Overview
Services

Linical Co.,Ltd.

Linical is a global contract research organization (CRO) providing clinical development outsourcing services to pharmaceutical and biotech companies, with core competencies in clinical trial monitoring, data management, biostatistics, medical writing, pharmacovigilance, and regulatory consulting. The company also operates a post-marketing support business (Ikuguri business), leveraging its CRO expertise to assist clients with post-approval lifecycle management including Phase IV studies and clinician-led research. Additionally, Linical offers drug discovery consulting services—encompassing market analysis, development strategy, regulatory affairs, and partnering/licensing support—primarily targeting domestic and international biotech ventures.

Market Cap
¥4.52B
US$28.8M
EV
¥1.71B
US$10.9M
Stock¥200▼-2.44%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
1.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-62.5%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
4.52BUS$28.8MMarket Cap2.12BUS$13.5M+ Debt4.68BUS$29.8M− Cash0.25BUS$1.61M− Inv. Sec.1.71BUS$10.9MEV
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Performance & Balance
Revenue 5Y (¥B)
11.6US$73.7M'22/312.5US$79.8M'23/312.3US$78.5M'24/310.4US$66.6M'25/38.67US$55.3M'26/3
EBITDA 5Y (¥B)
1.25US$8.00M'22/31.44US$9.17M'23/30.90US$5.71M'24/3-0.42-US$2.67M'25/3-1.93-US$12.3M'26/3
Net Income 5Y (¥B)
0.79US$5.04M'22/31.00US$6.40M'23/30.34US$2.16M'24/3-0.54-US$3.44M'25/3-3.33-US$21.2M'26/3
Capital Structure
60%
40%
EquityD/E 0.66xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
6.33US$40.4M4.10US$26.2M'22/37.41US$47.3M3.54US$22.6M'23/37.74US$49.3M2.90US$18.5M'24/37.31US$46.6M2.42US$15.4M'25/35.45US$34.8M2.33US$14.9M'26/3
Shareholders
Top 10 hold 54.1%
1
Hatano Co., Ltd.
19.96%
2
Takahashi Co., Ltd.
8.86%
3
Keigo TSUJIMOTO
4.53%
4
Sakamoto Co., Ltd.
3.58%
5
Kazuhiro HATANO
3.28%
6
Akihiro TAKAHASHI
3.28%
7
Koichi TAKAGI
3.18%
8
Jun KAWAI
2.65%
9
Masaya MIYAZAKI
2.65%
10
Maruho Takagi Dermatology Promotion Foundation (Public Interest Incorporated Foundation)
2.12%
Management
8 officers
Kazuhiro HATANO
Representative Director, President, Executive Officer, CEO
Apr 1990 Joined Maruho Co., Ltd. Jul 1998 Joined Meditec International Co., Ltd. Mar 1999 Joined Fujisawa Pharmaceutical Co., Ltd. (currently Astellas Pharma Inc.) Sep 2004 Director, Aurora Co., Ltd. Jun 2005 Founded Linical Co., Ltd.; Representative Director, President Feb 2010 Head of Development Division, the Company Sep 2015 Head of Corporate Planning Office, the Company Dec 2020 Head of Development Division, the Company Jul 2021 Head of Sales Planning Office, the Company Jun 2024 Representative Director, President, Executive Officer, CEO, the Company (current) Jun 2024 Executive Officer, CCO (Chief Commercial Officer), the Company (current) Aug 2024 Executive Officer, CSO (Chief Strategy Officer), the Company (current) Aug 2024 Head of Corporate Planning Office, the Company (current) Jul 2025 Head of Public Relations Office, the Company (current)
1965-03-17
Jun KAWAI
Director
Apr 1993 Joined Research Division, Nihon Schering K.K. (currently Bayer Yakuhin, Ltd.) Nov 1996 Joined Development Department, Meditec International Co., Ltd. Jun 1999 Joined Development Division, SmithKline Beecham Pharmaceuticals K.K. (currently GlaxoSmithKline K.K.) Jul 2001 Joined Development Division, Shionogi & Co., Ltd. Sep 2004 Director, Aurora Co., Ltd. Dec 2005 Director, the Company Apr 2007 Deputy Head of Development Division (Osaka), the Company Apr 2008 Managing Director, the Company May 2013 Representative Director, LINICAL KOREA CO., LTD. Jun 2013 Senior Managing Director, the Company Jun 2016 Vice President Director, the Company; in charge of Asia Operations, the Company Jul 2017 Head of Quality Control Division, the Company May 2019 Chairman, Linical China Co., Ltd. Dec 2019 Chairman, LINICAL TAIWAN CO., LTD. May 2021 