# Mochida 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88期(2025/04/01－2026/03/31) (S100YI28)
> Page: https://vizora.meequs.com/en/company/mochida-pharmaceutical
> Retrieved: 2026-09-30T22:17:18.319Z

## Company

Mochida Pharmaceutical, founded in 1945, is a company in Pharmaceuticals listed on TSE Prime. It has 1,479 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mochida Pharmaceutical Co.,Ltd. |
| Ticker | 4534 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4534.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区四谷一丁目7番地 |
| Representative (per filing) | 代表取締役社長 持田 直幸 |
| Founded | Apr 1945 |
| Share capital | ¥7.23B |
| Employees (consolidated) | 1,479 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.mochida.co.jp (https://www.mochida.co.jp/) |
| Corporate number | 9011101021173 |
| EDINET | E00947 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YI28, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 18 |
| Profitability | 75 | 22 |
| Cash conversion | 19.4 | 18 |
| Efficiency | 89.1 | 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)

- Mochida Pharmaceutical brought in ¥117B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +11.2% from the prior year, operating profit +24.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥117B |  |
| Operating income | ¥10.1B | Margin 8.7% |
| Net income | ¥7.9B | Margin 6.8% |
| Free cash flow | -¥10B |  |
| Employees (consolidated) | 1,479 |  |
| EPS | ¥184.94 |  |
| Book value per share | ¥3847.66 |  |
| Equity ratio | 76.8% |  |
| Shares outstanding | 36,390,000 |  |
| Treasury shares | 940,300 |  |
| Shareholders | 5,733 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 26.6% |
| Vs. industry median margin | +1.5 pp | Pharmaceuticals |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 25%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥102995000000 | ¥116951000000 | +13.6% |
| Operating income | ¥12003000000 | ¥10147000000 | -15.5% |
| Operating margin | 11.7% | 8.7% | -3 pp |
| Employees | 1,558 people | 1,479 people | -5.1% |
| Cash and equivalents | ¥40987000000 | ¥31058000000 | -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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 116,951 | 100.0% | S100YI28 |
| Cost of revenue | 60,690 | 51.9% | S100YI28 |
| Gross profit | 56,260 | 48.1% | S100YI28 |
| SG&A | 46,113 | 39.4% | S100YI28 |
| Operating income | 10,147 | 8.7% | S100YI28 |
| Ordinary income | 11,195 | 9.6% | S100YI28 |
| Pretax income | 11,171 | 9.6% | S100YI28 |
| Income tax | 3,267 | 2.8% | S100YI28 |
| Net income | 7,903 | 6.8% | S100YI28 |
| Net income attributable to owners | 7,903 | 6.8% | S100YI28 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 39 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 48.1% → Operating margin 8.7% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.2%; Core profit growth: +24.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.22×
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 | 105,159 | 116,951 | 11,792 | +11.2% |
| Gross profit | 53,787 | 56,260 | 2,473 | +4.6% |
| Operating income | 8,126 | 10,147 | 2,021 | +24.9% |
| Net income attributable to owners | 5,685 | 7,903 | 2,218 | +39.0% |
| Operating cash flow | 9,354 | -7,350 | -16,704 | -178.6% |
| Free cash flow | 7,194 | -10,045 | -17,239 | -239.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 101,799 | 8,807 | 8.7% | 4,598 | 9,347 | 7,389 | S100LOG5 |
| FY ending Mar 2021 | 102,995 | 12,003 | 11.7% | 8,587 | 9,198 | 7,263 | S100OI5J |
| FY ending Mar 2022 | 110,179 | 14,392 | 13.1% | 10,569 | 7,459 | 4,471 | S100R7OO |
| FY ending Mar 2023 | 103,261 | 8,507 | 8.2% | 6,649 | 7,297 | 5,131 | S100TRAN |
| FY ending Mar 2024 | 102,885 | 5,802 | 5.6% | 4,547 | -7,480 | -9,776 | S100W7OB |
| FY ending Mar 2025 | 105,159 | 8,126 | 7.7% | 5,685 | 9,354 | 7,194 | S100YI28 |
| FY ending Mar 2026 | 116,951 | 10,147 | 8.7% | 7,903 | -7,350 | -10,045 | S100YI28 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.1M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥5.3M |

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) | 1,544 | 1,529 | 1,522 | 1,508 | 1,479 |
| Average salary (parent company) | ¥8.1M | ¥8.3M | ¥8.2M | ¥8.3M | ¥8.4M |
| Average age (parent company) | 42.4 years | 42.4 years | 42.8 years | 43.3 years | 43.1 years |
| Average tenure (parent company) | 16.9 years | 16.8 years | 16.9 years | 17.0 years | 16.5 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +11.2%

