Securities Code︓4521
Supplementary Financial InformationConsolidated Financial Results
for the Six Months Period Ended September 30, 2025 (Under Japanese GAAP)
Table of Contents
Summary of Consolidated Financial Statements for the Second Quarter of Fiscal FY2025 p.3
Consolidated Net Sales by Segment p.3
Consolidated Overseas Sales p.4
Consolidated Capital Expenditures, Depreciation and Amortization, and Number of Employees p.4
Summary of Consolidated Balance Sheet p.5
Summary of Consolidated Statements of Cash Flow p.5
Summary of Non-consolidated Financial Statements for the Second Quarter of Fiscal FY2025 p.6
Non-consolidated Detailed Sales Breakdown p.6
Non-consolidated Overseas Sales p.7
Non-consolidated Capital Expenditures, Depreciation and Amortization, and Number of Employees p.7
Sales of Major Domestic Pharmaceuticals and Medical Devices (Non-consolidated) p.8
Pipelines p.9
Status of Out-Licensed Products Overseas p.10
Shareholder Information p.11
Cautionary notes regarding forward-looking statement
・This information contains forward-looking statements on the Kaken groupʼs business.
・They are projections based on information available at the time this information was prepared,
and may differ from actual results due to a variety of factors.
In addition, although this nformation includes information related to pharmaceutical products (including those under development), these statements are not intended to be advertisement or medical advice.
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | Change (%) | |
Net sales | 51,372 | 94,035 | 39,356 | ▲ 12,016 | 76.6% |
Cost of sales | 17,269 | 35,502 | 17,776 | 506 | 102.9% |
Gross profit | 34,103 | 58,532 | 21,580 | ▲ 12,522 | 63.3% |
Ratio to net sales | 66.4% | 62.2% | 54.8% | ||
Selling, general and administrative expenses | 14,523 | 37,497 | 21,377 | 6,854 | 147.2% |
R&D expenses | 5,973 | 18,725 | 11,672 | 5,698 | 195.4% |
Operating profit | 19,579 | 21,034 | 203 | ▲ 19,376 | 1.0% |
Ratio to net sales | 38.1% | 22.4% | 0.5% | ||
Ordinary profit | 19,823 | 21,279 | 607 | ▲ 19,216 | 3.1% |
Ratio to net sales | 38.6% | 22.6% | 1.5% | ||
Profit before income taxes | 19,235 | 19,435 | 1,397 | ▲ 17,837 | 7.3% |
Profit | 14,286 | 13,945 | 992 | ▲ 13,293 | 7.0% |
Ratio to net sales | 27.8% | 14.8% | 2.5% |
Revised Plan FY2025 | Change (yen) | Change (%) |
86,300 | ▲ 7,735 | 91.8% |
ー | ー | ー |
ー | ー | ー |
ー | ||
47,000 | 9,502 | 125.3% |
25,400 | 6,674 | 135.6% |
2,100 | ▲ 18,934 | 10.0% |
2.4% | ||
2,800 | ▲ 18,479 | 13.2% |
3.2% | ||
ー | ー | ー |
2,300 | ▲ 11,645 | 16.5% |
2.7% |
Plan FY2025 |
88,000 |
ー |
ー |
ー |
44,500 |
20,900 |
5,200 |
5.9% |
6,000 |
6.8% |
ー |
3,400 |
3.9% |
Per share profit (Yen) | 377.23 | 365.42 | 26.16 |
60.74
88.53
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | Change (%) | |
Pharmaceuticals | 50,150 | 91,553 | 38,082 | ▲ 12,067 | 75.9% |
Pharmaceuticals & medical devices | 48,232 | 85,734 | 35,773 | ▲ 12,459 | 74.2% |
Crop protection | 1,872 | 5,717 | 2,218 | 345 | 118.5% |
Others | 45 | 101 | 90 | 45 | 199.7% |
Real estate | 1,222 | 2,481 | 1,274 | 51 | 104.2% |
Total | 51,372 | 94,035 | 39,356 | ▲ 12,016 | 76.6% |
Revised Plan FY2025 | Change (yen) | Change (%) |
83,800 | ▲ 7,753 | 91.5% |
77,200 | ▲ 8,534 | 90.0% |
6,400 | 682 | 111.9% |
200 | 98 | 197.9% |
2,500 | 18 | 100.7% |
86,300 | ▲ 7,735 | 91.8% |
Plan FY2025 |
85,500 |
79,000 |
6,400 |
