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 18% revenue growth in H1FY25, driven by North America. Operating loss narrowed due to business restructuring. Despite a forex loss, net loss also narrowed.</li>
<li>The company is expected to report core operating profit of ¥1B in H2FY25, while net profit is likely to be ¥16B versus a net loss of ¥247B in H2FY24.</li>
<li>With the ongoing restructuring and streamlining, it will take some time for the results to slowly fall in place. Sumitomo aims for turning positive at net profit level in FY26.</li>
</ul>



Sumitomo Pharma (4506 JP) reported 18% revenue growth in H1FY25, driven by North America. Operating loss narrowed due to business restructuring. Despite a forex loss, net loss also narrowed.
The company is expected to report core operating profit of ¥1B in H2FY25, while net profit is likely to be ¥16B versus a net loss of ¥247B in H2FY24.
With the ongoing restructuring and streamlining, it will take some time for the results to slowly fall in place. Sumitomo aims for turning positive at net profit level in FY26.


Sumitomo Pharma (4506 JP): Challenges Remain, But Slowly Getting There; North America Remains Key

Thematic (Sector/Industry)

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<li>Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.</li>
<li>Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.</li>
<li>Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.</li>
</ul>


Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.
Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.
Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.


APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

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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 revenue of ¥936B, up 22% YoY in H1FY25. The U.S. sales of Xtandi jumped 35% YoY to ¥245B.</li>
<li>Xtandi and Padcev will continue to be the key drivers of future growth and are expected to contribute 57% of total revenues in FY25.</li>
<li>Astellas raised guidance of FY25 revenue by 9% to ¥1800B (up 12% YoY). Core operating profit and net profit are also expected to rise, while margins to be under pressure.</li>
</ul>



Astellas Pharma (4503 JP) reported revenue of ¥936B, up 22% YoY in H1FY25. The U.S. sales of Xtandi jumped 35% YoY to ¥245B.
Xtandi and Padcev will continue to be the key drivers of future growth and are expected to contribute 57% of total revenues in FY25.
Astellas raised guidance of FY25 revenue by 9% to ¥1800B (up 12% YoY). Core operating profit and net profit are also expected to rise, while margins to be under pressure.


Astellas Pharma (4503 JP): US Momentum Drives 1HFY25 Result; Guidance Revised Upward

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<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 3Q24 revenue of ¥315.7B, up 22% YoY, beating estimates, majorly on the back of robust overseas sales, which grew 45% YoY to ¥150B.</li>
<li>Hemlibra export and new launches such as Vabysmo, Phesgo, Polivy, and Alecensa are expected to drive growth in the medium to long term trajectory.</li>
<li>Chugai made an upward revision of 2024 guidance due to strength in overseas market. 2024 revenue and core operating profit are now expected to increase 3% and 20%, YoY, respectively.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported 3Q24 revenue of ¥315.7B, up 22% YoY, beating estimates, majorly on the back of robust overseas sales, which grew 45% YoY to ¥150B.
Hemlibra export and new launches such as Vabysmo, Phesgo, Polivy, and Alecensa are expected to drive growth in the medium to long term trajectory.
Chugai made an upward revision of 2024 guidance due to strength in overseas market. 2024 revenue and core operating profit are now expected to increase 3% and 20%, YoY, respectively.


Chugai Pharmaceutical (4519 JP): Export Drives Growth; New Products To Relieve Domestic Market Pain

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<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> signed a contract manufacturing agreement worth KRW1.7T ($1.2B) with an Asian pharmaceutical company. <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has announced KRW100B ($72M) share buyback, starting October 28.</li>
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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> received FDA approval for Vyloy for gastric cancer. <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> received FDA Fast Track designation for its RSV drug candidate, S-337395.</li>
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<a href="https://www.smartkarma.com/entities/zai-lab-ltd-94df40cf-c15e-462f-b3de-8d2d434ae935" target="_blank" data-smartkarma-citation="entities:36261:1" rel="noopener">Zai Lab (9688 HK)</a> announced positive topline data from global Phase 1a/1b study of ZL-1310 in small cell lung cancer. <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> sheds Genscript Biotech as its majority shareholder.</li>
</ul>



Samsung Biologics (207940 KS) signed a contract manufacturing agreement worth KRW1.7T ($1.2B) with an Asian pharmaceutical company. Celltrion Inc (068270 KS) has announced KRW100B ($72M) share buyback, starting October 28.

Astellas Pharma (4503 JP) received FDA approval for Vyloy for gastric cancer. Shionogi &amp; Co (4507 JP) received FDA Fast Track designation for its RSV drug candidate, S-337395.

Zai Lab (9688 HK) announced positive topline data from global Phase 1a/1b study of ZL-1310 in small cell lung cancer. Legend Biotech Corp (LEGN US) sheds Genscript Biotech as its majority shareholder.


APAC Healthcare Weekly (Oct 27)- Samsung Biologics, Celltrion, Astellas, Otsuka, Legend, and Zai Lab

Japan

Astellas Pharma Inc. is a pharmaceutical company committed to the therapeutic fields of Urology, Immunology including Transplantation and Infectious Diseases, Oncology, Neuroscience and DM Complications and Metabolic Diseases. With over 17,000 global employees, Astellas researches, develops, manufactures, and promotes its prescription drugs through subsidiaries in the US, Europe, and Asia

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Astellas Pharma (4503 JP)

Sumitomo Pharma (4506 JP): Challenges Remain, But Slowly Getting There; North America Remains Key

Sumitomo Pharma sees revenue growth in H1FY25, while losses are narrowing due to restructuring. The company is expected to report profit in H2FY25...

Tina Banerjee

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee