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

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第80期(2025/01/01－2025/12/31) (S100XSJ2)
> Page: https://vizora.meequs.com/en/company/taiko-pharmaceutical
> Retrieved: 2026-09-30T21:02:50.226Z

## Company

Taiko Pharmaceutical, founded in 1940, is a company in Pharmaceuticals listed on TSE Prime. It has 220 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIKO PHARMACEUTICAL CO.,LTD. |
| Ticker | 4574 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4574.T) |
| Listing | TSE Prime |
| Head office | 大阪府吹田市内本町三丁目34番14号 (同所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) | 代表取締役社長 柴田 高 |
| Founded | Jul 1940 |
| Share capital | ¥10M |
| Employees (consolidated) | 220 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | www.seirogan.co.jp (https://www.seirogan.co.jp/) |
| Corporate number | 2120901007344 |
| EDINET | E22560 |
| Industries (Vizora) | Pharmaceuticals, Toiletries & Household Products |

> Profile source: annual securities report (S100XSJ2, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 47.7 | 22 |
| Cash conversion | 80.6 | 18 |
| Efficiency | 32.8 | 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)

- About 90% of Taiko Pharmaceutical's sales come from Pharmaceuticals Business, with Infection Control Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit -27.0%.

## Company structure

- Segment revenue mix: Pharmaceuticals Business 90.3%、Infection Control Business 9.7%
- Revenue → net income: ¥6397000000 → ¥923000000
- Net income → operating cash flow: ¥923000000 → ¥814000000（difference ¥-109000000）
- Main uses of operating cash flow: CapEx ¥304000000 / dividends — / buybacks —
- Change in cash: ¥-275000000
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 | ¥6.4B |  |
| Operating income | ¥459M | Margin 7.2% |
| Net income | ¥923M | Margin 14.4% |
| Free cash flow | ¥510M |  |
| Largest business | Pharmaceuticals Business | of segment revenue 90.3% |
| Employees (consolidated) | 220 |  |
| EPS | ¥15.56 |  |
| Book value per share | ¥158.72 |  |
| Equity ratio | 69.4% |  |
| Shares outstanding | 50,636,900 |  |
| Treasury shares | 385,700 |  |
| Shareholders | 14,853 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 34.7% | Cash ÷ revenue 66.5% |
| Vs. industry median margin | 0 pp | Pharmaceuticals |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17582000000 | ¥6397000000 | -63.6% |
| Operating income | ¥5650000000 | ¥459000000 | -91.9% |
| Operating margin | 32.1% | 7.2% | -25 pp |
| Employees | 274 people | 220 people | -19.7% |
| Cash and equivalents | ¥4698000000 | ¥4256000000 | -9.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 医薬品事業 → 医薬品事業 | 20.3% |
| 感染管理事業 → 感染管理事業 | 9.7% |
| 感染管理事業 → 事業再編・廃止 | 70.0% |
| 新設・再編 → 医薬品事業 | 70.0% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,397 | 100.0% | S100XSJ2 |
| Cost of revenue | 2,916 | 45.6% | S100XSJ2 |
| Gross profit | 3,481 | 54.4% | S100XSJ2 |
| SG&A | 3,022 | 47.2% | S100XSJ2 |
| Operating income | 459 | 7.2% | S100XSJ2 |
| Ordinary income | 482 | 7.5% | S100XSJ2 |
| Pretax income | 958 | 15.0% | S100XSJ2 |
| Income tax | 34 | 0.5% | S100XSJ2 |
| Net income | 923 | 14.4% | S100XSJ2 |
| Net income attributable to owners | 923 | 14.4% | S100XSJ2 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 47 |
| Operating income | 7 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 54.4% → Operating margin 7.2% → Net margin 14.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.7%; Core profit growth: -27.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -16.20×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,292 | 6,397 | 105 | +1.7% |
| Gross profit | 3,666 | 3,481 | -185 | -5.0% |
| Operating income | 629 | 459 | -170 | -27.0% |
| Net income attributable to owners | 898 | 923 | 25 | +2.8% |
| Operating cash flow | 362 | 814 | 452 | +124.9% |
| Free cash flow | 175 | 510 | 335 | +191.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,966 | 3,825 | 25.6% | 2,453 | 3,493 | 3,273 | S100L2I2 |
| FY ending Dec 2020 | 17,582 | 5,650 | 32.1% | 3,851 | -1,516 | -3,740 | S100NS20 |
| FY ending Dec 2021 | 11,299 | -4,947 | -43.8% | -9,594 | -1,595 | -3,195 | S100QI1S |
| FY ending Dec 2022 | 5,040 | -3,079 | -61.1% | -4,895 | -1,994 | -2,078 | S100T511 |
| FY ending Dec 2023 | 6,120 | -1,005 | -16.4% | -3,611 | -307 | -421 | S100VHKD |
| FY ending Dec 2024 | 6,292 | 629 | 10.0% | 898 | 362 | 175 | S100XSJ2 |
| FY ending Dec 2025 | 6,397 | 459 | 7.2% | 923 | 814 | 510 | S100XSJ2 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.1M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥4.2M |

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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 264 | 210 | 208 | 214 | 220 |
| Average salary (parent company) | ¥7.6M | ¥6.2M | ¥6.8M | ¥7M | ¥7.4M |
| Average age (parent company) | 40.9 years | 41.6 years | 42.1 years | 42.1 years | 41.8 years |
| Average tenure (parent company) | 9.6 years | 10.8 years | 10.0 years | 10.1 years | 10.2 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +1.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceuticals Business | 5,771 | 90.3% | 1,573 | 27.3% |
| Infection Control Business | 619 | 9.7% | -254 | -41.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceuticals Business | 90.3% | 100.0% | 9.7 | 27.3% |
| Infection Control Business | 9.7% | — | — | -41.0% |

