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

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第131期(2025/04/01－2026/03/31) (S100YDBU)
> Page: https://vizora.meequs.com/en/company/wakamoto-pharmaceutical
> Retrieved: 2026-09-30T19:10:12.656Z

## Company

Wakamoto Pharmaceutical, founded in 1929, is a company in Pharmaceuticals listed on TSE Standard. It has 303 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WAKAMOTO PHARMACEUTICAL CO.,LTD. |
| Ticker | 4512 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4512.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋本町二丁目2番2号 |
| Representative (per filing) | 代表取締役社長 平井 友行 |
| Founded | Apr 1929 |
| Share capital | ¥3.4B |
| Employees (consolidated) | 303 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.wakamoto-pharm.co.jp (https://www.wakamoto-pharm.co.jp/) |
| Corporate number | 1010001035010 |
| EDINET | E00928 |
| Industries (Vizora) | Pharmaceuticals, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YDBU, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.4 | 18 |
| Profitability | 29.5 | 22 |
| Cash conversion | 13.9 | 18 |
| Efficiency | 73.4 | 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 48% of Wakamoto Pharmaceutical's sales come from Ethical products business-related, with Otc products business-Related and Global Sales Development business-Related making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +27.2% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.91B |  |
| Operating income | ¥255.5M | Margin 2.6% |
| Net income | ¥227.2M | Margin 2.3% |
| Free cash flow | -¥1.1B |  |
| Largest business | Ethical products business-related | of segment revenue 48.1% |
| Employees (consolidated) | 303 |  |
| EPS | ¥6.54 |  |
| Book value per share | ¥346 |  |
| Equity ratio | 72.8% |  |
| Shares outstanding | 34,838,000 |  |
| Treasury shares | 132,400 |  |
| Shareholders | 5,970 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 12.2% | Cash ÷ revenue 20.3% |
| Vs. industry median margin | -4.6 pp | Pharmaceuticals |
| ROE | 2.1% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 29 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8895838000 | ¥9906841000 | +11.4% |
| Operating income | ¥-754947000 | ¥255542000 | — |
| Operating margin | -8.5% | 2.6% | +11.1 pp |
| Employees | 306 people | 303 people | -1.0% |
| Cash and equivalents | ¥2843762000 | ¥2006175000 | -29.5% |

### 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 |
| --- | ---: |
| 医薬事業 → 医薬事業 | 48.1% |
| 医薬事業 → 事業再編・廃止 | 15.0% |
| ヘルスケア事業 → ヘルスケア事業 | 25.7% |
| ヘルスケア事業 → 事業再編・廃止 | 0.1% |
| 国際事業 → 事業再編・廃止 | 9.3% |
| 不動産賃貸業 → 不動産賃貸業 | 1.8% |
| 新設・再編 → グローバル事業 | 24.3% |
| 新設・再編 → 不動産賃貸業 | 0.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Ethical products business-related | 5 years | -3.2% | ¥4762155000 | -14.2% | 2 |
| Otc products business-Related | 5 years | +2.1% | ¥2542372000 | 14.5% | 2 |
| Global Sales Development business-Related | 4 years | +6.3% | ¥2410204000 | 20.5% | 2 |
| Real estate leasing | 5 years | +3.5% | ¥192109000 | 35.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,907 | 100.0% | S100YDBU |
| Cost of revenue | 5,176 | 52.3% | S100YDBU |
| Gross profit | 4,730 | 47.7% | S100YDBU |
| SG&A | 4,475 | 45.2% | S100YDBU |
| Operating income | 256 | 2.6% | S100YDBU |
| Ordinary income | 256 | 2.6% | S100YDBU |
| Pretax income | 256 | 2.6% | S100YDBU |
| Income tax | 29 | 0.3% | S100YDBU |
| Net income | 227 | 2.3% | S100YDBU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 45 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 47.7% → Operating margin 2.6% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 7,789 | 9,907 | 2,117 | +27.2% |
| Gross profit | 3,622 | 4,730 | 1,108 | +30.6% |
| Operating income | -458 | 256 | 713 | — |
| Operating cash flow | -592 | -487 | 106 | — |
| Free cash flow | -1,068 | -1,103 | -35 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,917 | -996 | -9.1% | -1,657 | -155 | -332 | S100LMJG |
| FY ending Mar 2021 | 8,896 | -755 | -8.5% | -602 | 163 | -288 | S100OCE2 |
| FY ending Mar 2022 | 8,383 | -13 | -0.2% | 239 | 339 | 36 | S100R6G7 |
| FY ending Mar 2023 | 8,660 | 141 | 1.6% | 138 | 632 | 469 | S100TTRJ |
| FY ending Mar 2024 | 7,738 | -196 | -2.5% | 109 | -107 | -663 | S100W0QM |
| FY ending Mar 2025 | 7,789 | -458 | -5.9% | 64 | -592 | -1,068 | S100YDBU |
| FY ending Mar 2026 | 9,907 | 256 | 2.6% | 227 | -487 | -1,103 | S100YDBU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.7M |
| Operating income per employee (consolidated) | ¥843.4K |
| Net income per employee (consolidated) | ¥749.9K |

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) | 300 | 292 | 274 | 286 | 303 |
| Average salary (parent company) | ¥5.5M | ¥5.4M | ¥5.8M | ¥6M | ¥5.6M |
| Average age (parent company) | 44.4 years | 44.2 years | 44.1 years | 44.1 years | 44.4 years |
| Average tenure (parent company) | 19.1 years | 18.9 years | 18.6 years | 17.6 years | 17.0 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +27.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ethical products business-related | 4,762 | 48.1% | -674 | -14.2% |
| Otc products business-Related | 2,542 | 25.7% | 368 | 14.5% |
| Global Sales Development business-Related | 2,410 | 24.3% | 493 | 20.5% |
| Real estate leasing | 192 | 1.9% | 69 | 35.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ethical products business-related | 48.1% | — | — | -14.2% |
| Otc products business-Related | 25.7% | 39.6% | 13.9 | 14.5% |
| Global Sales Development business-Related | 24.3% | 53.0% | 28.7 | 20.5% |
| Real estate leasing | 1.9% | 7.4% | 5.5 | 35.8% |

