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> witnessed 6% revenue growth in 2025. Mainstay pharmaceutical business (+7% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.</li>
<li>Otsuka announced 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.</li>
<li>Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.</li>
</ul>



Otsuka Holdings (4578 JP) witnessed 6% revenue growth in 2025. Mainstay pharmaceutical business (+7% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.
Otsuka announced 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.
Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.


Otsuka Holdings (4578 JP): All Eyes on Sibeprenlimab in Likely Stable 2026, More Approvals Awaited

<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> revenue was up 19% YoY to ¥347.7B in 9MFY26 on the back of continued strong sales in North America (up 44% YoY to ¥257.5B).</li>
<li>Orgovyx (revenue jumped 100% YoY to ¥115.6B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 67.5% to ¥72.3B) improved market share.</li>
<li>Sumitomo Pharma is well on track, focused on expanding revenue, reducing costs, and securing future business drivers.</li>
</ul>



Sumitomo Pharma (4506 JP) revenue was up 19% YoY to ¥347.7B in 9MFY26 on the back of continued strong sales in North America (up 44% YoY to ¥257.5B).
Orgovyx (revenue jumped 100% YoY to ¥115.6B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 67.5% to ¥72.3B) improved market share.
Sumitomo Pharma is well on track, focused on expanding revenue, reducing costs, and securing future business drivers.


2026 High Conviction Update: Sumitomo Pharma (4506 JP): Key Drugs Shine; FY26 Guidance Reiterated

<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> has announced 9MFY26 result, with revenue, operating profit, and net profit reaching record highs, led by growth in core businesses.</li>
<li>Double-Digit growth in royalty income from HIV franchise, rebound in domestic prescription business led by Torii, and expanded sales of Cefiderocol in the U.S. and EU drove 9MFY26 performance.</li>
<li>With high base effect for Xocova ending, and new growth drivers remaining intact, Shionogi’s financial performance to improve from FY27. The company is expecting few new launches during FY28–32.</li>
</ul>



Shionogi &amp; Co (4507 JP) has announced 9MFY26 result, with revenue, operating profit, and net profit reaching record highs, led by growth in core businesses.
Double-Digit growth in royalty income from HIV franchise, rebound in domestic prescription business led by Torii, and expanded sales of Cefiderocol in the U.S. and EU drove 9MFY26 performance.
With high base effect for Xocova ending, and new growth drivers remaining intact, Shionogi’s financial performance to improve from FY27. The company is expecting few new launches during FY28–32.


Shionogi & Co (4507 JP): Decent 9MFY26 Result; No Revision in FY Forecast; Accelerate Growth Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> has announced 9MFY26 results, with revenue increasing 12%, driven by 25% YoY growth in Enhertu product sales. Fx impacted negatively.</li>
<li>The company reiterated FY26 guidance. However, they tweaked key products revenue slightly. Indication and geography expansion of Enhertu and Datroway will be the key drivers.</li>
<li>The company plans to launch numerous indications across at least four ADCs by 2030, which should increase addressable patient population by nearly six times to ~700K from current ~120K.</li>
</ul>



Daiichi Sankyo (4568 JP) has announced 9MFY26 results, with revenue increasing 12%, driven by 25% YoY growth in Enhertu product sales. Fx impacted negatively.
The company reiterated FY26 guidance. However, they tweaked key products revenue slightly. Indication and geography expansion of Enhertu and Datroway will be the key drivers.
The company plans to launch numerous indications across at least four ADCs by 2030, which should increase addressable patient population by nearly six times to ~700K from current ~120K.


Daiichi Sankyo (4568 JP): Enhertu Drives 9MFY26 Result; FY Guidance Reiterated

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten, Sumitomo Mitsui Financial.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten, Sumitomo Mitsui Financial.


MS-Japan Index Earning Revision (Jan): Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten

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)

Otsuka Holdings (4578 JP): All Eyes on Sibeprenlimab in Likely Stable 2026, More Approvals Awaited

Otsuka Holdings saw 6% revenue growth in 2025 driven by pharmaceutical business. Top selling drugs and new products like sibeprenlimab will be in...

Tina Banerjee

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Key Drugs Shine; FY26 Guidance Reiterated

Sumitomo Pharma and RACTHERA (JV with Sumitomo Chemicals) announced that the regenerative medical product Amchepry has been listed as an item for...

Tina Banerjee

Shionogi & Co (4507 JP): Decent 9MFY26 Result; No Revision in FY Forecast; Accelerate Growth Ahead

Shionogi reports record high revenue, operating and net profits in 9MFY26, driven by growth in core businesses. The company is expecting few new...

Tina Banerjee

Daiichi Sankyo (4568 JP): Enhertu Drives 9MFY26 Result; FY Guidance Reiterated

Daiichi Sankyo reports 12% revenue growth in 9MFY26, driven by 25% growth Enhertu sales. The company reiterated FY26 guidance. However, they...

Tina Banerjee

MS-Japan Index Earning Revision (Jan): Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten

We analyzed MS-Japan's consensus for Jan 2026 and highlighted changes of EPS in Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Otsuka Holdings (4578 JP): All Eyes on Sibeprenlimab in Likely Stable 2026, More Approvals Awaited

​Otsuka Holdings saw 6% revenue growth in 2025 driven by pharmaceutical business. Top selling drugs and new products like sibeprenlimab will be in...

Tina Banerjee

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Key Drugs Shine; FY26 Guidance Reiterated

Sumitomo Pharma and RACTHERA (JV with Sumitomo Chemicals) announced that the regenerative medical product Amchepry has been listed as an item for...

Tina Banerjee

Shionogi & Co (4507 JP): Decent 9MFY26 Result; No Revision in FY Forecast; Accelerate Growth Ahead

​Shionogi reports record high revenue, operating and net profits in 9MFY26, driven by growth in core businesses. The company is expecting few new...

Tina Banerjee

Daiichi Sankyo (4568 JP): Enhertu Drives 9MFY26 Result; FY Guidance Reiterated

​Daiichi Sankyo reports 12% revenue growth in 9MFY26, driven by 25% growth Enhertu sales. The company reiterated FY26 guidance. However, they...

Tina Banerjee

MS-Japan Index Earning Revision (Jan): Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten

We analyzed MS-Japan's consensus for Jan 2026 and highlighted changes of EPS in Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten,...

Ke Yan, CFA, FRM

Otsuka Holdings saw 6% revenue growth in 2025 driven by pharmaceutical business. Top selling drugs and new products like sibeprenlimab will be in...

Shionogi reports record high revenue, operating and net profits in 9MFY26, driven by growth in core businesses. The company is expecting few new...

Daiichi Sankyo reports 12% revenue growth in 9MFY26, driven by 25% growth Enhertu sales. The company reiterated FY26 guidance. However, they...