Mochida Pharmaceutical Co., Ltd.
Cite as: Japan IR Index, Mochida Pharmaceutical Co., Ltd. (4534), methodology GNT-BDS v1.1.1, reviewed 2026-10-20.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S5 Results-briefing transcripts or Q&A published in English 0/5 Translation
Publish the results-briefing Q&A summary in English, on the same day as the Japanese.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) on 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Pharmaceutical) | 75.4 | 10 of 12 |
| Same size band (¥100–500bn) | 77.1 | 45 of 50 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 27 scored 3 or more and 5 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English3/5
The English Financial Results page has every quarter since FY2022. Each is posted the same day as the Japanese: Q1 FY2026 on 3 Aug 2026, FY2025 on 15 May 2026, Q3 on 6 Feb 2026 and Q2 on 4 Nov 2025. Each is listed as '[Summary] Consolidated Financial Results', and the content matches that label. We read the Q1 FY2026 English (8 pages) against the Japanese 2027年3月期 第1四半期決算短信 (12 pages). The English has the summary pages, balance sheet, income and comprehensive-income statements, sales of major products and the pipeline. It has no counterpart to the Japanese 1. 経営成績等の概況 (the qualitative review of results, financial position and forecast) and none to the notes section (going concern, shareholders' equity, segment, cash-flow notes). The FY2025 English (14 pages) is the same: four statements, but no qualitative section and no notes. Every period and same day, but the qualitative section and the notes are cut, so 3. Source document →
F2English results summary is a full translation, not an excerpt3/5
Page for page, the Q1 FY2026 tanshin of 3 Aug 2026 is 8 pages in English and 12 in Japanese. The Japanese table of contents lists 1. 経営成績等の概況 (operating results, financial position, forecast explanation) and 2.(3) 四半期連結財務諸表に関する注記事項 (going concern, significant change in equity, segment information, cash flows). Neither has an English counterpart. The English keeps the cover summary, the forecast table, the statements, and the product-sales and pipeline pages. The FY2025 English (15 May 2026, 14 pages) also omits the qualitative section and every note. A section of the document's own substance (the qualitative review and the notes) is cut, so 3. Source document →
F3Financial statements including notes available in English3/5
The English tanshin carries the statements: balance sheet, income, comprehensive income, and at year end also changes in equity and cash flows (FY2025 tanshin, 15 May 2026, pp.5-11). It carries no notes. Integrated Report 2025 (English) has a 10-year summary and condensed statements, also without notes. There is no English securities report and no English audited financial statements. Statements without notes, so 3. Source document →
F4Annual securities report available in English in any form0/5
Not in the English IR Library (Financial Results, Presentation Materials, Integrated Report) or on the Shareholder Meeting page. Not in the English IR News list back to 2007 or the English site map either. There is no securities report in English under any name. The Japanese yuho was filed 24 June 2026.
F5Segment revenue and profit disclosed in English, consistent definitions3/5
Mochida has a single reportable segment. The Japanese Q1 tanshin note says 当社グループの報告セグメントは、医薬品関連事業のみ, but the English omits the segment note, so the English reader is never told this. What the English does give is net sales by business (pharmaceutical ¥109.0bn, healthcare ¥7.9bn for FY2025, with the FY2026 forecast) in the half-year and full-year decks. Sales of major products appear in every tanshin. There is no profit by business line. Sales without profit, and the single-segment basis not stated in English, so 3. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
The English Financial Highlights page (/english/ir/finance/) is an HTML table: five years (FY2021-FY2025) of sales, operating and recurring income, net income, capex, depreciation, R&D, total and net assets, and the three cash-flow lines. It has no download. Integrated Report 2025 adds a 10-year summary as PDF. No Excel or CSV anywhere on the English IR site.
