Fuji Pharma Co.,Ltd.
4554・Prime Market・Pharmaceuticals
Business
Fuji Pharma Co., Ltd. was founded in 1954 and is listed on the Prime Market of the Tokyo Stock Exchange as a pharmaceutical specialty company. Centered on injectable products such as hormonal agents and contrast media for the obstetrics and gynecology field, the company operates through five locations nationwide. It currently positions the three areas of Women's Healthcare, Biosimilars, and Global CMO as pillars of medium-term growth, and maintains a two-site production system in Thailand and Japan through its consolidated subsidiary OLIC (Thailand) Limited. In FY2025 (ending September 2025), net sales were ¥51,677 million, with Women's Healthcare accounting for 43.3% (¥22,372 million), CMO for 16.1% (¥8,342 million), Biosimilars for 3.8% (¥1,973 million), and Others for 36.7% (¥18,989 million). Major customers are pharmaceutical wholesalers (Medipal 30.2%, Alfresa 15.2%, Suzuken 9.9%).
Business Model
The company builds revenue on three pillars: high-value-added sales of proprietary and in-licensed new drugs (in the women's healthcare field), manufacturing and marketing of biosimilars through an exclusive partnership with Alvotech, and global CMO contract manufacturing utilizing its Thai subsidiary OLIC. For new drugs, market penetration is pursued through information provision activities by 90 dedicated MRs, while the CMO business is on an expansion trajectory, with order intake of ¥14,242 million (up 110.4% year on year) and an order backlog of ¥2,540 million (up 149.7% year on year). A financial policy combining internal funds and borrowings from financial institutions continuously funds capital expenditure and R&D.
Company Strengths
The company has developed products for obstetrics and gynecology since 1982, specializing in women's healthcare for over 50 years since its founding. Sales performance in the women's healthcare field, including Alyssa Combination Tablets for dysmenorrhea launched in December 2024, reached ¥22,372 million (FY2025, ending September 2025). The company has Japan's largest dedicated women's healthcare MR organization with 90 staff, along with strong access to physicians leveraging M3, Inc.'s information platform.
In November 2018, the company entered into an exclusive partnership with Alvotech S.A. for the commercialization of multiple biosimilar products in Japan, including making an equity investment. As of the end of FY2025 (ending September 2025), in addition to the three products already launched, the company newly obtained manufacturing and marketing approval for three additional products in the same month, establishing a six-product lineup. Furthermore, applications for approval of two additional products were filed in September 2025, with continued expansion of the pipeline underway.
In 2012, the company made OLIC (Thailand) Limited, Thailand's largest contract pharmaceutical manufacturer, a subsidiary, establishing a two-site structure in Thailand and Toyama. The company is capable of handling multiple dosage forms, and in FY2025 (ending September 2025), order intake for the Global CMO Business (OLIC) expanded to ¥14,242 million (up 110.4% year on year), with the order backlog growing to ¥2,540 million (up 149.7% year on year). Consideration of new contract manufacturing projects, including from major Western companies, is progressing.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive periods of growth, rising from ¥33,990 million in FY2021 to ¥51,677 million in FY2025, and accelerated further in the first half of FY2026 (ending September 2026) to ¥29,716 million (up 23.3% year on year). Operating profit expanded sharply to ¥4,398 million in the first half (up 90.8% year on year), with the operating margin improving significantly to 14.8% (versus 9.6% in the same period of the prior year). This was driven by a combination of factors: market penetration of new women's healthcare drugs, the launch of new biosimilar products, and progress in the Global CMO Business (OLIC) plan. As an external factor, the trend of yen depreciation put upward pressure on raw material and energy costs, while the impact of the drug price revision was limited, with the rate held to a modest decline of -0.75%. Net profit fell 44.6% year on year to ¥713 million in the first half, due to a one-time valuation loss on investment securities of ¥3,519 million.
Growth Strategy
Under Long-term Vision 2035, aiming for net sales of ¥80,000 million in FY2029 through Women's Healthcare, Biosimilars, and Global CMO Business
Accelerating market penetration through a dedicated MR (Medical Representative) system centered on Alyssa Combination Tablets, Utrogestan Vaginal Capsules 200mg, and Efmenocapsule 100mg. Progress in the current interim period has also been steady, with sales growth in the Women's Healthcare field serving as the primary driver of company-wide revenue growth.
In September 2025, newly obtained manufacturing and marketing approvals for 3 products, establishing a lineup of 6 products in total. Sales of Aflibercept began in January 2026 through sales partner Nitto Medic. Preparations are underway for the launch of the remaining 2 products within 2026. The Company is also focusing on Ustekinumab BS Subcutaneous Injection 45mg [F] to drive business expansion.
Progressing as planned, centered on Thai subsidiary OLIC. Continuing to secure new contract manufacturing projects through a two-site structure spanning domestic and overseas operations, and aiming to enhance the stability of overall company earnings by expanding contract manufacturing revenue, which is less susceptible to the impact of drug price revisions.
While strengthening existing areas, such as through sales growth in hematology and gastroenterology products, the Company continues to explore and invest in new growth areas toward realizing Long-term Vision 2035. Three initiatives—strengthening human capital, enhancing organizational functions, and promoting digitalization—support the management foundation.
Last updated: July 17, 2026