Loss-making segment (excluded from profit shares): Infection Control Business -254 JPY mn

Segment → industry: Pharmaceuticals Business → Pharmaceuticals / Infection Control Business → Toiletries & Household Products

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 814 | 12.7% | S100XSJ2 |
| Capital expenditure | 304 | 4.8% | S100XSJ2 |
| Free cash flow | 510 | 8.0% | 算出 |
| Investing cash flow | 142 | 2.2% | S100XSJ2 |
| Financing cash flow | -1,227 | -19.2% | S100XSJ2 |
| Change in cash | -275 | -4.3% | S100XSJ2 |
| Cash and equivalents | 4,256 | 66.5% | S100XSJ2 |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,521 | 2,797 | 5,244 | 4,532 | 4,256 | S100T511, S100VHKD, S100XSJ2 |
| Total assets | 22,535 | 15,046 | 13,220 | 12,914 | 12,270 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Net assets | 12,807 | 8,044 | 6,739 | 7,964 | 8,518 | S100T511, S100VHKD, S100XSJ2 |
| Share capital | 1,201 | 1,201 | 2,267 | 10 | 10 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Trade receivables | 4,056 | 1,798 | 1,985 | 2,428 | — | S100QI1S, S100T511, S100VHKD |
| Property, plant and equipment | 7,113 | 6,397 | 3,581 | 3,271 | 3,312 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Intangible assets excluding goodwill | 299 | 222 | 1 | 27 | 34 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Investment securities | 1,011 | 533 | 236 | 461 | 0 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Current assets | 13,783 | 7,556 | 9,109 | 8,761 | 8,433 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Current liabilities | 4,320 | 2,793 | 3,046 | 2,855 | 2,509 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Trade payables | 309 | 274 | 375 | 338 | — | S100QI1S, S100T511, S100VHKD |
| Long-term borrowings | 3,760 | 2,720 | 1,999 | 792 | — | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Total liabilities | 9,728 | 7,001 | 6,480 | 4,949 | 3,752 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Equity attributable to owners of parent | 12,596 | 7,734 | 6,284 | 7,260 | 8,200 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Retained earnings | 10,134 | 5,239 | 1,628 | 2,526 | 3,450 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |
| Treasury stock | -388 | -348 | -300 | -273 | -237 | S100QI1S, S100T511, S100VHKD, S100XSJ2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XSJ2 |
| Property, plant and equipment | 27% | S100XSJ2 |
| Intangibles and goodwill | 0% | S100XSJ2 |
| Other assets | 38% | S100XSJ2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XSJ2 |
| Equity | 69% | S100XSJ2 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,535 | 15,046 | 13,220 | 12,914 | 12,270 |
| Equity | 12,807 | 8,044 | 6,739 | 7,964 | 8,518 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,521 | 2,797 | 5,244 | 4,532 | 4,256 |

## 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) | 51.8% | S100XSJ2 |
| Fixed assets ÷ total assets | 27.0% | S100XSJ2 |
| Goodwill ÷ parent equity | — | —, S100XSJ2 |

### 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) | 34.7% |
| Cash ÷ revenue | 66.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 177.3% |
| Cash vs. profit gap | -109 JPY mn (of net income -11.8%) |
| 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 | 17.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -42.6% | —× | — | S100QI1S |
| 2022 | — | —× | -26.1% | —× | — | S100T511 |
| 2023 | — | —× | -25.6% | —× | — | S100VHKD |
| 2024 | 14.3% | 0.48× | 6.9% | 1.93× | 13.3% | S100XSJ2 |
| 2025 | 14.4% | 0.51× | 7.3% | 1.63× | 11.9% | S100XSJ2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ROYAL BANK OF CANADA SINGAPORE BRANCH-CLIENT’S A/C （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 7.7% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.8% | 2025-12-31 |
| 柴田 高 | Major shareholder | 6.6% | 2025-12-31 |
| 柴田 仁 | Major shareholder | 6.6% | 2025-12-31 |
| NOMURA SINGAPORE LIMITED CUSTOMER SEGREGATED A/C FJ-1309 （常任代理人 野村證券株式会社） | Major shareholder | 6.3% | 2025-12-31 |
| ZONGYI SOLAR POWER (LUXEMBOURG) （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.2% | 2025-12-31 |
| 柴田 晃宏 | Major shareholder | 3.8% | 2025-12-31 |
| 興和株式会社 | Major shareholder | 3.0% | 2025-12-31 |
| 柴田 穣 | Major shareholder | 2.7% | 2025-12-31 |
| アース製薬株式会社 | Major shareholder | 2.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/01/01－2025/12/31) | S100XSJ2 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSJ2,, |
| 有価証券報告書－第79期(2024/01/01－2024/12/31) | S100VHKD | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHKD,, |
| 有価証券報告書－第78期(2023/01/01－2023/12/31) | S100T511 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T511,, |
| 有価証券報告書－第77期(2022/01/01－2022/12/31) | S100QI1S | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI1S,, |
| 有価証券報告書－第76期(令和3年1月1日－令和3年12月31日) | S100NS20 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS20,, |
| 有価証券報告書－第75期(令和2年4月1日－令和2年12月31日) | S100L2I2 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2I2,, |

## 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).