F7Guidance disclosed in English with the basis explained4/5
The FY2026 forecast is in every English tanshin: net sales ¥126.0bn, OP ¥10.5bn, ordinary profit ¥12.5bn, net ¥10.0bn. The FY2025 deck (May 2026, pp.12-18) adds the basis. Sales grow on the five major new drugs, with OP up on volume and ordinary profit helped by equity-method income. It forecasts sales by business (pharmaceutical ¥117.7bn, healthcare ¥8.3bn), by major product, and R&D of ¥14.5bn. The February 2026 upward revision has its own English notice (6 Feb 2026) giving reasons: steady pharmaceutical sales and equity-method income. There is no market view or price-revision assumption, and FX does not apply. Forecast with part of the basis (business and product forecasts) and the revision explained, so 4. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
The latest Japanese filing is the Q1 FY2026 tanshin (three months to 30 June 2026), on TDnet 3 Aug 2026 14:00. The English for the same period went up the same day; kabutan.jp shows the English TDnet filing at 14:00. Same period, so 5. Source document →
S1Medium-term management plan in English with numerical targets4/5
The current plan is the 25-27 Medium-term Management Plan, released 12 May 2025. On that day the Japanese got a 32-page document. The English got a 4-page notice with the three themes, the KGIs and the cash allocation for R&D and capex. The KGIs are FY2027 sales ¥120bn, OP ¥12bn and EBITDA+R&D ¥26.5bn, with FY2031 at ¥140bn, ¥21bn and ¥35.5bn. The notice also gives cumulative R&D of ¥36bn, capex of ¥5-10bn and a dividend of at least ¥80. The business-level MTP KPIs reached English later. They are five major new drugs ¥48bn, obstetrics ¥15bn, healthcare ¥10bn, biomaterials ¥2.6bn and five launches. They appear in Integrated Report 2025 (Dec 2025) and in the FY2025 deck (May 2026, pp.25-29, with progress against each KPI and the cash allocation slide). The English now carries all the targets, but they arrived late, so 4. Source document →
S2IR presentations published in English4/5
Mochida holds analyst briefings at the half year and full year only. The Japanese tanshin for Q1 and Q3 say 決算説明会開催の有無：無. The English Presentation Materials page has a deck for each: FY2025 (32 pp against 34 in Japanese, briefing 21 May 2026) and Q2 FY2025 (28 against 27, briefing 7 Nov 2025). The decks match slide for slide, apart from two Japanese case slides on new drugs and biosimilars. But the Japanese page also posts 決算説明会スクリプト[質疑含む], the script with Q&A, for both briefings. It also posts the deck and script for the September 2025 share-acquisition briefing. None of these has an English counterpart. A deck every period but not the script and Q&A, so 4. Source document →
S3English equity-story or investment-highlights page2/5
The English IR top has no equity-story, 'why invest' or 'at a glance' page. About Mochida > Business Activities describes the three businesses in three generic sentences. The Message from the President repeats the 2031 sales and margin aim. Integrated Report 2025 has a value-creation process but no investment highlights. Generic corporate introduction, so 2. Source document →
S4Growth drivers identified and quantified in English4/5
The English names the drivers. They are the five major new drugs (Urece, Omvoh, Cortiment, Goofice, Treprost), the flagship EPA and dienogest formulations, biosimilars, biomaterials (Mochi-Gel, ReFeel in the US), siRNA and cell therapy (HLC-001 in Phase III), and overseas Epadel. Numbers attach to the drug groups through the MTP KPIs: five new drugs ¥48bn by FY2027 (FY2025 ¥32.9bn), obstetrics ¥15bn, healthcare ¥10bn, biomaterials ¥2.6bn. Next-generation businesses are aimed at about ¥40bn of 2031 sales. The FY2026 product forecasts are in the deck (pp.17-18). There are no market sizes or shares beyond the EPA volume share (48%). Named, some quantified, so 4. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
The Japanese side publishes a script including Q&A (決算説明会スクリプト[質疑含む]) for the FY2025 briefing (21 May 2026), the Q2 FY2025 briefing (7 Nov 2025) and the September 2025 share-acquisition briefing. Not on the English Presentation Materials page or in English IR News: no English transcript or Q&A for any of them.
