Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>For 2025, <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> is looking for 2% YoY revenue growth to ¥2,380B. However, net profit is expected to decline 20% YoY to ¥275B.</li>
<li>Even upon a massive impact from LoE of Jinarc/Jynarque, total revenue will grow in 2025. Excluding one-time of impact of the tax adjustments, 2025 net profit guidance implies 6% growth.</li>
<li>Otsuka intends to reduce buyback to create a more investable environment, encourage individual investors to participate in the market, and revitalize the stock market.</li>
</ul>


For 2025, Otsuka Holdings (4578 JP) is looking for 2% YoY revenue growth to ¥2,380B. However, net profit is expected to decline 20% YoY to ¥275B.
Even upon a massive impact from LoE of Jinarc/Jynarque, total revenue will grow in 2025. Excluding one-time of impact of the tax adjustments, 2025 net profit guidance implies 6% growth.
Otsuka intends to reduce buyback to create a more investable environment, encourage individual investors to participate in the market, and revitalize the stock market.


Otsuka Holdings (4578 JP): Soft Guidance for 2025; Reduction of Investment Units

<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> reported a 22% YoY (6% from favourable Fx rates) revenue growth to ¥1,453B in 9MFY25. The U.S. market continue to be key, contributing 46% of revenue.</li>
<li>Operating profit rose 44% YoY to ¥297.5B, with operating margin expanding 310bps to 20.5%. Core profit increased 35% YoY to ¥223B, with margins improving 150bps to 15.4% in 9MFY25.</li>
<li>Guidance revised upward, with revenue now expected at ¥1,900B on robust XTANDI performance and favorable forex movement.</li>
</ul>



Astellas Pharma (4503 JP) reported a 22% YoY (6% from favourable Fx rates) revenue growth to ¥1,453B in 9MFY25. The U.S. market continue to be key, contributing 46% of revenue.
Operating profit rose 44% YoY to ¥297.5B, with operating margin expanding 310bps to 20.5%. Core profit increased 35% YoY to ¥223B, with margins improving 150bps to 15.4% in 9MFY25.
Guidance revised upward, with revenue now expected at ¥1,900B on robust XTANDI performance and favorable forex movement.


Astellas Pharma (4503 JP): 9MFY25 Result- Strategic Brands Strong; Margins Expand; Guidance Raised

<ul>
<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> reported 1% YoY revenue decline during 9MFY25 as domestic sales of prescription drugs decreased 38% YoY.</li>
<li>Quviviq, a DORA treatment for insomnia was launched in December 2024. Shionogi acquired exclusive distribution rights for Quviviq in Japan and it is expected to be a significant revenue contributor.</li>
<li>Shionogi submitted NDA in Japan for zuranolone, a treatment in development for major depressive disorder (MDD). Approval is expected in H1FY26.</li>
</ul>



Shionogi &amp; Co (4507 JP) reported 1% YoY revenue decline during 9MFY25 as domestic sales of prescription drugs decreased 38% YoY.
Quviviq, a DORA treatment for insomnia was launched in December 2024. Shionogi acquired exclusive distribution rights for Quviviq in Japan and it is expected to be a significant revenue contributor.
Shionogi submitted NDA in Japan for zuranolone, a treatment in development for major depressive disorder (MDD). Approval is expected in H1FY26.


Shionogi & Co (4507 JP): 9MFY25 Revenue Flat; Insomnia Drug Launched; NDA Submission in Japan

<ul>
<li>
<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 25% YoY revenue growth during 9MFY25, driven by North America.</li>
<li>Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥21B during 9MFY25 compared to an operating loss of ¥96B in same period last year.</li>
<li>Sumitomo is now expecting FY25 revenue to be ¥381B, up by ¥43B from the previous forecast and a core net profit of ¥16B.</li>
</ul>



Sumitomo Pharma (4506 JP) reported 25% YoY revenue growth during 9MFY25, driven by North America.
Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥21B during 9MFY25 compared to an operating loss of ¥96B in same period last year.
Sumitomo is now expecting FY25 revenue to be ¥381B, up by ¥43B from the previous forecast and a core net profit of ¥16B.


