確認メモ（原文・英語）English Consolidated Financial Results (IFRS) every quarter, listed the same day as the Japanese tanshin and filed on TDnet at the same minute: Q1 FY2026 (three months to 30 June 2026) on 10 Aug 2026, 18 English pages against 15 Japanese; FY2025 (year to 31 March 2026) on 15 May 2026, 19 against 16; Q3 on 13 Feb 2026 (17 pp) and Q2 on 14 Nov 2025 (18 pp). Each carries the summary pages, the qualitative section with the forecast, all IFRS statements and the notes, down to the segment note (single segment, with revenue by therapeutic category) and events after the reporting period. Every period, on the Japanese cycle, complete, so 5.
確認メモ（原文・英語）Q1 FY2026 tanshin read against 2027年3月期 第1四半期決算短信〔IFRS〕(連結) (both 10 Aug 2026): 18 English pages to 15 Japanese, with the same table of contents - results summary, forecast, qualitative review of operating results, financial position and cash flows, the condensed IFRS statements, and the notes on going concern, changes in accounting policy, segment information and events after the reporting period. The FY2025 tanshin (19 pp against 16) is the same. The English is longer only because English takes more room. A whole translation, so 5.
確認メモ（原文・英語）The English Q1 FY2026 tanshin carries the condensed quarterly statements of financial position, profit or loss, comprehensive income, changes in equity and cash flows, with the notes (going concern, segment information with revenue by therapeutic category, events after the reporting period, and the explanation of the discontinued U.S. operation). The FY2025 tanshin has the full-year statements and notes the same way. Full statements and notes for the latest period, so 5. (There is no English annual securities report; see F4.)
確認メモ（原文・英語）No English annual securities report in any form. Looked at the English IR Library (Financial Results Materials by year FY2009-FY2026, IR Events, Integrated Report), IR News for 2025-2026, the General Shareholders' Meetings page and the sitemap, and at TDnet's English filings for 4887 on kabutan.jp: nothing titled Annual Securities Report, Securities Report or Financial Report, and no audited financial statements in English. The Japanese 有価証券報告書 第5期 was posted on 24 Jun 2026. The English AGM notice carries only the convocation and the reference documents and says the business report items are 'in the Japanese version only'.
確認メモ（原文・英語）Single segment, and the English says so: the segment note in every tanshin states that the Group's single segment is the manufacture and sale of pharmaceutical and other products, naming the five consolidated subsidiaries it comprises (Sawai Pharmaceutical, Kaken Shoyaku, Trust Pharmatech, Medisa Shinyaku and FrontAct). Each tanshin then gives revenue by therapeutic category against the prior year (FY2025: cardiovascular ¥45.8bn, CNS ¥28.1bn and eleven more lines, totalling ¥201.7bn), and the Q1 FY2026 tanshin repeats the table for the quarter. Consolidated operating profit is the segment profit. A single-segment company scored on its business-line split, given every period with the definition stated, so 5.
確認メモ（原文・英語）No downloadable data file in English. The English Financials section has Earnings Highlights, Financial Highlights and Other: HTML charts and tables by quarter for FY2022/3 to FY2027/3 (revenue, operating profit, profit before tax, EPS, ROE, total assets, equity, equity ratio, BPS, R&D, capex, dividends), with no Excel or CSV link. ESG Data is an HTML table. The IR top's 'Download All' bundles the latest tanshin and deck PDFs. Checked the IR top, Financials and its three sub-pages, the IR Library and ESG Data.
確認メモ（原文・英語）The FY2026 forecast (year to March 2027) is set out in English in the tanshin's 'Forecast of Consolidated Financial Results' section, with the market view - NHI drug-price revisions, the minimum-price rule, new-product launches, energy and material cost increases - and in the FY2025 results deck (29 pp, matching the Japanese), which gives the full-year forecast by line, the FX assumption (US$1 = ¥151, against ¥153 the year before), a revenue and gross-profit bridge (product mix) and the SG&A and R&D forecast. Revisions are explained: the English 'Notice Regarding Revisions to Forecasts of Financial Results' of 10 Nov 2025 gives the previous and revised figures and the reasons, the same day as the Japanese. Two assumption types plus explained revisions (single segment, so no segment forecast), so 5.
確認メモ（原文・英語）English results for the three months to 30 June 2026 published 10 Aug 2026, the same period and day as the Japanese tanshin (TDnet, 13:00 for both).
