# PeptiDream Inc.: business model and financials

> Latest period: FY ending Dec 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/01/01－2025/12/31) (S100XRP4), 有価証券報告書－第19期(2024/01/01－2024/12/31) (S100VITV)
> Page: https://vizora.meequs.com/en/company/peptidream
> Retrieved: 2026-09-30T17:55:39.234Z

## Company

PeptiDream, founded in 2006, is a company in Pharmaceuticals listed on TSE Prime. It has 621 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PeptiDream Inc. |
| Ticker | 4587 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4587.T) |
| Listing | TSE Prime |
| Head office | 神奈川県川崎市川崎区殿町三丁目25番23号 |
| Representative (per filing) | 代表取締役社長CEO リード・パトリック |
| Founded | Jul 2006 |
| Share capital | ¥3.96B |
| Employees (consolidated) | 621 |
| Average salary (parent only) | ¥11.7M |
| Fiscal year end | December |
| Website | www.peptidream.com (https://www.peptidream.com/) |
| Corporate number | 5013201015694 |
| EDINET | E27486 |
| Industries (Vizora) | Pharmaceuticals, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XRP4, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Biotech & Regenerative Medicine (2024-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 91.7 | 6 |
| Cash conversion | 62.5 | 4 |
| Efficiency | 64.3 | 7 |

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)

- About 67% of PeptiDream's sales come from Drug Discovery and Development Business, with Radiopharmaceuticals Business making up much of the rest.
- Out of every ¥100 of sales, about ¥45 is left as operating profit.
- Revenue changed +62.6% from the prior year.

## Company structure

- Segment revenue mix: Drug Discovery and Development Business 67.1%、Radiopharmaceuticals Business 32.9%
- Revenue → net income: ¥46676523000 → ¥15014922000
- Net income → operating cash flow: ¥15014922000 → ¥23844988000（difference ¥8830066000）
- Main uses of operating cash flow: CapEx ¥2218269000 / dividends — / buybacks ¥163000
- Change in cash: ¥28610071000
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 | ¥46.7B |  |
| Operating income | ¥21.1B | Margin 45.2% |
| Net income | ¥15B | Margin 32.2% |
| Free cash flow | ¥21.6B |  |
| Largest business | Drug Discovery and Development Business | of segment revenue 67.1% |
| Employees (consolidated) | 621 |  |
| EPS | ¥115.85 |  |
| Diluted EPS | ¥115.68 |  |
| Book value per share | ¥428.73 |  |
| Equity ratio | 61.2% | Derived from disclosed figures |
| Shares outstanding | 130,010,400 |  |
| Treasury shares | 300 |  |
| Shareholders | 23,854 |  |
| Average salary (parent only) | ¥11.7M | Filing company only |
| Cash ratio | 51.9% | Cash ÷ revenue 103.1% |
| Vs. industry median margin | +38.2 pp | Biotech & Regenerative Medicine |
| ROE | 26.5% | Derived from disclosed figures |
| ROA | 18.5% | Derived from disclosed figures |

## Notable figures

- FY2024, one segment accounts for 99% of positive segment profit
- FY2024, operating income keeps 45 per ¥100 of revenue
- FY2024, cash is 52% of total assets

## What changed in 4 years

Accounting standard changed in FY2021, FY2021, FY2022; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11677253000 | ¥46676523000 | — |
| Operating income | ¥6991323000 | ¥21113841000 | — |
| Operating margin | 59.9% | 45.2% | -14.6 pp |
| Employees | 128 people | 621 people | — |
| Cash and equivalents | ¥7149358000 | ¥48117933000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 創薬開発事業 | 67.1% |
| 新設・再編 → 放射性医薬品事業 | 32.9% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,677 | 100.0% | S100XRP4 |
| Cost of revenue | 12,173 | 26.1% | S100XRP4 |
| Gross profit | 34,504 | 73.9% | S100XRP4 |
| SG&A | 9,110 | 19.5% | S100XRP4 |
| Operating income | 21,114 | 45.2% | S100XRP4 |
| Pretax income | 20,889 | 44.8% | S100XRP4 |
| Income tax | 5,874 | 12.6% | S100XRP4 |
| Net income | 15,015 | 32.2% | S100XRP4 |
| Net income attributable to owners | 15,015 | 32.2% | S100XRP4 |

