Kohjin Bio Co., Ltd.
177A・Growth Market・Chemicals
Business
Kohjin Bio Co., Ltd. was founded in 1981 and listed on the Tokyo Stock Exchange Growth Market in April 2024. It is a biotechnology company operating three businesses: the Cell Culture Business, which develops, manufactures, and sells cell culture media; the Microbiology Business, which handles microbial testing products for infectious disease, food, and industrial applications; and the Cell Processing Business, which provides contract manufacturing of specified cell-processed products under the Act on the Safety of Regenerative Medicine. Its main customers are universities, research institutions, pharmaceutical companies, and medical institutions in Japan and overseas. The group operates through one domestic consolidated subsidiary, two overseas consolidated subsidiaries, and one equity-method affiliate (Ajinomoto Kohjin Bio Co., Ltd.).
Business Model
By using cell culture media developed and manufactured in the Tissue Culture business for its own contract manufacturing in the Cell Processing business, the company keeps its cost ratio lower than competitors while immediately reflecting on-site performance feedback in product improvements. It shares its customer base and sales agent network with the Microorganism business, giving it an advantage in sales efficiency over single-business competitors. Revenue is composed of a combination of product sales (Tissue Culture and Microorganism) and contract processing fees (Cell Processing).
Company Strengths
In the cell processing business, the use of proprietary cell culture media manufactured in-house allows the company to keep its cost ratio lower than competitors that must procure media externally. In addition, the company has built a system that directly utilizes performance feedback from cell processing sites in product development for the tissue culture business, achieving quality improvement and differentiation simultaneously.
The company offers multiple lineups of serum-free media for regenerative medicine, including the KBM500 series (for immune cell culture) and the KBM ADSC series (for mesenchymal stem cells, launched in 2014). CD media for CHO cells have already been launched, and development of media for HEK293 cells is also progressing smoothly. In FY2026 (ending March 2026), the tissue culture business recorded net sales of ¥2,539 million and segment profit of ¥946 million (profit margin of 37.3%), achieving high profitability.
The company holds ISO9001 certification (obtained in 2003) and ISO13485 certification (obtained in 2006), as well as a manufacturing and marketing license for in vitro diagnostic pharmaceuticals (obtained in 1993) and a cell culture processing facility license (facility number FA3190002). During the COVID-19 pandemic, in response to a government request to increase production, the company achieved a track record of manufacturing up to approximately 200,000 test samples per month.
ENVALITH's Perspective
Performance Trend
Revenue reversed course, rising from ¥4,770 million in FY2024 (ended March 2024) to ¥5,206 million in FY2025 (ended March 2025) (+9.1%), then declining to ¥4,939 million in FY2026 (ending March 2026) (-5.1%). Operating profit plunged 65.5% from ¥991 million in FY2025 (ended March 2025) to ¥341 million in FY2026 (ending March 2026), with the operating margin falling from 19.0% to 6.9%. The main external factors were a sharp drop in demand for antigen test kits and similar products as the infectious disease outbreak subsided, and a decline in the number of inbound patients due to deteriorating Japan-China relations. For FY2027 (ending March 2027), the company forecasts further declines, projecting revenue of ¥4,722 million and operating profit of ¥137 million, and the timing of a bottoming-out remains uncertain. The sole bright spot is the continued steady growth of the cell culture business, with expansion of OEM medium orders holding the key to a mid- to long-term earnings recovery.
Growth Strategy
Three pillars: expansion of OEM tissue culture business, domestic transition of the cell processing business, and improvement of the profit structure in the microorganism business
The company continues to expand orders for OEM culture media from domestic and overseas research institutions and pharmaceutical companies, and is enhancing supply capacity through the acquisition of new plant sites and construction of new warehouses. In FY2026 (ending March 2026), net sales reached ¥2,540 million and segment profit reached ¥946 million, exceeding the plan, and the business is functioning as a revenue base for the entire group.
In response to the decline in the number of inbound patients due to deteriorating Japan-China relations, the company is promoting expansion of contract services for domestic patients and domestic medical institutions, acquisition of long-term contract projects, and streamlining of the contract process. In parallel, the company is expanding processing capacity through the operation of the new cell processing facility in Hiroshima Prefecture. In FY2026 (ending March 2026), performance significantly fell short of the plan, and the transition is expected to take time to achieve.
Amid the continued decline in demand for infectious disease-related products, the company is strengthening new product development based on stable demand for clinical testing and industrial applications, aiming to improve its profit structure. It is also considering expanding sales channels into drugstores and internet sales through the acquisition of OTC drug approvals, as well as developing new markets in Asia. In FY2026 (ending March 2026), the segment posted a loss of ¥94 million, and difficult conditions are expected to continue, with only limited improvement anticipated in FY2027 (ending March 2027).
Last updated: July 19, 2026