# SUZUKEN 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80期(2025/04/01－2026/03/31) (S100YFRU)
> Page: https://vizora.meequs.com/en/company/suzuken
> Retrieved: 2026-09-30T18:31:48.267Z

## Company

Suzuken, founded in 1946, is a company in Medical Devices listed on TSE Prime. It has 12,717 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUZUKEN CO.,LTD. |
| Ticker | 9987 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9987.T) |
| Listing | TSE Prime |
| Head office | 名古屋市東区東片端町8番地 |
| Representative (per filing) | 代表取締役社長 浅野茂 |
| Founded | Aug 1946 |
| Share capital | ¥13.5B |
| Employees (consolidated) | 12,717 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.suzuken.co.jp (https://www.suzuken.co.jp/) |
| Corporate number | 1180001017009 |
| EDINET | E02780 |
| Industries (Vizora) | Medical Devices, Pharmaceuticals, Nursing Care, Specialty Trading & Wholesale, Drugstores & Pharmacies, CRO & Clinical Testing |

> Profile source: annual securities report (S100YFRU, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31 | 179 |
| Profitability | 22.4 | 185 |
| Cash conversion | 47.2 | 179 |
| Efficiency | 81.4 | 185 |

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 94% of Suzuken's sales come from The Pharmaceutical Distribution Business, with The community healthcare and nursing care support business and The Healthcare-Related Services Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit -2.0%.

