Pharma earnings up 40%
Meiji Holdings Co., Ltd. (TSE: 2269) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on November 12, 2026. The Food segment lifted sales 3.4% to ¥474.0 billion and operating profit 6.0% to ¥30.7 billion. Dairy operating profit rose 11.4% to ¥13.3 billion on a better product mix and price revisions, while Cacao sales jumped 13.8% to ¥90.1 billion on promoted brands such as Kinoko no Yama, but its profit fell 14.8% to ¥4.1 billion as it used cocoa bought when prices peaked; Nutrition and Food Solutions profits also declined. Overseas, Meiji expanded its brand in the United States and pushed a sweeping restructuring in China, where it newly consolidated Shanghai Aoya Dairy.
The Pharmaceuticals segment raised sales 6.7% to ¥124.8 billion and operating profit 39.6% to ¥19.9 billion. Meiji focused on a stable supply of injectable antibiotics and vaccines, on plasma-derived products that the group now makes and sells in-house from this year, on maximising the value of the ROCK2 inhibitor Rezurock, and on an insomnia drug co-promoted with Taisho Pharmaceutical. Ordinary profit rose faster than operating profit, by 22.1%, and comprehensive income fell 4.9% to ¥25.2 billion.
Sales forecast lifted, profits held
Meiji raised its FY3/2027 net sales forecast to ¥1,225,000 million (+4.4%) from ¥1,212,000 million, as it now expects Food to beat plan by ¥16.0 billion while Pharmaceuticals falls ¥2.8 billion short on weaker overseas sales. It kept operating profit at ¥100,000 million (+7.2%), ordinary profit at ¥101,000 million and net profit attributable to owners at ¥62,500 million (+78.2%), saying it needs to watch currency and raw-material costs, and kept its annual dividend forecast of ¥110, up from ¥105. Total assets rose 4.6% to ¥1,319,202 million and the equity ratio slipped to 59.2%.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 598,372 | 574,885 | +4.1% |
| Operating profit (¥ million) | 47,892 | 40,942 | +17.0% |
| Ordinary profit (¥ million) | 50,811 | 41,626 | +22.1% |
| Net profit attrib. to owners of parent (¥ million) | 29,044 | 21,477 | +35.2% |
| Comprehensive income (¥ million) | 25,245 | 26,549 | -4.9% |
| EPS (¥) | 107.12 | 79.27 | +35.1% |
| Total assets (¥ million) | 1,319,202 | 1,261,759 | +4.6% |
| Net assets (¥ million) | 827,888 | 817,552 | +1.3% |
| Equity ratio | 59.2% | 61.2% | -2.0 pt |
| FY3/2027 guidance — revenue (¥ million) | 1,225,000 | — | +4.4% |
| FY3/2027 guidance — operating profit (¥ million) | 100,000 | — | +7.2% |
| FY3/2027 guidance — ordinary profit (¥ million) | 101,000 | — | +4.6% |
| FY3/2027 guidance — net profit (¥ million) | 62,500 | — | +78.2% |
| Annual dividend per share (¥) | 110.00 | 105.00 | +4.8% |
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