Loading…
Pharmaceutical company that co-developed cancer drug Opdivo, earning royalties alongside its own drug pipeline.
Pharmaceutical company that co-developed cancer drug Opdivo, earning royalties alongside its own drug pipeline.
Sells Opdivo itself in Japan, South Korea and Taiwan and collects royalties on sales elsewhere, where Bristol Myers Squibb markets it. A patent settlement also brings royalties on Merck's rival drug Keytruda. Buying US drugmaker Deciphera in 2024 added cancer drugs that Ono now sells directly in the US.
In one line: A specialty pharma with a blockbuster oncology royalty stream.
Moat: narrow (IP / patents). Patent-protected Opdivo royalty stream and pipeline in a high-value oncology franchise.
Headquarters: Osaka, Japan · Founded: 1717 · Employees: 4,206
Size ONO Pharmaceutical (4528.T) is a Japan Health Care company (Pharmaceuticals: Major) with a market value of $7.01B, the 182nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,352 on 6 Nov 2026.
Performance Over six months the shares gained 2.0%, against +1.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 2.5% over the last twelve months (peer median +8.9%); the operating margin is 22.1% (peer median 13.7%).
Valuation It trades at 14.7× forward earnings against a peer median of 24.0× (5th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points above its cost of capital (5.7% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥491B | ¥516B | ¥487B | ¥503B | ¥447B |
| Revenue growth | — | +6% | -3% | +12% | — |
| Gross profit | ¥364B | ¥371B | ¥335B | ¥373B | ¥334B |
| EBITDA | ¥146B | ¥141B | ¥90.3B | ¥182B | ¥170B |
| Net income | ¥74.6B | ¥69.8B | ¥50.0B | ¥128B | ¥113B |
| Free cash flow | ¥127B | ¥131B | ¥77.0B | ¥107B | ¥154B |
| Capital expenditure | ¥11.8B | ¥53.3B | ¥7.99B | ¥20.8B | ¥14.5B |
| Total debt | ¥110B | ¥121B | ¥147B | ¥8.86B | ¥9.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ONO Pharmaceutical 4528.T | $7.01B | +2% | -2% | 22% | 14.7× | -8.2% |
| Bristol Myers Squibb BMY | $127B | +12% | +4% | 33% | 9.7× | -12.9% |
| Chugai Pharmaceutical 4519.T | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4528.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | +2.4% | 9th highest of 21 |
| 6-month return | +2.0% | +1.7% | 11th highest of 21 |
| Distance from 52-week high | -12.0% | -16.4% | 10th highest of 21 |
| Revenue growth (TTM) | -2.5% | +8.9% | 4th lowest of 18 |
| Operating margin | 22.1% | 13.7% | 2nd highest of 18 |
| Forward P/E | 14.7× | 24.0× | 5th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -8.2% | 12.6% | least demanding of 11 |
| Growth delivered (Del g) | +10.8% | +10.0% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -19.0 pp | +3.1 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +4.5 pp | +1.3 pp | 6th highest of 20 |
| EV / EBITDA | 6.6× | 21.1× | cheapest of 10 |
| Net debt / EBITDA | -1.0× | 2.3× | 3rd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ONO Pharmaceutical 4528.T | Japan | $7.01B | +2% | -2% | 22% | 14.7× | -8.2% | +10.8% |
| Amneal Pharmaceuticals AMRX | United States | $7.01B | +53% | +9% | 17% | 17.7× | 15.2% | +8.7% |
| RemeGen 9995.HK | Hong Kong | $6.92B | -31% | +293% | 61% | 7.4× | -4.8% | +57.9% |
| Oruka Therapeutics ORKA | United States | $6.81B | +59% | n/a | n/a | n/a | n/a | n/a |
| Huadong Medicine 000963.SZ | China | $7.29B | -17% | +2% | 9% | 14.0× | -2.7% | +5.3% |
| Bachem BANB.SW | Switzerland | $7.32B | +3% | +5% | 19% | 33.1× | n/a | n/a |
| Alkem Laboratories ALKEM.NS | India | $6.67B | -5% | +13% | 17% | 27.4× | 24.3% | +10.7% |
| Kiniksa Pharmaceuticals International KNSA | United States | $7.37B | +60% | +58% | 14% | 61.7× | 9.9% | +45.5% |
| Cytokinetics CYTK | United States | $7.46B | -30% | -21% | -1,046% | n/a | n/a | n/a |
| Grifols GRF.MC | Spain | $7.49B | +23% | 0% | 16% | 13.0× | 6.8% | +7.1% |
| Ionis Pharmaceuticals IONS | United States | $6.55B | -48% | -7% | -68% | n/a | n/a | n/a |
| China Resources Sanjiu Medical & Pharmaceutical 000999.SZ | China | $6.48B | 0% | +4% | 14% | 12.8× | -6.3% | +18.4% |
| Gan & Lee Pharmaceuticals 603087.SS | China | $6.40B | +21% | +14% | 20% | 29.7× | n/a | n/a |
| Samsung Epis 0126Z0.KS | South Korea | $6.39B | -36% | n/a | -25% | 24.0× | n/a | n/a |
| Alkermes Public ALKS | United States | $7.71B | +31% | +15% | 5% | n/a | 31.5% | +7.3% |
| Glenmark Pharmaceuticals GLENMARK.NS | India | $7.73B | +9% | +33% | 20% | 32.0× | 20.0% | +9.4% |
| Praxis Precision Medicines PRAX | United States | $7.75B | -16% | -100% | n/a | n/a | n/a | n/a |
| Rhythm Pharmaceuticals RYTM | United States | $7.78B | +19% | +61% | -67% | n/a | n/a | n/a |
| Biocon BIOCON.NS | India | $6.28B | -4% | +6% | 8% | 56.4× | n/a | n/a |
| Belite Bio, Inc. ADR BLTE | United States | $6.20B | 0% | n/a | n/a | n/a | n/a | n/a |
| Corcept Therapeutics CORT | United States | $7.96B | +39% | +30% | 12% | 16.4× | 24.9% | +16.6% |