## Per ¥100 of revenue（FY ending Dec 2024）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 20 |
| Other operating | 9 |
| Operating income | 45 |
| (Ref.) Net income | 32 |

### Margin funnel

Gross margin 73.9% → Operating margin 45.2% → Net margin 32.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 28,712 | 46,677 | 17,964 | +62.6% |
| Net income attributable to owners | 3,036 | 15,015 | 11,979 | +394.6% |
| Operating cash flow | 12,421 | 23,845 | 11,424 | +92.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,037 | -887 | -85.5% | -488 | 242 | 104 | S100L1B0 |
| FY ending Dec 2020 | 11,677 | 6,991 | 59.9% | 4,448 | 1,733 | 1,146 | S100NQLE |
| FY ending Dec 2021 | 9,422 | — | — | 2,573 | 6,655 | — | S100XRP4 |
| FY ending Dec 2021 | 9,366 | 4,418 | 47.2% | 3,606 | 6,655 | 5,440 | S100NQLE |
| FY ending Dec 2022 | 26,852 | — | — | 7,554 | -83 | — | S100XRP4 |
| FY ending Dec 2023 | 28,712 | — | — | 3,036 | 12,421 | — | S100XRP4 |
| FY ending Dec 2024 | 46,677 | 21,114 | 45.2% | 15,015 | 23,845 | 21,627 | S100XRP4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.2M |
| Operating income per employee (consolidated) | ¥34M |
| Net income per employee (consolidated) | ¥24.2M |

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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 141 | 141 | 569 | 603 | 621 |
| Average salary (parent company) | — | ¥8.8M | — | — | ¥11.7M |
| Average age (parent company) | — | 37.7 years | — | — | 39.7 years |
| Average tenure (parent company) | — | 3.7 years | — | — | 5.3 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +62.6%

## Segments（FY ending Dec 2024, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Drug Discovery and Development Business | 31,313 | 67.1% | 20,957 | 66.9% |
| Radiopharmaceuticals Business | 15,363 | 32.9% | 247 | 1.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Drug Discovery and Development Business | 67.1% | 98.8% | 31.8 | 66.9% |
| Radiopharmaceuticals Business | 32.9% | 1.2% | -31.8 | 1.6% |

Segment → industry: Radiopharmaceuticals Business → Pharmaceuticals / Drug Discovery and Development Business → Biotech & Regenerative Medicine

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 23,845 | 51.1% | S100XRP4 |
| Capital expenditure | 2,218 | 4.8% | S100XRP4 |
| Free cash flow | 21,627 | 46.3% | 算出 |
| Investing cash flow | 8,371 | 17.9% | S100XRP4 |
| Financing cash flow | -2,995 | -6.4% | S100XRP4 |
| Share buyback | 0 | 0.0% | S100XRP4 |
| Change in cash | 28,610 | 61.3% | S100XRP4 |
| Cash and equivalents | 48,118 | 103.1% | S100XRP4 |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 11,747 | 11,747 | 5,248 | 19,508 | 48,118 | S100XRP4, S100NQLE |
| Total assets | 27,035 | 26,619 | 63,865 | 69,464 | 92,770 | S100XRP4, S100NQLE |
| Net assets | — | 24,999 | — | 40,350 | 56,762 | S100NQLE, S100XRP4 |
| Share capital | — | 3,957 | — | — | 3,957 | S100NQLE, S100XRP4 |
| Property, plant and equipment | — | 6,437 | — | — | 17,526 | S100NQLE, S100XRP4 |
| Intangible assets excluding goodwill | — | 76 | — | — | — | S100NQLE |
| Goodwill | — | — | — | — | 8,371 | S100XRP4 |
| Investment securities | — | 4,004 | — | — | — | S100NQLE |
| Current assets | — | 13,863 | — | — | 57,210 | S100NQLE, S100XRP4 |
| Current liabilities | — | 1,272 | — | — | — | S100NQLE |
| Total liabilities | — | 1,621 | — | — | 36,008 | S100NQLE, S100XRP4 |
| Equity attributable to owners of parent | — | 24,833 | — | — | 56,762 | S100NQLE, S100XRP4 |
| Retained earnings | — | 17,543 | — | — | 49,393 | S100NQLE, S100XRP4 |
| Treasury stock | — | -620 | — | — | -1,075 | S100NQLE, S100XRP4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100XRP4 |
| Property, plant and equipment | 19% | S100XRP4 |
| Intangibles and goodwill | 9% | — |
| Other assets | 20% | S100XRP4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100XRP4 |
| Equity | 61% | S100XRP4 |
| Other liabilities | 0% | S100XRP4 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,035 | 26,619 | 63,865 | 69,464 | 92,770 |
| Equity | — | 24,999 | — | 40,350 | 56,762 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,747 | 11,747 | 5,248 | 19,508 | 48,118 |