S6Integrated or annual report available in English4/5
The English Integrated Report page offers Integrated Report 2025 (35 pages, the same 35 as the Japanese). Its period statement covers April 2024 to March 2025, and it calls itself a translation of the Japanese report issued 30 Sep 2025; the English PDF is dated 2 Dec 2025. Integrated Report 2026 (37 pages, April 2025 to March 2026) was posted in Japanese on 29 Sep 2026 and has no English yet. A complete report, one edition behind, so 4. Source document →
S7Progress against the previous plan, including misses, explained in English3/5
The previous 22-24 plan set no numerical final-year targets. Its English notice (13 May 2022) says Mochida decided not to announce management target values. Integrated Report 2025 (English, p.16) and the 12 May 2025 MTP notice review it in prose: five new drugs launched and procurement costs cut, but profit levels fell and 'revenue maximization was not achieved'. Healthcare and growth investment went smoothly. The review gives FY2024 results (sales ¥105.1bn, OP ¥8.1bn) beside the verdicts. Progress narrated with some numbers; there were no targets to set actuals against. So 3. Source document →
G1Corporate governance report available in English3/5
The English Corporate Governance page (/english/ir/corporate_governance/) is a narrative written for the site: basic policy, governance structure and internal control. The Japanese page links the Corporate Governance Report filed with TSE (コーポレート・ガバナンスに関する報告書, 最終更新日 25 June 2026, 25 pages). It has no English counterpart, and the English IR News list has no CG report. Site narrative in place of the filing, so 3. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English AGM notice (May 2026) carries the reference documents for Proposal 2, all eleven directors (every seat was up). Each has a career summary with the year they joined the board (e.g. Naoyuki Mochida, Member of the Board June 1997), positions, concurrent posts, shares held and the reason for nomination. The four outside directors are marked [Outside][Independent] and their tenure is stated (four, three, two and one years). Expertise is in the skills matrix. All three elements for every director, so 5. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (May 2026, '[For Your Reference] Skill Matrix') has a matrix for all eleven directors and the A&SB members as they stand after the meeting. It covers corporate management/sustainability, R&D, business strategy/marketing, international, IT, finance/accounting, legal/compliance and certifications, with an 'Approach to Skills' defining each. Integrated Report 2025 (English, PDF page 19) carries the same approach to skills. Current, in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
Integrated Report 2025 (English, 'Officers' Compensation', PDF page 22) gives the structure: fixed monthly pay, performance-based bonuses (a winter bonus on monthly pay and a summer bonus adjusted for results and individual performance), and a fixed portion paid into the officers' shareholding association to buy shares. The KPIs are consolidated net income and operating income against past years. A table gives total pay by type and the number of officers. The KPIs carry no weights or formula. The English AGM notice omits the business report, where the Japanese gives the current year's totals. Structure, KPIs and amounts by type, but no weights, so 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
The NOTICE OF THE 88th ORDINARY GENERAL MEETING OF SHAREHOLDERS (17 pages) was listed in English IR News on 29 May 2026. The meeting was 25 June, so 27 days ahead. kabutan.jp shows the English and Japanese notices on TDnet at the same time, 29 May 08:00. It carries the reference documents for all three proposals: appropriation of surplus, eleven directors and one A&SB member. It gives the voting methods in English: by post, or online at evote.tr.mufg.jp by 5:40 p.m. on 24 June. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, evote.tr.mufg.jp (Mitsubishi UFJ Trust and Banking), is in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English0/5
The Japanese Shareholder Meeting page has the extraordinary report with the vote counts (臨時報告書, 議決権行使の集計結果, filed 26 June 2026) and the notice of resolutions. The English Shareholder Meeting page carries only the convocation notices for the 85th to 88th meetings, and neither English IR News nor News has a resolutions notice or voting results.
G7Cross-shareholdings in English with reduction schedule and rationale0/5
Nothing in English on cross-shareholdings: not on the English corporate governance page, not in Integrated Report 2025 (governance section and financial strategy) and not in the AGM notice. There is no English CG report, where the Japanese gives the policy on 政策保有株式.
