Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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 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

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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

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.</li>
<li>The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.</li>
<li>I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.</li>
</ul>


Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.
The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.
I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.


Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

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<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> announced better-than-expected Q1FY25 result, with all key parameters exceeding expectation. Q1 revenue increased 24% to ¥436B, mainly driven by 59% growth in Enhertu sales to ¥130B.</li>
<li>For its approved indications, Enhertu maintained #1 market share for new patients in U.S. The drug is expected to have blockbuster status in both US and Europe this year.</li>
<li>Despite a good progress in Q1FY25, especially on profitability front, Daiichi Sankyo has reaffirmed FY25 guidance. Better-than-anticipated Enhertu revenue and Fx should lead to guidance revision later this year.</li>
</ul>



Daiichi Sankyo (4568 JP) announced better-than-expected Q1FY25 result, with all key parameters exceeding expectation. Q1 revenue increased 24% to ¥436B, mainly driven by 59% growth in Enhertu sales to ¥130B.
For its approved indications, Enhertu maintained #1 market share for new patients in U.S. The drug is expected to have blockbuster status in both US and Europe this year.
Despite a good progress in Q1FY25, especially on profitability front, Daiichi Sankyo has reaffirmed FY25 guidance. Better-than-anticipated Enhertu revenue and Fx should lead to guidance revision later this year.


Daiichi Sankyo (4568 JP): Starts FY25 on Firm Note; Enhertu Flying Higher Highs; Guidance Reaffirmed

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