# ONO PHARMACEUTICAL CO., LTD.: business model and financials

> Latest period: FY ending Mar 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第78期(2025/04/01－2026/03/31) (S100YOIE)
> Page: https://vizora.meequs.com/en/company/ono-pharmaceutical
> Retrieved: 2026-09-30T20:25:52.754Z

## Company

ONO Pharmaceutical is a company in Pharmaceuticals listed on TSE Prime. It has 3,853 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ONO PHARMACEUTICAL CO., LTD. |
| Ticker | 4528 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4528.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区道修町二丁目1番5号(上記所在の場所は、登記簿上の本店所在地であり、事実上の本社業務は、大阪市中央区久太郎町一丁目8番2号において行っております。) |
| Representative (per filing) | 代表取締役社長 滝野十一 |
| Employees (consolidated) | 3,853 |
| Fiscal year end | March |
| Website | www.ono-pharma.com (https://www.ono-pharma.com/) |
| Corporate number | 7120001077374 |
| EDINET | E00945 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YOIE, filed 2026-07-08). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2024-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Efficiency | 48.4 | 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)

- ONO Pharmaceutical brought in ¥502.7B in revenue.
- Revenue changed +12.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥502.7B |  |
| Operating income | — | Margin — |
| Net income | ¥128B | Margin 25.5% |
| Free cash flow | — |  |
| Employees (consolidated) | 3,853 |  |
| Cash ratio | 18.2% | Cash ÷ revenue 33.1% |
| ROE | 16.0% | Equity approximated |
| ROA | 14.3% | Derived from disclosed figures |

## What changed in 7 years

| Metric | FY ending Mar 2017 | FY ending Mar 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥244797000000 | ¥502672000000 | +105.3% |
| Employees | 3,290 people | 3,853 people | +17.1% |
| Cash and equivalents | ¥146323000000 | ¥166141000000 | +13.5% |

### Change in segment revenue mix

Span: FY ending Mar 2017 → FY ending Mar 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 502,672 | 100.0% | S100YOIE |
| Pretax income | 163,734 | 32.6% | S100YOIE |
| Net income attributable to owners | 127,977 | 25.5% | S100YOIE |

A machine-readable operating income value exists, but it is not in the validated published data, so the chart is omitted.

## Year over year（FY ending Mar 2023 → FY ending Mar 2024、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 447,187 | 502,672 | 55,485 | +12.4% |
| Net income attributable to owners | 112,723 | 127,977 | 15,254 | +13.5% |
| Operating cash flow | 159,610 | 110,660 | -48,950 | -30.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 244,797 | — | — | 55,793 | 74,450 | — | S100LIVI |
| FY ending Mar 2018 | 261,836 | — | — | 50,284 | 15,727 | — | S100OBYA |
| FY ending Mar 2019 | 288,634 | — | — | 51,539 | 66,774 | — | S100QU2A |
| FY ending Mar 2022 | 361,361 | — | — | 80,519 | 61,829 | — | S100YOIE |
| FY ending Mar 2023 | 447,187 | — | — | 112,723 | 159,610 | — | S100YOIE |
| FY ending Mar 2024 | 502,672 | — | — | 127,977 | 110,660 | — | S100YOIE |

## People and productivity（FY ending Mar 2024, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥130.5M |
| Net income per employee (consolidated) | ¥33.2M |

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

| History | FY ending Mar 2018 | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,480 | 3,555 | 3,687 | 3,761 | 3,853 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +12.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 110,660 | 22.0% | S100YOIE |
| Investing cash flow | 48,077 | 9.6% | S100YOIE |
| Financing cash flow | -89,848 | -17.9% | S100YOIE |
| Change in cash | 68,889 | 13.7% | 算出 |
| Cash and equivalents | 166,141 | 33.1% | S100YOIE |

## 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 2018 | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 65,273 | 59,981 | 69,112 | 96,135 | 166,141 | S100OBYA, S100LIVI, S100YOIE |
| Total assets | 609,226 | 655,056 | 739,203 | 882,437 | 913,668 | S100OBYA, S100QU2A, S100YOIE |
| Net assets | — | 562,736 | — | — | 798,604 | S100LIVI, S100YOIE |

### Balance sheet history

| Metric | FY ending Mar 2018 | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 609,226 | 655,056 | 739,203 | 882,437 | 913,668 |
| Equity | — | 562,736 | — | — | 798,604 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 65,273 | 59,981 | 69,112 | 96,135 | 166,141 |

### 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) | 18.2% |
| Cash ÷ revenue | 33.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -17,317 JPY mn (of net income -13.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 43.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2018 | — | —× | 8.3% | —× | — | S100OBYA |
| 2019 | 17.9% | 0.46× | 8.2% | 1.12× | 9.2% | S100QU2A, S100LIVI |
| 2022 | — | —× | 10.9% | —× | — | S100YOIE |
| 2023 | — | —× | 13.9% | —× | — | S100YOIE |
| 2024 | 25.5% | 0.56× | 14.3% | 1.12× | 16.0% | S100YOIE |

## 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 | 13.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.3% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人株式会社日本カストディ銀行) | Major shareholder | 3.9% | 2026-03-31 |
| 公益財団法人小野奨学会 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社鶴鳴荘 | Major shareholder | 3.4% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(株式付与ＥＳＯＰ信託口・80358口) | Major shareholder | 1.8% | 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) | Major shareholder | 1.5% | 2026-03-31 |
| ビーエヌワイエム アズ エージーテイ クライアンツ 10 パーセント(常任代理人株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.4% | 2026-03-31 |

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

- Ono has one business, pharmaceuticals, and its main earners are sales of the cancer drug Opdivo and royalties from partner companies.
- In FY ending Mar 2024 its net margin was 25.5%: revenue of ¥502.7B left ¥128B in net income attributable to owners.
- Revenue rose +12.4% and net income +13.5% from the prior year, but operating cash flow fell -30.7%, from ¥159.6B to ¥110.7B.

Cited: Annual securities report (事業の内容); Annual securities report (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)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YOIE | 2026-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOIE,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100QU2A | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU2A,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OBYA | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBYA,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LIVI | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIVI,, |

## 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).