WDB coco CO., LTD.
7079・Growth Market・Services
WDB coco CO., LTD. (CRO Business, Single Segment)
Operates a CRO (Contract Research Organization) business for pharmaceutical and medical device companies as a single segment
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales | ¥4,815 million | ¥5,326 million | ↓ |
| Operating Profit | ¥957 million | ¥1,306 million | ↓ |
| Ordinary Profit | ¥964 million | ¥1,309 million | ↓ |
| Profit Attributable to Owners of Parent | ¥679 million | ¥912 million | ↓ |
| Operating Profit Margin | 19.9% | 24.5% | ↓ |
| Ordinary Profit Margin | 20.0% | 24.6% | ↓ |
| Equity Ratio | 83.8% | 76.9% | ↑ |
| Return on Equity (ROE) | 15.0% | 23.2% | ↓ |
| Earnings per Share | ¥282.47 | ¥379.61 | ↓ |
| Net Assets per Share | ¥1,988.87 | ¥1,786.40 | ↑ |
| Cash and Cash Equivalents at End of Period | ¥3,761 million | ¥3,478 million | ↑ |
| Annual Dividend per Share | ¥95.0 | ¥80.0 | ↑ |
| Dividend Payout Ratio | 33.6% | 21.1% | ↑ |
Business Details
A CRO-specialized company providing four services—"Safety Information Management," "Document Support," "Post-Marketing Surveillance," and "Clinical Research"—across the development-to-post-marketing stages of pharmaceutical and medical device companies. The company focuses primarily on service provision through outsourcing contracts and aims to establish a high-value-added CRO model by promoting standardization and automation of business processes. It positions the ordinary profit margin on sales as a key management indicator.
Recent Overview
The decrease in case numbers in the Safety Information Management Service directly impacted results, leading to a substantial decline in both revenue and profit
In FY2026 (ending March 2026), net sales were ¥4,815 million (down 9.6% year on year) and operating profit was ¥957 million (down 26.7%), representing a significant decline in both revenue and profit. The main cause was a review of the scope of outsourced work and a decrease in the number of adverse event cases at some clients of the Safety Information Management Service. The company mitigated the extent of the profit decline through appropriate management of labor costs, including curbing overtime work and restraining hiring. The opening of the Osaka Operation Center led to an increase in tangible fixed assets. For FY2027 (ending March 2027), the company forecasts net sales of ¥4,655 million (down 3.3%) and operating profit of ¥960 million (up 0.3%), factoring in the continued decrease in case numbers while proceeding with structural reforms through the promotion of business process standardization and automation.
Key Products
Growth Drivers
- Continued operation of additional outsourced projects from existing clients (both Safety Information Management and Document Support services)
- Revenue contribution from securing outsourced projects from multiple new clients
- Enhanced quality reproducibility, productivity, and competitive advantage through the promotion of business process standardization and automation
- Expansion of new orders through redefinition of the value proposition of the Document Support Service
- Continued outsourcing demand driven by cost-reduction needs of pharmaceutical and medical device companies
- Strengthened supply capacity through the opening of the Osaka Operation Center
Risks
- Risk of clients reviewing the scope of outsourced work in the Safety Information Management Service (expected to continue in FY2027 (ending March 2027))
- Risk of declining utilization rates due to a decrease in the number of adverse event cases (emerging as a structural and ongoing risk)
- Structural changes in the scope and methods of outsourced work in the CRO market (risk of routine work being replaced due to advances in generative AI and automation technologies)
- Risk of reduced outsourcing due to deteriorating profitability of client pharmaceutical companies stemming from drug price reductions and decreases in medical device insurance reimbursement prices
- Risk of revenue concentration in specific clients (dependence on Chugai Pharmaceutical and others)
- Risk of deteriorating profit margins in the event of a revenue decline, given the high fixed-cost structure in which labor costs account for approximately 90% of cost of sales
Last updated: June 22, 2026