Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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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

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<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

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<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> has guided for FY25 Leqembi revenue of ¥56.5B (~$366M), with ¥43.5B from U.S., and ¥10.0B from Japan. In FY24, Leqembi reported worldwide revenue of ¥4.2B.</li>
<li>Leqembi is expected to grow significantly due to increase in prescriptions following the progress in the development of AD diagnosis and treatment pathways in the U.S. and Japan.</li>
<li>The current rally can be short lived, as the competitor drug is expected to get FDA approval in 3Q24.</li>
</ul>



Eisai Co Ltd (4523 JP) has guided for FY25 Leqembi revenue of ¥56.5B (~$366M), with ¥43.5B from U.S., and ¥10.0B from Japan. In FY24, Leqembi reported worldwide revenue of ¥4.2B.
Leqembi is expected to grow significantly due to increase in prescriptions following the progress in the development of AD diagnosis and treatment pathways in the U.S. and Japan.
The current rally can be short lived, as the competitor drug is expected to get FDA approval in 3Q24.


Eisai Co Ltd (4523 JP): Leqembi Is Gathering Momentum; Imminent Competition May Spoil the Party

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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 ¥85B revenue increase in FY24 over FY23, while Fx impacted the revenue positively by ¥96B. In local currency terms, the U.S. revenue declined 5% YoY.</li>
<li>FY24 operating and net profit declined 80%+, due to amortization and impairment loss of intangible assets. Astellas is changing accounting policy to smoothen core operating and net profits in FY25.</li>
<li>For FY25, Astellas guided for just 3% revenue growth. Core operating profit is expected to decline 10%, while net profit is anticipated to take a bigger hit and decrease 17%.</li>
</ul>



Astellas Pharma (4503 JP) reported ¥85B revenue increase in FY24 over FY23, while Fx impacted the revenue positively by ¥96B. In local currency terms, the U.S. revenue declined 5% YoY.
FY24 operating and net profit declined 80%+, due to amortization and impairment loss of intangible assets. Astellas is changing accounting policy to smoothen core operating and net profits in FY25.
For FY25, Astellas guided for just 3% revenue growth. Core operating profit is expected to decline 10%, while net profit is anticipated to take a bigger hit and decrease 17%.


Astellas Pharma (4503 JP): Fx Drives FY24 Revenue; Impairment Loss Dents Profits; Pain to Continue

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)

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

Chugai reported 45% growth in overseas sales in 3Q24, driven by Hemlibra. The company raised 2024 guidance, which calls for revenue and core...

Tina Banerjee

Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

Upstream Bio, a clinical-stage biotech company focused on severe asthma, CRSwNP, COPD, filed for US IPO. Their ex-Astellas monoclonal antibody,...

Andrei Zakharov

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

Daiichi Sankyo shares plunged due to mixed clinical trial result of Dato-DXd in lung cancer. While Dato-DXd showed a 2.3-month improvement in...

Tina Banerjee

Eisai Co Ltd (4523 JP): Leqembi Is Gathering Momentum; Imminent Competition May Spoil the Party

Eisai expects 13x jump in Leqembi revenue for FY25 to ¥56.5B, driven by progress in AD treatment pathways in U.S. and Japan, and China launch. A...

Tina Banerjee