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> sees 7% revenue growth in 1H25, despite negative Fx impact. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti and Abilify franchise were strong.</li>
<li>Otsuka kept 2025 revenue guidance unchanged, the company raised guidance for business, operating, and net profits for 2025 mainly due to lower than anticipated operating expenses due to Fx impact.</li>
<li>Otsuka stated that pharmaceutical business has no impact by additional US tariffs. Two top selling drugs are steadily gaining traction. Going ahead, new launches should further drive growth.</li>
</ul>



Otsuka Holdings (4578 JP) sees 7% revenue growth in 1H25, despite negative Fx impact. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti and Abilify franchise were strong.
Otsuka kept 2025 revenue guidance unchanged, the company raised guidance for business, operating, and net profits for 2025 mainly due to lower than anticipated operating expenses due to Fx impact.
Otsuka stated that pharmaceutical business has no impact by additional US tariffs. Two top selling drugs are steadily gaining traction. Going ahead, new launches should further drive growth.


Otsuka Holdings (4578 JP): Better-Than-Expected 1H Performance Leads 2025 Guidance Raise

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> reported 1QFY26 revenue of ¥1,107B, down 8%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.</li>
<li>Takeda reiterated its FY26 guidance of lower sales and higher margins, reflecting near term headwinds amid cost control.</li>
<li>Positive Phase 3 data read outs for rusfertide (for Polycythemia Vera) and oveporexton (for narcolepsy type 1) is a step ahead towards filing in FY26 and likely approval thereafter.</li>
</ul>



Takeda Pharmaceutical (4502 JP) reported 1QFY26 revenue of ¥1,107B, down 8%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.
Takeda reiterated its FY26 guidance of lower sales and higher margins, reflecting near term headwinds amid cost control.
Positive Phase 3 data read outs for rusfertide (for Polycythemia Vera) and oveporexton (for narcolepsy type 1) is a step ahead towards filing in FY26 and likely approval thereafter.


Takeda Pharmaceutical (4502 JP): Guidance Reaffirmed; Positive Data Read Outs Pave Way for Filings

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Will be a soft day for pharma after Trump insists drug makers cut costs.</li>
<li>Applied Digital +31% with an additional 150MW order on the table from Correweave.</li>
<li>Expect a U-turn for SPE after yesterdays strength despite the positive longer term outlook.</li>
</ul>


Will be a soft day for pharma after Trump insists drug makers cut costs.
Applied Digital +31% with an additional 150MW order on the table from Correweave.
Expect a U-turn for SPE after yesterdays strength despite the positive longer term outlook.


Japan Morning Connection: TEL Numbers Miss Weighs on US Semi-Caps Despite MSFT and META Capex Plans

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<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> reported 7% revenue growth in Q1FY26. Strategic brands grew 49% and contributed 22% of revenue. Driven by cost optimization, core operating profit increased 61%.</li>
<li>Astellas reiterated FY26 guidance of 1% revenue growth and 5% core operating profit increase. Q1FY26 progress enhance conviction on comfortably meet FY26 guidance.</li>
<li>With no near-term new launches anticipated for Astellas, performance of the strategic brands in existing markets as well as their indication and geography expansions should be the key drivers.</li>
</ul>



Astellas Pharma (4503 JP) reported 7% revenue growth in Q1FY26. Strategic brands grew 49% and contributed 22% of revenue. Driven by cost optimization, core operating profit increased 61%.
Astellas reiterated FY26 guidance of 1% revenue growth and 5% core operating profit increase. Q1FY26 progress enhance conviction on comfortably meet FY26 guidance.
With no near-term new launches anticipated for Astellas, performance of the strategic brands in existing markets as well as their indication and geography expansions should be the key drivers.


Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

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<li>
<a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> achieved YoY improvement in all key parameters. Moreover, Q1FY26 result shows a significant improvement compared to Q1FY25, when all key parameters recorded double-digit YoY decline.</li>
<li>During Q1FY26, revenue increased 2% YoY to ¥100B, driven by HIV franchise. Q1FY26 revenue records 19% progress, while operating and net profit advanced more than 20% of full-year target.</li>
<li>Shionogi has maintained H1FY26 and FY26 guidance. This indicates Q2FY26 revenue expectation of ¥133B, up 14% YoY. Acquisition of JT Group’s pharmaceutical business and Torii Pharmaceutical is progressing.</li>
</ul>



Shionogi &amp; Co (4507 JP) achieved YoY improvement in all key parameters. Moreover, Q1FY26 result shows a significant improvement compared to Q1FY25, when all key parameters recorded double-digit YoY decline.
During Q1FY26, revenue increased 2% YoY to ¥100B, driven by HIV franchise. Q1FY26 revenue records 19% progress, while operating and net profit advanced more than 20% of full-year target.
Shionogi has maintained H1FY26 and FY26 guidance. This indicates Q2FY26 revenue expectation of ¥133B, up 14% YoY. Acquisition of JT Group’s pharmaceutical business and Torii Pharmaceutical is progressing.


Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth

Japan

Daiichi Sankyo Co, Ltd is a holding company established through merger of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals for human/veterinary use and medical tools and equipment. It also researches and promotes products through related companies throughout the world. The Group also produces food, food additives, livestock feeds, and agrochemicals.

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Daiichi Sankyo (4568 JP)

Otsuka Holdings (4578 JP): Better-Than-Expected 1H Performance Leads 2025 Guidance Raise

Otsuka reports 7% revenue growth in 1H25 driven by strong pharmaceutical business. The company maintains 2025 revenue guidance but raises profit...

Tina Banerjee

Takeda Pharmaceutical (4502 JP): Guidance Reaffirmed; Positive Data Read Outs Pave Way for Filings

Takeda Pharmaceutical reports 1QFY26 revenue decline due to unfavorable Fx and lower sales of Vyvanse. The company reiterates FY26 guidance....

Tina Banerjee

Japan Morning Connection: TEL Numbers Miss Weighs on US Semi-Caps Despite MSFT and META Capex Plans

Pharma industry faces pressure to cut costs as Trump demands, Applied Digital jumped after numbers beat and announcement on increased AI computing...

Andrew Jackson

Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

Astellas Pharma sees 7% sales growth in Q1FY26, with strategic brands growing 49%. The company reiterates FY26 guidance. Strategic brands'...

Tina Banerjee

Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth

Shionogi sees 2% revenue growth in Q1FY26 revenue, driven by HIV franchise royalty. The company maintained FY guidance. Acquisition of JT Group's...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Otsuka Holdings (4578 JP): Better-Than-Expected 1H Performance Leads 2025 Guidance Raise

​Otsuka reports 7% revenue growth in 1H25 driven by strong pharmaceutical business. The company maintains 2025 revenue guidance but raises profit...

Tina Banerjee

Takeda Pharmaceutical (4502 JP): Guidance Reaffirmed; Positive Data Read Outs Pave Way for Filings

​Takeda Pharmaceutical reports 1QFY26 revenue decline due to unfavorable Fx and lower sales of Vyvanse. The company reiterates FY26 guidance....

Tina Banerjee

Japan Morning Connection: TEL Numbers Miss Weighs on US Semi-Caps Despite MSFT and META Capex Plans

​Pharma industry faces pressure to cut costs as Trump demands, Applied Digital jumped after numbers beat and announcement on increased AI computing...

Andrew Jackson

Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

​Astellas Pharma sees 7% sales growth in Q1FY26, with strategic brands growing 49%. The company reiterates FY26 guidance. Strategic brands'...

Tina Banerjee

Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth

​Shionogi sees 2% revenue growth in Q1FY26 revenue, driven by HIV franchise royalty. The company maintained FY guidance. Acquisition of JT Group's...

Tina Banerjee

Otsuka reports 7% revenue growth in 1H25 driven by strong pharmaceutical business. The company maintains 2025 revenue guidance but raises profit...

Takeda Pharmaceutical reports 1QFY26 revenue decline due to unfavorable Fx and lower sales of Vyvanse. The company reiterates FY26 guidance....

Pharma industry faces pressure to cut costs as Trump demands, Applied Digital jumped after numbers beat and announcement on increased AI computing...

Astellas Pharma sees 7% sales growth in Q1FY26, with strategic brands growing 49%. The company reiterates FY26 guidance. Strategic brands'...

Shionogi sees 2% revenue growth in Q1FY26 revenue, driven by HIV franchise royalty. The company maintained FY guidance. Acquisition of JT Group's...