4548
SEIKAGAKU CORPORATION
生化学工業株式会社
Pharmaceutical
Seikagaku Corporation manufactures and sells pharmaceuticals and medical devices primarily related to glycoconjugates in Japan and internationally. It operates in two segments, Pharmaceuticals and LAL Business. The company offers pharmaceuticals and medical devices, including intra-articular injections for improving joint functions under the brands of ARTZ, ARTZ Dispo, VISCO-3, JOYCLU Gel-One, Hylink, and SUPARTZ FX; ophthalmic surgical aids under the OPEGAN and SHELLGAN brands; surgical aids for endoscopic mucosal resection under the brand name of MucoUp; and HERNICORE for the treatment of lumbar disc herniation. It also offers bulk products comprising sodium hyaluronate and sodium chondroitin sulfate for use in pharmaceuticals and cosmetics. In addition, the company develops endotoxin-detecting reagents for use in quality control of injectable pharmaceuticals and medical devices manufacturing processes and water quality control of dialysate used in artificial dialysis. Further, its products under development include SI-6603 for lumbar disc herniation; SI-614, a dry eye treatment; SI-613 for osteoarthritis; SI-722 to treat interstitial cystitis and bladder pain syndrome; SI-613-ETP to treat enthesopathy; and SI-449, a cross-linked chondroitin sulfate adhesion barrier. The company was formerly known as K.K. Seikagaku Kenkyusho and changed its name to Seikagaku Corporation in 1962. Seikagaku Corporation was incorporated in 1947 and is headquartered in Tokyo, Japan.
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← Companies
⚠ TSE Capital Mandate
P / Book
0.56×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥36.6B
¥39.4B
¥36.2B
¥33.5B
¥34.9B
Cost of Sales
¥20.7B
¥20.2B
¥19.3B
¥15.4B
¥14.3B
Gross Profit
¥16.0B
¥19.2B
¥16.9B
¥18.0B
¥20.5B
SG&A
¥16.6B
¥17.8B
¥16.4B
¥15.9B
¥16.0B
Operating Income
¥-660M
¥1.3B
¥433M
¥2.1B
¥4.5B
Non-Operating Income
¥2.4B
¥891M
¥1.3B
¥967M
¥1.0B
Dividend Income
—
¥463M
¥391M
¥353M
¥358M
Interest Income
—
¥162M
¥150M
¥51M
¥28M
Non-Operating Expenses
—
¥291M
¥45M
¥12M
¥105M
Interest Expense
—
¥4M
¥4M
¥5M
¥11M
Ordinary Income
¥1.7B
¥1.9B
¥1.7B
¥3.1B
¥5.4B
Pre-tax Income
¥1.5B
¥1.9B
¥1.7B
¥3.1B
¥5.4B
Income Taxes
¥36M
¥718M
¥-495M
¥832M
¥1.7B
Current Tax
—
¥316M
¥151M
¥463M
¥769M
Deferred Tax
—
¥402M
¥-647M
¥369M
¥892M
Net Income (owners)
¥1.5B
¥1.2B
¥2.2B
¥2.2B
¥3.7B
Comprehensive Income
—
¥2.4B
¥6.5B
¥3.9B
¥4.6B
EBITDA
¥1.3B
¥3.3B
¥2.1B
¥3.4B
¥5.5B
Goodwill Amort. (J-GAAP)
—
¥193M
¥181M
¥176M
¥180M
EPS
¥26.99
¥22.25
¥40.08
¥40.49
¥66.32
Shares Outstanding
—
54.6M
54.6M
54.5M
56.2M
Shares Issued (total)
—
56.8M
56.8M
56.8M
56.8M
Treasury Shares
—
2.2M
2.3M
2.3M
0.6M
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥86.3B
¥83.9B
¥81.8B
¥75.6B
¥75.2B
Current Assets
¥40.6B
¥39.6B
¥41.5B
¥46.7B
¥48.6B
Cash & Deposits
¥8.9B
¥15.1B
¥15.4B
¥23.5B
¥21.5B
Trade Receivables
—
¥7.2B
¥8.2B
¥6.3B
¥6.0B
Non-Current Assets
¥45.8B
¥44.2B
¥40.2B
¥28.9B
¥26.6B
PP&E
¥22.6B
¥18.5B
¥15.2B
¥11.3B
¥10.0B
Goodwill
—
¥2.0B
¥2.1B
¥2.1B
¥2.1B
Intangible Assets
—
¥3.1B
¥3.2B
¥3.2B
¥2.9B
Investment Securities
¥15.7B
¥19.0B
¥18.8B
¥13.2B
¥12.7B
Deferred Tax Assets
—
—
—
—
¥69M
Total Liabilities
¥11.0B
¥10.7B
¥9.5B
¥8.4B
¥8.9B
Current Liabilities
¥7.6B
¥7.9B
¥7.2B
¥6.7B
¥7.5B
ST Debt
¥300M
¥300M
¥300M
¥300M
¥300M
Taxes Payable
—
¥106M
¥113M
¥36M
¥308M
Non-Current Liabilities
¥3.5B
¥2.8B
¥2.3B
¥1.7B
¥1.4B
Deferred Tax Liab.