確認メモ（原文・英語）Medium-term Business Plan 'Beyond 2027' (FY2024-FY2026) in English, 37 pages against 37 in the Japanese 中期経営計画「Beyond 2027」, both PDFs created 6 Jun 2024. Numerical targets: the revised Sawai Group Vision 2030 quantitative targets (generics revenue ¥300bn, total ¥310bn, share 25% or more, 24bn tablets, capacity 25bn tablets, ROE 13% or more, ROIC 10% or more), the new-product launch plan by year (12, 10 and 22 products), production volume by facility to FY2026, ESG targets and the capital-efficiency KPIs. The English About Us page repeats the Vision 2030 table with FY2017, FY2020 and FY2023 actuals. Complete and same day, so 5.
確認メモ（原文・英語）An English results deck every quarter, the same day and page for page with the Japanese: Q1 FY2026 14 pages against 14 (10 Aug 2026), FY2025 29 against 29 (15 May 2026), with Q3 and Q2 FY2025 decks listed the same day as the Japanese. IR Day 2026 (2 Oct 2026) has an English deck, 21 pages as in Japanese. But the Japanese side also publishes briefing transcripts that the English lacks: the FY2025 full-year briefing (logmi transcript and video) and the Q2 FY2025 briefing (transcript and video) have no English transcript; the English IR Events page offers only the full-year webcast in English. The Q1 FY2026 transcript is in both languages. The deck every period, the supplement only some of the time, so 4.
確認メモ（原文・英語）No English equity-story or investment-highlights page; the Japanese site's 個人投資家の皆さまへ section has no English counterpart (it is not in the English sitemap). The job is done by company-overview pages: 'Business and Structure of Sawai Group' lists Key Features and Strengths (R&D capabilities, stable supply, information provision, social contribution, about 700 products developed), and 'Value Creation Process' sets out capitals and outputs (no. 1 generic maker among pharmacists per Nikkei Drug Information 2025). Integrated Report 2025 in English has no at-a-glance spread (the Japanese 2026 edition adds one). Strengths described, not framed for an investor, so 3.
確認メモ（原文・英語）The drivers are named and quantified in English. 'Beyond 2027' sizes them: generics market growth of about 0.7bn tablets a year, the volume-share target of 25% or more, in-house capacity rising from 18.5bn to 25bn tablets by FY2030 (Daini Kyushu Step 1 +2.0bn, Step 2 +1.5bn), production by facility to FY2026 (Trust Pharmatech to 2.4bn tablets), 44-plus launches over three years with the original-drug market they address (¥135.0bn, ¥101.5bn, ¥200.0bn), and new businesses (SWD001 migraine device, SWD002 NASH DTx launch planned FY2027) with when each starts contributing. The FY2025 deck updates capacity and volumes. Named drivers with numbers attached, so 5.
確認メモ（原文・英語）English transcripts exist for some briefings only. In English: Q1 FY2026 Financial Results Presentation (Transcript), 18 pp with the full Q&A, created 27 Aug 2026 like the Japanese 書き起こし (QAパート含む); the FY2024 full-year transcript (43 pp, May 2025) and IR Day 2025 transcript (40 pp). The Japanese side also has transcripts for the FY2025 full-year briefing (19 May 2026, logmi) and the Q2 FY2025 briefing (Nov 2025, logmi), plus the Beyond 2027 plan briefing, none of which has an English version. Occasional, so 3.
確認メモ（原文・英語）Integrated Report 2025 in English, 56 pages (A4 PDF created 4 Nov 2025, also as a chapter-by-chapter digital edition), covering the year to March 2025: message from the CEO, Beyond 2027, value creation, business strategy, CFO message, human capital, R&D, IP, production, environment, society, governance with the board and skills matrix, and the financial section. The Japanese 統合報告書 2026 (58 pp, posted 19 Sep 2026, covering April 2025-March 2026) has no English edition yet. The complete report, one edition behind, so 4.
確認メモ（原文・英語）'Beyond 2027' opens with a Review of 'START 2024' in English: a quantitative results table (FY2020 against FY2023 actuals for revenue, core operating income, share, volume, capacity, EPS, ROE, ROIC) with the qualitative reasons (the Teprenone GMP problem, U.S. withdrawal, drug shortages, drug-price revisions), and a 'Summary of Financial Strategies' slide setting forecast against actual (R&D about ¥45bn planned against ¥73.6bn, capex about ¥70bn against ¥69.6bn, new businesses ¥30bn against ¥2.8bn, dividends ¥17bn against ¥17.1bn) with the main points. The operating targets of START 2024 are shown as start-and-end actuals rather than set against the targets, and the Vision 2030 targets are restated. A reconciliation for some targets only, so 4.