## Company structure

- Segment revenue mix: The Pharmaceutical Distribution Business 94.5%、The community healthcare and nursing care support business 3.8%、The Healthcare-Related Services Business 1.0%、The healthcare product development business 0.5%、The Specialty Drug Contract Distribution Business 0.3%
- Revenue → net income: ¥2486647000000 → ¥38143000000
- Net income → operating cash flow: ¥38143000000 → ¥33566000000（difference ¥-4577000000）
- Main uses of operating cash flow: CapEx ¥17848000000 / dividends ¥7095000000 / buybacks ¥26003000000
- Change in cash: ¥13037000000
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 | ¥2.49T |  |
| Operating income | ¥36.4B | Margin 1.5% |
| Net income | ¥38.1B | Margin 1.5% |
| Free cash flow | ¥15.7B |  |
| Largest business | The Pharmaceutical Distribution Business | of segment revenue 94.5% |
| Employees (consolidated) | 12,717 |  |
| EPS | ¥418.27 |  |
| Book value per share | ¥3979.89 |  |
| Equity ratio | 36.0% |  |
| Shares outstanding | 72,167,000 |  |
| Treasury shares | 4,529,300 |  |
| Shareholders | 8,439 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 11.4% | Cash ÷ revenue 5.3% |
| Vs. industry median margin | -1.4 pp | Specialty Trading & Wholesale |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.7× dividends
- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2128218000000 | ¥2486647000000 | +16.8% |
| Operating income | ¥9156000000 | ¥36374000000 | +297.3% |
| Operating margin | 0.4% | 1.5% | +1 pp |
| Employees | 15,041 people | 12,717 people | -15.5% |
| Cash and equivalents | ¥168818000000 | ¥131604000000 | -22.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 医薬品卸売事業 → 医薬品卸売事業 | 93.5% |
| 医薬品製造事業 → 事業再編・廃止 | 0.6% |
| 保険薬局事業 → 事業再編・廃止 | 4.2% |
| 医療関連サービス等事業 → 医療関連サービス等事業 | 1.0% |
| 医療関連サービス等事業 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 医薬品卸売事業 | 1.0% |
| 新設・再編 → ヘルスケア製品開発事業 | 0.5% |
| 新設・再編 → 地域医療介護支援事業 | 3.8% |
| 新設・再編 → スペシャリティ医薬品流通受託事業 | 0.3% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| The Pharmaceutical Distribution Business | 5 years | +3.4% | ¥2349386000000 | 1.3% | 2 |
| The community healthcare and nursing care support business | 3 years | -1.4% | ¥93922000000 | 1.6% | 2 |
| The Healthcare-Related Services Business | 5 years | -7.0% | ¥24629000000 | 5.2% | 2 |
| The healthcare product development business | 3 years | +0.8% | ¥11933000000 | 7.0% | 2 |
| The Specialty Drug Contract Distribution Business | 2 years | +4.4% | ¥6775000000 | 17.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,486,647 | 100.0% | S100YFRU |
| Cost of revenue | 2,294,122 | 92.3% | S100YFRU |
| Gross profit | 192,524 | 7.7% | S100YFRU |
| SG&A | 156,149 | 6.3% | S100YFRU |
| Operating income | 36,374 | 1.5% | S100YFRU |
| Ordinary income | 39,744 | 1.6% | S100YFRU |
| Pretax income | 54,293 | 2.2% | S100YFRU |
| Income tax | 16,150 | 0.6% | S100YFRU |
| Net income | 38,143 | 1.5% | S100YFRU |
| Net income attributable to owners | 38,136 | 1.5% | S100YFRU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 6 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 7.7% → Operating margin 1.5% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.6%; Core profit growth: -2.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.56×
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 | 2,399,952 | 2,486,647 | 86,695 | +3.6% |
| Gross profit | 192,231 | 192,524 | 293 | +0.2% |
| Operating income | 37,125 | 36,374 | -751 | -2.0% |
| Net income attributable to owners | 34,496 | 38,136 | 3,640 | +10.6% |
| Operating cash flow | -65,079 | 33,566 | 98,645 | — |
| Free cash flow | -83,726 | 15,718 | 99,444 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,213,478 | 32,571 | 1.5% | 28,213 | -25,817 | -37,515 | S100LN0D |
| FY ending Mar 2021 | 2,128,218 | 9,156 | 0.4% | 7,895 | 15,602 | 7,738 | S100OCGE |
| FY ending Mar 2022 | 2,239,112 | 20,116 | 0.9% | 14,393 | 9,520 | -4,772 | S100R3L5 |
| FY ending Mar 2023 | 2,314,828 | 32,605 | 1.4% | 20,345 | 37,270 | 19,528 | S100TQTQ |
| FY ending Mar 2024 | 2,386,493 | 34,875 | 1.5% | 29,016 | 87,216 | 71,576 | S100W3YI |
| FY ending Mar 2025 | 2,399,952 | 37,125 | 1.5% | 34,496 | -65,079 | -83,726 | S100YFRU |
| FY ending Mar 2026 | 2,486,647 | 36,374 | 1.5% | 38,136 | 33,566 | 15,718 | S100YFRU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥195.5M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥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) | 14,032 | 13,429 | 13,086 | 12,923 | 12,717 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥7.1M | ¥7.3M | ¥7.4M |
| Average age (parent company) | 46.1 years | 47.0 years | 47.1 years | 47.2 years | 47.3 years |
| Average tenure (parent company) | 21.0 years | 21.8 years | 21.8 years | 22.0 years | 22.1 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +3.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| The Pharmaceutical Distribution Business | 2,349,386 | 94.5% | 31,467 | 1.3% |
| The healthcare product development business | 11,933 | 0.5% | 830 | 7.0% |
| The community healthcare and nursing care support business | 93,922 | 3.8% | 1,549 | 1.6% |
| The Specialty Drug Contract Distribution Business | 6,775 | 0.3% | 1,155 | 17.0% |
| The Healthcare-Related Services Business | 24,629 | 1.0% | 1,276 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| The Pharmaceutical Distribution Business | 94.5% | 86.7% | -7.7 | 1.3% |
| The healthcare product development business | 0.5% | 2.3% | 1.8 | 7.0% |
| The community healthcare and nursing care support business | 3.8% | 4.3% | 0.5 | 1.6% |
| The Specialty Drug Contract Distribution Business | 0.3% | 3.2% | 2.9 | 17.0% |
| The Healthcare-Related Services Business | 1.0% | 3.5% | 2.5 | 5.2% |

Segment → industry: The healthcare product development business → Medical Devices / The healthcare product development business → Pharmaceuticals / The community healthcare and nursing care support business → Nursing Care / The Specialty Drug Contract Distribution Business → Specialty Trading & Wholesale / The Pharmaceutical Distribution Business → Specialty Trading & Wholesale / The community healthcare and nursing care support business → Drugstores & Pharmacies / The Healthcare-Related Services Business → CRO & Clinical Testing