—
¥2.6B
¥2.1B
¥1.5B
¥1.2B
Total Equity
¥75.3B
¥73.2B
¥72.3B
¥67.2B
¥66.3B
Capital Stock
—
¥3.8B
¥3.8B
¥3.8B
¥3.8B
Capital Surplus
—
¥5.3B
¥5.3B
¥5.3B
¥5.3B
Retained Earnings
¥54.2B
¥54.4B
¥54.7B
¥54.0B
¥53.3B
Treasury Stock
—
¥-2.2B
¥-2.3B
¥-2.3B
¥-802M
AOCI
—
¥11.9B
¥10.7B
¥6.4B
¥4.7B
Equity (owners)
¥61.2B
¥61.3B
¥61.6B
¥60.8B
¥61.6B
Total Interest-Bearing Debt ⓘ
¥300M
¥300M
¥300M
¥300M
¥300M
Net Cash ⓘ
¥8.6B
¥14.8B
¥15.1B
¥23.2B
¥21.2B
NCAV ⓘ
¥29.5B
¥28.9B
¥32.0B
¥38.3B
¥39.7B
NCAV/Share
—
¥530
¥587
¥702
¥706
BV/Share
—
¥1,124
¥1,129
¥1,115
¥1,096
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥-1.3B
¥4.4B
¥513M
¥1.6B
¥8.2B
Taxes Paid
—
¥-129M
¥-525M
¥-927M
¥-158M
Interest Paid
—
¥-4M
¥-4M
¥-5M
¥-11M
Interest Received
—
¥617M
¥526M
¥405M
¥399M
D&A
¥2.0B
¥1.8B
¥1.5B
¥1.2B
¥870M
Goodwill Amort.
—
¥193M
¥181M
¥176M
¥180M
Investing CF
¥-3.5B
¥-3.5B
¥-7.2B
¥3.4B
¥870M
CapEx
¥5.9B
¥4.4B
¥4.5B
¥1.9B
¥1.8B
Purchase Investments
—
¥-1.2B
¥-3.2B
¥-853M
¥-1.8B
Proceeds from Invest.
—
¥248M
¥515M
¥9M
¥286M
Financing CF
¥-1.7B
¥-1.6B
¥-1.5B
¥-3.2B
¥-2.2B
Dividends Paid
—
¥-1.5B
¥-1.4B
¥-1.6B
¥-1.6B
Share Buybacks
—
—
¥0M
¥-1.5B
¥-221M
Free Cash Flow
¥-7.2B
¥40M
¥-4.0B
¥-300M
¥6.4B
Net Change in Cash
—
¥-378M
¥-7.1B
¥2.4B
¥7.6B
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
2.0%
1.7%
3.1%
3.3%
5.7%
ROA
1.7%
1.5%
2.8%
3.0%
5.0%
EPS
¥26.99
¥22.25
¥40.08
¥40.49
¥66.32
DPS
¥15.00
¥30.00
¥26.00
¥26.00
¥30.00
BPS
¥1,379.03
¥1,340.98
¥1,324.82
¥1,232.41
¥1,179.46
FCF/Share
—
¥1
¥-73
¥-6
¥113
NCAV/Share
—
¥530
¥587
¥702
¥706
Payout Ratio
55.6%
134.8%
64.9%
64.2%
45.2%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 13
Date Activist Stake Event Flag Demands Source
2025-10-23
SHINGYO CO.,LTD.
32.92%
+1.0%
change
Passive
—
2025-08-19
SHINGYO CO.,LTD.
