ENVALITH
久光製薬株式会社 logo

Hisamitsu Pharmaceutical Co.,Inc.

4530・Prime Market・Pharmaceuticals

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久光製薬株式会社 logo
Hisamitsu Pharmaceutical Co.,Inc.4530

Business

Hisamitsu Pharmaceutical, founded in 1903, is a pharmaceutical manufacturer specializing exclusively in transdermal drug delivery systems (TDDS). Domestically, the company manufactures and sells prescription pharmaceuticals (MOHRUS® Tape, ESTRANA® Tape, FENTOS® Tape, etc.) and OTC drugs (SALONPAS®, FEITAS®, etc.), while overseas it operates globally through local subsidiaries in seven countries and regions, including the United States, Brazil, Vietnam, Indonesia, China, Hong Kong, and Malaysia. Its main customers are domestic medical institutions, pharmacies, and drugstores, as well as general consumers in overseas OTC markets. Consolidated net sales for FY2026 (ending February 2026) were ¥163,024 million, with the Pharmaceuticals Business effectively accounting for the entirety of sales.

Business Model

Domestically, the company sells medical and OTC patches manufactured in-house through wholesalers, pharmacies, and drugstores, while overseas, local subsidiaries in each country sell products supplied by the parent company, forming a vertically integrated model. R&D is consolidated at the SAGA Global Research Center, and manufacturing is conducted at the Tosu and Utsunomiya plants as well as overseas facilities. Fund procurement is based primarily on internal funds, and the company maintains a robust financial base with an equity ratio of 80.6%.

Company Strengths

SALONPAS® was certified by Euromonitor as the world's No.1 brand by sales share in the OTC analgesic and anti-inflammatory patch category for eight consecutive years (May 2024). Hisamitsu Pharmaceutical was also certified as the world's No.1 company in the same category for seven consecutive years. The company has also achieved the No.1 sales share position in the U.S. OTC market (IRI, January–December 2024).

For FY2026 (ending March 2026)... equity ratio stood at 80.6% and the interest coverage ratio was 740.5x, indicating extremely high financial soundness. Cash and cash equivalents reached ¥89,780 million (as of the end of FY2025, ending March 2025), giving the company sufficient financial capacity to fund capital expenditures, R&D, and shareholder returns from internal resources.

The SAGA Global Research Center, completed in Tosu City, Saga Prefecture in February 2024, consolidated research functions previously dispersed across two locations into a single site. The company aims to accelerate development speed through enhanced collaboration among researchers and closer coordination with the production division, and began recruiting open innovation collaboration partners in October 2024.

ENVALITH's Perspective

For FY2026 (ending February 2026), revenue reached ¥163,024 million (up 4.5% year on year), achieving revenue growth. However, selling, general and administrative expenses increased significantly to ¥78,203 million (from ¥72,300 million in the prior period), and operating income declined to ¥17,917 million (down 5.2% year on year). The operating margin fell to 11.0% (from 12.1% in the prior period). The main cause appears to be an increase in marketing expenses associated with overseas expansion, and the fact that the revenue growth effect has not been fully absorbed warrants close attention.

For FY2026 (ending February 2026), US revenue was ¥44,871 million (up from ¥38,895 million in the prior period, +15.4%), and revenue from other regions also expanded to ¥37,803 million (from ¥34,746 million in the prior period, +8.8%), with overall overseas business growing. The overseas revenue ratio reached approximately 51%, achieving the existing growth strategy target of an overseas revenue ratio of 50% or more. As an external factor, the trend of yen depreciation also boosted the yen-converted value of overseas revenue, and continued attention should be paid to the impact of foreign exchange trends on future performance.

The results of the tender offer by Taiyo Kosan were announced on February 20, 2026, and delisting is scheduled for May 11, 2026. As a result, both the consolidated earnings forecast and dividend forecast for FY2027 (ending February 2027) are undisclosed. The annual dividend for FY2026 (ending February 2026) was ¥60 (reduced from ¥90 in the prior period), with a payout ratio of 22.3%. After delisting, the company is expected to continue operations as a privately held company, and the difficulty of monitoring performance based on publicly available information will be a key consideration for investors.

Growth Strategy

Achieving an overseas sales ratio exceeding 50% and sustained growth through expanded indications for transdermal absorption preparations

Through strengthening the SALONPAS® brand in the U.S. OTC market and continuing local sales promotion activities, the overseas sales ratio reached approximately 51% in FY2026 (ending March 2026) (U.S. ¥44,871 million + Others ¥37,803 million). The Company continues to aim to maintain and expand the overseas ratio going forward.

Activities to promote appropriate use of MOHRUS® Tape / MOHRUS® Pap XR, ESTRANA® Tape, FENTOS® Tape, ALESAGA® Tape, DICLOTEC® Tape, APOHIDE® Lotion, and other products continue. The Company is deploying detailed academic information activities for medical professionals utilizing digital marketing, aiming to maintain the revenue base of its domestic prescription pharmaceuticals business.

In addition to systemic and local transdermal absorption patches, the Company is concentrating resources on developing new platform technologies such as microneedle technology, expanding the future pipeline of pharmaceuticals for both domestic and overseas markets. The Company aims to build a medium- to long-term growth foundation through the launch of next-generation products.

Last updated: July 17, 2026