Financial Highlights

Consolidated financial results and position

  2014/9 2015/9 2016/9 2017/9 2018/9
Net Sales
52,836 55,904 62,039 65,282 69,869
Operating income
2,766 1,411 3,363 3,897 4,321
Ratio of operating income
5.2% 2.5% 5.4% 6.0% 6.2%
Ordinary profits
2,645 970 2,989 3,732 4,061
Ratio of ordinary profits
5.0% 1.7% 4.8% 5.7% 5.8%
Profit attributable to owners of parent(¥million) 1,174 (542) 878 1,550 1,487
Total assets
49,237 55,861 59,104 65,605 78,034
Shareholders' equity
20,309 20,667 21,397 23,608 33,536
Ratio of Shareholders'
equity (%)
41.1% 36.4% 35.5% 34.9% 28.9%


Net sales


Operating income and ratio of operating income


Ordinary profits and ratio of ordinary profits


Profit attributable to owners of parent


Total assets


Shareholders equity and ratio of shareholders equity



Earning forecast

About the pharmaceutical industry

In the pharmaceutical industry, while creation of innovative drugs is anticipated through technological innovation and industry-government-academia collaboration towards providing personalized medicine or “precision medicine”, introduction of cost-effective assessments on the drug pricing system and special or specified medical care coverage is considered due to impact on the health insurance budget. Further improvement of productivity and efficiency is expected for the pharmaceutical industry for transformation to the industrial structure with more global competitiveness. New technologies called the Fourth Industrial Revolution such as artificial intelligence (AI) or IoT are bringing significant changes to the society, and as way of medicine and people's ideas of health change in the healthcare arena, industry, government, academia and civil society are collaborating to achieve innovation to address the decreasing birthrate and aging population.  

The CMIC Group has been engaged in “Project Phoenix” to adapt ourselves to the rapidly changing external environment in a timely and flexible manner. Starting in April 2018, we have started “Project Phoenix 3.0" to expand the application of our unique business model "PVC" (that provides end-to-end support for pharmaceutical companies) to the healthcare arena and promote new business creation. In addition, to achieve the mid-to-long-term corporate value improvement of our group, we have developed the mid-term plan (FY2019-2021) that includes focus activity items such as acceleration of PVC model, expansion of globalization, and creation of healthcare business. The next fiscal year will be the first year of the mid-term plan, and both sales and profits are expected to increase compared with the current consolidated fiscal year.


Net sales 69,869 74,400 6.5%
Operating Income 4,321 4,630 7.1%
Ordinary Profits 4,061 4,170 2.7%
Profit attributable to owners of parent 1,487 2,000 34.4%

Net sales


Operating income and ratio of operating income



Forecast for FY ending Sept. 2019 (by segment)

CRO business

CRO business, our core business, will continue to support as a leading domestic company those foreign companies and companies from other industries entering the Japanese market. We will expand our global business activities in the United States and other part of the world, further enhance PMS and clinical research operation support by utilizing our database, and meet the increasingly sophisticated development needs.
Sales and profit growth is expected for CRO business due to strong order intake continuing for clinical operations and other areas.

CDMO business

CDMO business, as a globally pharmaceutical drug manufacturing platform, promotes broad strategies through collaboration with DBJ, and is establishing a structure for total service provision for drug manufacturing that includes formulation design, investigational new drug manufacturing, and commercial production. We will continue to improve technical capabilities, further promote low-cost production, and strengthen competitiveness through strategic capital investments.
Though revenue increase is expected for CDMO business due to production increase of both new and existing projects, operating profit was less than last year due to temporary production volume decrease of existing orders in the United States and the commercial production start-up expenses for the new injection building in Ashikaga.

CSO business

For CSO business, amid the qualitative change of MR activities by pharmaceutical companies, in addition to MR dispatching and related new services, we will aim to expand the market share by promoting the sales activities of Medical Affairs-related services.
Though sales is expected to be the same level as that of this fiscal year, operating income is expected to increase thanks to the steady progression of existing projects.

Healthcare business

For the healthcare business, we will further strengthen the oncology capabilities in the SMO operations, improve the quality of our operations and services, and enhance the services for patients using the healthcare portal site.
Sales and profit growth is expected for SMO business due to strong new order intake continuing for SMO business.

Innovative Pharma Model business

While revenue growth is expected for IPM business following the sales increase of the orphan drug business, because of R&D cost for orphan drugs and diagnostics, operating loss is expected. To achieve positive turnaround, we will expand our business scale and aim to provide various services based on new solutions by utilizing the marketing authorization licenses possessed by the CMIC Group.

  2018/9 results
2019/9 forecast
CRO business Sales 37,296 39,500 5.9%
Operating income 6,650 7,250 9.0%
CDMO business Sales 15,386 16,500 7.2%
Operating income 4 (55)
CSO business Sales 7,318 7,320 0.0%
Operating income 335 350 4.3%
Healthcare business Sales 7,212 8,200 13.7%
Operating income 822 950 15.6%
IPM business Sales 3,149 3,400 8.0%
Operating income (360) (350)
Adjustments Sales (492) (520)
Operating income (3,130) (3,515)
Consolidated Sales 69,869 74,400 6.5%
Operating income 4,321 4,630 7.1%


Dividend forecast

  Interim dividend(yen)

Year end dividend(yen)

Annual(yen) Dividend payout
2019/9 forecast 5.00 27.00 32.00 29.7
2018/9 results 5.00 22.50 27.50 34.5

See “Dividends” in the Stock Information for details of past.