# Kyowa Kirin Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第103期(2025/01/01－2025/12/31) (S100XPTY)
> Page: https://vizora.meequs.com/en/company/kyowa-kirin
> Retrieved: 2026-09-30T19:52:41.012Z

## Company

Kyowa Kirin, founded in 1949, is a company in Pharmaceuticals listed on TSE Prime. It has 5,161 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kyowa Kirin Co., Ltd. |
| Ticker | 4151 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4151.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目9番2号 |
| Representative (per filing) | 代表取締役社長 アブドゥル・マリック |
| Founded | Jul 1949 |
| Share capital | ¥26.7B |
| Employees (consolidated) | 5,161 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | December |
| Website | ir.kyowakirin.com (https://ir.kyowakirin.com/) |
| Corporate number | 7010001008670 |
| EDINET | E00816 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100XPTY, filed 2026-03-10). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.4 | 18 |
| Efficiency | 29.7 | 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)

- Kyowa Kirin brought in ¥496.8B in revenue.
- Out of every ¥100 of sales, about ¥41 is left as operating profit.
- Revenue changed +0.3% from the prior year.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥496826000000 → ¥67040000000
- Net income → operating cash flow: ¥67040000000 → ¥96619000000（difference ¥29579000000）
- Main uses of operating cash flow: CapEx ¥83519000000 / dividends ¥30882000000 / buybacks ¥9000000
- Change in cash: ¥-25912000000
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 | ¥496.8B |  |
| Operating income | — | Margin — |
| Net income | ¥67B | Margin 13.5% |
| Free cash flow | ¥13.1B |  |
| Employees (consolidated) | 5,161 |  |
| EPS | ¥128.07 |  |
| Diluted EPS | ¥128.07 |  |
| Book value per share | ¥1174.53 |  |
| Equity ratio | 80.6% | Derived from disclosed figures |
| Shares outstanding | 525,634,500 |  |
| Treasury shares | 2,146,300 |  |
| Shareholders | 30,109 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 19.7% | Cash ÷ revenue 44.0% |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥318352000000 | ¥496826000000 | +56.1% |
| Employees | 5,423 people | 5,161 people | -4.8% |
| Cash and equivalents | ¥287019000000 | ¥218769000000 | -23.8% |

### Change in segment revenue mix

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

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 496,826 | 100.0% | S100XPTY |
| Cost of revenue | 127,934 | 25.8% | S100XPTY |
| Gross profit | 368,892 | 74.2% | S100XPTY |
| SG&A | 165,434 | 33.3% | S100XPTY |
| Pretax income | 87,221 | 17.6% | S100XPTY |
| Income tax | 20,182 | 4.1% | S100XPTY |
| Net income | 67,040 | 13.5% | S100XPTY |
| Net income attributable to owners | 67,040 | 13.5% | S100XPTY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 33 |
| Operating income | 41 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 74.2% → Net margin 13.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 495,558 | 496,826 | 1,268 | +0.3% |
| Gross profit | 362,947 | 368,892 | 5,945 | +1.6% |
| Net income attributable to owners | 59,870 | 67,040 | 7,170 | +12.0% |
| Operating cash flow | 67,884 | 96,619 | 28,735 | +42.3% |
| Free cash flow | -37,384 | 13,100 | 50,484 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 347,956 | — | — | 30,450 | 66,881 | — | S100KWXR |
| FY ending Dec 2017 | 353,380 | — | — | 42,899 | 64,902 | — | S100NMKA |
| FY ending Dec 2018 | 271,510 | — | — | 54,414 | 56,181 | — | S100QCX2 |
| FY ending Dec 2019 | 305,820 | — | — | 67,084 | 53,655 | 32,398 | S100KWXR |
| FY ending Dec 2020 | 318,352 | — | — | 47,027 | 39,502 | 4,275 | S100NMKA |
| FY ending Dec 2021 | 352,246 | — | — | 52,347 | 86,548 | 66,782 | S100QCX2 |
| FY ending Dec 2022 | 398,371 | — | — | 53,573 | 48,672 | 20,006 | S100T1DP |
| FY ending Dec 2023 | 442,233 | — | — | 81,188 | 115,551 | 82,699 | S100VDMK |
| FY ending Dec 2024 | 495,558 | — | — | 59,870 | 67,884 | -37,384 | S100XPTY |
| FY ending Dec 2025 | 496,826 | — | — | 67,040 | 96,619 | 13,100 | S100XPTY |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96.3M |
| Net income per employee (consolidated) | ¥13M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,752 | 5,982 | 5,974 | 5,669 | 5,161 |
| Average salary (parent company) | ¥8.8M | ¥9M | ¥9.4M | ¥9.9M | ¥9.9M |
| Average age (parent company) | 42.7 years | 42.8 years | 43.0 years | 43.2 years | 42.4 years |
| Average tenure (parent company) | 17.1 years | 16.7 years | 16.5 years | 16.5 years | 15.5 years |

