NIPPON CHEMIPHAR CO., LTD.
4539・Standard Market・Pharmaceuticals
Business
Nippon Chemiphar Co., Ltd. is a pharmaceutical group comprising 4 consolidated subsidiaries and 1 affiliate. It consists of two segments: the Pharmaceuticals Business (net sales of ¥31,868 million), centered on the manufacture and sale of prescription pharmaceuticals, and the "Other" segment (net sales of ¥1,222 million), which handles contract safety testing, healthcare, and real estate leasing. The Pharmaceuticals Business has three business domains: Generic Drugs; clinical diagnostic reagents centered on the allergy screening device/reagent "Dropscreen (Clinical Diagnostic Reagents)"; and new drug development centered on alkalizing therapy. The company is also expanding overseas, including into Vietnam and China. Its main customers are medical institutions and dispensing pharmacies, with distribution primarily handled through wholesalers (Medipal Holdings and Alfresa).
Business Model
Generic Drugs generate revenue through manufacturing at the company group's own facilities (Nippon Yakuhin Kogyo's Tsukuba plant and Vietnam plant) and sales via domestic MRs and wholesalers. The clinical diagnostic reagent "Dropscreen (Clinical Diagnostic Reagents)" follows a recurring revenue model based on instrument installation and ongoing reagent sales. For new drugs, development costs are shared through AMED support, joint development with Sumitomo Pharma, and license introduction from Delta-Fly Pharma, while aiming for sales rights revenue after approval. Overseas, the Vietnam plant is utilized as a manufacturing base, and sales channels are expanded in cooperation with local partners.
Company Strengths
Dropscreen, an allergy screening device and reagent that can measure 41 allergens in 30 minutes from just one drop of blood, exceeded 1,800 cumulative domestic installations as of the end of FY2026 (ending March 2026). Sales of clinical diagnostic reagents for the fiscal year expanded steadily to ¥5,436 million (up 11.3% year on year), supported by product strength that captures the need for in-house testing at hospitals, driving continued adoption.
The company operates the Nippon Chemiphar Tsukuba Plant (installation work for new facilities on the 2nd floor of Building No. 3 completed in August 2024, with shipments starting from May 2026) and a Vietnam plant (Nippon Chemiphar Vietnam Co., Ltd.), building a structure in which development, manufacturing, and sales are handled consistently within its own group. The Vietnam plant has also begun contract manufacturing for other companies' products, with a group-wide quality assurance division ensuring quality control at the same level as in Japan.
NC-2800, a delta opioid receptor agonist, began case enrollment for a Phase IIa clinical trial at 27 domestic institutions from January 2026. DFP-14323, an anticancer drug candidate, is undergoing a Phase III trial at approximately 30 domestic institutions. For DFP-17729, targeted at pancreatic cancer, case enrollment for the Phase II portion of a Phase II/III trial was completed in May 2026. R&D expenses of ¥2,134 million have been invested.
ENVALITH's Perspective
Performance Trend
Revenue bottomed out at ¥30,748 million in FY2024 (ending March 2024) and has grown for two consecutive fiscal years, reaching ¥33,090 million in FY2026 (ending March 2026), the highest level in five years. However, operating profit plunged from ¥606 million in FY2025 (ending March 2025) to ¥179 million, with the operating profit margin falling to 0.5%. As an external factor, annual drug price revisions, including mid-year revisions, continued to pressure earnings, compounded by an increase in cost of sales (including inventory buildup) and persistently high SG&A expenses. Dropscreen (Clinical Diagnostic Reagents) (up 11.3% year-on-year) was a positive factor, but the impact of drug price revisions on Core Products / New Drugs (down 25.7% year-on-year) was significant, and this could not be fully offset by the increase in volume of Generic Drugs (up 1.8% year-on-year). For FY2027 (ending March 2027), the company forecasts revenue of ¥35,000 million and operating profit of ¥250 million, but expects ordinary profit to further deteriorate to ¥100 million.
Growth Strategy
Sustainable growth through strengthening of the three domains—Generic Drugs, clinical diagnostic reagents, and new drugs—together with overseas expansion
New equipment on the 2nd floor of Building No. 3 at Nihon Yakuhin Kogyo Co., Ltd.'s Tsukuba Plant will begin sequential product shipments from May 2026. The company is strengthening inter-company collaboration, including participation in a consortium concept involving multiple Generic Drugs companies, to build a supply system capable of responding to increased demand associated with changes in the drug price positioning of authorized generics (AG).
As of the end of FY2026 (ending March 2026), the cumulative number of domestic installations exceeded 1,800 units, and sales of clinical diagnostic reagents were solid at ¥5,436 million (up 11.3% year on year). The company continues to expand its sales structure while promoting product improvements and manufacturing cost reductions. Product development for overseas expansion, regulatory compliance in various countries, and partner selection are also underway.
Enrollment for the Phase IIa clinical trial of the delta opioid receptor agonist "NC-2800" began in January 2026 at 27 sites in Japan. Development is being advanced under a joint research and development and option agreement with Sumitomo Pharma Co., Ltd., with support from AMED's "CiCLE Program." Efficacy and safety are being evaluated in a double-blind comparative trial targeting patients with depression.
In Vietnam, sales of "Rebamipide Tablets 100mg" and "Febuxostat Tablets 80mg" are expanding, and approval for "Allopurinol Tablets 100mg" was obtained in March 2026. In China, products such as "Epinastine Hydrochloride Tablets 20mg" are being exported. For the Middle East and Africa, under an advisory agreement with the IFC, the company is narrowing down target countries and partners and negotiating products. As of the end of March 2026, products were being sold in 4 countries across 8 items.
"DFP-17729," based on a licensing agreement with Delta-Fly Pharma, Inc., is undergoing enrollment at 16 domestic sites in a Phase II/III trial targeting pancreatic cancer patients that began in March 2025. Completion of enrollment for the Phase II portion is expected around July 2026. In the chronic kidney disease field, a physician-initiated clinical study at Nagoya University is also underway.
Last updated: July 19, 2026

