# Otsuka Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2023, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/01/01－2025/12/31) (S100XUA7)
> Page: https://vizora.meequs.com/en/company/otsuka-holdings
> Retrieved: 2026-09-30T19:53:43.760Z

## Company

Otsuka Holdings, founded in 2008, is a company in Pharmaceuticals listed on TSE Prime. It has 34,388 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Otsuka Holdings Co., Ltd. |
| Ticker | 4578 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4578.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田司町二丁目9番地 (同所は登記上の所在地であり、実際の業務は下記の最寄りの連絡場所で行っております。) |
| Representative (per filing) | 代表取締役社長兼CEO 井上 眞 |
| Founded | Jun 2008 |
| Employees (consolidated) | 34,388 |
| Fiscal year end | December |
| Website | www.otsuka.com (https://www.otsuka.com/) |
| Corporate number | 4010001118786 |
| EDINET | E21183 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100XUA7, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2023-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Efficiency | 70.3 | 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)

- Otsuka Holdings brought in ¥2.02T in revenue.
- Revenue changed +16.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.02T |  |
| Operating income | — | Margin — |
| Net income | ¥121.6B | Margin 6.0% |
| Free cash flow | — |  |
| Employees (consolidated) | 34,388 |  |
| Cash ratio | 15.3% | Cash ÷ revenue 25.4% |
| ROE | 5.0% | Equity approximated |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2023, operating cash flow is 2.3× net income

## What changed in 7 years

| Metric | FY ending Dec 2016 | FY ending Dec 2023 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1195547000000 | ¥2018568000000 | +68.8% |
| Employees | 31,787 people | 34,388 people | +8.2% |
| Cash and equivalents | ¥369875000000 | ¥513341000000 | +38.8% |

### Change in segment revenue mix

Span: FY ending Dec 2016 → FY ending Dec 2023. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,018,568 | 100.0% | S100XUA7 |
| Pretax income | 142,655 | 7.1% | S100XUA7 |
| Net income attributable to owners | 121,616 | 6.0% | S100XUA7 |

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 Dec 2022 → FY ending Dec 2023、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,737,998 | 2,018,568 | 280,570 | +16.1% |
| Net income attributable to owners | 133,906 | 121,616 | -12,290 | -9.2% |
| Operating cash flow | 211,848 | 283,232 | 71,384 | +33.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 1,195,547 | — | — | 92,563 | 142,004 | — | S100L3LV |
| FY ending Dec 2017 | 1,239,952 | — | — | 112,492 | 102,832 | — | S100NTB1 |
| FY ending Dec 2018 | 1,291,981 | — | — | 82,492 | 135,821 | — | S100QJ0T |
| FY ending Dec 2021 | 1,498,276 | — | — | 125,463 | 228,864 | — | S100XUA7 |
| FY ending Dec 2022 | 1,737,998 | — | — | 133,906 | 211,848 | — | S100XUA7 |
| FY ending Dec 2023 | 2,018,568 | — | — | 121,616 | 283,232 | — | S100XUA7 |

## People and productivity（FY ending Dec 2023, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.7M |
| Net income per employee (consolidated) | ¥3.5M |

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

| History | FY ending Dec 2017 | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 32,817 | 32,935 | 33,226 | 33,482 | 34,388 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +16.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 283,232 | 14.0% | S100XUA7 |
| Investing cash flow | -190,538 | -9.4% | S100XUA7 |
| Financing cash flow | -60,260 | -3.0% | S100XUA7 |
| Change in cash | 32,434 | 1.6% | 算出 |
| Cash and equivalents | 513,341 | 25.4% | S100XUA7 |

## 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 2017 | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 336,613 | 285,022 | 410,684 | 471,634 | 513,341 | S100NTB1, S100L3LV, S100XUA7 |
| Total assets | 2,480,256 | 2,477,363 | 2,820,915 | 3,102,638 | 3,361,244 | S100NTB1, S100QJ0T, S100XUA7 |
| Net assets | — | 1,732,266 | — | — | 2,436,317 | S100L3LV, S100XUA7 |

### Balance sheet history

| Metric | FY ending Dec 2017 | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,480,256 | 2,477,363 | 2,820,915 | 3,102,638 | 3,361,244 |
| Equity | — | 1,732,266 | — | — | 2,436,317 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 336,613 | 285,022 | 410,684 | 471,634 | 513,341 |