## 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) | 37.5% | S100XRP4 |
| Fixed assets ÷ total assets | 18.9% | S100XRP4 |
| Goodwill ÷ parent equity | 14.7% | S100XRP4 |

### 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) | 51.9% |
| Cash ÷ revenue | 103.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.9% |
| Cash vs. profit gap | 8,830 JPY mn (of net income 58.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 35.1% |

## 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 | — | —× | 9.5% | —× | — | S100XRP4 |
| 2021 | 38.5% | 0.35× | 13.5% | 1.07× | 14.5% | S100NQLE |
| 2022 | — | —× | 11.8% | —× | — | S100XRP4 |
| 2023 | 10.6% | 0.43× | 4.6% | 1.65× | 7.5% | S100XRP4 |
| 2024 | 32.2% | 0.58× | 18.5% | 1.43× | 26.5% | S100XRP4 |

## 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 | 13.5% | 2025-12-31 |
| 窪田 規一 | Major shareholder | 9.5% | 2025-12-31 |
| 菅 裕明 | Major shareholder | 9.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.0% | 2025-12-31 |
| 村上 裕 | Major shareholder | 3.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505301（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.3% | 2025-12-31 |
| リード・パトリック | Major shareholder | 3.2% | 2025-12-31 |
| HSBC BANK PLC A/C M AND G（ACS） VALUE PARTNERS CHINA EQUITY FUND （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.7% | 2025-12-31 |
| BNP PARIBASLUXEMBOURG/2S/JASDECSECURITIES/UCITS ASSETS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2025-12-31 |
| BROWN BROTHERS HARRIMAN（LUXEMBOURG）SCA CUSTODIAN FOR ARCUS FUNDSICAV-ARCUS JAPAN FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XRP4 | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRP4,, |
| 有価証券報告書－第19期(2024/01/01－2024/12/31) | S100VITV | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VITV,, |
| 有価証券報告書－第16期(令和3年1月1日－令和3年12月31日) | S100NQLE | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQLE,, |
| 有価証券報告書－第15期(令和2年1月1日－令和2年12月31日) | S100L1B0 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1B0,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 国立大学法人東京大学 | Co-development | 基盤技術の独占ライセンス（再実施権付き）を受ける | S100XRP4 |
| 塩野義製薬 | Joint venture | 合弁会社ペプチスター（特殊ペプチド原薬） | S100XRP4 |
| 積水化学工業 | Joint venture | 合弁会社ペプチスター（特殊ペプチド原薬） | S100XRP4 |
| 三菱商事 | Joint venture | 合弁会社ペプチグロース（成長因子代替ペプチド） | S100XRP4 |
| 富士通 | Joint venture | 合弁会社ペプチエイド（医薬品の研究開発） | S100XRP4 |
| みずほキャピタル株式会社 | Joint venture | 合弁会社ペプチエイド（医薬品の研究開発） | S100XRP4 |
| 株式会社竹中工務店 | Joint venture | 合弁会社ペプチエイド（医薬品の研究開発） | S100XRP4 |
| キシダ化学株式会社 | Joint venture | 合弁会社ペプチエイド（医薬品の研究開発） | S100XRP4 |
| Lantheus Medical Imaging, Inc. | Co-development | 子会社PDRファーマがCardiolite・Neuroliteのライセンス・販売権を受ける | S100XRP4 |

## 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).