100 |
2,500 |
88,000 |
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | Change (%) | |
Pharmaceuticals | 15,619 | 23,847 | 4,034 | ▲ 11,585 | 25.8% |
Crop protection | 931 | 2,761 | 1,165 | 234 | 125.1% |
Total overseas sales | 16,550 | 26,609 | 5,199 | ▲ 11,351 | 31.4% |
Overseas Sales Ratio | 32.2% | 28.3% | 13.2% |
Revised Plan FY2025 | Change (yen) | Change (%) |
19,700 | ▲ 4,147 | 82.6% |
3,200 | 438 | 115.9% |
22,900 | ▲ 3,709 | 86.1% |
26.5% |
Plan FY2025 |
20,400 |
3,200 |
23,600 |
26.8% |
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | Change (%) | |
Capital expenditures | 2,315 | 3,418 | 2,195 | ▲ 119 | 94.8% |
Depreciation and amortization | 1,265 | 2,475 | 1,273 | 7 | 100.6% |
Number of employees | 1,143 | 1,126 | 1,132 | ▲ 11 |
Revised Plan FY2025 | Change (yen) | Change (%) |
5,900 | 2,481 | 172.6% |
2,700 | 224 | 109.1% |
Plan FY2025 |
5,300 |
2,800 |
(amounts are rounded down to the nearest million Yen)
As of Sep 30, 2024 | As of March 31, 2025 | As of Sep 30, 2025 | YoY Increase (Decrease) | |
Total assets | 187,123 | 190,422 | 177,279 | ▲ 13,143 |
Current assets | 122,681 | 111,377 | 98,757 | ▲ 12,619 |
Cash and Cash Equivalents | 83,987 | 70,085 | 57,105 | ▲ 12,980 |
Notes and accounts receivable -trade, and contract assets | 21,024 | 21,178 | 21,762 | 584 |
Inventories | 16,863 | 19,021 | 18,157 | ▲ 863 |
Non-current assets | 64,442 | 79,045 | 78,521 | ▲ 523 |
Property, plant and equipment | 26,517 | 27,629 | 28,589 | 959 |
Intangible assets | 7,376 | 19,289 | 18,780 | ▲ 509 |
Goodwill | 898 | 14,035 | 13,420 | ▲ 614 |
Investments and other assets | 30,548 | 32,126 | 31,152 | ▲ 974 |
Total liabilities | 32,718 | 37,787 | 29,476 | ▲ 8,310 |
Current liabilities | 23,683 | 30,354 | 22,431 | ▲ 7,922 |
Notes and Accounts Payable, etc. | 6,017 | 8,323 | 5,906 | ▲ 2,416 |
Accounts payable-other | 3,902 | 6,311 | 6,319 | 7 |
Non-current liabilities | 9,034 | 7,433 | 7,045 | ▲ 388 |
Total net assets | 154,405 | 152,634 | 147,802 | ▲ 4,832 |
Common stock | 23,853 | 23,853 | 23,853 | - |
Capital surplus | 11,500 | 12,932 | 11,406 | ▲ 1,525 |
Retained earnings | 139,949 | 135,242 | 128,090 | ▲ 7,152 |
Treasury stock | ▲ 28,629 | ▲ 28,233 | ▲ 23,775 | 4,458 |
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | |
Cash flows from operating activities | 23,932 | 29,780 | ▲ 8,064 | ▲ 31,997 |
Cash flows from investing activities | ▲ 2,432 | ▲ 19,650 | 429 | 2,861 |
Cash flows from financing activities | ▲ 2,839 | ▲ 5,369 | ▲ 5,225 | ▲ 2,386 |
Cash and cash equivalents at end of quarter | 83,987 | 70,085 | 57,105 | ▲ 26,881 |
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | Change (%) | |
Net sales | 51,327 | 93,934 | 37,996 | ▲ 13,331 | 74.0% |
Cost of sales | 17,320 | 35,595 | 17,675 | 355 | 102.1% |
Gross profit | 34,006 | 58,338 | 20,320 | ▲ 13,686 | 59.8% |
Ratio to net sales | 66.3% | 62.1% | 53.5% | ||
Selling, general and administrative expenses | 14,380 | 35,815 | 20,014 | 5,633 | 139.2% |
R&D expenses | 5,973 | 18,725 | 11,183 | 5,210 | 187.2% |
Operating profit | 19,626 | 22,522 | 306 | ▲ 19,320 | 1.6% |
Ratio to net sales | 38.2% | 24.0% | 0.8% | ||
Ordinary profit | 19,870 | 22,766 | 678 | ▲ 19,191 | 3.4% |
Ratio to net sales | 38.7% | 24.2% | 1.8% | ||
Profit before income taxes | 19,281 | 22,370 | 1,469 | ▲ 17,812 | 7.6% |
Profit | 14,333 | 16,449 | 1,069 | ▲ 13,264 | 7.5% |
Ratio to net sales | 27.9% | 17.5% | 2.8% |
