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Overview

Pharmaceutical

SAWAI GROUP HOLDINGS Co.,Ltd.

Sawai Group Holdings is a holding company that manages domestic subsidiaries engaged in the manufacture and sale of pharmaceuticals, primarily generic (off-patent) medicines. Its core operating subsidiary, Sawai Pharmaceutical Co., Ltd., manufactures and sells prescription and over-the-counter drugs, distributing to wholesalers, other pharmaceutical manufacturers, and directly to medical institutions. The Group also operates specialized subsidiaries including Medisa Shinyaku (sales), Kaken Shoyaku (active pharmaceutical ingredient manufacturing), and Trust Pharmatech (contract R&D and manufacturing).

Activists: Silchester International Investors LLP 6.85%

Market Cap

¥198B

US$1.26B

¥295B

US$1.88B

Stock¥1,717.5▼-0.43%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

9.7

LTM EV/EBIT

21.2

LTM PER

20.8

LTM PBR

1.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-32.1%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 18, 25Silchester International Investors LLP changed stake (5.72%→6.83%)

2Apr 8, 26Silchester International Investors LLP changed stake (6.83%→5.82%)

3Sep 28, 26Silchester International Investors LLP changed stake (5.82%→6.85%)

MC → EV Bridge

AI Briefing

Leading domestic generics maker, refocused to single-segment Japan pharma after exiting/discontinuing US operations FY26/3 revenue ¥202B, OP rebounding to ¥15.9B (7.9% margin) from a depressed FY25/3 (2.1%) EV/EBITDA fwd ~6.6x on ¥43.7B forecast EBITDA; margin recovery is the key re-rating narrative

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

59%

41%

EquityD/E 0.69xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 45.5%

as of 2026-03-31 · Source: Annual Securities Report

The Master Trust Bank of Japan, Ltd. (Trust Account)

17.21%

Custody Bank of Japan, Ltd. (Trust Account)

11.89%

Mitsuo SAWAI

2.74%

BNYM AS AGT/CLTS 10 PERCENT (Standing Proxy: MUFG Bank, Ltd.)

2.57%

NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.54%

Kenzo SAWAI

2.21%

Sumitomo Mitsui Banking Corporation

1.68%

Mitsuo Sawai Co., Ltd.

1.67%

NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.51%

MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)

1.43%

Management

9 officers

Mitsuo SAWAI

Representative Director, Chairman and President, Group CEO and Group COO

Apr 1982 Joined Kyowa Hakko Kogyo Co., Ltd. (now Kyowa Kirin Co., Ltd.) Jan 1989 Joined Sawai Pharmaceutical Co., Ltd. Jun 2000 Director, Deputy General Manager of Sales Division and General Manager of Sales Planning Department, Sawai Pharmaceutical Jun 2002 Managing Director, General Manager of Sales Division and Sales Planning Department, Sawai Pharmaceutical Jun 2005 Senior Managing Director, General Manager of Sales Division, Sawai Pharmaceutical Jun 2008 Representative Director, President, Sawai Pharmaceutical Jun 2020 Representative Director, Chairman, Sawai Pharmaceutical (current) Apr 2021 Representative Director, Chairman, Sawai Group Holdings Co., Ltd. Jun 2023 Representative Director, Chairman and President, Sawai Group Holdings Co., Ltd. (current)

1956-09-28

Toshiomi NAKATE

Director, Senior Managing Executive Officer

Apr 1985 Joined Fujisawa Pharmaceutical Co., Ltd. (now Astellas Pharma Inc.) Jun 2021 Joined Sawai Pharmaceutical Co., Ltd. Apr 2022 Executive Officer, Deputy General Manager of Reliability Assurance Division, Sawai Pharmaceutical Apr 2022 Executive Officer, Sawai Group Holdings Co., Ltd. Jan 2024 Director, Senior Executive Officer, General Manager of Reliability Assurance Division, Sawai Pharmaceutical Jan 2024 Senior Executive Officer, Sawai Group Holdings Co., Ltd. Jun 2025 Director, Managing Executive Officer, General Manager of Reliability Assurance Division, Sawai Pharmaceutical Jun 2025 Managing Executive Officer, Sawai Group Holdings Co., Ltd. Apr 2026 Representative Director, President, Sawai Pharmaceutical (current) Apr 2026 Senior Managing Executive Officer, Sawai Group Holdings Co., Ltd. (current)

