Pharmaceutical wholesaling industry investment perspectives: Strategic focus #34: Transition period amid structural changes

Research evidence excerpt

Pharmaceutical wholesaling industry investment perspectives: Strategic focus #34: Transition period amid structural changes

Pharmaceutical wholesaling industry investment Global Markets Research

perspectives 23 June 2026

EQUITY: JAPAN PHARMACEUTICALS

Research Analysts

Strategic focus #34: Transition period amid structural changes Japan pharmaceuticals &

healthcare

Kyoichiro Shigemura - NSC

Efficient use of pharmaceutical distribution platforms looks key kyoichiro.shigemura@nomura.com

+81 3 6703 1118

Focus on four companies' differing approaches to structural reforms, with potential

to enhance investment appeal

While we expect sales to remain on an upward trajectory at the four pharmaceutical

wholesalers, we see a risk of lower margins because of changes in product mix. In this

report, we look at measures being taken by each of the four to boost corporate value

(including strengthening their wholesaling functions, undertaking structural reforms

including steps to foster new sources of growth, and shareholder return policies). We have

Neutral ratings on all four pharmaceutical wholesalers. In the case of Medipal Holdings

[7459] (Neutral), we expect both sales and profits to rise in 27/3 as the company brings its

ALCs (area logistics centers) and ARs (specialist marketing staff with MR qualifications)

into play, and we also anticipate stable growth over the medium term. Suzuken [9987]

(Neutral) has been investing in its new digital business and we expect a boost to margins

as the shift to digital wholesaling progresses. At Alfresa Holdings [2784] (Neutral), we will

be keeping a close eye on efforts to foster the CRO and regenerative medicine

businesses. In the case of Toho Holdings [8129] (Neutral), meanwhile, we are monitoring