Director, President & CEO, LINICAL USA, INC. May 2021 Director, President & CEO, Linical Accelovance America, Inc. Jan 2023 Director & CEO, LINICAL Europe Holding GmbH Jan 2023 Director, LINICAL USA, INC. Jan 2023 Director, Linical Accelovance America, Inc. Apr 2024 Head of General Affairs, Human Resources & Legal Unit, the Company (current) Jun 2024 Executive Officer, CAO (Chief Administrative Officer), the Company (current) Aug 2024 Director, Linical Australia PTY Ltd (current) Apr 2025 Deputy Head of Development Division, the Company Apr 2026 Executive Officer, CCOO (Chief Clinical Operation Officer), the Company (current); Head of Development Division, the Company (current) Jun 2026 Director, the Company (scheduled to assume office)
1968-10-26
Shigeru NAKAJI
Director
Apr 1991 Joined Fujisawa Pharmaceutical Co., Ltd. (currently Astellas Pharma Inc.) Nov 2004 Assistant Director, Drug Development Project Management, Fujisawa Healthcare Inc. (currently Astellas US LLC) Apr 2008 Deputy General Manager, Asia Development Department, Astellas Pharma Inc. Oct 2012 Planning & Administration Director, Medical & Development, Astellas Pharma China Inc. Oct 2014 Executive Director, Development, Astellas Pharma China Inc. Oct 2017 Deputy General Manager, Japan Asia Clinical Development Department 1, Astellas Pharma Inc. Apr 2018 General Manager, Development Promotion Department, Astellas Pharma Inc. Mar 2023 General Manager, MDSO Development Promotion Department, Astellas Pharma Inc. Mar 2024 General Manager, Strategy Operations, CMO Office, Astellas Pharma Inc. Apr 2025 General Manager, RD Strategy Operations, RD Operations, CRDO Office, Astellas Pharma Inc. Apr 2026 Senior Advisor, RD Strategy Operations, CRDO Office, Astellas Pharma Inc. (current) Aug 2026 Director, the Company (scheduled to assume office); Executive Officer, CSO (scheduled); Head of Corporate Planning Office, the Company
1966-07-31
Yoshimitsu ANDO
Director
Apr 1982 Joined Fujisawa Pharmaceutical Co., Ltd. (currently Astellas Pharma Inc.) Jan 2009 General Manager, Clinical Development Department 2, Development Division, Astellas Pharma Inc. Oct 2011 Executive Officer, in charge of Development, Toyama Chemical Co., Ltd. (currently FUJIFILM Toyama Chemical Co., Ltd.) Jun 2012 Managing Executive Officer, General Manager of Development and Deputy General Manager of Business Strategy Office, Toyama Chemical Co., Ltd. Apr 2013 Managing Executive Officer, General Manager of Clinical Development Office, Toyama Chemical Co., Ltd. Jun 2015 Director, Managing Executive Officer, General Manager of Clinical Development Office, Toyama Chemical Co., Ltd. Apr 2017 Director, Managing Executive Officer, Assistant to the President and General Manager of Clinical Development Office, Toyama Chemical Co., Ltd. Oct 2018 Director, Managing Executive Officer, General Manager of Development Division, FUJIFILM Toyama Chemical Co., Ltd. Jul 2021 Full-time Corporate Auditor, the Company Jun 2023 Outside Director (Full-time Audit and Supervisory Committee Member), the Company Jun 2025 Outside Director, the Company (current)
1958-11-05
Tomoko NISHIMURA
Director
Oct 1989 Joined Asahi Shinwa Audit Corporation (currently Azsa LLC) Aug 1993 Registered as Certified Public Accountant Mar 2001 Opened Tomoko Nishimura CPA Office; Head of Office (current) Oct 2002 Registered as Certified Tax Accountant; opened Tomoko Nishimura Tax Accountant Office; Head of Office (current) Feb 2023 Outside Director (Audit and Supervisory Committee Member), Zojirushi Corporation (current) Jun 2023 Outside Director, the Company (current)
1967-01-14
Yuichi MURAKAMI
Director, Full-time Audit and Supervisory Committee Member
