢＢＨ ＦＯＲ ＴＨＥ ＡＤＶＩＳＯＲＳ’ ＩＮＮＥＲＣＩＲＣＬＥ ＦＵＮＤ ＩＩ／ＫＯＰＥＲＮＩＫ ＧＬＯ ＡＬＬ－ＣＡＰ ＦＵＮＤ（常任代理人 株式会社三菱ＵＦＪ銀行決済事業部） | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社バンリーナ | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社アーチァンズ | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ルーチェス | Major shareholder | 3.0% | 2026-03-31 |
| 科研製薬株式会社 | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YDHG | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDHG,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W05E | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W05E,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TQ0U | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ0U,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R2IL | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2IL,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OCVJ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCVJ,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LKCY | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKCY,, |

## 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).