## 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 | 33,566 | 1.3% | S100YFRU |
| Capital expenditure | 17,848 | 0.7% | S100YFRU |
| Free cash flow | 15,718 | 0.6% | 算出 |
| Investing cash flow | 12,817 | 0.5% | S100YFRU |
| Financing cash flow | -33,336 | -1.3% | S100YFRU |
| Dividends paid | 7,095 | 0.3% | S100YFRU |
| Share buyback | 26,003 | 1.0% | S100YFRU |
| Change in cash | 13,037 | 0.5% | S100YFRU |
| Cash and equivalents | 131,604 | 5.3% | S100YFRU |

## 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 | 168,215 | 132,872 | 198,745 | 118,567 | 131,604 | S100TQTQ, S100W3YI, S100YFRU |
| Total assets | 1,141,717 | 1,146,097 | 1,228,686 | 1,113,831 | 1,155,766 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Net assets | 418,062 | 411,525 | 416,428 | 407,420 | 416,012 | S100TQTQ, S100W3YI, S100YFRU |
| Share capital | 13,546 | 13,546 | 13,546 | 13,546 | 13,546 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Trade receivables | 518,408 | 521,028 | 539,740 | 524,134 | 554,190 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Property, plant and equipment | 119,116 | 124,827 | 128,695 | 133,512 | 139,563 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Intangible assets excluding goodwill | 11,177 | 10,965 | 11,239 | 12,108 | 15,673 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Goodwill | 1,180 | 965 | 25 | 14 | 3,523 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Investment securities | 89,969 | 93,602 | 100,682 | 84,399 | 79,212 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Current assets | 882,936 | 878,169 | 948,293 | 844,099 | 876,172 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Current liabilities | 697,879 | 711,274 | 784,418 | 679,114 | 713,052 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Trade payables | 664,280 | 666,515 | 744,183 | 635,752 | 665,757 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Total liabilities | 723,655 | 734,571 | 812,257 | 706,410 | 739,753 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Non-controlling interests | 375 | 316 | 121 | 128 | 135 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Equity attributable to owners of parent | 385,675 | 380,321 | 378,188 | 377,569 | 382,932 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Retained earnings | 394,296 | 334,694 | 332,710 | 332,375 | 363,582 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |
| Treasury stock | -61,504 | -371 | -486 | -499 | -26,344 | S100R3L5, S100TQTQ, S100W3YI, S100YFRU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YFRU |
| Receivables | 48% | S100YFRU |
| Property, plant and equipment | 12% | S100YFRU |
| Intangibles and goodwill | 2% | S100YFRU |
| Investment securities | 7% | S100YFRU |
| Other assets | 20% | S100YFRU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 58% | S100YFRU |
| Other liabilities | 6% | S100YFRU |
| Equity | 36% | S100YFRU |
| Other liabilities | 0% | S100YFRU |

### 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 | 1,141,717 | 1,146,097 | 1,228,686 | 1,113,831 | 1,155,766 |
| Equity | 418,062 | 411,525 | 416,428 | 407,420 | 416,012 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 168,215 | 132,872 | 198,745 | 118,567 | 131,604 |

## 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) | 5.6% | S100YFRU |
| Fixed assets ÷ total assets | 12.1% | S100YFRU |
| Goodwill ÷ parent equity | 0.9% | S100YFRU |

Goodwill over 4 years: 1,180 → 3,523 JPY; total investing cash flow: -1,377 JPY. This does not imply causation.

### 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) | 11.4% |
| Cash ÷ revenue | 5.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.3% |
| Cash vs. profit gap | -4,570 JPY mn (of net income -12.0%) |
| Shareholder returns / net income | 86.8% |
| Shareholder returns / FCF | 210.6% |
| Shareholder payments — dividends / net income | 18.6% |
| Shareholder payments — dividends / FCF | 45.1% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 38.2% |

## 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 | 0.6% | 1.96× | 1.3% | 2.96× | 3.7% | S100R3L5 |
| 2023 | 0.9% | 2.02× | 1.8% | 2.99× | 5.3% | S100TQTQ |
| 2024 | 1.2% | 2.01× | 2.4% | 3.13× | 7.7% | S100W3YI |
| 2025 | 1.4% | 2.05× | 2.9% | 3.10× | 9.1% | S100YFRU |
| 2026 | 1.5% | 2.19× | 3.4% | 2.98× | 10.0% | S100YFRU |