Year over year: Employees (consolidated) -9.0% · Revenue (consolidated) +0.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 96,619 | 19.4% | S100XPTY |
| Capital expenditure | 83,519 | 16.8% | S100XPTY |
| Free cash flow | 13,100 | 2.6% | 算出 |
| Investing cash flow | -89,189 | -18.0% | S100XPTY |
| Financing cash flow | -36,853 | -7.4% | S100XPTY |
| Dividends paid | 30,882 | 6.2% | S100XPTY |
| Share buyback | 9 | 0.0% | S100XPTY |
| Change in cash | -25,912 | -5.2% | S100XPTY |
| Cash and equivalents | 218,769 | 44.0% | S100XPTY |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 335,084 | 339,194 | 403,083 | 244,681 | 218,769 | S100T1DP, S100VDMK, S100XPTY |
| Total assets | 921,872 | 939,881 | 1,025,942 | 1,067,363 | 1,107,860 | S100QCX2, S100T1DP, S100VDMK, S100XPTY |
| Net assets | 737,162 | 762,826 | 836,418 | 850,811 | 893,332 | S100T1DP, S100VDMK, S100XPTY |
| Share capital | 26,745 | 26,745 | 26,745 | 26,745 | 26,745 | S100QCX2, S100T1DP, S100VDMK, S100XPTY |
| Property, plant and equipment | 78,652 | 89,099 | 94,508 | 111,477 | 141,225 | S100QCX2, S100T1DP, S100VDMK, S100XPTY |
| Goodwill | 136,352 | 135,761 | 140,450 | 181,034 | 183,497 | S100QCX2, S100T1DP, S100VDMK, S100XPTY |
| Current assets | 518,231 | 542,189 | 611,124 | 504,026 | 493,348 | S100QCX2, S100T1DP, S100VDMK, S100XPTY |
| Total liabilities | 184,710 | 177,055 | 189,524 | 216,551 | 214,528 | S100QCX2, S100T1DP, S100VDMK, S100XPTY |
| Equity attributable to owners of parent | 737,162 | 762,826 | 836,418 | 850,811 | 893,332 | S100QCX2, S100T1DP, S100VDMK, S100XPTY |
| Retained earnings | 255,528 | 285,842 | 338,764 | 371,050 | 406,321 | S100QCX2, S100T1DP, S100VDMK, S100XPTY |
| Treasury stock | -3,359 | -3,177 | -2,933 | -5,887 | -5,585 | S100QCX2, S100T1DP, S100VDMK, S100XPTY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XPTY |
| Property, plant and equipment | 13% | S100XPTY |
| Intangibles and goodwill | 16% | — |
| Other assets | 51% | S100XPTY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100XPTY |
| Equity | 81% | S100XPTY |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 921,872 | 939,881 | 1,025,942 | 1,067,363 | 1,107,860 |
| Equity | 737,162 | 762,826 | 836,418 | 850,811 | 893,332 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 335,084 | 339,194 | 403,083 | 244,681 | 218,769 |