Loss-making segment (excluded from profit shares): Ethical products business-related -674 JPY mn

Segment → industry: Global Sales Development business-Related → Pharmaceuticals / Otc products business-Related → Pharmaceuticals / Ethical products business-related → Pharmaceuticals / Real estate leasing → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -487 | -4.9% | S100YDBU |
| Capital expenditure | 616 | 6.2% | S100YDBU |
| Free cash flow | -1,103 | -11.1% | 算出 |
| Investing cash flow | -658 | -6.6% | S100YDBU |
| Financing cash flow | 196 | 2.0% | S100YDBU |
| Dividends paid | 104 | 1.0% | S100YDBU |
| Share buyback | 0 | 0.0% | S100YDBU |
| Change in cash | -949 | -9.6% | S100YDBU |
| Cash and equivalents | 2,006 | 20.3% | S100YDBU |

## 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 | 3,232 | 3,879 | 3,665 | 2,955 | 2,006 | S100TTRJ, S100W0QM, S100YDBU |
| Total assets | 14,953 | 15,712 | 15,421 | 15,003 | 16,500 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Net assets | 11,481 | 11,907 | 12,026 | 11,610 | 12,009 | S100TTRJ, S100W0QM, S100YDBU |
| Share capital | 3,396 | 3,396 | 3,396 | 3,396 | 3,396 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Property, plant and equipment | 3,297 | 3,032 | 3,028 | 3,313 | 3,662 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Intangible assets excluding goodwill | 196 | 202 | 357 | 278 | 242 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Investment securities | 2,066 | 2,483 | 2,442 | 1,848 | 2,253 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Current assets | 8,608 | 9,353 | 8,970 | 8,908 | 9,672 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Current liabilities | 2,009 | 2,239 | 1,808 | 2,035 | 2,781 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Long-term borrowings | — | — | — | — | 262 | S100YDBU |
| Total liabilities | 3,473 | 3,805 | 3,395 | 3,392 | 4,491 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Equity attributable to owners of parent | 10,604 | 10,742 | 10,747 | 10,707 | 10,830 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Retained earnings | 4,568 | 4,706 | 4,711 | 4,672 | 4,795 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |
| Treasury stock | -36 | -36 | -36 | -36 | -37 | S100R6G7, S100TTRJ, S100W0QM, S100YDBU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YDBU |
| Property, plant and equipment | 22% | S100YDBU |
| Intangibles and goodwill | 1% | S100YDBU |
| Investment securities | 14% | S100YDBU |
| Other assets | 51% | S100YDBU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YDBU |
| Equity | 73% | S100YDBU |
| Other liabilities | 0% | S100YDBU |

### 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 | 14,953 | 15,712 | 15,421 | 15,003 | 16,500 |
| Equity | 11,481 | 11,907 | 12,026 | 11,610 | 12,009 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,232 | 3,879 | 3,665 | 2,955 | 2,006 |

## 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) | 37.0% | S100YDBU |
| Fixed assets ÷ total assets | 22.2% | S100YDBU |
| Goodwill ÷ parent equity | — | —, S100YDBU |

### 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) | 12.2% |
| Cash ÷ revenue | 20.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -190.5% |
| Cash vs. profit gap | -714 JPY mn (of net income -314.3%) |
| Shareholder returns / net income | 45.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.2% |
| Investing CF relative to operating CF | — |

## 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 | 2.8% | 0.56× | 1.6% | 1.41× | 2.2% | S100R6G7 |
| 2023 | 1.6% | 0.56× | 0.9% | 1.44× | 1.3% | S100TTRJ |
| 2024 | 1.4% | 0.50× | 0.7% | 1.45× | 1.0% | S100W0QM |
| 2025 | 0.8% | 0.51× | 0.4% | 1.42× | 0.6% | S100YDBU |
| 2026 | 2.3% | 0.63× | 1.4% | 1.46× | 2.1% | S100YDBU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ロート製薬株式会社 | Major shareholder | 11.4% | 2026-03-31 |
| キッセイ薬品工業株式会社 | Major shareholder | 10.9% | 2026-03-31 |
| AVI JAPAN OPPORTUNITY TRUST PLC（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 8.6% | 2026-03-31 |
| 株式会社ブレストシーブ | Major shareholder | 7.2% | 2026-03-31 |
| わかもと製薬取引先持株会 | Major shareholder | 5.8% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 日本ゼトック株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.1% | 2026-03-31 |
| SG／UCITS V／INV（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 | 2.5% | 2026-03-31 |
| アクサ生命保険株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第131期(2025/04/01－2026/03/31) | S100YDBU | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDBU,, |
| 有価証券報告書－第130期(2024/04/01－2025/03/31) | S100W0QM | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0QM,, |
| 有価証券報告書－第129期(2023/04/01－2024/03/31) | S100TTRJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTRJ,, |
| 有価証券報告書－第128期(2022/04/01－2023/03/31) | S100R6G7 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6G7,, |
| 有価証券報告書－第127期(令和3年4月1日－令和4年3月31日) | S100OCE2 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCE2,, |
| 有価証券報告書－第126期(令和2年4月1日－令和3年3月31日) | S100LMJG | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMJG,, |

## 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).