Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/sumitomo-pharma-co" target="_blank" data-smartkarma-citation="entities:1935:1" rel="noopener">Sumitomo Pharma (4506 JP)</a> reported 19% YoY (negative Fx impact of 7%) revenue growth during Q1FY26 to ¥108B, mainly driven by North America.</li>
<li>Orgovyx witnessed growth in medicare patients due to reduction in out-of-pocket caps and Gemtesa on the other hand improved market share employing price focussed strategy.</li>
<li>Sumitomo Pharma is well on track moving ahead of the significant losses suffered in FY23 and FY24, focusing on expanding revenue, reducing costs, and securing future business drivers.</li>
</ul>



Sumitomo Pharma (4506 JP) reported 19% YoY (negative Fx impact of 7%) revenue growth during Q1FY26 to ¥108B, mainly driven by North America.
Orgovyx witnessed growth in medicare patients due to reduction in out-of-pocket caps and Gemtesa on the other hand improved market share employing price focussed strategy.
Sumitomo Pharma is well on track moving ahead of the significant losses suffered in FY23 and FY24, focusing on expanding revenue, reducing costs, and securing future business drivers.


Sumitomo Pharma (4506 JP): Orgovyx, Gemtesa Strong; Promise in Oncology and Regenerative Line Up

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<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

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<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

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<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> guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.</li>
<li>Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.</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>



Ono Pharmaceutical (4528 JP) guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.
In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.


Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

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)

Sumitomo Pharma (4506 JP): Orgovyx, Gemtesa Strong; Promise in Oncology and Regenerative Line Up

Sumitomo Pharma sees 19% YoY revenue growth in Q1FY26 driven by North America. The company is well on track for moving ahead of the significant...

Tina Banerjee

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

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

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Tina Banerjee

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Market Cap (USDm)

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Sumitomo Pharma (4506 JP): Orgovyx, Gemtesa Strong; Promise in Oncology and Regenerative Line Up

​Sumitomo Pharma sees 19% YoY revenue growth in Q1FY26 driven by North America. The company is well on track for moving ahead of the significant...

Tina Banerjee

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

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

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

​Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Tina Banerjee

Sumitomo Pharma sees 19% YoY revenue growth in Q1FY26 driven by North America. The company is well on track for moving ahead of the significant...

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

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...

Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...