## 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) | 28.4% | S100XPTY |
| Fixed assets ÷ total assets | 12.7% | S100XPTY |
| Goodwill ÷ parent equity | 20.5% | S100XPTY |

Goodwill over 4 years: 136,352 → 183,497 JPY; total investing cash flow: -280,506 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) | 19.7% |
| Cash ÷ revenue | 44.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 29,579 JPY mn (of net income 44.1%) |
| Shareholder returns / net income | 46.1% |
| Shareholder returns / FCF | 235.8% |
| Shareholder payments — dividends / net income | 46.1% |
| Shareholder payments — dividends / FCF | 235.7% |
| CapEx intensity (capex ÷ revenue) | 16.8% |
| Investing CF relative to operating CF | 92.3% |

## 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 | 14.9% | 0.38× | 5.7% | 1.25× | 7.1% | S100QCX2 |
| 2022 | 13.4% | 0.43× | 5.8% | 1.24× | 7.1% | S100T1DP |
| 2023 | 18.4% | 0.45× | 8.3% | 1.23× | 10.2% | S100VDMK |
| 2024 | 12.1% | 0.47× | 5.7% | 1.24× | 7.1% | S100XPTY |
| 2025 | 13.5% | 0.46× | 6.2% | 1.25× | 7.7% | S100XPTY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| キリンホールディングス(株) | Major shareholder | 55.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行(株)（信託口） | Major shareholder | 9.6% | 2025-12-31 |
| (株)日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2025-12-31 |
| BNYMSANV RE GCLB RE JP RD LMGC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.8% | 2025-12-31 |
| バンク オブ ニユーヨーク ジーシーエム クライアント アカウント ジエイピーアールデイ アイエスジー エフイー－エイシー （常任代理人 (株)三菱UFJ銀行） | Major shareholder | 1.0% | 2025-12-31 |
| エムエスアイピ－クライアントセキユリテイ－ズ （常任代理人 モルガン・スタンレーMUFG証券(株)） | Major shareholder | 0.9% | 2025-12-31 |
| SMBC日興証券(株) | Major shareholder | 0.8% | 2025-12-31 |
| ジェーピー モルガン チェース バンク ３８５７８１ （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 0.7% | 2025-12-31 |
| JPモルガン証券(株) | Major shareholder | 0.6% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥496.8B, almost unchanged from ¥495.6B (+0.3%).
- Growth from newer drugs overseas and higher licensing income was offset by the restructuring of its Asia business and drug price cuts in Japan.
- Net income rose +12.0% to ¥67B. Operating cash flow climbed to ¥96.6B (+42.3%), and free cash flow turned positive at ¥13.1B after a negative prior year.

### Drivers

- Its own drugs such as Crysvita and Poteligeo grew in North America and Europe
- Licensing income rose on higher royalties from AstraZeneca and an upfront payment from Boehringer Ingelheim
- The Asia restructuring, Japanese price cuts and the end of the Dovobet sales partnership held revenue back
- Lower SG&A and R&D spending lifted profit

### Risks

- Growing pressure on healthcare spending worldwide and harder drug development
- Cyberattacks that could stop systems or leak data
- Manufacturing or quality problems that could disrupt supply

Cited: Annual Securities Report (FY ending Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (FY ending Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/01/01－2025/12/31) | S100XPTY | 2026-03-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XPTY,, |
| 有価証券報告書－第102期(2024/01/01－2024/12/31) | S100VDMK | 2025-03-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VDMK,, |
| 有価証券報告書－第101期(2023/01/01－2023/12/31) | S100T1DP | 2024-03-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T1DP,, |
| 有価証券報告書－第100期(2022/01/01－2022/12/31) | S100QCX2 | 2023-03-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QCX2,, |
| 有価証券報告書－第99期(令和3年1月1日－令和3年12月31日) | S100NMKA | 2022-03-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NMKA,, |
| 有価証券報告書－第98期(令和2年1月1日－令和2年12月31日) | S100KWXR | 2021-03-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KWXR,, |

## 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).