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Overview

Pharmaceutical

Medrx Co.,Ltd.

MEDRX is a drug formulation development company specializing in transdermal drug delivery technologies, including its proprietary ILTS® (Ionic Liquid Transdermal System) and NCTS® (Nano-sized Colloid Transdermal System) platforms, which dramatically enhance the skin permeability of active pharmaceutical ingredients. The company develops novel pharmaceutical candidates—ranging from small to large molecules—with improved efficacy, reduced side effects, and enhanced patient compliance, targeting markets such as neuropathic pain, spasticity, and central analgesia. Its business model centers on licensing developed drug candidates to pharmaceutical partners, generating revenue through upfront payments, milestone fees, and post-commercialization royalties; its lead product Bondlido (MRX-5LBT, lidocaine tape) received FDA approval in September 2025 for post-herpetic neuralgia.

Market Cap

¥3.30B

US$21.0M

¥1.96B

US$12.5M

Stock¥50▼-3.85%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

LTM EV/EBIT

LTM PER

LTM PBR

2.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-87.1%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 13.1%

as of 2026-06-30 · Source: Annual Securities Report

Rakuten Securities, Inc. (Joint Account)

2.86%

Mizuho Securities Co., Ltd.

1.72%

Akira YAGI

1.53%

Growth Capital Co., Ltd.

1.29%

Tadashi GOSHONO

1.18%

BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.16%

MM Co., Ltd.

0.90%

Yuji EZAKI

0.87%

CGMI PB CUSTOMER ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)

0.86%

SBI SECURITIES Co., Ltd.

0.74%

Management

9 officers

Masayoshi MATSUMURA

Director and Chairman

Apr 1968 Worked at Yasui Hospital (now Shinwakai Kyoto Minirenn Daini Chuo Hospital) Jul 1971 Joined Teikoku Seiyaku Co., Ltd. Feb 1973 Director, Teikoku Seiyaku Co., Ltd. Feb 1975 Managing Director, Teikoku Seiyaku Co., Ltd. Feb 1988 President and Representative Director, Ota Seiyaku Co., Ltd. (now Nichi-Iko Pharmaceutical Co., Ltd.) Feb 1992 President and Representative Director, Teikoku Kampo Seiyaku Co., Ltd. Jul 1992 President and Representative Director, Teikoku Medix Co., Ltd. (now Nichi-Iko Pharmaceutical Co., Ltd.) Sep 2000 Vice President and Director, Teikoku Seiyaku Co., Ltd. Jan 2002 Established the Company; President and Representative Director Oct 2007 Director, IL Pharma Inc. Mar 2017 Representative Director and Chairman, the Company Mar 2024 Director and Chairman, the Company (current)

1944-09-07

Yoshihiro MATSUMURA

President and Representative Director

Sep 1996 Joined Corporate Directions, Inc. Aug 2003 Director, the Company Oct 2007 Director, IL Pharma Inc. Mar 2013 Senior Managing Director, the Company Aug 2015 President, MEDRX USA INC. (current) Aug 2015 President, IL Pharma Inc.; Senior Managing Director and Representative Director, the Company Mar 2017 President and Representative Director, the Company (current) Mar 2024 Director, MEDRX AUSTRALIA PTY LTD (current)

1970-09-10

Hiroshi AKITOMO

Director, General Manager of Development Department

Apr 1987 Joined Teikoku Seiyaku Co., Ltd. Jun 2002 Joined the Company Aug 2003 Audit and Supervisory Board Member, the Company Mar 2005 Director, the Company (current) Jun 2012 Director, K.M Transderm Co., Ltd. Aug 2015 Director, MEDRX USA INC. (current)

1961-04-13

Hidetoshi HAMAMOTO

Director, General Manager of Research Department

Apr 1994 Joined Teikoku Seiyaku Co., Ltd. Jan 2002 Joined the Company Mar 2011 Director, the Company (current)

