Meiji Holdings Co., Ltd. · Year ended March 2026
Beyond chocolate: Meiji's ¥30.4bn pharmaceutical operating profit.
Food, including chocolate and yogurt, is Meiji Holdings’ largest business. Alongside it, Pharmaceuticals supplies medicines and vaccines and forms another substantial source of earnings.
Group revenue: ¥1,173.7 billion
Food is still the largest commercial activity.
Food sales of ¥942.8 billion
Alongside Food is an organization manufacturing and selling medicines.
Pharmaceuticals earned ¥30.4 billion in operating profit
Food and pharmaceuticals: two sources of earnings
Segment values for the year ended March 2026. Segment sales and profits cannot be added directly into consolidated totals without adjustments.
Headquarters costs and consolidation adjustments sit between segment profit and consolidated operating profit. Dividing the Pharmaceutical segment’s ¥30.4bn by the group’s ¥93.3bn therefore does not establish its share of group profit.
Dairy and probiotics generated ¥272.6 billion
Cocoa and chocolate represented ¥186.8 billion in sales
Domestic medicines, overseas medicines, and vaccines
Vaccines and veterinary medicines sold ¥50.7 billion
A vaccine profit turnaround needs an accounting caveat
Domestic production of antibacterial materials started in December 2025
The company’s pharmaceutical roots are much older than the current holding company.
Penicillin production began in 1946
The 2009 integration and 2011 reorganization
Familiar food and pharmaceuticals with different histories
An editorial map connecting established food businesses to medicines and vaccines through corporate integration.
- Food and dairyMilk, yogurt, cocoa and nutrition
- Domestic and overseas medicinesAntibacterials, therapeutics and contract manufacturing
- Vaccines and veterinary medicinesKM Biologics joined the group in 2018
- Medicine supply infrastructureAntibacterial raw-material production began at Gifu in 2025
KM Biologics joined in 2018
THE VIEW AFTER THE NUMBERS
What the numbers suggest
For the year ended March 2026, Meiji Holdings’ Food business generated ¥942.8bn in sales and ¥68.7bn in operating profit. Its Pharmaceutical business contributed ¥232.2bn in sales and ¥30.4bn in operating profit. The consolidated operating profit of ¥93.3bn includes adjustments, so it is not the simple sum of segment profits.
Stronger overseas medicine profits and the rebound from the previous year’s vaccine write-down contributed to pharmaceutical growth; this should not be mistaken for uniform demand growth.
The 2009 group integration, 2011 reorganization and KM Biologics joining in 2018 explain how distinct histories coexist. Familiar foods and a pharmaceutical business earning ¥30.4bn in operating profit form the group’s two substantial pillars.
Primary sources used
FY2026 Results (Meiji-issued original Japanese disclosure on JPX)
Meiji Holdings Co., Ltd. · 2026-05-14
Pages used: p.1 / p.4 / p.6 / p.8 / p.8-9
Open source →Meiji Group History (official company PDF, Japanese original)
Meiji Co., Ltd.
Open source →Meiji Holdings' Official Group Introduction (Japanese original)
Meiji Holdings Co., Ltd. · 2025-03-14
Open source →Meiji Holdings' Official Vaccine Business History (Japanese original)
Meiji Holdings Co., Ltd.
Open source →