Alfresa Holdings sold more medicine and earned less on it. In its half-year report for the six months to 30 September 2026, the wholesaler reported sales of ¥1.58tn, up 3.5%, and operating profit of ¥13.03bn, down 19.6%. Ordinary profit fell 17.8% to ¥14.38bn and profit attributable to owners of the parent fell 28.5% to ¥8.24bn.
The company's explanation
The prescription-drug wholesale business, the group's largest segment, grew sales 4.2% to ¥1.43tn, helped by some type 2 diabetes drugs and specialty medicines. Its operating profit fell 5.2% to ¥13.99bn. Alfresa attributes that to three things: the negative effect of the April 2026 drug-price revision, its efforts under distribution reforms to correct excessive and uneven price gaps, and higher logistics costs, including personnel costs.
The reform reference is to the guideline for distribution parties that was revised in March 2026. Alfresa says it is complying with it and working to correct drug-specific trading practices, excessive price gaps and their uneven distribution. The report does not quantify what the guideline cost the segment.
Weaker elsewhere
Selling, general and administrative expenses rose to ¥93.12bn from ¥89.54bn a year earlier, while gross profit edged up to ¥106.15bn from ¥105.75bn.
Self-medication wholesaling saw operating profit fall 41.6% to ¥1.03bn on sales down 3.7%, with the company citing higher logistics costs. The manufacturing segment's operating loss widened to ¥1.23bn from ¥98mn, and pharmacy operating profit fell 98.5% to ¥2mn.
The board declared an interim dividend of ¥35 per share on 9 November 2026, against ¥34 a year earlier, payable from 7 December.