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Overview

Pharmaceutical

ASKA Pharmaceutical Holdings Co.,Ltd.

ASKA Pharmaceutical Holdings is a Japan-based pharmaceutical holding company established in April 2021 as the pure holding parent of ASKA Pharmaceutical Co., Ltd. The group's core operations span four segments: prescription pharmaceuticals (primarily women's health and hormone-related therapies), animal health products (veterinary drugs and feed additives), overseas pharmaceutical business, and other businesses including clinical testing and medical devices. The group is recognized for its strength in women's healthcare, with a strategic focus on advancing treatments addressing gynecological conditions and fertility.

Activists: Dalton Investments, Inc. 10.03%, Nippon Active Value Fund PLC (NAVF) 8.34%

Market Cap

¥57.0B

US$363M

¥48.3B

US$307M

Stock¥2,006▼-1.13%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

6.0

LTM EV/EBIT

8.2

LTM PER

12.1

LTM PBR

0.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-30.1%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 5, 25Reports of Dalton countermeasure consideration

2Apr 1, 26Official MBO announcement at 2550 yen

3Apr 8, 26Dalton Investments, Inc. changed stake (9.3%→10.03%)

4Aug 5, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

AI Briefing

ASKA Pharmaceutical Holdings: Japan women's health/fertility-focused pharma, plus animal health and overseas units. FY26/3 revenue ¥71.1B, up from ¥64.1B prior year, though OP margin held near 8.2%. Activist-flavored register (Nippon Active Value Fund 8.44%) alongside strategic holders Takeda (7.76%) and Zeria (6.61%) keeps M&A/governance speculation alive.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

85%

EquityD/E 0.17xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 50.4%

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

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

9.40%

NIPPON ACTIVE VALUE FUND PLC (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

8.44%

Takeda Pharmaceutical Company Limited

7.76%

ZERIA PHARMACEUTICAL CO.,LTD.

6.61%

STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)

4.00%

MUFG Bank, Ltd.

3.87%

NAVF SELECT LLC (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.98%

NOMURA PB NOMINEES LIMITED OMNIBUS MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)

2.78%

Takashi YAMAGUCHI

2.49%

CACEIS BANK,LUXEMBOURG BRANCH/AIF CLIENTS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.08%

Management

13 officers

Takashi YAMAGUCHI

Chairman and Representative Director

Apr 1978 Joined Asuka Pharmaceutical Co., Ltd. Dec 1987 Director, Asuka Pharmaceutical Co., Ltd. Jun 1991 Representative Director and President, Asuka Pharmaceutical Co., Ltd. Apr 2021 Representative Director and President, the Company Jun 2021 Representative Director and Chairman, Asuka Pharmaceutical Co., Ltd. (current) Jun 2025 Representative Director and Chairman, the Company (current)

1952-05-10

Sota YAMAGUCHI

President and Representative Director

Apr 2008 Joined Hitachi, Ltd. May 2011 Registered as Patent Attorney Feb 2016 Joined Asuka Pharmaceutical Co., Ltd. Jun 2017 Director and Managing Executive Officer (in charge of Drug Discovery Research), Asuka Pharmaceutical Co., Ltd. Jun 2019 Managing Director (in charge of Drug Discovery Research, Development and Business Strategy), Asuka Pharmaceutical Co., Ltd. Apr 2020 Managing Director (in charge of Drug Discovery Research, Development, Business Development and Medical Affairs), Asuka Pharmaceutical Co., Ltd. Apr 2021 Director, the Company Jun 2021 Representative Director and Senior Managing Director, the Company Jun 2021 Representative Director and President, Asuka Pharmaceutical Co., Ltd. (current) Jun 2025 Representative Director and President, the Company (current)

1983-12-17

Atsushi MARUO

Senior Managing Director and Representative Director

Apr 1981 Joined The Mitsubishi Bank, Ltd. (currently MUFG Bank, Ltd.) Apr 2009 General Manager, Sendai Branch, Tohoku Region, MUFG Bank, Ltd. Oct 2010 Executive Officer, Asuka Pharmaceutical Co., Ltd. Jun 2011 Director and Managing Executive Officer, Asuka Pharmaceutical Co., Ltd. Jun 2014 Senior Managing Director, Asuka Pharmaceutical Co., Ltd. Jun 2015 Director, Asuka Pharmaceutical Medical Co., Ltd. and Director, Asuka Animal Health Co., Ltd. Jun 2019 Representative Senior Managing Director, Asuka Pharmaceutical Co., Ltd. Apr 2021 Director, the Company Jun 2021 Representative Director and Senior Managing Director, the Company Jun 2021 Vice Chairman and Director, Asuka Pharmaceutical Co., Ltd. (current) Apr 2023 Representative Director and Senior Managing Director (in charge of Sustainability), the Company (current)

