bearish
Medipal Holdings (7459 JP): Disappointing FY23 Guidance and Challenging Business Environment
390 Views18 May 2022 23:17
SUMMARY
- 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.
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Tina Banerjee
Global Healthcare Analyst
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