Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<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> received a conditional approval of IZERVAY (avacincaptad pegol intravitreal solution) in Japan for the suppression of geographic atrophy (GA) growth in atrophic age-related macular degeneration (AMD).</li>
<li>In Q1FY26, with 25% YoY revenue growth, Izervay reported record high quarterly sales of ¥16B. The drug continues to be preferred treatment for new patient start (market share of ~55%).</li>
<li>For FY26, Astellas projects revenue of ¥470B from strategic brands, of which Izervay is expected to around ~¥105B. This will gradually accelerate in coming fiscals with Japan sales falling in.</li>
</ul>



Astellas Pharma (4503 JP) received a conditional approval of IZERVAY (avacincaptad pegol intravitreal solution) in Japan for the suppression of geographic atrophy (GA) growth in atrophic age-related macular degeneration (AMD).
In Q1FY26, with 25% YoY revenue growth, Izervay reported record high quarterly sales of ¥16B. The drug continues to be preferred treatment for new patient start (market share of ~55%).
For FY26, Astellas projects revenue of ¥470B from strategic brands, of which Izervay is expected to around ~¥105B. This will gradually accelerate in coming fiscals with Japan sales falling in.


Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Astellas is a global pharmaceutical company with a strategic focus on oncology, urology, immunology, nephrology, and neuroscience, driving growth through its portfolio of strategic brands like XTANDI, PADCEV, and VEOZAH.</li>
  <li>The company is navigating a period of transformation, balancing the growth of its key products against upcoming patent expirations and a high-risk, high-reward R&amp;D pipeline focused on innovative modalities like cell and gene therapies.</li>
  <li>Financial performance shows strong revenue growth driven by strategic brands, but profitability has been inconsistent. The company's future success hinges on the continued market penetration of its growth drivers and the successful clinical development and commercialization of its pipeline assets.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Astellas is a global pharmaceutical company with a strategic focus on oncology, urology, immunology, nephrology, and neuroscience, driving growth through its portfolio of strategic brands like XTANDI, PADCEV, and VEOZAH.
  The company is navigating a period of transformation, balancing the growth of its key products against upcoming patent expirations and a high-risk, high-reward R&amp;D pipeline focused on innovative modalities like cell and gene therapies.
  Financial performance shows strong revenue growth driven by strategic brands, but profitability has been inconsistent. The company's future success hinges on the continued market penetration of its growth drivers and the successful clinical development and commercialization of its pipeline assets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Astellas Pharma  (4503 JT) - Sep 2025

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

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.</li>
<li>Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.
Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.


Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

<ul>
<li>During Q1FY26, <a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> reported 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.</li>
<li>During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).</li>
<li>The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.</li>
</ul>


During Q1FY26, Eisai Co Ltd (4523 JP) reported 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.
During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).
The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.


Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

<ul>
<li>During Q1FY26, <a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a>  reported revenue of ¥127.5B, an increase of 8% YoY. Opdivo witnessed 8% decrease in revenue to ¥29.4B mainly due to increased competition.  </li>
<li>Opdivo is facing competition from Keytruda. Ono guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.</li>
<li>In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.</li>
</ul>


During Q1FY26, Ono Pharmaceutical (4528 JP)  reported revenue of ¥127.5B, an increase of 8% YoY. Opdivo witnessed 8% decrease in revenue to ¥29.4B mainly due to increased competition.  
Opdivo is facing competition from Keytruda. Ono guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.


Ono Pharma (4528 JP): Forxiga and Acquisition Drives 1QFY26, Opdivo Takes a Backseat on Competition

Japan

Astellas Pharma Inc. is a pharmaceutical company committed to the therapeutic fields of urology, immunology including transplantation and infectious diseases, oncology, euroscience and DM complications and metabolic diseases. The Company researches, develops, manufactures, and promotes its prescription drugs through subsidiaries in the US, Europe, and Asia.

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Astellas Pharma (4503 JT)

Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Tina Banerjee

Primer: Astellas Pharma (4503 JT) - Sep 2025

Astellas is a global pharmaceutical company with a strategic focus on oncology, urology, immunology, nephrology, and neuroscience, driving...

αSK Primers

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

Ono Pharma (4528 JP): Forxiga and Acquisition Drives 1QFY26, Opdivo Takes a Backseat on Competition

Ono Pharmaceutical's Q1FY26 revenue increased 8% YoY. Opdivo revenue decreased 8% YoY due to competition. Despite indication expansion, concerns...

Tina Banerjee

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52-week Range

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Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

​Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Tina Banerjee

Primer: Astellas Pharma (4503 JT) - Sep 2025

Astellas is a global pharmaceutical company with a strategic focus on oncology, urology, immunology, nephrology, and neuroscience, driving...

αSK Primers

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

Ono Pharma (4528 JP): Forxiga and Acquisition Drives 1QFY26, Opdivo Takes a Backseat on Competition

​Ono Pharmaceutical's Q1FY26 revenue increased 8% YoY. Opdivo revenue decreased 8% YoY due to competition. Despite indication expansion, concerns...

Tina Banerjee

Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Ono Pharmaceutical's Q1FY26 revenue increased 8% YoY. Opdivo revenue decreased 8% YoY due to competition. Despite indication expansion, concerns...