確認メモ（原文・英語）The Corporate Governance Report filed with the TSE, in English and current: '(Correction) Corporate Governance Report', last update 27 Aug 2026, 46 pages, filed on TDnet the same day as the Japanese (13:00 against 12:24), after the 25 Jun 2026 edition also filed in English the same day. It follows the filed structure (basic views, Code compliance and explanations, capital structure, organisation, board and committees, independent officers, incentives, director remuneration, takeover defence). The English IR News carries editions back to 2015. Current and same day, so 5.
確認メモ（原文・英語）The English Notice of the 5th AGM (posted 2 Jun 2026) profiles the six director candidates: date of birth, shares held, board attendance (14/14), career history with dates, reasons for nomination and the External/Independent marks, with the external directors' tenure stated (Mitsuka three years, Aitoku one year). The three Audit & Supervisory Committee directors were not up for election and are not profiled there. Integrated Report 2025 lists the whole board with years of service as a director, attendance, shares held and independent-officer status, but as of June 2025. Re-checked 21 Oct 2026 under v1.1.1: an AGM candidate list covers the board when every sitting director is a candidate or is profiled elsewhere in English on the company's site. Integrated Report 2025 (English) lists the whole board, the three Audit & Supervisory Committee directors included, with years of service, attendance and independent status. Every director covered, so 5.
確認メモ（原文・英語）The current skills matrix is in English: the 5th AGM notice's [Reference] 'Skills Matrix of the Directors and Audit & Supervisory Committee Members after the conclusion of the Annual Meeting', all nine directors against eight areas (corporate management, healthcare, global, medical and pharmaceutical science, finance/accounting, tax, legal/risk management, sustainability/ESG), with gender, nationality and external status. Integrated Report 2025 adds the reason each skill matters. Current, so 5.
確認メモ（原文・英語）The English Corporate Governance Report (27 Aug 2026) gives the whole picture. Structure: base pay, performance-linked bonus, service-based and performance-linked restricted stock (at least 10% of total pay; base to bonus about 3:1). KPIs and weights for the performance-linked stock: core operating profit 50%, ROE, relative TSR against TOPIX 20%, with the calculation method; the bonus is tied to core operating profit before investment expenses (target ¥37,400m, stated with the actual) and departmental indicators. Amounts by type for FY2025: ¥97m to two directors - ¥62m fixed, ¥22m performance-linked, ¥6m service-based and ¥7m performance-linked stock - plus the A&SC and outside-officer totals. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the bonus is set by the committee on core operating profit and departmental indicators with no weights (the performance-linked stock is weighted 50/30/20). So 4.
確認メモ（原文・英語）Notice of the 5th Annual General Meeting of Shareholders in English, filed on TDnet at 08:00 on 2 Jun 2026, the same minute as the Japanese 招集ご通知, for a meeting on 25 Jun 2026: 23 days. 11 pages: convocation, voting deadline (5:20 p.m., 24 Jun 2026) and methods (via the Internet or by mail), and the Reference Documents with both proposals in full (appropriation of surplus with the ¥28 dividend; six director candidates with profiles and reasons). The business report and financial statements are 'in the Japanese version only' (the Japanese is 88 pp), but every proposal is there. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the company's shareholder pages name Sumitomo Mitsui Trust Bank as share registrar, whose voting websites (www.web54.net and www.soukai-portal.net) are 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.
確認メモ（原文・英語）No vote results in English. The English General Shareholders' Meetings page lists only the convocation notices (5th AGM back to the 68th and the 2020 EGM); there is no English notice of resolutions or extraordinary report. The English IR News for 2026 and TDnet's English filings for 4887 (kabutan.jp) have none. The Japanese meeting page carries 第５回定時株主総会決議ご通知, and earlier years' 議決権行使結果（臨時報告書） in Japanese only.
確認メモ（原文・英語）The English Corporate Governance Report (Principle 1-4) gives the holding policy: listed shares held as strategic shareholdings only where rational, reviewed annually by the board against the cost of capital, and reduced where not; it adds that the medium-term plan includes reducing cross-shareholdings under the January 2024 'Basic Policy on Reviewing Business Portfolio and Capital Policy', and that one issue was partly sold in FY2025. Integrated Report 2025 counts cross-shareholding sales within ¥51.6bn of asset-sale proceeds. No count or value of holdings, no reduction target, and no English yuho to give the numbers. Policy with a progress note but no numbers, so 2.
確認メモ（原文・英語）On the English homepage global.sawaigroup.holdings, 'Investor Relations' is a visible item in the top navigation and goes straight to /ir/. (The Japanese homepage's 'English' link leads to this English homepage.) One click.
