# Shionogi & 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161期(2025/04/01－2026/03/31) (S100Z43Z)
> Page: https://vizora.meequs.com/en/company/shionogi-and
> Retrieved: 2026-09-30T21:18:29.295Z

## Company

Shionogi &, founded in 2001, is a company in Pharmaceuticals listed on TSE Prime. It has 4,959 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shionogi & Co., Ltd. |
| Ticker | 4507 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4507.T) |
| Listing | TSE Prime |
| Head office | 大阪府大阪市中央区道修町3丁目1番8号(上記は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役会長兼社長 CEO 手代木 功 |
| Founded | Feb 2001 |
| Employees (consolidated) | 4,959 |
| Fiscal year end | March |
| Website | www.shionogi.com (https://www.shionogi.com/) |
| Corporate number | 9120001077430 |
| EDINET | E00923 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100Z43Z, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2024-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Efficiency | 7.8 | 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)

- Shionogi & brought in ¥410.1B in revenue.
- Revenue changed -3.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥410.1B |  |
| Operating income | — | Margin — |
| Net income | ¥162B | Margin 39.5% |
| Free cash flow | — |  |
| Employees (consolidated) | 4,959 |  |
| Cash ratio | 25.3% | Cash ÷ revenue 87.3% |
| ROE | 12.9% | Equity approximated |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2024, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2019 | FY ending Mar 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥367960000000 | ¥410073000000 | +11.4% |
| Employees | 5,233 people | 4,959 people | -5.2% |
| Cash and equivalents | ¥195800000000 | ¥358090000000 | +82.9% |

### Change in segment revenue mix

Span: FY ending Mar 2019 → 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 | 410,073 | 100.0% | S100Z43Z |
| Pretax income | 198,283 | 48.4% | S100Z43Z |
| Net income attributable to owners | 162,030 | 39.5% | S100Z43Z |

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 | 426,684 | 410,073 | -16,611 | -3.9% |
| Net income attributable to owners | 184,965 | 162,030 | -22,935 | -12.4% |
| Operating cash flow | 177,867 | 154,284 | -23,583 | -13.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 367,960 | — | — | 137,191 | 165,000 | — | S100R105 |
| FY ending Mar 2022 | 335,138 | — | — | 114,185 | 102,068 | — | S100Z43Z |
| FY ending Mar 2023 | 426,684 | — | — | 184,965 | 177,867 | — | S100Z43Z |
| FY ending Mar 2024 | 410,073 | — | — | 162,030 | 154,284 | — | S100Z43Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.7M |
| Net income per employee (consolidated) | ¥32.7M |

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

| History | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,233 | 5,693 | 5,680 | 4,959 |
| Average salary (parent company) | — | — | — | — |
| Average age (parent company) | — | — | — | — |
| Average tenure (parent company) | — | — | — | — |

Year over year: Employees (consolidated) -12.7% · Revenue (consolidated) -3.9%

## 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 | 154,284 | 37.6% | S100Z43Z |
| Investing cash flow | 5,922 | 1.4% | S100Z43Z |
| Financing cash flow | -126,853 | -30.9% | S100Z43Z |
| Change in cash | 33,353 | 8.1% | 算出 |
| Cash and equivalents | 358,090 | 87.3% | S100Z43Z |

## 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 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 195,800 | 254,420 | 309,224 | 358,090 | S100LMYP, S100Z43Z |
| Total assets | 938,540 | 1,150,601 | 1,311,800 | 1,416,918 | S100R105, S100Z43Z |
| Net assets | 813,087 | — | — | 1,252,562 | S100LMYP, S100Z43Z |

### Balance sheet history

| Metric | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 938,540 | 1,150,601 | 1,311,800 | 1,416,918 |
| Equity | 813,087 | — | — | 1,252,562 |
| Interest-bearing debt | — | — | — | — |
| Cash | 195,800 | 254,420 | 309,224 | 358,090 |

### 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) | 25.3% |
| Cash ÷ revenue | 87.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -7,746 JPY mn (of net income -4.8%) |
| 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 | 3.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2019 | 37.3% | 0.39× | 14.6% | 1.15× | 16.9% | S100R105, S100LMYP |
| 2022 | — | —× | 9.9% | —× | — | S100Z43Z |
| 2023 | — | —× | 15.0% | —× | — | S100Z43Z |
| 2024 | 39.5% | 0.30× | 11.9% | 1.09× | 12.9% | S100Z43Z |

## 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 | 18.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.8% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 6.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社ＳＭＢＣ信託銀行（株式会社三井住友銀行退職給付信託口） | Major shareholder | 3.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.1% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人：香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.0% | 2026-03-31 |

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

- Sales and profit both slipped in FY ending Mar 2024.
- Revenue went from ¥426.7B to ¥410.1B (-3.9%), and net income from ¥185B to ¥162B (-12.4%).
- Even so, a 39.5% net margin means a large share of every sale still ends up as profit.
- Cash from operations fell harder, to ¥154.3B (-13.3%).

### Risks

- Rival drugs or market shifts could cut sales of its HIV medicines and its antibiotics for drug-resistant infections.
- If folding in Torii Pharmaceutical and JT's drug business runs late, the expected gains may not show up.
- US drug-pricing rules could slow the edaravone business it bought from Tanabe Pharma.

Cited: Annual securities report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第161期(2025/04/01－2026/03/31) | S100Z43Z | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z43Z,, |
| 有価証券報告書－第158期(2022/04/01－2023/03/31) | S100R105 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R105,, |
| 有価証券報告書－第156期(令和2年4月1日－令和3年3月31日) | S100LMYP | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMYP,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ペプチドリーム | Joint venture | 合弁会社ペプチスター（特殊ペプチド原薬） | S100XRP4 |
| ネクセラファーマ | Supply/OEM | 日本でのクービビックの独占販売権付与と製剤供給（ネクセラ側が供給） | S100XTYN |
| 東レ | Co-development | 経口そう痒症改善剤レミッチの共同開発及び販売権に関する契約 | S100YFG9 |

## 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).