CUP Balance Sheet - Chugai Pharmaceutical Co Ltd

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Price: 36.03 EUR 0.42% Market Closed

Market Cap: €59.3B

C	Chugai Pharmaceutical Co Ltd XMUN:CUP	JP
	Sangetsu Corp OTC:SGSUF	JP

Financial profile · Q2 FY2026

A high-margin, cash-generative pharma model scaling through products and royalties

Chugai's multi-year record shows sustained revenue and profit growth with operating margins expanding as product and royalty income scale. It funds substantial R&D internally and retains a debt-light, liquid balance sheet, although recent investment spending has become more prominent in cash deployment.

What is developing

The quarter ended June 30, 2026 extended the established growth and profitability pattern, while the December 31, 2025 cash-flow data showed a material step-up in capital spending that reduced free-cash-flow conversion without making free cash flow negative. Earnings momentum remains intact, but cash deployment is becoming more investment-led.

What matters next

Whether operating cash flow normalizes while capital spending remains elevated and free-cash-flow conversion recovers.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	95.4B	139.1B	146.9B	203.9B	212.3B	267.8B	222.2B	458.7B	540.2B	426.6B
Cash	91.6B	136.2B	140.9B	195.5B	205.7B	261.3B	215.6B	440.5B	468.9B	419.2B
Cash Equivalents	3.8B	2.9B	5.9B	8.4B	6.6B	6.4B	6.6B	18.2B	71.3B	7.4B
Short-Term Investments	120.9B	106.1B	104.7B	134.2B	166.3B	204.2B	280.9B	280.3B	456.1B	553.1B
Total Receivables	167.5B	175B	179.6B	181.6B	253.4B	356B	514.3B	320.3B	335.2B	443.1B
Accounts Receivables	140.7B	148.5B	150.8B	139.6B	195.6B	281.3B	436.4B	252.5B	258.3B	317.5B
Other Receivables	26.8B	26.5B	28.8B	42B	57.7B	74.7B	77.9B	67.8B	76.8B	125.6B
Inventory	185.4B	169.1B	159.4B	168.1B	183.9B	208.8B	292.2B	273.5B	240.1B	276.8B
Other Current Assets	9.6B	9.9B	9.6B	11.8B	19B	26.8B	26.9B	33.6B	34.5B	41.1B
Total Current Assets	578.8B	599.1B	600.1B	699.7B	834.9B	1.1T	1.3T	1.4T	1.6T	1.7T
PP&E Net	157.1B	171.6B	222.4B	265.3B	297.5B	352.1B	386.7B	420.7B	441.6B	479.5B
PP&E Gross	157.1B	171.6B	222.4B	265.3B	297.5B	352.1B	386.7B	420.7B	441.6B	479.5B
Accumulated Depreciation	(164.6B)	(176.3B)	(181.6B)	(194.2B)	(209.6B)	(219B)	(238.2B)	(203.7B)	(218.4B)	(228.5B)
Intangible Assets	19.3B	21.1B	22.7B	23.5B	23.9B	22B	25.1B	19.9B	17.9B	54.5B
Long-Term Investments	—	—	9.7B	3B	3B	11.8B	11.5B	12.5B	16.6B	24.4B
Other Long-Term Assets	51.1B	60.7B	64.6B	67.4B	76.2B	89.2B	110B	113.1B	126.3B	169.4B
Total Assets	806.3B	852.5B	919.5B	1.1T	1.2T	1.5T	1.9T	1.9T	2.2T	2.5T
Accounts Payable	42.5B	38.4B	35.9B	47.7B	58.3B	97.2B	144.1B	54.2B	16.1B	89.2B
Accrued Liabilities	37.2B	41.8B	48.1B	54.8B	57.3B	65.1B	65.7B	94.6B	88.9B	93.7B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Current Portion of Long-Term Debt	135m	129m	133m	7.3B	6.6B	6.6B	6.4B	7B	6.4B	7.8B
Other Current Liabilities	43.8B	42.5B	51.1B	69.4B	113.8B	158.6B	207.6B	132.4B	178.9B	220.4B
Deferred Revenue	1.4B	1.6B	239m	252m	80m	86m	79m	31m	31m	37m
Total Current Liabilities	123.7B	122.9B	135.2B	179.3B	236.1B	327.4B	423.7B	288.2B	290.4B	411.1B
Long-Term Debt	510m	207m	82m	5.5B	4.6B	9.5B	7.7B	6.5B	4.5B	17.9B
Deferred Income Tax	9.1B	9.2B	9B	9.3B	9.2B	7.6B	7.1B	5.8B	5.1B	4B
Minority Interest	989m	973m	664m	—	—	—	—	—	—	—
Other Liabilities	26.5B	27.3B	18.7B	10.9B	5.6B	6.2B	6.9B	6.5B	6.9B	9.8B
Total Liabilities	160.8B	160.5B	163.7B	204.9B	255.5B	350.7B	445.4B	307B	306.9B	442.9B
Common Stock	73B	73B	73B	73B	73.2B	73.2B	73.2B	73.2B	73.2B	73.2B
Retained Earnings	507.4B	551B	618.1B	722.1B	849.1B	1.1T	1.3T	1.5T	1.7T	1.9T
Additional Paid In Capital	63.5B	64.8B	66B	67B	67.6B	68.2B	68.8B	69.4B	69.9B	70.5B
Unrealized Security Profit/Loss	4.9B	6.1B	4.9B	530m	400m	91m	(205m)	162m	(149m)	61m
Other Equity	(3.2B)	(2.9B)	(6.2B)	(8.7B)	(10.3B)	(7.5B)	(10.8B)	(5.9B)	11.6B	(8.1B)
Total Equity	645.5B	691.9B	755.9B	854B	980B	1.2T	1.4T	1.6T	1.9T	2T
Total Liabilities & Equity	806.3B	852.5B	919.5B	1.1T	1.2T	1.5T	1.9T	1.9T	2.2T	2.5T
Common Shares Outstanding	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B