Overview
Pharmaceutical

KAKEN PHARMACEUTICAL CO.,LTD.

Kaken Pharmaceutical is a Japanese specialty pharmaceutical company engaged in the research, development, manufacturing, and sales of pharmaceuticals, medical devices, and agrochemicals (including pesticides and veterinary drugs). Its pharmaceutical business encompasses ethical drugs targeting dermatology, orthopedics, and other therapeutic areas, while its agrochemical business offers a broad portfolio of crop protection products and animal health products. The company also operates a real estate leasing business as a secondary segment.

Market Cap
¥145B
US$922M
EV
¥71.9B
US$457M
Stock¥3,830▲+0.79%
US$1 = ¥157.25 (2026-10-30)
LTM EV/EBITDA
5.3
x
LTM EV/EBIT
7.2
x
LTM PER
14.1
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-16.0%pt
100
Nov 4, 25 – Oct 30, 26StockTOPIX
MC → EV Bridge
145BUS$922MMarket Cap3.94BUS$25.0M+ Debt52.2BUS$332M− Cash24.9BUS$158M− Inv. Sec.71.9BUS$457MEV
AI Briefing
Kaken Pharmaceutical: specialty pharma (dermatology, orthopedics) plus agrochemicals and real estate leasing, net cash balance sheet (¥52.2B cash vs ¥3.9B debt) FY25/3 revenue peaked at ¥94.0B with OP margin 22.4%, but FY26/3 swung to an operating loss (¥-0.9B) on ¥76.9B revenue, signaling sharp earnings deterioration No tender offer in data; EV/EBITDA LTM ~5.3x looks undemanding, but forward EBITDA guidance (¥11.5B) and the FY26/3 loss warrant scrutiny on earnings quality before any re-rating
Performance & Balance
Revenue 5Y (¥B)
76.0US$484M'22/373.0US$464M'23/372.0US$458M'24/394.0US$598M'25/376.9US$489M'26/3
EBITDA 5Y (¥B)
19.5US$124M'22/310.5US$67.1M'23/312.1US$77.0M'24/323.5US$150M'25/32.16US$13.7M'26/3
Net Income 5Y (¥B)
9.55US$60.7M'22/35.44US$34.6M'23/38.03US$51.0M'24/313.9US$88.7M'25/32.14US$13.6M'26/3
Capital Structure
97%
EquityD/E 0.03xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
78.1US$497M3.85US$24.5M'22/377.1US$490M3.85US$24.5M'23/371.2US$453M3.85US$24.5M'24/373.0US$464M3.96US$25.2M'25/363.4US$403M3.94US$25.0M'26/3
Shareholders
Top 10 hold 41.0%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
10.22%
2
Custody Bank of Japan, Ltd. (Trust Account)
5.70%
3
The Norinchukin Bank
4.84%
4
Goldman Sachs & Co. Regular Account (Standing Proxy: Goldman Sachs Securities Co., Ltd.)
4.75%
5
Mizuho Bank, Ltd.
3.87%
6
TORAY INDUSTRIES,INC.
3.01%
7
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
2.51%
8
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
2.27%
9
KYORIN Pharmaceutical Co.,Ltd.
2.24%
10
KAKEN PHARMACEUTICAL CO.,LTD. Employee Stock Ownership Association
1.60%
Management
12 officers
Hiroyuki HORIUCHI
Representative Director, President
Apr 1984 Joined the Company Oct 2010 General Manager, Hiroshima Branch Apr 2014 General Manager, Osaka Branch Jul 2015 Appointed Executive Officer Apr 2016 General Manager, Pharmaceutical Sales Department Jun 2016 Appointed Director Apr 2017 General Manager, Sales Division Jun 2018 Appointed Managing Director Jun 2020 Appointed Representative Director, President (current)
1962-03-21
Masashi SUZUCHI
Managing Director
Apr 1985 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Sep 2009 President, Moscow Mizuho Corporate Bank, Ltd. Apr 2014 General Manager, Global Human Resources Strategy Department, Mizuho Financial Group, Inc. Apr 2016 Joined the Company Apr 2018 General Manager, General Affairs Department Jul 2019 Appointed Executive Officer Apr 2020 General Manager, Corporate Planning Department Jun 2021 Appointed Director Jun 2024 Appointed Managing Director (current)
1962-08-12
Mitsuru WATANUKI
Director, Head of Research and Development Division
Apr 1989 Joined the Company Apr 2015 General Manager, Clinical Development Department Apr 2017 General Manager, Research and Development Planning Department Apr 2020 Deputy Head, Research and Development Division Jul 2021 Head, Research and Development Division (current) Jul 2022 Appointed Executive Officer Jun 2023 Appointed Director (current)
1964-09-04
Yasuhiro UMEDA
Director
Apr 1993 Joined Norinchukin Bank Jul 2017 Chief Examiner, Business Planning Department, Norinchukin Bank Apr 2018 General Manager, Third Sales Department, Norinchukin Bank Apr 2021 Managing Executive Officer, Norinchukin Bank Apr 2024 Special Advisor, Norinchukin Bank Jun 2024 Appointed Director of the Company (current)
1970-12-02
Akemi OKUYAMA
Director
Apr 1994 Joined the Company Oct 2018 General Manager, Drug Safety Information Department Apr 2023 General Manager, Regulatory Affairs Department Jun 2025 Appointed Director (current)
1967-04-15
Shoichiro TAKAGI
Director
Apr 1983 Joined Japan Monopoly Corporation (now Japan Tobacco Inc.) Nov 2002 Representative Director, President, Ippinko Food Co., Ltd. Mar 2007 Representative Director, President, Saint Germain Co., Ltd. Jun 2011 Director, Deputy Leader, Pharmaceutical Sales Group, Torii Pharmaceutical Co., Ltd. Jun 2013 Representative Director, President, Torii Pharmaceutical Co., Ltd. Mar 2019 Part-time Advisor, Pharmaceutical Business Division, Japan Tobacco Inc. Jun 2020 Appointed Director of the Company (current)