O1English IR section reachable within two clicks of the English homepage5/5
'Investor Relations' is in the visible top navigation of the English homepage (mochida.co.jp/english/) and goes straight to the IR top. One click. Source document →
O2English document links resolve to English documents5/5
We sampled 14 English links across types and years, and every one opened an English PDF. They were the Q1 FY2026, FY2025, Q3 and Q2 FY2025 tanshin, the FY2025 and Q2 FY2025 decks, the 88th AGM notice, Integrated Report 2025, the 25-27 and 22-24 MTP notices, the forecast-revision notice of 6 Feb 2026, the March 2026 interim-review notice and two share-acquisition status notices. The only Japanese link is labelled 'Japanese' on the Integrated Report page. All English, so 5. Source document →
O3English IR archive free of dead links5/5
All 14 sampled links (tanshin, decks, notices, plans and reports from May 2022 to October 2026) resolved to live PDFs. All live, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
In the rendered browser, every English IR page we opened rendered its content. They were the IR top, IR News with its year tabs, Financial Results, Presentation Materials, Integrated Report, Financial Highlights, Corporate Governance, Shareholder Meeting, IR Calendar and IR Disclaimer. Every page renders, so 5. Source document →
O5Single page listing all English IR documents by date and type4/5
English IR News (/english/ir/news/) is one dated list with year tabs back to 2007. It carries the tanshin, decks, AGM notices, mid-term plans and timely disclosures. Every item is labelled only 'IR News', with no type, and the integrated reports are not in it (they are on their own page). One dated list, untyped and missing a type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
IR News runs from 2007 to October 2026. Financial Results has every quarter from FY2022, Presentation Materials has decks from FY2023, and integrated reports (and Annual Reviews) go back to 2019. Every mid-term plan since 07-09 is in English. Several years across types, so 5. Source document →
O7Named English IR contact published3/5
There is no IR contact in the English IR menu. The global 'Contact us' link in the header and footer leads to one shared inquiry form, where 'Investor relations' is a radio-button inquiry type next to 'Our products' and 'Other inquiries'. The tanshin name Kenichi Miyamoto, Head of Finance & Accounting Department, +81-3-3358-7211. A shared corporate form with an IR category, not dedicated, so 3. Source document →
R1Earnings materials published in English simultaneously with Japanese4/5
The English tanshin is listed the same day as the Japanese in every period read: 3 Aug 2026, 15 May 2026, 6 Feb 2026, 4 Nov 2025, 1 Aug 2025. kabutan.jp shows the English on TDnet at the same minute, and the PDFs are dated before release. The decks come later. The FY2025 English deck is listed 21 May 2026 (briefing day) but its PDF was created 1 June 2026; the Japanese deck is dated 22 May. The Q2 FY2025 English deck PDF was created 10 Nov 2025, after the 7 Nov briefing. Tanshin same day, deck later, so 4. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags in days: Q1 FY2026 tanshin 0 (both 3 Aug 2026), FY2025 tanshin 0 (both 15 May 2026), AGM notice 0 (both on TDnet 29 May 2026 08:00). The Corporate Governance Report (Japanese 25 Jun 2026) and the annual securities report (Japanese 24 Jun 2026) have no English, so each counts as more than 90. Sorted 0, 0, 0, >90, >90: the median is 0, so 5. Source document →
R3Timely disclosures published in English4/5
We compared the Japanese timely disclosures on kabutan.jp (Jan to Oct 2026) with English IR News and News. These have English the same day: monthly share-repurchase status (Jun to Oct), the March buyback resolution, the secondary offering and offering price, the 6 Feb forecast revision, director changes, both tanshin and the AGM notice. So do the Urece asset acquisition, MD-712 and tocilizumab BS filings and approvals, the Dinagest, follitropin and ReFeel agreements, Avarept, Epadel Vietnam and Mochida Medical USA. Missing in English: the 19 Aug 2026 Topiloric approval succession and asset acquisition, the 1 Jul 2026 Urece paediatric filing, the 16 Apr 2026 Omvoh indication approval, and the CG report. Personnel notices (人事異動) are also Japanese-only. Nearly all, a few missing, so 4. Window widened to twelve months on 20 Oct 2026: from Oct to Dec 2025 the Q2 tanshin, the Duchesnay (Bonjesta) agreement and the Avarept approval are in English the same day; the 21 Oct 2025 orthopaedic-device alliance and the 1 and 5 Dec 2025 launch notices (Mochigel, icosapent ethyl) are Japanese-only. Still mostly in English, so 4, at the low end. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation wording anywhere we looked: the English IR Disclaimer and Terms of Use, the tanshin, decks, AGM notice and integrated report. There is no translation banner or widget on the English pages. The documents carry only 'translated ... for reference purposes only ... the original shall prevail', which is R5's. Nothing presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin, AGM notice, MTP notice and timely disclosures (e.g. the 6 Feb 2026 revision notice) each open with 'This document has been translated from the Japanese original for reference purposes only ... the original shall prevail'. The results decks (FY2025, Q2 FY2025) and Integrated Report 2025 carry no such line; the report only says it is a translation of the Japanese edition. Disclaimer on some documents, not all, so 2. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-20. Compare this question across companies →
Capital-policy review
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
25-27 Medium-term Management Plan: growth investment and an ¥80 dividend floor
Strategy or target reset · In progress · Plan announced 12 May 2025
Mochida set FY2027 and FY2031 targets with cumulative R&D of ¥36bn and capex of ¥5-10bn, and a dividend of at least ¥80 a share. FY2025 sales and profit rose toward the FY2027 targets; the outcome is not due.