Sumitomo Pharma (4506 JP): Robust 9MFY25 Revenues; Back in Black; Guidance Revised

<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> revised FY25 revenue guidance upward to ¥1900B on robust Xtandi performance and favourable forex movement. Core profits and margins will also see upward revisions and expansions.</li>
<li>The company will record an impairment charge of ¥176B for intangible assets this fiscal. As a result, FY25 operating profit on reported basis will come down to ¥11B from ¥80B.</li>
<li>Recently, Astellas has received approval for Vyloy and label expansion approval for Padcev in China. Label expansion application for Izervay in the U.S. has been accepted by the FDA.</li>
</ul>



Astellas Pharma (4503 JP) revised FY25 revenue guidance upward to ¥1900B on robust Xtandi performance and favourable forex movement. Core profits and margins will also see upward revisions and expansions.
The company will record an impairment charge of ¥176B for intangible assets this fiscal. As a result, FY25 operating profit on reported basis will come down to ¥11B from ¥80B.
Recently, Astellas has received approval for Vyloy and label expansion approval for Padcev in China. Label expansion application for Izervay in the U.S. has been accepted by the FDA.


Astellas Pharma (4503 JP): Xtandi & Forex Lead To Guidance Revision, Impairment Losses One Off Burnt

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)

Otsuka Holdings (4578 JP): Soft Guidance for 2025; Reduction of Investment Units

Otsuka is looking for 2% revenue growth in 2025 but expects a 20% decline in net profit. The company plans to reduce buyback to boost market...

Tina Banerjee

Astellas Pharma (4503 JP): 9MFY25 Result- Strategic Brands Strong; Margins Expand; Guidance Raised

Astellas Pharma reports strong revenue growth and profit increase in 9MFY25, with U.S. market being the key contributor. Guidance revised upward...

Tina Banerjee

Shionogi & Co (4507 JP): 9MFY25 Revenue Flat; Insomnia Drug Launched; NDA Submission in Japan

Shionogi reported 1% revenue decline in 9MFY25. Despite of launching new insomnia drug in Japan and new drug application submission in Japan, near...

Tina Banerjee

Sumitomo Pharma (4506 JP): Robust 9MFY25 Revenues; Back in Black; Guidance Revised

Sumitomo Pharma sees 25% revenue growth, with restructuring efforts leading to a turnaround in operating profit for 9MFY25. Updated forecast...

Tina Banerjee

Astellas Pharma (4503 JP): Xtandi & Forex Lead To Guidance Revision, Impairment Losses One Off Burnt

Astellas Pharma raises FY25 revenue guidance to ¥1900B from ¥1,800B. The company is recording ¥176B impairment charge for intangible assets, which...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Otsuka Holdings (4578 JP): Soft Guidance for 2025; Reduction of Investment Units

​Otsuka is looking for 2% revenue growth in 2025 but expects a 20% decline in net profit. The company plans to reduce buyback to boost market...

Tina Banerjee

Astellas Pharma (4503 JP): 9MFY25 Result- Strategic Brands Strong; Margins Expand; Guidance Raised

​Astellas Pharma reports strong revenue growth and profit increase in 9MFY25, with U.S. market being the key contributor. Guidance revised upward...

Tina Banerjee

Shionogi & Co (4507 JP): 9MFY25 Revenue Flat; Insomnia Drug Launched; NDA Submission in Japan

​Shionogi reported 1% revenue decline in 9MFY25. Despite of launching new insomnia drug in Japan and new drug application submission in Japan, near...

Tina Banerjee

Sumitomo Pharma (4506 JP): Robust 9MFY25 Revenues; Back in Black; Guidance Revised

​Sumitomo Pharma sees 25% revenue growth, with restructuring efforts leading to a turnaround in operating profit for 9MFY25. Updated forecast...

Tina Banerjee

Astellas Pharma (4503 JP): Xtandi & Forex Lead To Guidance Revision, Impairment Losses One Off Burnt

​Astellas Pharma raises FY25 revenue guidance to ¥1900B from ¥1,800B. The company is recording ¥176B impairment charge for intangible assets, which...

Tina Banerjee

Otsuka is looking for 2% revenue growth in 2025 but expects a 20% decline in net profit. The company plans to reduce buyback to boost market...

Astellas Pharma reports strong revenue growth and profit increase in 9MFY25, with U.S. market being the key contributor. Guidance revised upward...

Shionogi reported 1% revenue decline in 9MFY25. Despite of launching new insomnia drug in Japan and new drug application submission in Japan, near...

Sumitomo Pharma sees 25% revenue growth, with restructuring efforts leading to a turnaround in operating profit for 9MFY25. Updated forecast...

Astellas Pharma raises FY25 revenue guidance to ¥1900B from ¥1,800B. The company is recording ¥176B impairment charge for intangible assets, which...