Revised Plan FY2025 | Change (yen) | Change (%) |
82,700 | ▲ 11,234 | 88.0% |
ー | ー | ー |
ー | ー | ー |
ー | ||
41,300 | 5,484 | 115.3% |
23,200 | 4,474 | 123.9% |
4,500 | ▲ 18,022 | 20.0% |
5.4% | ||
5,100 | ▲ 17,666 | 22.4% |
6.2% | ||
ー | ー | ー |
4,600 | ▲ 11,849 | 28.0% |
5.6% |
Plan FY2025 |
84,900 |
ー |
ー |
ー |
38,700 |
20,600 |
8,100 |
9.5% |
8,800 |
10.4% |
ー |
6,100 |
7.2% |
Per share profit (Yen) | 224.79 | 431.06 | 28.17 |
121.47 |
158.84
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | Change (%) | |
Pharmaceuticals & medical devices | 48,232 | 85,734 | 34,503 | ▲ 13,728 | 71.5% |
Crop protection | 1,872 | 5,717 | 2,218 | 345 | 118.5% |
Real estate | 1,222 | 2,481 | 1,274 | 51 | 104.2% |
Total | 51,327 | 93,934 | 37,996 | ▲ 13,331 | 74.0% |
Reviced Plan FY2025 | Change (yen) | Change (%) |
73,800 | ▲ 11,934 | 86.1% |
6,400 | 682 | 111.9% |
2,500 | 18 | 100.7% |
82,700 | ▲ 11,234 | 88.0% |
Plan FY2025 |
76,000 |
6,400 |
2,500 |
84,900 |
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | Change (%) | |
Pharmaceuticals | 15,599 | 23,798 | 2,716 | ▲ 12,882 | 17.4% |
Crop protection | 906 | 2,647 | 1,108 | 201 | 122.3% |
Total overseas sales | 16,506 | 26,446 | 3,825 | ▲ 12,680 | 23.2% |
Overseas Sales Ratio | 32.2% | 28.2% | 10.1% |
Revised Plan FY2025 | Change (yen) | Change (%) |
16,300 | ▲ 7,498 | 68.5% |
3,200 | 552 | 120.9% |
19,500 | ▲ 6,946 | 73.7% |
23.6% |
Plan FY2025 |
17,400 |
3,200 |
20,600 |
24.3% |
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | Change (%) | |
Capital expenditures | 2,315 | 3,418 | 2,134 | ▲ 180 | 92.2% |
Depreciation and amortization | 1,265 | 2,475 | 1,269 | 4 | 100.3% |
Number of employees | 1,133 | 1,103 | 1,108 | ▲ 25 |
Revised Plan FY2025 | Change (yen) | Change (%) |
5,900 | 2,481 | 172.6% |
2,700 | 224 | 109.1% |
Plan FY2025 |
5,300 |
2,800 |
(amounts are rounded down to the nearest million Yen)
FY2024 2Q | FY2024 | FY2025 2Q | Change (yen) | Change (%) | |
Onychomycosis treatment Clenafin group | 9,172 | 16,866 | 9,313 | 140 | 101.5% |
Anti-osteoarthritis agent Artz | 9,804 | 19,031 | 9,233 | ▲ 571 | 94.2% |
Post-operative anti-adhesive Seprafilm | 3,567 | 6,952 | 3,519 | ▲ 47 | 98.7% |
Wound-healing agent Fiblast | 1,249 | 2,432 | 1,143 | ▲ 106 | 91.5% |
Primary axillary hyperhidrosis treatment Ecclock | 1,360 | 2,037 | 1,529 | 168 | 112.4% |
Periodontal regenerative agent Regroth | 463 | 922 | 434 | ▲ 29 | 93.7% |
Lumbar disc herniation treatment Hernicore | 205 | 405 | 78 | ▲ 126 | 38.3% |
Generic products (total) （excluding AG） | 4,279 | 8,497 | 3,731 | ▲ 548 | 87.2% |
Revised Plan FY2025 | Change (yen) | Change (%) |
13,200 | ▲ 3,666 | 78.3% |
18,100 | ▲ 931 | 95.1% |
7,000 | 47 | 100.7% |
2,200 | ▲ 232 | 90.4% |
2,400 | 362 | 117.8% |
900 | ▲ 22 | 97.6% |
300 | ▲ 105 | 74.1% |
7,800 | ▲ 697 | 91.8% |
Plan FY2025 |
13,200 |
18,500 |
7,000 |
2,300 |
2,400 |
1,000 |
400 |
8,900 |
As of November 10, 2025
＜In-house discovered and in-licensed projects＞ (*) The development stage includes the preparatory period for clinical trials.Development code | Planned Indication | Development Stage * | In-house/In-licensed | Remarks |
KAR | Head lice | PⅢ | Arbor Pharmaceuticals, LLC | Product name in the US: Sklice® |
KP-001 | Refractory vascular malformations | PⅢ | Product discovered in-house | Announced the topline data from the confirmatory trial |
