Financial

Financial Results for the First Half of Fiscal Year Ending March 2019: Japan

1 November 201814 pages4,664 words

Summary

Toho Holdings Co., Ltd. reported its consolidated financial results for the first half of the fiscal year ending March 2019, covering the period from April 1, 2018, to September 30, 2018. The company operates primarily within the Japanese medical, healthcare, and nursing care sectors. During this period, the pharmaceutical industry faced significant headwinds, including a 7.48% reduction in National Health Insurance (NHI) drug prices and broader reforms to the drug pricing system. Financial performance for the first half showed a slight contraction compared to the previous year. Net sales reached 593,635 million yen, a 0.4% decrease, while operating income fell by 12.0% to 4,804 million yen. Ordinary income and profit attributable to owners of the parent also declined by 8.8% and 3.7%, respectively. Within the business segments, pharmaceutical wholesaling remained the primary revenue driver, posting 571,243 million yen in net sales and a 9.9% increase in segment income. Conversely, the dispensing pharmacy business experienced a sharp decline in profitability, with segment income dropping 84.5% to 201 million yen due to dispensing fee revisions. The company continues to focus on a business model centered on value-added services and the establishment of community comprehensive healthcare systems. Strategic initiatives during this period included the launch of a new operation base in the Hokuriku region and the opening of a highly functional distribution center in Hiroshima to enhance productivity and disaster resilience. Additionally, the company is expanding its generic drug presence through Kyosomirai Pharma Co., Ltd. Despite the challenging operating environment, management maintained its full-year earnings projections, citing no changes to the forecasts previously announced in May 2018.

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