## 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 | -7,350 | -6.3% | S100YI28 |
| Capital expenditure | 2,695 | 2.3% | S100YI28 |
| Free cash flow | -10,045 | -8.6% | 算出 |
| Investing cash flow | -16,848 | -14.4% | S100YI28 |
| Financing cash flow | 7,033 | 6.0% | S100YI28 |
| Dividends paid | 2,835 | 2.4% | S100YI28 |
| Share buyback | 2 | 0.0% | S100YI28 |
| Change in cash | -17,092 | -14.6% | S100YI28 |
| Cash and equivalents | 31,058 | 26.6% | S100YI28 |

## 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 | 40,515 | 38,010 | 24,290 | 48,151 | 31,058 | S100TRAN, S100W7OB, S100YI28 |
| Total assets | 163,139 | 158,831 | 158,800 | 160,121 | 182,720 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Net assets | 128,646 | 126,775 | 127,967 | 130,694 | 140,326 | S100TRAN, S100W7OB, S100YI28 |
| Share capital | 7,229 | 7,229 | 7,229 | 7,229 | 7,229 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Property, plant and equipment | 14,528 | 15,049 | 15,874 | 15,940 | 16,302 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Intangible assets excluding goodwill | 713 | 797 | 721 | 920 | 1,121 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Investment securities | 16,474 | 14,246 | 16,116 | 15,022 | 39,228 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Current assets | 121,448 | 117,379 | 116,662 | 119,669 | 119,021 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Current liabilities | 29,856 | 27,258 | 26,073 | 24,902 | 27,734 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Trade payables | 10,656 | 9,047 | 10,975 | 7,419 | 9,779 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Long-term borrowings | — | — | — | — | 10,000 | S100YI28 |
| Total liabilities | 34,493 | 32,056 | 30,833 | 29,426 | 42,394 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Equity attributable to owners of parent | 121,153 | 120,930 | 119,102 | 121,947 | 127,081 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Retained earnings | 121,668 | 118,943 | 117,022 | 116,114 | 121,251 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |
| Treasury stock | -9,617 | -7,114 | -7,021 | -3,267 | -3,270 | S100R7OO, S100TRAN, S100W7OB, S100YI28 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YI28 |
| Property, plant and equipment | 9% | S100YI28 |
| Intangibles and goodwill | 1% | S100YI28 |
| Investment securities | 21% | S100YI28 |
| Other assets | 52% | S100YI28 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YI28 |
| Other liabilities | 18% | S100YI28 |
| Equity | 77% | S100YI28 |

### 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 | 163,139 | 158,831 | 158,800 | 160,121 | 182,720 |
| Equity | 128,646 | 126,775 | 127,967 | 130,694 | 140,326 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 40,515 | 38,010 | 24,290 | 48,151 | 31,058 |

## 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) | 13.9% | S100YI28 |
| Fixed assets ÷ total assets | 8.9% | S100YI28 |
| Goodwill ÷ parent equity | — | —, S100YI28 |

### 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) | 17.0% |
| Cash ÷ revenue | 26.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -72.4% |
| Cash vs. profit gap | -15,253 JPY mn (of net income -193.0%) |
| Shareholder returns / net income | 35.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| 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 | 9.6% | 0.68× | 6.5% | 1.35× | 8.7% | S100R7OO |
| 2023 | 6.4% | 0.64× | 4.1% | 1.33× | 5.5% | S100TRAN |
| 2024 | 4.4% | 0.65× | 2.9% | 1.32× | 3.8% | S100W7OB |
| 2025 | 5.4% | 0.66× | 3.6% | 1.32× | 4.7% | S100YI28 |
| 2026 | 6.8% | 0.68× | 4.6% | 1.38× | 6.3% | S100YI28 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人持田記念医学薬学振興財団 | Major shareholder | 16.1% | 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 | 8.4% | 2026-03-31 |
| 公益財団法人高松宮妃癌研究基金 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.5% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託みずほ銀行口 再信託受託者株式会社日本カストディ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社ニッスイ | Major shareholder | 3.4% | 2026-03-31 |
| 持田 直幸 | Major shareholder | 2.9% | 2026-03-31 |
| 持田 健志 | Major shareholder | 2.7% | 2026-03-31 |
| 持田 和枝 | Major shareholder | 2.2% | 2026-03-31 |
| 大正製薬ホールディングス株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YI28 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI28,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W7OB | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7OB,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TRAN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRAN,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100R7OO | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7OO,, |
| 有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100OI5J | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI5J,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LOG5 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOG5,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| キッズウェル・バイオ | Supply/OEM | 当社がペグフィルグラスチムBS原薬を持田製薬に供給 | S100YMXX |

## 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).