1959-02-10

Maiko MORI

Managing Executive Officer and Director

Apr 1987 Joined Asuka Pharmaceutical Co., Ltd. Jun 2011 General Manager, Medical Information Department, Asuka Pharmaceutical Co., Ltd. Jul 2017 General Manager, Drug Regulatory Affairs Department, Asuka Pharmaceutical Co., Ltd. Apr 2020 General Manager, Quality Assurance Division, Asuka Pharmaceutical Co., Ltd. Jun 2020 Executive Officer (General Manager, Quality Assurance Division), Asuka Pharmaceutical Co., Ltd. Jun 2022 Director and Managing Executive Officer (General Manager, Quality Assurance Division), Asuka Pharmaceutical Co., Ltd. (current) Jun 2022 Director and Managing Executive Officer, the Company (current)

1964-04-20

Fumitoyo YAMAGUCHI

Managing Executive Officer and Director

Jul 2011 Joined Asuka Pharmaceutical Co., Ltd. Apr 2019 Executive Officer (in charge of New Business Development; Deputy General Manager, Healthcare Business Promotion Office), Asuka Pharmaceutical Co., Ltd. Jun 2020 Executive Officer (in charge of Special Assignments; Director, Asuka Animal Health Co., Ltd.), Asuka Pharmaceutical Co., Ltd. Jan 2021 Representative Director and President, Asuka Animal Health Co., Ltd. (current) Jun 2021 Executive Officer (in charge of Special Assignments; Representative Director and President, Asuka Animal Health Co., Ltd.), the Company Jun 2022 Director and Managing Executive Officer, the Company (current)

1986-11-03

Minoru AWABAYASHI

Director

Jul 1978 Founded Nihon Yo-flow Co., Ltd.; Representative Director and President Jul 1983 Founded Pacific Marketing Partners, Inc., USA; Managing Director Jul 1997 Founded Nihon Omniglow Co., Ltd.; Representative Director and Vice President Apr 2005 Representative Director and President, Nihon Omniglow Co., Ltd. Apr 2016 Senior Vice President, Takenaka Partners Co., Ltd. Jun 2023 Outside Director, the Company (current) Oct 2024 Representative Director, M&A Strategy Advisors Co., Ltd. (current)

1952-12-19

Koji ENOKIDO

Director

Apr 1983 Joined Matsushita Electric Industrial Co., Ltd. (currently Panasonic Corporation) Aug 2007 President, Panasonic Avionics Corporation Jun 2015 Managing Director, Panasonic Corporation; President, AVC Networks Company Apr 2016 Senior Managing Director and Representative Director, Panasonic Corporation Nov 2017 Representative Director and President, Sowen Co., Ltd. (current) Sep 2021 Outside Director, Cars Co., Ltd. (current) Nov 2021 Outside Director, Farmnote Holdings Co., Ltd. (current) Jun 2023 Outside Director, the Company (current) Mar 2024 Outside Director, Daiwa House Ventures Co., Ltd. (current) Mar 2025 Outside Director, Enecoat Co., Ltd. (current)

1960-06-30

Kanae KARITA

Director

Mar 1986 Graduated, Faculty of Health Sciences, School of Medicine, The University of Tokyo Mar 1988 Completed Master's Program, Graduate School of Medicine, The University of Tokyo Sep 2007 Associate Professor, Department of Hygiene and Public Health, School of Medicine, Kyorin University Apr 2015 Professor, Department of Hygiene and Public Health, School of Medicine, Kyorin University (current) Apr 2015 Director, Office for Promotion of Gender Equality, Kyorin University Jun 2019 Director, Japan Association of Medical Sciences; Councilor, Japan Association of Medical Sciences (current) Mar 2022 Member, Study Group on Health Effects Assessment of Photochemical Oxidants, Ministry of the Environment Apr 2024 Member, Food Sanitation Council, Cabinet Office (current) Jun 2024 Outside Director, the Company (current) Jun 2025 Auditor, Japan Association of Medical Sciences (current)

1963-07-02

Seiko KATO

Director

Mar 1986 Graduated, Faculty of Medicine, Kyushu University Jul 2009 Associate Professor, Department of Obstetrics and Gynecology, Juntendo University Graduate School of Medicine Aug 2012 Professor, Department of Reproductive Pathophysiology, Graduate School of Medical Sciences, Kyushu University Nov 2015 Director, Japan Society of Women's Medicine (current) Jun 2023 Chairperson, Japan Society of Obstetrics and Gynecology Jun 2025 Outside Director, the Company (current) Jun 2025 Managing Director, Japan Society of Obstetrics and Gynecology (current) Jun 2025 Councilor, Japan Association of Medical Sciences (current) Jun 2025 Member, Japan Association of Medical Sciences (current) Apr 2026 President, Fukuoka Sanno Hospital (current) Apr 2026 Professor, Graduate School of Medicine, International University of Health and Welfare (current)

