Miahelsa Holdings Corporation
7129・Standard Market・Retail Trade
Pharmaceutical Business
Insurance dispensing pharmacy business operating 45 stores in the Tokyo metropolitan area. Core segment accounting for approximately 40% of group sales.
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales | ¥9,947 million | ¥9,582 million | ↑ |
| Segment profit | ¥502 million | ¥519 million | ↓ |
| Segment profit margin | 5.1% | 5.4% | ↓ |
| Number of dispensing pharmacy stores (period-end) | 45 stores | 43 stores | ↑ |
| Number of prescriptions (year on year) | 105.6% year on year | 106.0% year on year | ↑ |
Business Details
An insurance dispensing pharmacy business operating 45 stores under the "Nissei Yakkyoku" and "Miahelsa Yakkyoku" brand names, primarily in the Tokyo metropolitan area. The business is expanding into Medical Mall Pharmacies in addition to its core Gate-front Pharmacies. Its main revenue source is insurance dispensing under the Health Insurance Act, and it plays a role as a provider within the community-based integrated care system by enhancing its Family Pharmacy Service functions (centralized management of medication information, home-visit medication guidance, and 24-hour medication consultation). Sales for FY2026 (ending March 2026) were ¥9,947 million (up 3.8% year on year).
Recent Overview
Opened three new stores, increasing prescription volume, but profit declined due to drug price revisions and higher procurement costs.
In FY2026 (ending March 2026), three new Medical Mall Pharmacies were opened (in Yokohama City, Kasukabe City, and Suginami Ward), one face-to-face type pharmacy was relocated, and one gate-front pharmacy was closed. Driven mainly by new stores, the number of prescriptions increased to 105.6% year on year. On the other hand, in addition to the impact of the drug price revision implemented in April 2025, a decline in prescription unit prices due to the increased proportion of Medical Mall Pharmacies and a rise in pharmaceutical procurement costs combined to result in sales of ¥9,947 million (up 3.8% year on year), while segment profit declined to ¥502 million (down 3.2% year on year).
Key Products
Growth Drivers
- Increase in the number of prescriptions (105.6% year on year) through continued opening of new stores (Medical Mall Pharmacies)
- Expansion of technical fee revenue through enhancement of home-visit prescriptions and Family Pharmacy Service functions
- Accumulation of technical fee revenue through strengthened acquisition of the generic drug dispensing system add-on
- Acquisition of repeat patients through relocation to and functional enhancement of face-to-face type pharmacies
Risks
- Decline in prescription unit prices due to dispensing fee and drug price revisions (the April 2025 revision affected current period results)
- Structural downward pressure on prescription unit prices due to the increasing proportion of Medical Mall Pharmacies
- Increase in cost of sales and pressure on profit margins due to rising pharmaceutical procurement costs
- Risk of decreased prescription volume at gate-front pharmacies due to university hospitals' reverse-referral policies
- Rising costs for new store openings and existing store operations due to difficulty securing qualified personnel such as pharmacists
- Risk of additional impairment losses on fixed assets due to declining profitability at some business locations
Last updated: June 25, 2026