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 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

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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> 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

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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> is reporting decelerating revenue from its flagship drug, Opdivo. During H1FY25, domestic revenue from Opdivo decreased 17% YoY to ¥62.6B.</li>
<li>Opdivo will start to lose patent protection starting from 2028. Prolific commercialization of these new drugs will remain crucial for Ono riding the patent cliff successfully.</li>
<li>Ono shares plunged 36% over the last one year to trade at attractive valuation. In absence of any near-term growth catalyst, the shares are not expected to see much upside.</li>
</ul>



Ono Pharmaceutical (4528 JP) is reporting decelerating revenue from its flagship drug, Opdivo. During H1FY25, domestic revenue from Opdivo decreased 17% YoY to ¥62.6B.
Opdivo will start to lose patent protection starting from 2028. Prolific commercialization of these new drugs will remain crucial for Ono riding the patent cliff successfully.
Ono shares plunged 36% over the last one year to trade at attractive valuation. In absence of any near-term growth catalyst, the shares are not expected to see much upside.


Ono Pharmaceutical (4528 JP): Struggle Continues with Opdivo; Competition and Price Cuts Loom Large

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<li>During H1FY25, <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 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.</li>
<li>Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.</li>
<li>Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.</li>
</ul>


During H1FY25, Eisai Co Ltd (4523 JP) reported 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.
Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.
Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.


Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues

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<li>During 9M24, <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> reported 19% YoY growth in revenue from pharmaceuticals segment to ¥1201B, mainly driven by a 28% YoY growth in Rexulti revenue to ¥196B.</li>
<li>The company has reduced 2024 revenue guidance marginally, raised the operating profit projections, while net profit guidance was kept unchanged.</li>
<li>In 3Q24, Rexulti received approval in Japan for agitation associated with dementia due to Alzheimer's disease. FDA action date for post-traumatic stress disorder indication is on February 8, 2025.</li>
</ul>


During 9M24, Otsuka Holdings (4578 JP) reported 19% YoY growth in revenue from pharmaceuticals segment to ¥1201B, mainly driven by a 28% YoY growth in Rexulti revenue to ¥196B.
The company has reduced 2024 revenue guidance marginally, raised the operating profit projections, while net profit guidance was kept unchanged.
In 3Q24, Rexulti received approval in Japan for agitation associated with dementia due to Alzheimer's disease. FDA action date for post-traumatic stress disorder indication is on February 8, 2025.


Otsuka Holdings (4578 JP): Revenue and Profit Continue to Rise, Rexulti Remains Key

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): 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