1960-09-06

Kunihiro GUNJI

Full-time Audit & Supervisory Board Member

Apr 1984 Joined Asuka Pharmaceutical Co., Ltd. Oct 2008 General Manager, Sales Planning Department, Asuka Pharmaceutical Co., Ltd. Oct 2016 Deputy General Manager, Sales Division, Asuka Pharmaceutical Co., Ltd. Jun 2018 Executive Officer (General Manager, Development Division), Asuka Pharmaceutical Co., Ltd. Jun 2020 Executive Officer (in charge of Audit, Legal and Compliance), Asuka Pharmaceutical Co., Ltd. Apr 2021 Executive Officer (in charge of Group Audit, Group Legal and Compliance), the Company Oct 2022 Executive Officer (General Manager, Information Provision and Promotion Supervision Office), Asuka Pharmaceutical Co., Ltd. Jun 2024 Full-time Audit & Supervisory Board Member, the Company Jun 2024 Audit & Supervisory Board Member, Asuka Pharmaceutical Co., Ltd. (current) Jun 2024 Audit & Supervisory Board Member, Asuka Pharmaceutical Medical Co., Ltd. (current) Jun 2026 Director and Audit and Supervisory Committee Member, the Company (current)

1961-09-26

Kazuhiro CHIKU

Full-time Audit & Supervisory Board Member

Apr 1987 Joined Asuka Pharmaceutical Co., Ltd. Apr 2014 General Manager, Human Resources Department, Asuka Pharmaceutical Co., Ltd. Jun 2020 Executive Officer (Deputy General Manager, Administration Division), Asuka Pharmaceutical Co., Ltd. Jun 2021 Executive Officer (Deputy General Manager, Production Division), Asuka Pharmaceutical Co., Ltd. Jun 2024 Executive Officer (in charge of Group Audit, Group Legal and Compliance), the Company Jun 2024 Executive Officer (General Manager, Information Provision and Promotion Supervision Office), Asuka Pharmaceutical Co., Ltd. Apr 2025 Audit & Supervisory Board Member, Ha Tay Pharmaceutical Joint Stock Company (current) Jun 2025 Audit & Supervisory Board Member, the Company (current) Jun 2025 Audit & Supervisory Board Member, Asuka Pharmaceutical Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Asuka Animal Health Co., Ltd. (current)

1963-05-19

Takao KIMURA

Audit & Supervisory Board Member

Nov 1975 Joined Hoechst Japan Ltd. (currently Sanofi K.K.) Jul 2000 Representative Director and President, Nycomed Amersham K.K. Dec 2002 Executive Officer and General Manager, Business Development Division, Aventis Pharma K.K. (currently Sanofi K.K.) Apr 2010 Executive Officer and Head of Business Development, Asia Pacific Region, Sanofi-Aventis K.K. (currently Sanofi K.K.) Feb 2016 Designated Member, TK Pharma Partners LLC Jun 2017 Outside Audit & Supervisory Board Member, Asuka Pharmaceutical Co., Ltd. Apr 2021 Outside Audit & Supervisory Board Member, the Company Jun 2026 Outside Director and Audit and Supervisory Committee Member, the Company (current)

1951-08-09

Koki YAMASHITA

Audit & Supervisory Board Member

Apr 1988 Joined Tokyo National Tax Bureau Jul 2014 Deputy Director, Kawasaki Nishi Tax Office Jul 2019 Director, Sakyo Tax Office Jul 2020 Director, Information Management Division, First Investigation Department, Tokyo National Tax Bureau Jul 2022 Director, Kanda Tax Office Aug 2023 Office Head, Kawasaki Office, LR Partners Certified Tax Accountants' Corporation (current) Jun 2025 Outside Audit & Supervisory Board Member, the Company Dec 2025 Representative, Koki Yamashita Tax Accountant Office (current) Jun 2026 Outside Director and Audit and Supervisory Committee Member, the Company (current)

1963-02-28

Large Shareholding Reports

Dalton Investments, Inc.

2026-04-08

9.30%→10.03%

Dalton Investments, Inc.

2025-05-13

8.50%→9.30%

Dalton Investments, Inc.

2025-03-28

7.73%→8.50%

Dalton Investments, Inc.

2025-03-05

6.96%→7.73%

NIPPON ACTIVE VALUE FUND PLC

2025-01-30

6.80%→7.45%

NIPPON ACTIVE VALUE FUND PLC

2025-01-10

6.30%→6.80%

NIPPON ACTIVE VALUE FUND PLC

2024-12-05

5.74%→6.30%

Dalton Investments, Inc.

2024-12-02

5.14%→5.87%

NIPPON ACTIVE VALUE FUND PLC

2024-11-07

5.49%→5.59%

NIPPON ACTIVE VALUE FUND PLC

2024-10-16

5.34%→5.49%

NIPPON ACTIVE VALUE FUND PLC

2024-09-18

5.19%→5.34%

NIPPON ACTIVE VALUE FUND PLC

2024-08-13

4.96%→5.19%

NIPPON ACTIVE VALUE FUND PLC

2024-07-19

4.86%→4.96%

NIPPON ACTIVE VALUE FUND PLC

2024-04-15

4.16%→4.86%

NIPPON ACTIVE VALUE FUND PLC

2024-04-04

3.63%→4.16%

NIPPON ACTIVE VALUE FUND PLC

2024-01-11

2.80%→3.63%

NIPPON ACTIVE VALUE FUND PLC

2023-11-24

2.80%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-04

Q1 Earnings Flash

FY ending Mar 2027

ASKA Pharmaceutical Holdings Co.,Ltd.

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ASKA Pharmaceutical Holdings Co.,Ltd.

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