31.92%
+0.03%
change
Passive
—
2025-08-18
SHINGYO CO.,LTD.
31.89%
correction
Passive
—
2025-08-18
Mitsubishi UFJ Financial Group Inc.
3.35%
-2.14%
change
Passive
—
2025-08-14
SHINGYO CO.,LTD.
31.89%
+3.53%
change
Passive
—
2025-08-06
Invesco Asset Management (Japan) Limited
4.78%
-1.02%
change
Passive
—
2025-03-21
Invesco Asset Management (Japan) Limited
5.8%
-1.13%
change
Passive
—
2024-11-05
SHINGYO CO.,LTD.
28.36%
change
Passive
—
2024-09-20
Invesco Asset Management (Japan) Limited
6.93%
-0.62%
change
Passive
—
2024-09-03
SHINGYO CO.,LTD.
28.36%
+0.01%
change
Passive
—
2024-07-29
Mitsubishi UFJ Financial Group Inc.
5.49%
change
Passive
—
2024-05-21
Invesco Asset Management (Japan) Limited
7.55%
change
Passive
—
2023-12-15
SHINGYO CO.,LTD.
28.35%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 9
#
Shareholder
Shares (thou.)
% of Total
1
新業株式会社
7,843
14.37%
2
株式会社開生社
7,293
13.36%
3
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
6,829
12.51%
4
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
2,130
3.90%
5
Custody Bank of Japan, Ltd. (Trust Account)
みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行
1,573
2.88%
6
MUFG Bank
株式会社三菱UFJ銀行
1,536
2.82%
7
KAKEN PHARMACEUTIAL CO., LTD.
科研製薬株式会社
1,207
2.21%
8
THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED
THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED 131800(常任代理人 株式会社みずほ銀行決済営業部)
838
1.54%
9
公益財団法人水谷糖質科学振興財団(公益口)
828
1.52%
10
Meiji Yasuda Life Insurance
明治安田生命保険相互会社
688
1.26%
Domestic Nominees
19.3%
+2.7% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
37.1%
-1.1% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
新業
14.38%
14.38%
14.37%
-0.01%
式会社開生社
13.37%
13.37%
13.36%
-0.01%
Japan Master Trust Bank
日本マスタートラスト信託銀行
14.16%
11.80%
12.51%
+0.71%
Japan Custody Bank
日本カストディ銀行
5.31%
4.81%
6.78%
+1.97%
MUFG Bank
三菱UFJ銀行
2.82%
2.82%
2.82%
KAKEN PHARMACEUTIAL CO., LTD.
科研製薬
2.21%
2.21%
2.21%
THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED
THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED
2.70%
2.60%
1.54%
-1.06%
公益財団法人水谷糖質科学振興財団(公益口)
1.52%
1.52%
1.52%
Meiji Yasuda Life Insurance
明治安田生命保険
1.26%
1.26%
1.26%
Concentration (HHI)
ⓘ
638
571
607
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥6,068M
+40% since 2023
Holdings
9
2 exited
Trend
1 building
vs 2023
Held Company
FY2025
¥6,068M total
FY2023
¥4,332M total
Book Val ¥M
Shares
Book Val ¥M
Shares
KAKEN PHARMACEUTIAL CO., LTD.
科研製薬㈱
2,251
502,500
1,856
502,500
M
SANTEN PHARMACEUTICAL CO.,LTD.
参天製薬㈱
1,602
1,130,000
1,276
1,130,000
M
Maruzen Showa Unyu Co,.Ltd.
丸全昭和運輸㈱
729
121,400
390
121,400
M
Mizuho Leasing Company, Limited
みずほリース㈱
693
+400.0%
↑
665,000
466
133,000
M
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
522
259,700
220
259,700
TECHNO RYOWA LTD.
㈱テクノ菱和
129
49,170
42
49,170
M
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
97
24,040
45
24,040
譬ェ蠑丈シ夂、セ繧√�カ縺阪ヵ繧」繝翫Φ繧キ繝」繝ォ繧ー繝ォ繝シ繝�
㈱めぶきフィナンシャルグループ
45
63,180
20
63,180
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
—
—
第一生命ホールディングス㈱
—
−100%
Exit
—
9
3,700
三井住友トラスト・ホールディングス㈱
—
−100%
Exit
—
8
1,860
Portfolio total
6,068
4,332
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding