Pharmarise Holdings Corporation
2796・Standard Market・Retail Trade
Business
Pharmarise Holdings Corporation is a medical-related group that, as a holding company, oversees 12 consolidated subsidiaries. Its core dispensing pharmacy business (approximately 83% of net sales) operates 401 stores across 32 prefectures nationwide, centering on prescription dispensing while also promoting home-visit and facility-based dispensing services. In addition, the group operates a retail business including drugstores and convenience stores, a medical records storage and management business (Kotobuki Data Bank Co., Ltd.), a medical mall management business within JR Sapporo Station, and other businesses such as IT, nursing care, and staffing services. Its main customers are general patients and medical institutions, and the company positions the strengthening of its "kakaritsuke yakkyoku" (community-based primary pharmacy) function as a core management pillar in serving as a provider of regional healthcare amid an aging society.
Business Model
Revenue mainly consists of insurance dispensing drug income (¥40,181 million) and dispensing technical fees (¥11,853 million). The structure expands the number of prescriptions filled (5,317 thousand in the current period, up 22.1% year on year) through store network growth via M&A, and secures profit through cost reductions from economies of scale and consolidation of head office functions. Ancillary businesses such as retail sales, medical malls, and medical record storage serve a complementary revenue role through synergies with dispensing pharmacies.
Company Strengths
In the fiscal year under review, the number of stores increased by 61 (of which 54 were from next PH Co., Ltd.), building a network of 401 stores, a net increase of 50 stores year-on-year. The company has a strong presence in major metropolitan areas, including 62 stores in Hokkaido, 48 in Osaka Prefecture, 46 in Tokyo, and 32 in Aichi Prefecture, and the number of prescriptions filled reached 5,317 thousand (up 22.1% year-on-year).
Since the opening of its first dispensing pharmacy in 1987, the company has carried out dozens of M&A transactions. Most recently, it completed the acquisition of the GOOD AID group (January 2024) and the business transfer from the Kanichi Shoten group (December 2024, resulting in the establishment of next PH Co., Ltd.), and dispensing pharmacy business sales for the fiscal year reached ¥52,625 million (up 19.1% year-on-year).
The medical mall management business within JR Sapporo Station maintained high profitability, with sales of ¥511 million and segment profit of ¥103 million (a profit margin of approximately 20%). The medical records storage and management business (Kotobuki Data Bank) recorded sales of ¥609 million and segment profit of ¥51 million under a stock-type business model, complementing fluctuations in the profitability of the dispensing pharmacy business.
ENVALITH's Perspective
Performance Trend
For FY2026 (ending May 2026), net sales are projected at ¥69,512 million (up 9.5% year on year), operating profit at ¥979 million (up 233.5%), ordinary profit at ¥715 million (up 422.4%), and profit attributable to owners of parent at ¥114 million, marking a turnaround from a loss of ¥367 million in the prior period. The increase in store count through M&A, strengthened facility standard acquisition at existing stores, and reduced SG&A expenses through head-office operational efficiency (from ¥8,671 million to ¥8,479 million) drove the profit improvement. Operating cash flow improved substantially to ¥3,278 million (up ¥1,967 million year on year), and the cash balance also increased to ¥6,012 million. However, income taxes of ¥591 million (equivalent to an effective tax rate of 84.7% against pre-tax profit of ¥698 million) significantly compressed net profit, leaving a structural issue of continued drawdown of deferred tax assets. The five-period trend in operating profit (¥1,520 million → ¥1,438 million → ¥916 million → ¥293 million → ¥979 million) indicates a bottoming-out and reversal, but has not yet returned to peak levels.
Growth Strategy
Aiming for net sales of ¥70.0 billion and operating profit of ¥1.6 billion in FY2029 (ending May 2029) through the completion of PMI and expansion of prescriptions filled
Steadily advancing PMI for Sanko Medical Group (wholesale business and dispensing pharmacy with 16 stores) acquired in February 2026 (Reiwa 8), realizing enhanced pharmaceutical distribution systems and cost reduction synergies. From the next fiscal period, results will be reflected in the income statement, with an expected contribution of ¥2,711 million in net sales and ¥82 million in operating profit (hypothetical calculation).
Continuing to expand home and facility dispensing, with prescriptions filled reaching 597 thousand (up 4.6% year on year) and net sales of ¥4,585 million (up 5.4% year on year). Promoting increased store visits through the official LINE account (approximately 5,300 registered friends) and digital initiatives such as online prescription reception, aiming to increase the number of prescriptions filled.
Continuing to strengthen the acquisition of facility standards, with 81 Health Support Pharmacies, 86 Community Collaboration Pharmacies, and 3 Specialized Medical Institution Collaboration Pharmacies. The dementia cafe "Cafe Nyaa Malaise" has reached 109 locations nationwide with a cumulative total of 248 sessions held, exceeding the additional target of 100 locations. Conducting dedicated online training for home pharmacists four times a year at all stores, aiming to secure patients and increase store visits.
Reduced SG&A expenses from ¥8,671 million to ¥8,479 million (FY2026 (ending May 2026) actual results) through improved efficiency of headquarters operations across the group. Continuing to promote post-M&A operational integration and operational efficiency, aiming to improve profitability by optimizing SG&A expenses and reviewing the cost structure going forward.
The retail business continued to post losses, with net sales of ¥8,042 million (down 7.5% year on year) and a segment loss of ¥83 million. Proceeding with the closure of unprofitable stores (4 stores closed) and new store openings in more profitable locations (1 store opened), aiming to improve the profit structure through a review of marketing strategy and promotions. The Medium-Term Management Plan designates "restructuring of existing businesses other than the dispensing pharmacy business" as a key initiative.
Last updated: July 17, 2026