Timeline and sources (2 steps)
- 12 May 2025Plan announced FY2027 net sales ¥120bn, operating profit ¥12bn and EBITDA plus R&D ¥26.5bn (FY2031: ¥140bn, ¥21bn, ¥35.5bn); cumulative R&D ¥36bn and capex ¥5-10bn over FY2025-FY2027; a dividend of at least ¥80 and flexible buybacks. Notice of the 25-27 Medium-term Management Plan
- 15 May 2026First plan year reported Net sales ¥117.0bn and operating profit ¥10.1bn; ROE 5.8%; cash fell to ¥31.1bn after ¥16.8bn of investing outflow. Consolidated Financial Results for the Fiscal Year Ended March 31, 2026
What management said it would do
The 25-27 plan targets FY2027 sales of ¥120bn and operating profit of ¥12bn, with ¥36bn of R&D, ¥5-10bn of capex and a dividend of at least ¥80.
From the company’s own disclosure · Notice of the 25-27 Medium-term Management Plan
What it actually did, and when
FY2025 sales of ¥117.0bn and operating profit of ¥10.1bn are reported, without a plan-progress table.
Partly disclosed — a gap remains · Consolidated Financial Results for the Fiscal Year Ended March 31, 2026
What it disclosed about the economics
Investment envelopes are stated; no ROE number or return hurdle.
Partly disclosed — a gap remains · Notice of the 25-27 Medium-term Management Plan
What has happened since
The FY2027 result is not due.
Partly disclosed — a gap remains · Notice of the 25-27 Medium-term Management Plan
The question this leaves open
Investor question: what ROE is the plan aiming for, and what did the FY2025 investing outflow buy? IR preparation: publish an ROE target and an allocation tracker.
Our analysis, not a company statement
¥2.0bn share repurchase announced with a secondary offering by two pharmaceutical shareholders (2026)
Buyback · In progress · Repurchase resolved 30 March 2026
On the day it announced a secondary offering of 1,153,600 shares bought from Taisho Pharmaceutical Holdings and Sumitomo Pharma, the board resolved to repurchase up to 530,000 shares (1.50%) and ¥2.0bn between 18 May and 18 December 2026. By 30 September 325,900 shares had been bought for ¥1,054,903,000.
Timeline and sources (2 steps)
- 30 March 2026Repurchase and offering resolved Up to 530,000 shares and ¥2.0bn by market purchase, 18 May to 18 December 2026; no reason is stated in the notice. Same day: secondary offering of 1,153,600 shares from Taisho Pharmaceutical Holdings and Sumitomo Pharma. Notice Regarding Resolution on Share Repurchase (English published the same day as the Japanese; Japanese version 2026-03-30) · [Summary] Notice Regarding Secondary Offering of Shares (English published the same day as the Japanese; Japanese version 2026-03-30)
- 30 September 2026 · announced 1 October 2026Monthly status 57,400 shares bought in September for ¥186,619,000; cumulative 325,900 shares and ¥1,054,903,000 (61% of the share limit, 53% of the value limit). Notice Regarding the Status of Acquisition of Own Shares (September 2026) (English published the same day as the Japanese; Japanese version 2026-10-01)
What management said it would do
Mochida resolved to repurchase up to 530,000 shares (1.50%) and ¥2.0bn between 18 May and 18 December 2026, on the day it announced a secondary offering of 1,153,600 shares bought from Taisho Pharmaceutical Holdings and Sumitomo Pharma.
From the company’s own disclosure · Notice Regarding Resolution on Share Repurchase (English published the same day as the Japanese; Japanese version 2026-03-30) · [Summary] Notice Regarding Secondary Offering of Shares (English published the same day as the Japanese; Japanese version 2026-03-30)
What it actually did, and when
By 30 September 2026 it had bought 325,900 shares for ¥1,054,903,000, reported monthly.
From the company’s own disclosure · Notice Regarding the Status of Acquisition of Own Shares (September 2026) (English published the same day as the Japanese; Japanese version 2026-10-01)
What it disclosed about the economics
The repurchase notice states no purpose and no expected effect on returns.
