■Company Overview

1. HISTORY

Qol Holdings ＜3034＞ was established in 1992 by Mr. Nakamura Masaru (Nakamura Masaru), the current honorary chairman. Since opening the first dispensing pharmacy store in Nihonbashi Kabutocho in 1993, we have been actively utilizing M&A in addition to opening our own stores to expand the dispensing pharmacy network. Meanwhile, they also planned to expand into related businesses and peripheral businesses, and established Phase On Co., Ltd. in 2003 to advance into clinical trial-related businesses, and in 2008, Quall Medis Co., Ltd. was established to begin a worker introduction and dispatch business.

After that, the company organized its business into two business segments: pharmacy business (former insurance pharmacy business) * and BPO business (former medical related business) *, aimed at improving management efficiency and expanding business, and transitioned to a holding company system in 2018/10. The main body of the company changed its name to Qol Holdings Co., Ltd. as a pure holding company, and is working on enhancing corporate governance, formulating medium- to long-term growth strategies for the group, and leading the entire group. The pharmacy business is developed by Quall Co., Ltd. and companies grouped through M&A, etc., and in the BPO business, Apoplus Station Co., Ltd. is developing a CSO business centered on CMR dispatch, and Apoplus Carrier Co., Ltd. is developing a medical personnel placement business such as pharmacists. Also, following making Fujinaga Pharmaceutical Co., Ltd. a subsidiary in 2019/8 to advance into the pharmaceutical business (formerly medical related business) *, shares of Daiichi Sankyo ESFA, which is a subsidiary of Daiichi Sankyo ＜4568＞ and handles the manufacture and sale of generic pharmaceuticals, were additionally acquired (investment ratio 51%) in 2024/4, making it a consolidated subsidiary. Daiichi Sankyo ESFA plans to eventually become a wholly owned subsidiary, but the timing is yet to be determined.

* From the 2025/3 fiscal year, the company changed the reporting segment from the 2 divisions of insurance pharmacy business and medical-related business up until now to 3 categories: pharmacy business, BPO business, and pharmaceutical business in order to more appropriately express the actual state of business activities. In the conventional segment division, the pharmaceutical manufacturing and sales business, which was included in the medical-related business, was separated as a pharmaceutical business and independently disclosed.

The company is proceeding with business development in the three areas of pharmacy business, BPO business, and pharmaceutical business, with the aim of aiming for business growth while increasing the stability of profits. Although the pharmacy business is a business where profits can be obtained stably, there is a risk of profit fluctuation due to health care administration policies (dispensation remuneration revisions once every 2 years, etc.). In the revised fiscal year, there are also negative factors in terms of earnings, and it is a strategy to steadily increase overall earnings by covering such negative amounts in the BPO business and pharmaceutical business. In terms of composition ratio by business segment (interim results for the fiscal year ending 2025/3), the pharmacy business accounts for the majority with 67.4% of sales and 53.5% of operating profit, followed by the pharmaceutical business accounting for 27.2% of sales, 34.7% of operating profit, and the BPO business accounting for 5.4% of sales and 11.7% of operating profit. The pharmacy business accounted for the majority of sales and operating profit until the 2024/3 fiscal year, but it can be said that it has become a well-balanced business portfolio due to the establishment of Daiichi Sankyo ESFA as a subsidiary.

(Author: FISCO Visiting Analyst Joe Sato)