Ain Holdings: May data: Dispensing pharmacy sales solid; sales recovering at Francfranc Quick Note

Research evidence excerpt

Ain Holdings: May data: Dispensing pharmacy sales solid; sales recovering at Francfranc Quick Note

Global Markets Research

15 June 2026Ain Holdings

9627.T 9627 JP / EQUITY: JAPAN PHARMACEUTICALS

May data: Dispensing pharmacy sales solid; sales Rating Buyrecovering at Francfranc

Target price JPY 9,850Quick Note

Closing price

12 June 2026 JPY 5,674May data: Dispensing pharmacy sales steady despite a change in number of

business days; sales recovering at Francfranc (Note: Quick Note reports are not a

On 12 June, Ain Holdings released monthly data for May 2026. All-store dispensing vehicle for changes to ratings, target

pharmacy sales were up 37.5% y-y, with the number of prescriptions filled up 45.8% and prices, or earnings forecasts)

the average prescription price down 5.7%, partly due to the addition of the Sakura

Pharmacy group. Sales at Ainz & Tulpe rose 16.7%, partly owing to contributions from

new stores, with customer traffic up 12.1% and average customer spend up 4.1%.

Francfranc sales were up 15.1%, with customer traffic up 6.1% and average customer

Research Analystsspend up 8.5%.

Japan pharmaceuticals &

According to the company, same-store sales in the dispensing pharmacy segment were healthcare

up 0.4% y-y, with the number of prescriptions filled down 4.8% and the average Kyoichiro Shigemura - NSC

prescription price up 5.5% (the average length of prescriptions filled was up but there were kyoichiro.shigemura@nomura.com

two fewer business days in May compared with the previous year). Dispensing fees were +81 3 6703 1118

up even after the implementation of drug price revisions, mainly because of prescriptions

for high-priced pharmaceuticals. We think this data suggests that the company is off to a

solid start given the lower number of business days.