確認メモ（原文・英語）Sampled 20 English document links across types and years: Q1 FY2026, FY2025, Q3 and Q2 FY2025 tanshin; FY2022 Q1 results; Q1 FY2026 and FY2025 decks; FY2019 results deck; Q1 FY2026, FY2024 and IR Day 2025 transcripts; IR Day 2026 deck; 5th and 68th AGM notices; CG Reports Aug 2026 and Dec 2015; Beyond 2027 plan; Integrated Report 2025; forecast-revision notice Nov 2025; restricted-share notice Jul 2026. All English (no CJK beyond a handful of characters in the CG reports). So 5.
確認メモ（原文・英語）The same 20 links, dated 2015 to 2026, on pdf.irpocket.com and global.sawaigroup.holdings: all opened in the rendered browser with page counts (1 to 56 pp). No dead links, so 5.
確認メモ（原文・英語）Rendered in Chrome, every English IR page shows its content: IR top (IR News, latest results, stock-price widget from stockweather with its chart), IR News, IR Library, Financial Results Materials (year tabs FY2009-FY2026), IR Events, Integrated Report digital edition, Financials and its three sub-pages (HTML charts and tables), Stock Information, General Shareholders' Meetings, IR Policy, Inquiries and the IR inquiry form. No blank lists or widgets, so 5.
確認メモ（原文・英語）No single library. IR News is a dated feed by year back to 2009, but untyped and incomplete: it carries tanshin, decks, CG reports and timely disclosures, but not the 2026 AGM notice, the transcripts, IR Day materials or the integrated report. The IR Library splits by type into Financial Results Materials (by fiscal year and quarter), IR Events (dated), Integrated Report, and General Shareholders' Meetings sits under Stock Information. Split across pages by type, so 3.
確認メモ（原文・英語）A deep English archive: tanshin and decks every quarter from FY2018 (results back to FY2009 by year tab), transcripts for FY2024, IR Day 2025 and Q1 FY2026, CG Reports from 2015, AGM notices from the 68th meeting (2016) to the 5th of the holding company (2026), IR News from 2009, and integrated reports (annual reports in English to 2014). Several years across document types, so 5.
確認メモ（原文・英語）A dedicated English IR inquiry form exists: the Inquiries page (global header) has a separate 'IR-related Inquiries' route to an IR-only form (/contact/ir/), apart from the general company contact (address, +81-6-6105-5729). But it is not linked from the IR top or the IR menu; a reader has to go through the global Inquiries page. The tanshin names Taku Nakaoka, Director, Senior Executive Officer and Group CFO, +81-6-6105-5818. A genuine IR route that is not immediately obvious from the IR site, so 3.
確認メモ（原文・英語）Tanshin and deck in English the same day as the Japanese every period read: Q1 FY2026 10 Aug 2026 (TDnet 13:00 for both tanshin), FY2025 15 May 2026 (15:00 for both), Q3 13 Feb 2026, Q2 14 Nov 2025, all on the English IR News and library with the Japanese dates. The English PDFs were created before release (Q1 tanshin 7 Aug, deck 7 Aug). Same day, every period, so 5.
確認メモ（原文・英語）Lags, English against Japanese. Q1 FY2026 tanshin: 10 Aug / 10 Aug = 0. FY2025 tanshin: 15 May / 15 May = 0. AGM notice: TDnet 2 Jun 2026 08:00 in both = 0. Corporate Governance Report: 25 Jun 2026 in both (and the 27 Aug correction in both) = 0. Annual securities report: Japanese 24 Jun 2026, no English = >90. Sorted 0, 0, 0, 0, >90; median 0, so 5.
確認メモ（原文・英語）Twelve months to 20 Oct 2026, the Japanese IR news list (適時開示 entries) and TDnet's list on kabutan.jp against the English IR News and TDnet English filings. Same-day English for: settlement of lawsuit (21 Oct 2025), provision for loss on litigation and forecast revision (10 Nov), results each quarter, absorption-type merger and subsidiary dividend (22 May 2026), company split and restricted-share issuance (25 Jun), CG Report (25 Jun, 27 Aug), payment completion (24 Jul), company-split correction (7 Aug). Not in English: the social bond pricing notice (ソーシャルボンド発行に係る条件決定, 5 Dec 2025). Late: the director and subsidiary personnel changes of 5 Mar 2026 came out in English on 6 Mar, labelled '[Delayed]'. (Statutory pre- and post-disclosure documents and independent-officer filings are not translated either.) Nearly all, so 4.