Partly disclosed — a gap remains · Notice Regarding Resolution on Share Repurchase (English published the same day as the Japanese; Japanese version 2026-03-30)
What has happened since
The period has not ended.
Partly disclosed — a gap remains · Notice Regarding the Status of Acquisition of Own Shares (September 2026) (English published the same day as the Japanese; Japanese version 2026-10-01)
The question this leaves open
Investor question: what is the repurchase for, and is it sized to the shares released by the offering? IR preparation: state the purpose and the treatment of the treasury shares.
Our analysis, not a company statement
Acquisition of the URECE approval and related assets from FUJI YAKUHIN for ¥13.5bn (2026)
Acquisition · completed · Acquisition agreed 30 March 2026
Mochida agreed to take over the Japanese approval and related assets of URECE, a gout and hyperuricemia treatment it already distributed, for ¥13.5bn, with execution scheduled for 30 June 2026; the first-quarter report records the succession in June 2026.
Timeline and sources (2 steps)
- 30 March 2026Acquisition agreed ¥13.5bn for the approval, patents and trademarks of URECE (sales about ¥4.6bn in the year to March 2025), to be recorded as intangible assets; execution scheduled for 30 June 2026; FUJI YAKUHIN continues to manufacture. Notice Regarding the Succession of Manufacturing and Marketing Approval and Asset Acquisition of URECE Tablets (English published the same day as the Japanese; Japanese version 2026-03-30)
- 30 June 2026 · announced 3 August 2026Succession recorded The first-quarter report notes succession to the URECE approval in June 2026; long-term prepaid expenses rose from ¥5,068m to ¥18,340m while intangible assets fell to ¥1,046m; URECE sales were ¥1.7bn in the quarter against a ¥7.3bn full-year forecast. [Summary] Consolidated Financial Results for the Three Months Ended June 30, 2026 (English published the same day as the Japanese; Japanese version 2026-08-03)
What management said it would do
Mochida agreed to buy the URECE approval, patents and trademarks from FUJI YAKUHIN for ¥13.5bn to secure supply of a product it already distributed, with execution on 30 June 2026.
From the company’s own disclosure · Notice Regarding the Succession of Manufacturing and Marketing Approval and Asset Acquisition of URECE Tablets (English published the same day as the Japanese; Japanese version 2026-03-30)
What it actually did, and when
The first-quarter report notes the succession in June 2026; no separate completion notice was found in English.
Partly disclosed — a gap remains · [Summary] Consolidated Financial Results for the Three Months Ended June 30, 2026 (English published the same day as the Japanese; Japanese version 2026-08-03)
What it disclosed about the economics
The notice gives the price and about ¥4.6bn of prior-year product sales; no margin, amortisation or return is disclosed, and the June balance sheet shows the payment under long-term prepaid expenses.
Partly disclosed — a gap remains · Notice Regarding the Succession of Manufacturing and Marketing Approval and Asset Acquisition of URECE Tablets (English published the same day as the Japanese; Japanese version 2026-03-30) · [Summary] Consolidated Financial Results for the Three Months Ended June 30, 2026 (English published the same day as the Japanese; Japanese version 2026-08-03)
What has happened since
URECE sales were ¥1.7bn in the first quarter against a ¥7.3bn full-year forecast; no target tied to the acquisition was set.
Partly disclosed — a gap remains · [Summary] Consolidated Financial Results for the Three Months Ended June 30, 2026 (English published the same day as the Japanese; Japanese version 2026-08-03)
The question this leaves open
Investor question: what return does ¥13.5bn earn, and why is it held as a prepaid expense? IR preparation: publish the accounting treatment, amortisation and expected profit contribution.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
FY2025 operating cash flow was -¥7.4bn and investing outflow ¥16.8bn; cash fell from ¥48.2bn to ¥31.1bn while profit rose.
Capital structure
Net assets were ¥140.3bn and the equity ratio 76.8% at March 2026, down from 81.6%.
Governance of capital decisions
The plan aims to improve ROE and PBR but gives no ROE figure; FY2025 ROE was 5.8%.
Preliminary and not scored: a selected-source reading, reviewed 20 October 2026. Surplus cash, leases, maturities, project returns, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Mitsubishi UFJ Trust and Banking) is in Japanese only.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.