Cosmos Pharmaceutical (3349) | Japan Takeaways From Our Management Meeting

研报英文原文证据摘录

Cosmos Pharmaceutical (3349) | Japan Takeaways From Our Management Meeting

Update

July 21, 2026 04:02 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MCosmos Pharmaceutical (3349) | Japan Ai Furukawa

Equity Analyst

Takeaways From Our Ai.Furukawa@morganstanleymufg.comHiroshi Koba +81 3 6836-5461

Hiroshi.Koba@morganstanleymufg.com +81 3 6836-8942

Management Meeting

We met with Representative Director & President Hideaki Yokoyama, General

Manager of Corporate Planning Motoi Takemori, and General Manager of the

Pharmacy Division Koichi Ide. The key takeaways from our discussions were as

follows (based on our understanding): Management indicated that, although the Cosmos Pharmaceutical (3349.T, 3349 JT)

company will maintain the same pricing policy for national brands as in last year, it Specialty Stores | Japan

intends to accelerate private-brand (PB) development and target upside to its gross Stock Rating Equal-weight

Industry View In-Line

margin plan. According to management, it plans to actively develop PB products Price target ¥7,300

Shr price, close (Jul 21, 2026) ¥6,250

that emphasize value pricing and have a different concept from its flagship PB label,

Mkt cap, curr, basic (bn) ¥495.0

“ON 365.” Through these PB initiatives, Cosmos aims both to lower selling prices Avg daily trading value (bn) ¥3.3

and expense ratios by broadening its manufacturing outsourcing base, and selected

products have already begun nationwide rollout. The PB sales ratio reached 16.8% in

F5/26 (+1.1ppt YoY). In the pharmacy business, Cosmos expects to achieve

profitability on an OP basis in F5/27 and plans to continue opening around 10 stores

per year, prioritizing locations where an early return to profitability is likely. In the