1961-09-04

Taku NAKAOKA

Director, Managing Executive Officer; Executive in charge of Group Corporate Planning, Group Finance, Group Legal and Compliance, and Group Sustainability Promotion Departments; Deputy Executive in charge of Group Human Resources Department

Apr 1984 Joined Sumitomo Corporation Apr 2020 Joined Sawai Pharmaceutical Co., Ltd. Jun 2020 Executive Officer, General Manager of Strategic Planning Department, Sawai Pharmaceutical Apr 2021 Executive Officer, Sawai Group Holdings Co., Ltd. Jun 2022 Senior Executive Officer in charge of Strategic Planning, Sawai Pharmaceutical Jun 2022 Senior Executive Officer, Sawai Group Holdings Co., Ltd. Jun 2024 Senior Executive Officer in charge of Corporate Planning, Business Administration, Legal and Compliance, and Sustainability Promotion, Sawai Pharmaceutical Jun 2025 Director, Managing Executive Officer in charge of Corporate Planning, Business Administration, Legal and Compliance, and Sustainability Promotion, Sawai Pharmaceutical (current) Jun 2025 Managing Executive Officer, Sawai Group Holdings Co., Ltd. (current)

1962-03-30

Masatoshi OHARA

Director

Apr 1979 Registered as attorney with Osaka Bar Association; joined Yoshikawa Sogo Law Office (now Kikkawa Law Office) Feb 1987 Registered as attorney in New York State, USA Jan 1988 Partner, Kikkawa Law Office (current) Apr 2004 Director, Kinki Federation of Bar Associations Apr 2017 President, Osaka Bar Association; Vice President, Japan Federation of Bar Associations Jun 2019 Director, Sawai Pharmaceutical Co., Ltd. Apr 2021 Director, Sawai Group Holdings Co., Ltd. (current) Sep 2022 Outside Audit & Supervisory Board Member, Shibuya Kogyo Co., Ltd. (current) Jun 2023 Outside Director, Atsugi Co., Ltd. (current)

1951-04-25

Masayuki MITSUYA

Director

Apr 1982 Joined Mitsubishi Chemical Industries Ltd. (now Mitsubishi Chemical Group Corporation) Jun 2009 Director, Executive Officer, General Manager of Product Strategy Department, Mitsubishi Tanabe Pharma Corporation Apr 2012 Director, Managing Executive Officer, General Manager of Development Division, Mitsubishi Tanabe Pharma Corporation Apr 2014 Representative Director, Senior Managing Executive Officer, Mitsubishi Tanabe Pharma Corporation Jun 2014 Representative Director, President, President Executive Officer, Mitsubishi Tanabe Pharma Corporation Apr 2020 Director, Mitsubishi Tanabe Pharma Corporation Jun 2020 Senior Advisor, Mitsubishi Tanabe Pharma Corporation Jun 2023 Director, Sawai Group Holdings Co., Ltd. (current) Jun 2025 Outside Audit & Supervisory Board Member, Medipal Holdings Corporation (current) Jun 2025 Outside Audit & Supervisory Board Member, JCR Pharmaceuticals Co., Ltd. (current)

1954-10-30

Tadao TSUBOKURA

Director, Audit and Supervisory Committee Member

Jul 2008 Joined Sawai Pharmaceutical Co., Ltd.; General Manager of Business Administration Department Apr 2012 General Manager of General Affairs Department, Sawai Pharmaceutical Jun 2018 Full-time Audit & Supervisory Board Member, Sawai Pharmaceutical Apr 2021 Full-time Audit & Supervisory Board Member, Sawai Group Holdings Co., Ltd.; Audit & Supervisory Board Member, Sawai Pharmaceutical (current) Jun 2025 Director, Audit and Supervisory Committee Member, Sawai Group Holdings Co., Ltd. (current)