1969-04-14

Ken FUJIOKA

Director, General Manager of Management Administration Department

Apr 1992 Joined Tomen Corporation (now Toyota Tsusho Corporation) Oct 1999 Passed Second Stage of the Japanese CPA Examination Oct 1999 Joined Aoyama Audit Corporation Apr 2000 Merged with Chuo Audit Corporation and reorganized as Chuo Aoyama Audit Corporation Mar 2004 Passed Third Stage of the Japanese CPA Examination May 2004 Registered as Certified Public Accountant Aug 2004 Seconded to Inspection Division, Minister's Secretariat, Ministry of Foreign Affairs Sep 2006 Joined Arata Audit Corporation (now PwC Japan LLC) Aug 2008 Joined Cyber Communications Inc. (now CARTA HOLDINGS, Inc.) Jan 2010 General Manager, Finance and Accounting Department, Cyber Communications Inc. Mar 2015 Joined GSTV Inc.; Director and General Manager of Accounting Department Nov 2018 Joined the Company Jan 2019 General Manager, Management Administration Department, the Company Mar 2020 Director, the Company (current) Jul 2025 Director, MEDRX AUSTRALIA PTY LTD (current)

1967-07-05

Kunio IWATANI

Director (Audit and Supervisory Committee Member)

Apr 1965 Joined Takeda Pharmaceutical Company Limited Jul 1972 Marketing Manager, Takeda Indonesia Inc. Jul 1978 Director, Takeda France S.A. Feb 1988 Executive Vice President, TAP Pharmaceutical Inc. Feb 1989 Vice President and Director, Takeda France S.A. Jul 1993 General Manager, International Product Management Department, Takeda Pharmaceutical Company Limited Mar 2000 Vice President and Representative Director, Hokuriku Pharmaceutical Co., Ltd. (now Abbott Japan LLC) Mar 2001 President and Representative Director, Hokuriku Pharmaceutical Co., Ltd. Feb 2003 Director, Abbott Japan Co., Ltd. Mar 2003 President and Representative Director, Kringle Pharma Inc. Mar 2016 Director, the Company Dec 2016 Chairman, Kringle Pharma Inc. Mar 2024 Director (Audit and Supervisory Committee Member), the Company Mar 2026 Director, the Company (current)

1942-03-25

Yasushi YAMAZAKI

Director (Audit and Supervisory Committee Member)

Oct 1996 Passed Second Stage of the Japanese CPA Examination Oct 1996 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Mar 2000 Passed Third Stage of the Japanese CPA Examination Apr 2001 Registered as Certified Public Accountant Sep 2016 Joined Akito Kanejima CPA and Tax Accountant Office Oct 2016 Registered as Certified Tax Accountant Jan 2017 Interim Audit and Supervisory Board Member, the Company Mar 2017 Audit and Supervisory Board Member, the Company Jul 2017 Member (Partner), Sako Nabeshima Tax Accounting Corporation Mar 2024 Director (Audit and Supervisory Committee Member), the Company (current) Oct 2025 Representative Partner, Sako Nabeshima Tax Accounting Corporation (current)

1972-04-17

Noriko OSHIRO

Director (Audit and Supervisory Committee Member)

Oct 1995 Visiting Researcher, Department of Obstetrics and Gynecology, Stanford University School of Medicine Apr 1998 Joined Nihon Lever K.K. (now Unilever Japan Ltd.) Aug 2001 Seconded to Unilever South Africa Dec 2005 Joined B-Bridge International, Inc. Apr 2008 Independent consultant (mainly consulting for pharmaceutical and biotech companies) Jan 2013 Obtained U.S. CPA license Dec 2022 Joined The Mentholatum Company (group company of ROHTO Pharmaceutical Co., Ltd.) (current) Mar 2024 Director (Audit and Supervisory Committee Member), the Company (current)

1972-12-27

Sachiko MORIKAWA

Director (Audit and Supervisory Committee Member)

Oct 2003 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Oct 2011 Joined Deloitte Tohmatsu Tax Co. Oct 2011 Representative, Sachiko Morikawa CPA Office (current) Mar 2022 Auditor, Kagawa Prefectural Agricultural Cooperatives Central Union (current) Mar 2022 Auditor, Kagawa Prefecture Federation of Kosei Agricultural Cooperatives (current) Mar 2024 Director (Audit and Supervisory Committee Member), the Company (current) Jun 2025 Director (Audit and Supervisory Committee Member), The Kagawa Bank, Ltd. (current)

1977-05-13

Large Shareholding Reports

Growth Capital Co., Ltd.

2026-10-07

8.54%→6.15%