Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> witnessed 8% revenue growth in 1Q26. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.</li>
<li>Otsuka reiterated 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.</li>
<li>Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.</li>
</ul>



Otsuka Holdings (4578 JP) witnessed 8% revenue growth in 1Q26. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.
Otsuka reiterated 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.
Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.


Otsuka Holdings (4578 JP): Rexulti, Abilify Gain Further Traction in 1Q26, Guidance Reiterated

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the overall numbers, total Sales is up 7% YoY, OP is up 11% YoY and Net Income is up 26% YoY.At the sector level, Semiconductors &amp; Semiconductor Equipment sales is up 32% YoY and Material sector sales is up 12%. On the other side, only the Retail sector had sales fall YoY. 1Q Sales is down 2% in Retail. Sales for Health Care Equipment &amp; Services is only up 1%…

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the overall numbers, total Sales is up 7% YoY, OP is up 11% YoY and Net Income is up 26% YoY.At the sector level, Semiconductors &amp; Semiconductor Equipment sales is up 32% YoY and Material sector sales is up 12%. On the other side, only the Retail sector had sales fall YoY. 1Q Sales is down 2% in Retail. Sales for Health Care Equipment &amp; Services is only up 1%…

1Q Results a Good Start in Japan - 133 Names Achieved More than 30% of Full-Year OP Guidance....

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe, European luxury/apparel, UK homebuilders, EM chemicals, Japanese chemicals, and Japanese tech stocks.

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe, European luxury/apparel, UK homebuilders, EM chemicals, Japanese chemicals, and Japanese tech stocks.

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chugai-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:4489:1" rel="noopener">Chugai Pharmaceutical (4519 JP)</a> reported a rise of 11.5% YoY in revenue to ¥321.7B. Hemlibra overseas sales stood at ¥108.9B (37% of total sales), up 26% YoY.</li>
<li>2026 guidance reiterated. Revenue is expected to increase to ¥1,345B (up 7% YoY). Both core operating profit and core net income expected to increase by 7.5% YoY each.</li>
<li>Eli Lilly received the U.S. FDA approval for Founday (orforglipron) for adults with obesity and it has been launched in the US market in early April 2026.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported a rise of 11.5% YoY in revenue to ¥321.7B. Hemlibra overseas sales stood at ¥108.9B (37% of total sales), up 26% YoY.
2026 guidance reiterated. Revenue is expected to increase to ¥1,345B (up 7% YoY). Both core operating profit and core net income expected to increase by 7.5% YoY each.
Eli Lilly received the U.S. FDA approval for Founday (orforglipron) for adults with obesity and it has been launched in the US market in early April 2026.


Chugai Pharma (4519 JP): Hemlibra Drive 1Q26, 2026 Guidance Reiterated, Orforglipron Launched in US

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

This is the third report of "The Week That Was in North Asia@Smartkarma". This is a collaborative report among <a href="https://www.smartkarma.com/profiles/713" target="_blank" data-smartkarma-citation="accounts:713">Mio Kato, CFA</a>, <a href="https://www.smartkarma.com/profiles/354" target="_blank" data-smartkarma-citation="accounts:354">Sanghyun Park</a>, <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a>, and  <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a>. It is written on a weekly, rotational basis among these four analysts (others are welcome!). The focus of this report is to recap the major insights about Japan and Korea featured on Smartkarma during the past week.<h2>Reminders of the Dotcom Bubble, Delayed Filings, Governance Issues and Political Threats... No Wonder North</h2>…

This is the third report of "The Week That Was in North Asia@Smartkarma". This is a collaborative report among Mio Kato, CFA, Sanghyun Park, Douglas Kim, and  Travis Lundy. It is written on a weekly, rotational basis among these four analysts (others are welcome!). The focus of this report is to recap the major insights about Japan and Korea featured on Smartkarma during the past week.Reminders of the Dotcom Bubble, Delayed Filings, Governance Issues and Political Threats... No Wonder North…

The Week That Was in NorthAsia@Smartkarma

Japan

Takeda Pharmaceutical Co Ltd focuses on the Research & Development, Manufacturing, Sales and Marketing and Import/Export of Pharmaceutical Drugs. The Company focuses on the following core therapeutic areas: Cardiovascular & Metabolic, Oncology, Central Nervous System, Respiratory & Immunology, General Medicine (Gastrointestinal & Genitourinary) and Vaccine.

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Takeda Pharmaceutical (4502 JP)

Otsuka Holdings (4578 JP): Rexulti, Abilify Gain Further Traction in 1Q26, Guidance Reiterated

Otsuka Holdings saw 8% revenue growth in 1Q26 driven by Rexulti and Abilify. Sibeprenlimab next big draw. Transcend acquisition positive....

Tina Banerjee

1Q Results a Good Start in Japan - 133 Names Achieved More than 30% of Full-Year OP Guidance....

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the...

Custom Products Group

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe,...

Vermilion Research

Chugai Pharma (4519 JP): Hemlibra Drive 1Q26, 2026 Guidance Reiterated, Orforglipron Launched in US

Chugai Pharma reports 11.5% revenue increase as Hemlibra overseas sales up 26% YoY. 2026 guidance reiterated. FDA approval for Founday...

Tina Banerjee

The Week That Was in NorthAsia@Smartkarma

This is the third report of "The Week That Was in North Asia@Smartkarma". This is a collaborative report among Mio Kato, CFA, Sanghyun Park,...

Mio Kato

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Otsuka Holdings (4578 JP): Rexulti, Abilify Gain Further Traction in 1Q26, Guidance Reiterated

​Otsuka Holdings saw 8% revenue growth in 1Q26 driven by Rexulti and Abilify. Sibeprenlimab next big draw. Transcend acquisition positive....

Tina Banerjee

1Q Results a Good Start in Japan - 133 Names Achieved More than 30% of Full-Year OP Guidance....

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the...

Custom Products Group

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe,...

Vermilion Research

Chugai Pharma (4519 JP): Hemlibra Drive 1Q26, 2026 Guidance Reiterated, Orforglipron Launched in US

​Chugai Pharma reports 11.5% revenue increase as Hemlibra overseas sales up 26% YoY. 2026 guidance reiterated. FDA approval for Founday...

Tina Banerjee

The Week That Was in NorthAsia@Smartkarma

This is the third report of "The Week That Was in North Asia@Smartkarma". This is a collaborative report among Mio Kato, CFA, Sanghyun Park,...

Mio Kato

Otsuka Holdings saw 8% revenue growth in 1Q26 driven by Rexulti and Abilify. Sibeprenlimab next big draw. Transcend acquisition positive....

Chugai Pharma reports 11.5% revenue increase as Hemlibra overseas sales up 26% YoY. 2026 guidance reiterated. FDA approval for Founday...