1961-03-03

Yasuko AITOKU

Director

Apr 1996 Joined Kanebo, Ltd., Pharmaceutical Business Division, Research & Development Center Apr 1998 Joined Nihon Schering K.K. (now Bayer Yakuhin, Ltd.), Clinical Development Department Jun 2004 Clinical Development Manager, Diagnostics, Bayer Yakuhin, Ltd. Apr 2010 General Manager, Clinical Development Department (Diagnostics and Women's Health), Bayer Yakuhin, Ltd. Jan 2012 General Manager, Medical Information Department, Medical Affairs Division, Bayer Yakuhin, Ltd. Jan 2014 Deputy General Manager, Market Access Division, Bayer Yakuhin, Ltd. Jan 2015 General Manager, Market Access Division, Executive Officer, Bayer Yakuhin, Ltd. Feb 2024 Representative, Tomo Value Healthcare Solutions (current) Jun 2025 Director, Sawai Group Holdings Co., Ltd. (current) Sep 2025 Representative Director, Clever-Access Japan Co., Ltd. (current)

1973-09-25

Etsuko TANIGUCHI

Director, Audit and Supervisory Committee Member

Oct 1990 Joined Asahi Shinwa & Co. (now Azsa LLC) May 1994 Registered as Certified Public Accountant Jun 2011 Partner, Azsa LLC Jun 2019 Retired from Azsa LLC Jul 2019 Representative, Etsuko Taniguchi CPA Office (current) Jun 2021 Outside Director, Audit and Supervisory Committee Member, Tatsuta Electric Wire & Cable Co., Ltd. Jun 2025 Director, Audit and Supervisory Committee Member, Sawai Group Holdings Co., Ltd. (current)

1964-07-08

Yukiyo NOSE

Director, Audit and Supervisory Committee Member

May 1988 Obtained medical license Jun 1997 Master of Public Health (International Policy and Management), Harvard University Sep 1997 Medical Officer, World Health Organization Headquarters, Geneva Apr 2003 Policy Adviser, Joint United Nations Programme on HIV/AIDS (UNAIDS), Geneva Headquarters Jan 2005 Chief Technical Adviser, Regional Office for Africa, International Labour Organization May 2008 Representative Director, Digital Plaza Inc. (U.S. IT trading company) Mar 2020 Director, Management Office for Presidents (current) Apr 2023 Qualified as Certified Management Consultant (SME) Jun 2025 Director, Audit and Supervisory Committee Member, Sawai Group Holdings Co., Ltd. (current)

1963-11-16

Large Shareholding Reports

Nomura Asset Management Co., Ltd.

2026-10-22

6.46%→5.53%

Silchester International Investors LLP

2026-09-28

5.82%→6.85%

Nomura Asset Management Co., Ltd.

2026-07-22

7.60%→6.46%

SOMPO Asset Management Co., Ltd.

2026-05-22

5.40%

Silchester International Investors LLP

2026-04-08

6.83%→5.82%

Silchester International Investors LLP

2025-11-18

5.72%→6.83%

Silchester International Investors LLP

2025-03-24

6.62%→5.72%

Silchester International Investors LLP

2024-12-05

7.74%→6.62%

Silchester International Investors LLP

2024-07-31

8.84%→7.74%

Silchester International Investors LLP

2024-03-01

9.92%→8.84%

Silchester International Investors LLP

2024-02-01

11.12%→9.92%

Silchester International Investors LLP

2024-01-23

12.15%→11.12%

Silchester International Investors LLP

2024-01-12

13.32%→12.15%

Silchester International Investors LLP

2023-08-09

12.31%→13.32%

Silchester International Investors LLP

2023-06-21

11.27%→12.31%

Silchester International Investors LLP

2023-03-10

10.26%→11.27%

Silchester International Investors LLP

2023-01-30

9.23%→10.26%

Silchester International Investors LLP

2022-08-10

8.18%→9.23%

Silchester International Investors LLP

2022-07-19

7.14%→8.18%

Silchester International Investors LLP

2022-05-31

6.05%→7.14%

Silchester International Investors LLP

2021-12-10

5.04%→6.05%

Silchester International Investors LLP

2021-11-12

5.04%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-22

Large Shareholding Report

SAWAI GROUP HOLDINGS Co.,Ltd.

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SAWAI GROUP HOLDINGS Co.,Ltd.

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