確認メモ（原文・英語）Rendered the English homepage, IR top, IR Policy, Terms of Use and Inquiries pages and opened the documents: no machine- or AI-translation notice, no translation banner or pop-up. The English site has a ReadSpeaker 'Listen' audio button, not a translator. The documents carry the human-translation 'original shall prevail' note, which belongs to R5. So 5.
確認メモ（原文・英語）The subordination disclaimer sits on some documents: the tanshin, the briefing transcript and the timely disclosures carry 'translated from the Japanese original for reference purposes only ... the original shall prevail', and the CG Report says 'the Japanese version shall prevail'. The results decks, the AGM notice, the Beyond 2027 plan and the Integrated Report carry no such line. On some documents, so 2.
2024-25 share buyback: up to ¥33bn, 15.8% of shares
Sawai spent ¥32.9998bn of its ¥33bn ceiling for 16,016,600 shares by 26 February 2025, and scheduled cancellation for 30 April 2025. This first pass does not independently verify the cancellation or attribute later ROE to the purchase.
時系列と出典（2件・内容は原文）
2024-06-25Board authorized repurchase Up to 6,900,000 shares (20,700,000 after the 3-for-1 split of 1 October 2024; 15.8%) and ¥33bn from 1 July 2024 to 31 March 2025, all to be cancelled on 30 April 2025, under the Beyond 2027 cash-flow allocation.出典資料1 ・ 出典資料2
2025-02-26（公表 2025-02-27）Repurchase completed Cumulative 16,016,600 shares for ¥32,999,826,904; the spending ceiling bound before the share ceiling; cancellation still scheduled for 30 April 2025.出典資料1
経営陣が表明したこと
Sawai authorized up to ¥33bn and 15.8% of its shares on 25 June 2024, citing capital efficiency and shareholder returns under Beyond 2027.
Investor question: what did the buyback add to EPS, and how will ROE reach 13%? IR preparation: publish the share-count bridge and an ROE path.
当調査の分析（会社の説明ではありません）
約束は具体的か4／5Dated authorization specifies shares, spend ceiling, period and cancellation; the plan explains the capital-efficiency purpose without a buyback-specific return hurdle.
実行の経過を追えるか4／5Monthly progress and completion notices reconcile to the authorization; cancellation completion is not confirmed in the reviewed sources.
経済性を説明しているか3／5The buyback is linked to the Beyond 2027 cash-flow allocation and capital efficiency; no buyback-specific return or counterfactual is disclosed.
目標に対する結果を報告しているか3／5The spending ceiling was used in full and actual spend disclosed; the EPS/ROE effect is not isolated and cancellation is unverified.
Acquisition of FrontAct, Sumitomo Pharma's digital-health subsidiary (agreed March 2025, completed June 2025)
Sawai bought all shares of FrontAct from Sumitomo Pharma to build its digital-healthcare business, closing on the scheduled date of 30 June 2025. The price is withheld under a confidentiality obligation and described as insignificant to the financial position.
時系列と出典（2件・内容は原文）
2025-03-28Acquisition agreed 219,900 shares (100%) of FrontAct from Sumitomo Pharma; price not disclosed (confidential, impact insignificant); transfer scheduled for 30 June 2025.出典資料1（英文は日本語版と同日。日本語版 2025-03-28）
2025-06-30Acquisition completed FrontAct became a subsidiary on 30 June 2025; minor impact on FY2025 results.出典資料1（英文は日本語版と同日。日本語版 2025-06-30）
経営陣が表明したこと
Sawai agreed in March 2025 to buy FrontAct from Sumitomo Pharma to strengthen its digital-healthcare business.
¥19.5bn expansion of Trust Pharmatech's Seima plants towards 25 billion tablets by FY2030 (August 2025)
Sawai decided to add 1 billion tablets at Seima Factory 2 (¥4.6bn, production from end-2027) and 1.5 billion at Seima Factory 3 (¥14.9bn, first shipment July 2029), towards in-house capacity of 24.5 billion tablets and a 25-billion-plus goal by FY2030.
時系列と出典（1件・内容は原文）
2025-08-12Investment decided Factory 2: +1 billion tablets, ¥4.6bn, construction September 2025 to March 2027, production from end-2027. Factory 3: +1.5 billion tablets, ¥14.9bn, construction March 2026 to October 2027, first shipment July 2029.出典資料1（英文は日本語版と同日。日本語版 2025-08-12）
経営陣が表明したこと
Sawai decided in August 2025 to invest ¥4.6bn and ¥14.9bn in Seima Factories 2 and 3 to add 2.5 billion tablets a year, towards 25 billion-plus by FY2030.