Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medipal-holdings-corp" target="_blank" data-smartkarma-citation="entities:18394:1" rel="noopener">Medipal Holdings (7459 JP)</a> reported strong revenue growth in pharmaceutical wholesale business, while its cosmetics distribution business reported lower-than-expected revenue in FY22. FY23 operating profit target was set below consensus.</li>
<li>Lower demand for hygiene-related products in domestic market and lesser foreign tourists arrival in Japan are expected to negatively impact Medipal’s cosmetics distribution business.</li>
<li>NHI drug price revisions are the biggest challenge in pharmaceutical wholesale business. Medipal’s largest revenue contributing drug, Takecab saw a 15.8% price reduction effective April 1.</li>
</ul>



Medipal Holdings (7459 JP) reported strong revenue growth in pharmaceutical wholesale business, while its cosmetics distribution business reported lower-than-expected revenue in FY22. FY23 operating profit target was set below consensus.
Lower demand for hygiene-related products in domestic market and lesser foreign tourists arrival in Japan are expected to negatively impact Medipal’s cosmetics distribution business.
NHI drug price revisions are the biggest challenge in pharmaceutical wholesale business. Medipal’s largest revenue contributing drug, Takecab saw a 15.8% price reduction effective April 1.


Medipal Holdings (7459 JP): Disappointing FY23 Guidance and Challenging Business Environment

Japan

TOHO HOLDINGS CO., LTD. is a wholesaler of medicine and medical tools and equipment.  The Company mainly sells to hospitals and pharmacies.  Toho's merchandise are nursing products mainly for elderly and handicapped, and these include pajamas and bedding products, wheelchairs, walkers, diapers, bathing products, and health foods.

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Toho Holdings (8129 JP)

Medipal Holdings (7459 JP): Disappointing FY23 Guidance and Challenging Business Environment

Medipal’s operating profit guidance for FY23 came below market expectations. Annual drug price revisions remain the biggest long-term challenge for...

Tina Banerjee

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