### 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) | 15.3% |
| Cash ÷ revenue | 25.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 161,616 JPY mn (of net income 132.9%) |
| 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 | 67.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2017 | — | —× | 4.5% | —× | — | S100NTB1 |
| 2018 | 6.4% | 0.52× | 3.3% | 1.43× | 4.8% | S100QJ0T, S100L3LV |
| 2021 | — | —× | 4.4% | —× | — | S100XUA7 |
| 2022 | — | —× | 4.5% | —× | — | S100XUA7 |
| 2023 | 6.0% | 0.62× | 3.8% | 1.33× | 5.0% | S100XUA7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 14.7% | 2025-12-31 |
| 野村信託銀行㈱ 大塚創業家持株会信託口 | Major shareholder | 9.9% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 5.6% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 3.0% | 2025-12-31 |
| 大塚グループ従業員持株会 | Major shareholder | 2.4% | 2025-12-31 |
| ㈱阿波銀行 | Major shareholder | 2.1% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-12-31 |
| ㈱りそな銀行 | Major shareholder | 1.1% | 2025-12-31 |
| ㈱メディパルホールディングス | Major shareholder | 1.0% | 2025-12-31 |
| 日亜化学工業㈱ | Major shareholder | 0.9% | 2025-12-31 |

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

- Most of the business is prescription medicine sold by Otsuka Pharmaceutical and Taiho, with Pocari Sweat and Nature Made supplements running alongside.
- On ¥2.02T of revenue in FY ending Dec 2023, the company kept a net margin of 6.0%.
- Sales jumped +16.1%, yet net income attributable to owners dropped -9.2%, so the top and bottom lines moved in opposite directions.

Cited: Annual securities report (business description) (事業の内容)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/01/01－2025/12/31) | S100XUA7 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUA7,, |
| 有価証券報告書－第15期(2022/01/01－2022/12/31) | S100QJ0T | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QJ0T,, |
| 有価証券報告書－第14期(令和3年1月1日－令和3年12月31日) | S100NTB1 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NTB1,, |
| 有価証券報告書－第13期(令和2年1月1日－令和2年12月31日) | S100L3LV | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3LV,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| H.ルンドベックA/S | Co-development | 大塚製薬と中枢神経領域での共同開発・商業化（Abilify Maintena、REXULTI） | S100XUA7 |
| Merck & Co., Inc. | Co-development | 大鵬薬品・アステックスと KRAS 等を標的とする低分子阻害剤の研究提携・ライセンス | S100XUA7 |
| 住友ファーマ | Co-development | 大塚製薬が精神神経領域の新薬候補（ウロタロント等）の開発・販売権を得るライセンス契約 | S100XUA7 |
| セルヴィエ社 | Co-development | 大鵬薬品が抗悪性腫瘍剤 TAS-102（ロンサーフ）の欧州等での開発・販売権をセルヴィエに導出 | S100XUA7 |
| 武田薬品 | Alliance | 大塚製薬が武田薬品の「タケキャブ錠」を国内で共同プロモーション | S100XUA7 |
| 中国医薬投資有限公司 | Joint venture | 合弁会社 中国大塚製薬（注射薬の製造・販売） | S100XUA7 |
| Jeil Pharmaceutical Co., Ltd. | Joint venture | 合弁会社 韓国大塚製薬（循環・呼吸器官用薬の製造・販売） | S100XUA7 |
| Dong-A Socio Holdings Co., Ltd. | Joint venture | 合弁会社 東亜大塚（韓国で飲料品・健康食品・栄養製品の製造・販売） | S100XUA7 |
| Cameron Investment Group, Inc. | Joint venture | 合弁会社 CGロクサーヌ（米国で飲料製品の製造・販売・輸出） | S100XUA7 |
| ROX INVEST | Joint venture | 合弁会社 アルマ S.A.（フランスで飲料製品の製造・販売・輸出） | S100XUA7 |
| ICU Medical, Inc. | Joint venture | 合弁会社 大塚ICUメディカル（輸液・臨床栄養製品。大塚製薬工場アメリカが持分60%を取得） | S100XUA7 |

## 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).