Apr 1981 Joined Fujisawa Pharmaceutical Co., Ltd. (currently Astellas Pharma Inc.) Apr 2011 General Manager, Accounting Department, Astellas Pharma Inc. Jun 2013 General Manager, Accounting Department, Astellas Pharma Inc.; Corporate Auditor, Astellas Amgen Biopharma K.K. (currently Amgen K.K.) Jul 2017 Joined Marvelous Inc. Oct 2017 General Manager, Finance & Accounting Department, Corporate Management Division, Marvelous Inc. Nov 2017 Corporate Auditor, G-Mode Co., Ltd. Jul 2020 Full-time Corporate Auditor, the Company Jun 2023 Outside Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1957-08-23
Yoshiaki NAKAJIMA
Director, Audit and Supervisory Committee Member
Apr 1978 Joined Fujisawa Pharmaceutical Co., Ltd. (currently Astellas Pharma Inc.) Jun 2001 General Manager, Human Resources Department, Fujisawa Pharmaceutical Co., Ltd. Apr 2005 Deputy General Manager in charge of Human Resources, Astellas Pharma Inc. Apr 2007 General Manager, Secretarial Office, Astellas Pharma Inc. Apr 2008 General Manager, Human Resources Department, Astellas Pharma Inc. Jun 2009 Executive Officer, General Manager, Human Resources Department, Astellas Pharma Inc. Jun 2013 Executive Officer, General Manager, Human Resources Division, Daiso Co., Ltd. (currently Osaka Soda Co., Ltd.) Apr 2015 Executive Officer, General Manager, Human Resources Division and Corporate Planning Department, Management Strategy Division, Daiso Co., Ltd. Apr 2016 Executive Officer, General Manager, Human Resources Division, Human Resources Development Department, and Corporate Planning Department, Management Strategy Division, Osaka Soda Co., Ltd. Apr 2017 Executive Officer in charge of Human Resources Division; Deputy General Manager in charge of Corporate Planning Department, Management Strategy Division, Osaka Soda Co., Ltd. Jun 2017 Full-time Corporate Auditor, the Company Jul 2019 Supervisor, LINICAL TAIWAN CO., LTD.; Auditor, LINICAL KOREA CO., LTD. Dec 2019 Auditor, Linical China Co., Ltd. Jun 2023 Outside Director (Full-time Audit and Supervisory Committee Member), the Company Jun 2026 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1955-03-19
Eri SUGIYAMA
Director, Audit and Supervisory Committee Member
Oct 2001 Registered as Attorney-at-law (Osaka Bar Association); joined Habataki Sogo Law Office Nov 2008 Joined Financial Services Agency (fixed-term staff); Inspector, General Affairs Division, Inspection Bureau Jan 2010 Specialist Inspector, General Affairs Division, Inspection Bureau, Financial Services Agency Jun 2010 Specialist Inspector, General Affairs Division, Inspection Bureau; Assistant Manager, Policy Division, Planning and Coordination Bureau, Financial Services Agency Dec 2010 Retired from Financial Services Agency Jul 2013 Partner Attorney, Habataki Sogo Law Office (current) Jun 2018 Outside Corporate Auditor, Shinmaywa Industries, Ltd. Apr 2022 Professor, Law Practice Program, Graduate School of Law, Kobe University Jun 2023 Outside Director, the Company Jun 2024 Outside Corporate Auditor, Rohto Pharmaceutical Co., Ltd. (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current) Outside Director (Audit and Supervisory Committee Member), Shinmaywa Industries, Ltd. (current) Outside Corporate Auditor, Zenhoren Co., Ltd. (current)
1975-07-10
Large Shareholding Reports
Sakamoto Co., Ltd.
2026-04-07
3.28%→3.28%
Annual report (as of 2026-03-31): 3.58%
Sakamoto Co., Ltd.
2026-02-20
3.23%→3.28%
Annual report (as of 2026-03-31): 3.58%
Sakamoto Co., Ltd.
2026-01-19
3.23%→3.28%
Annual report (as of 2026-03-31): 3.58%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-14
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-22
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-04-07
Large Shareholding Report
EDINETAmended
2026-02-20
Change Report
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-19
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-14
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-15
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-15
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-25
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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