KC-8025 | Primary biliary cholangitis | PⅢ | CymaBay Therapeutics, Inc. (Currently, Gilead Sciences, Inc.) | Product name in US, UK︓Livdelzi® Product name in EU : Lyvdelzi®Generic Name︓Seladelpar |
ESK-001 | Plaque psoriasis | PⅢ | Alumis Inc. | Under global P III (incl. Japan) |
Navenibart | Hereditary angioedema | PⅢ | Astria Therapeutics, Inc. | Under global P III (incl. Japan) |
KP-483 | Solid tumors (Immuno-oncology) | PⅠ | Product discovered in-house | ー |
KP-910 | Peripheral neuropathic pain | PⅠ | Product discovered in-house | ー |
Tildacerfont | Congenital adrenal hyperplasia | PⅠ | Spruce Biosciences, Inc. | ー |
KP-001 (US) | Refractory vascular malformations | PⅢ | Product discovered in-house | Consulting with FDA on P III plan |
Note: Kaken will advance KP-723, an oral STAT6 inhibitor in preclinical development, to the completion of Phase I clinical trials, which had entered into a licence agreement with J&J.
＜Other＞
Development code | Planned Indication | Development Stage * | Remarks |
Sebetralstat | Hereditary angioedema | Authorization application | ・Applied by KalVista Pharmaceuticals, Inc. ・Obtained approval in the US and Europe（Product name︓Ekterly®） ・Exclusive sales rights in Japan |
gMSC1 | Knee osteoarthritis with focal defect | Preparing for PⅢ | ・Allogenic synovial mesenchymal stem cell-derived three-dimensional artificial tissue ・Development by the licensor, TWOCELLS Co., Ltd. ・Joint development and exclusive sales rights in the area of orthopedics in Japan |
NM26 | Atopic dermatitis | PⅡ | ・Clinical trial underway by J&J after IP transfer ・Option rights to negotiate a sales partnership agreement in Japan |
Note: The medical device "Silk-Elastin Wound Healing Sheet", for which a marketing authorization application had been submitted by the licensor,
As of November 10, 2025
Generic name (domestic sales name) | Planned indication | Development Stage | Out-licensed | Developing country |
Efinaconazole (Clenafin) | Onychomycosis | PⅢ | AIM | China |
Efinaconazole (Clenafin) | Onychomycosis | Approved | Almirall S.A. | Germany: Approved in August 2025 Italy: Approved in March 2025 |
Sofpironium bromide (Ecclock) | Primary axillary hyperhidrosis | Approved | Dong-Wha Pharm Co., Ltd. | Korea: Approved in August 2025 |
Number of shareholders | Shares issued | Number of voting rights | Number of treasury stocks |
17,058 | 44,139,730 | 379,464 | 6,072,042 |
as of September 30, 2024 | as of March 31, 2025 | as of September 30, 2025 | |
Individual, others | 21.6% | 16.3% | 18.9% |
Financial institutions | 28.5% | 29.1% | 28.9% |
Other domestic companies | 14.1% | 12.3% | 12.5% |
Foreign investors | 17.2% | 23.9% | 23.5% |
Securities companies | 1.3% | 2.3% | 2.4% |
Treasury stocks | 17.4% | 16.2% | 13.8% |
( ratios are rounded to the nearest first decimal place)
Shareholder | Number of shares held (Thousand) | Shareholding ratio (%) |
The Master Trust Bank of Japan, Ltd. (Trust Account) | 4,609 | 12.1% |
The Norinchukin Bank | 1,843 | 4.8% |
Goldman Sachs & Company Regular Account | 1,794 | 4.7% |
Toray Industries, Inc. | 1,657 | 4.4% |
Custody Bank of Japan, Ltd. (Trust Account) | 1,550 | 4.1% |
Mizuho Bank, Ltd. | 1,474 | 3.9% |
State Street Bank And Trust Company 505103 | 1,173 | 3.1% |
KYORIN Pharmaceutical Co., Ltd. | 852 | 2.2% |
State Street Bank And Trust Company 505101 | 761 | 2.0% |
Employee Shareholding Association | 603 | 1.6% |