Beyond chocolate: Meiji's ¥30.4bn pharmaceutical operating profit.
In the year ended March 2026, Meiji Holdings generated ¥1,173.7bn in consolidated sales and ¥93.3bn in operating profit. The Food segment had sales of ¥942.8bn and operating profit of ¥68.7bn, while Pharmaceuticals contributed sales of ¥232.2bn and operating profit of ¥30.4bn. Pharmaceuticals includes domestic medicines (¥116.6bn sales), overseas medicines (¥64.8bn), and vaccines/veterinary medicines (¥50.7bn). Profit growth in pharmaceuticals partly reflects stronger overseas earnings and the absence of a previous-year vaccine write-down; it must not be interpreted as uniform demand growth. Behind the group lie a confectionery lineage that started producing penicillin in 1946, Meiji Confectionery's combination with Meiji Dairy in 2009, reorganization in 2011 and KM Biologics joining in 2018. Food remains the larger business, with Pharmaceuticals forming another substantial source of earnings.