1961-01-13
Yasutomo INOUE
Director
Apr 1999 Registered as Attorney at Law Apr 1999 Joined Takahashi Sogo Law Office Oct 2011 Established Nagahama, Mizuno & Inoue Law Office; Partner (current) Jun 2012 Dispute Resolution Committee Member, The General Insurance Association of Japan (current) Sep 2015 Outside Audit & Supervisory Board Member, Syncro Food Co., Ltd. (current) Jun 2021 Appointed Director of the Company (current)
1960-07-14
Satoko ISHIKAWA
Director
Apr 2012 Director, Tokyo Pharmacists' Association (now Tokyo Pharmacists' Association, Public Interest Incorporated Association) Apr 2015 Associate Professor, Center for Pharmacy Education and Research, Faculty of Pharmacy, Keio University Apr 2017 Director, Pharmaceutical Common Test System Center, Nonprofit Organization (current) Oct 2018 Director, Japan Society for Pharmaceutical Education (current) Apr 2023 Professor, Center for Pharmacy Education and Research, Faculty of Pharmacy, Keio University (current) Jun 2024 Appointed Director of the Company (current)
1964-12-24
Kazumori ISHIGURO
Full-time Audit & Supervisory Board Member
Apr 1986 Joined the Company Jul 2011 General Manager, Sendai Branch Apr 2014 General Manager, Tokyo Branch Apr 2016 General Manager, Osaka Branch Apr 2019 Deputy General Manager, Secretarial Team, General Affairs Department Jun 2022 Appointed Audit & Supervisory Board Member (current)
1963-02-08
Naoyuki ISHIDA
Full-time Audit & Supervisory Board Member
Apr 1993 Joined the Company Apr 2013 Deputy General Manager, Business Planning Department Apr 2016 General Manager, Human Resources Department Jul 2018 Appointed Executive Officer Jun 2023 Appointed Audit & Supervisory Board Member (current)
1964-10-18
Hiroaki MATSUMOTO
Audit & Supervisory Board Member
Apr 1981 Joined Tokyo Regional Taxation Bureau Jul 2006 Director, Chichibu Tax Office Jul 2016 Chief National Tax Inspector, Office of the Commissioner, National Tax Agency Jul 2018 Commissioner, Kumamoto Regional Taxation Bureau Sep 2019 Registered as Certified Tax Accountant; Hiroaki Matsumoto Tax Accountant Office (current) Sep 2020 Outside Audit & Supervisory Board Member, Yazaki Corporation (current) Jun 2021 Appointed Audit & Supervisory Board Member of the Company (current) Jun 2022 Outside Audit & Supervisory Board Member, Marui Group Co., Ltd. (current) Mar 2023 Part-time Audit & Supervisory Board Member, KO Dental Co., Ltd. (current)
1958-10-07
Masahiro KOYAMA
Audit & Supervisory Board Member
Apr 1984 Joined Yasuda Life Insurance Company (now Meiji Yasuda Life Insurance Company) Apr 2009 General Manager, Morioka Branch, Meiji Yasuda Life Insurance Company Apr 2013 General Manager, Utsunomiya Branch, Meiji Yasuda Life Insurance Company Apr 2015 Managing Director, General Manager, Utsunomiya Branch, Meiji Yasuda Life Insurance Company Apr 2016 Managing Director, General Manager, Operations Department, Meiji Yasuda Life Insurance Company Apr 2017 Executive Officer, General Manager, Operations Department, Meiji Yasuda Life Insurance Company Apr 2019 Managing Executive Officer, Deputy Head, Corporate Sales Division, Meiji Yasuda Life Insurance Company Apr 2022 Chairman, Meiji Yasuda Business Plus Co., Ltd. Jun 2022 Director, Meiji Yasuda Mental Health Foundation (public interest foundation) Jun 2023 Appointed Audit & Supervisory Board Member of the Company (current)
1961-08-18
Large Shareholding Reports
Mizuho Bank, Ltd.
2026-08-07
3.21%→3.34%
Annual report (as of 2026-03-31): 3.87%
―
2024-11-26
5.03%→4.07%
―
2024-06-26
5.03%→5.03%
―
2024-06-05
5.03%
Silchester International Investors LLP
2024-03-27
5.90%→4.82%
Silchester International Investors LLP
2023-10-12
6.95%→5.90%
Silchester International Investors LLP
2023-09-19
8.03%→6.95%
Silchester International Investors LLP
2022-03-28
7.03%→8.03%
Silchester International Investors LLP
2021-10-28
6.03%→7.03%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-07
Large Shareholding Report
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-04-22
業績予想の修正
FY ending Mar 2026
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-09-26
業績予想の修正
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-06
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-12-26
Securities Registration Statement
EDINET
2024-11-26
Large Shareholding Report
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2024-08-23
Securities Registration Statement
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-06-26
Large Shareholding Report
EDINET
2024-06-05
Large Shareholding Report
EDINET
2024-03-27
Large Shareholding Report
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-10-12
Large Shareholding Report
EDINET
2023-09-19
Large Shareholding Report
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-03-28
Large Shareholding Report
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