## 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 | 14.6% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ． （ＡＶＦＣ） ＲＥ ＳＩＬＣＨＥＳＴＥＲ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＩＮＶＥＳＴＯＲＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＶＡＬＵＥ ＥＱＵＩＴＹ ＴＲＵＳＴ(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 | 3.7% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-03-31 |
| 別 所 芳 樹 | Major shareholder | 3.1% | 2026-03-31 |
| 別 所 知 佳 | Major shareholder | 3.1% | 2026-03-31 |
| 別 所 昌 樹 | Major shareholder | 3.1% | 2026-03-31 |
| 公益財団法人鈴木謙三記念医科学応用研究財団 | Major shareholder | 2.7% | 2026-03-31 |
| スズケングループ従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ． （ＡＶＦＣ） ＲＥ Ｕ．Ｓ． ＴＡＸ ＥＸＥＭＰＴＥＤ ＰＥＮＳＩＯＮ ＦＵＮＤＳ(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 | 2.3% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥＢＡＮＫ ３８００５５(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 2.2% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 grew 3.6% to ¥2.49T, up from ¥2.4T.
- Gross profit barely moved at ¥192.5B (+0.2%), and operating income fell to ¥36.4B (-2.0%).
- Net income still rose to ¥38.1B (+10.6%), helped by gains from selling shares held in other companies.
- Operating cash flow turned positive at ¥33.6B, compared with -¥65.1B a year earlier.

### Drivers

- The prescription drug market grew, and new specialty drugs added to sales. COVID drugs and test kits sold less than the year before.
- Higher drug purchase prices and inflation-driven costs such as outsourcing fees outweighed efforts to hold down SG&A.
- The company sold part of its strategic shareholdings and booked the gain as extraordinary income, lifting net income.

### Risks

- Official drug prices are revised every year, mostly downward, which can push down wholesale selling prices.
- If drugmakers cut rebates and sales incentives, the company loses a discount on purchases and gross profit shrinks.
- Drugmakers are looking at using fewer wholesalers, so Suzuken could lose products if it is not chosen.

Cited: Annual securities report (FY ending Mar 2026) (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); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YFRU | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFRU,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W3YI | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3YI,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TQTQ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQTQ,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R3L5 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3L5,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OCGE | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCGE,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LN0D | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN0D,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ㈱ポクサンナイス | Alliance | 韓国での医薬品流通の業務提携 | S100YFRU |
| ＥＰＳホールディングス㈱ | Alliance | 受託モデルと新規事業の共同開発での業務提携 | S100YFRU |
| ヤマト科学㈱ | Alliance | スペシャリティ医薬品流通・医療材料卸での業務提携 | S100YFRU |
| ドンウォン薬品グループ８社 | Alliance | 韓国医薬品流通での業務提携（ポクサンナイスと共同） | S100YFRU |
| ㈱慶南ドンウォン薬品 | Capital alliance | 韓国の医薬品卸との資本提携 | S100YFRU |
| エルメッド㈱ | Co-development | 「イソソルビド内服ゼリー」の国内販売ライセンス（三和化学） | S100YFRU |
| キッセイ薬品工業 | Alliance | 透析用治療薬「ウパシタ」の共同販促（三和化学） | S100YFRU |
| アボットジャパン(同) | Alliance | 「FreeStyle リブレ」の共同販促（三和化学） | S100YFRU |
| Cencora,Inc | Co-development | Cubixx ソリューションの独占ライセンス | S100YFRU |
| グラクソ・スミスクライン社 | Co-development | 消炎鎮痛剤「レリフェン」の製造販売権の許諾を受ける | S100YFRU |
| ＪＷ製薬 | Co-development | 糖尿病治療薬の韓国での開発・販売権を許諾 | S100YFRU |
| ㈱富士薬品 | Co-development | 痛風治療薬の共同開発・商業化ライセンス | S100YFRU |
| メタファーマ社 | Co-development | メタコリン塩化物の国内独占開発・販売権の許諾を受ける | S100YFRU |
| 参天製薬 | Co-development | メタコリン塩化物の国内販売権を許諾 | S100YFRU |
| 東亞ＳＴ㈱ | Co-development | ダルベポエチンのバイオ後続品の国内開発・商業化ライセンス | S100YFRU |
| キッズウェル・バイオ | Co-development | ダルベポエチンのバイオ後続品の共同開発 | S100YFRU |
| クリネティクス社 | Co-development | Paltusotine の国内独占開発・販売権を取得 | S100YFRU |

## 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).