VITAL KSK HOLDINGS (3151): FY2025 Results Summary — Sales Growth, Ordinary Profit Up on Non-Operating and Extraordinary Gains

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VITAL KSK HOLDINGS, INC. (3151), a pharmaceutical wholesaler, reported net sales of 610,497 million yen (101.7% YOY) for the fiscal year ended March 31, 2026. Core operating profit was 5,307 million yen (93.0% YOY) and operating profit was 4,027 million yen (70.6% YOY), reflecting a lower core operating profit and the posting of research and development expenses of 1,280 million yen related to the new pharmaceutical business. Ordinary profit rose to 7,822 million yen (112.2% YOY) on non-operating income linked to the tender offer for CareNet, Inc. shares, and profit attributable to owners of parent was 7,362 million yen (100.7% YOY), supported by extraordinary income from the sale of cross-shareholdings.

Note on year labels: this article follows the site convention of classifying the latest completed full year (the year ended March 31, 2026) as “FY2025.” The company’s presentation labels this completed year both “FY2025” (on segment pages) and “Year ending March 31, 2026” (on the highlights and forecast pages), and labels the following year’s forecast “FY2027.” Table headers below are kept as printed in the presentation.

Consolidated Results (Full-Year Actual)

Sales grew in segments other than the pharmaceutical business, while profit decreased in segments other than the pharmacy business. Achievement rates against the revised earnings forecasts disclosed on November 14, 2025 ranged from 99.5% to 104.1% across the main profit and sales lines.

Item (Million yen)	FY ended Mar 2026	YOY	Achievement Rate*
Net sales	610,497	101.7%	101.1%
Core operating profit	5,307	93.0%	104.1%
Research and development expenses	1,280	–	–
Operating profit	4,027	70.6%	103.3%
Ordinary profit	7,822	112.2%	101.6%
Profit attributable to owners of parent	7,362	100.7%	99.5%

* Achievement rate is against the revised earnings forecasts disclosed on November 14, 2025. Adjusted ROE was 7.7%, ROE was 6.6%, and EPS was 152.29 yen. Total assets were 320,568 million yen as of March 31, 2026 (up from 299,426 million yen a year earlier) and net assets were 118,707 million yen (up from 107,306 million yen).

Segment Results

In the Pharmaceutical Wholesale Business, net sales rose to 572,860 million yen (101.5% YOY) as sales growth of products eligible for the price maintenance premium and other products offset a decline in COVID-19 related products, but gross profit fell to 41,127 million yen (99.4% YOY) on rising purchase prices, and operating profit declined to 4,920 million yen (95.3% YOY). The Pharmacy Business, the Veterinary Drug Wholesale Business, and the nursing care-related rental and other business all grew sales, with the veterinary and nursing-care segments boosted by acquisitions. Figures below use the presentation’s FY2024 (year ended March 2025) and FY2025 (year ended March 2026) segment labels.

Segment (Million yen)	Metric	FY2025	FY2024
Pharmaceutical Wholesale	Net sales	572,860	564,614
Pharmaceutical Wholesale	Gross profit	41,127	41,358
Pharmaceutical Wholesale	Operating profit	4,920	5,163
Pharmacy Business	Net sales	19,960	19,552
Pharmacy Business	Gross profit	4,784	4,781
Pharmacy Business	Operating profit	252	251
Veterinary Drug Wholesale	Net sales	12,627	11,626
Veterinary Drug Wholesale	Gross profit	1,750	1,658
Veterinary Drug Wholesale	Operating profit	304	314
Nursing care-related rental and other	Net sales	5,048	4,577
Nursing care-related rental and other	Gross profit	4,773	4,172
Nursing care-related rental and other	Operating profit (loss)	(102)	(78)

FY2027 Forecast (Next Year)

For the following year (labeled FY2027 in the presentation), the company forecasts net sales of 620,000 million yen (101.6% YOY) and core operating profit of 5,700 million yen (107.4% YOY). Operating profit is projected at 4,100 million yen (101.8% YOY) after research and development expenses of 1,600 million yen. Ordinary profit is forecast at 5,000 million yen (63.9% YOY), reflecting the absence of the current year’s non-operating income, while profit is forecast at 7,500 million yen (101.9% YOY). Forecast EPS is 155.03 yen, with adjusted ROE of 7.9% and ROE of 6.5%.

Item (Million yen)	FY2027 Forecast	YOY	FY ended Mar 2026 (Actual)
Net sales	620,000	101.6%	610,497
Core operating profit	5,700	107.4%	5,307
Research and development expenses	1,600	125.0%	1,280
Operating profit	4,100	101.8%	4,027
Ordinary profit	5,000	63.9%	7,822
Profit	7,500	101.9%	7,362
EPS (yen)	155.03	–	152.29

Shareholder Returns

The company marked five consecutive fiscal years of dividend increases, with a dividend of 70 yen (plan) under a shareholder return policy targeting a dividend on equity (DOE) of 3.0% or more. It also resolved to acquire treasury shares: up to 2 million shares (4.13% of issued shares excluding treasury shares) for a total of up to 4 billion yen, via market purchase on the Tokyo Stock Exchange during the period from May 15, 2026 to March 24, 2027, described as the largest scale in the company’s history. The shareholder benefit program was expanded, significantly extending eligibility to holders of 100 shares.

Medium-Term Plan / Topics

The fiscal year ended March 31, 2026 was the first year of Medium-Term Management Plan 2027, which centers on three priority measures: business portfolio management, financial strategy and capital policy, and strengthening group management. The initial FY2027 plan targets net sales of 640,000 million yen, core operating profit of 6,600 million yen and profit of 7,000 million yen. On capital policy, the company is accelerating the disposal of cross-shareholdings, aiming to reduce their ratio to consolidated net assets to less than 20% in FY2027 and less than 10% in FY2029. It also entered a new pharmaceutical business supporting the introduction of unapproved drugs, concluding an exclusive license agreement for ACCRUFeR (an iron deficiency treatment created by U.K.-based Shield Therapeutics plc) and establishing the consolidated subsidiary MEDLEAP PHARMA COMPANY LIMITED.

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