Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> reported strong FY25 results, with revenue and operating profit increasing 18% and 57%, YoY, to ¥1,886B and ¥332B, respectively. Performance was mainly driven by Enhertu (+45%).</li>
<li>The company expects FY26 revenue to increase 6% YoY to ¥2,000B. Core operating profit and operating profit are expected to increase 12% and 5%, YoY, respectively to ¥350B.</li>
<li>The company has announced a ¥200B buyback plan to acquire a maximum of 80M shares from May 1, 2025 to March 24, 2026.</li>
</ul>



Daiichi Sankyo (4568 JP) reported strong FY25 results, with revenue and operating profit increasing 18% and 57%, YoY, to ¥1,886B and ¥332B, respectively. Performance was mainly driven by Enhertu (+45%).
The company expects FY26 revenue to increase 6% YoY to ¥2,000B. Core operating profit and operating profit are expected to increase 12% and 5%, YoY, respectively to ¥350B.
The company has announced a ¥200B buyback plan to acquire a maximum of 80M shares from May 1, 2025 to March 24, 2026.


Daiichi Sankyo (4568 JP): Strong FY25 Result; Guidance Initiated for FY26; ¥200B Buyback Announced

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Mizuho Bank is looking to raise US$151m from selling some of its stake in <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>.</li>
<li>While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Mizuho Bank is looking to raise US$151m from selling some of its stake in Daiichi Sankyo (4568 JP).
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Daiichi Sankyo Placement - Momentum Is Weak but the Deal Is Small

<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> reported mixed Q3FY25 result, with revenue increasing 8% YoY to ¥484.8M and net profit decreasing 7% YoY to ¥61.9M. Enhertu revenue increased 39% YoY to ¥143B.</li>
<li>The company has raised FY25 net profit guidance by 7% to ¥240B (up 20% YoY), to reflect an increase in financial income due to an improvement in foreign exchange gains.</li>
<li>As Daiichi Sankyo enters the final year of its current five-year business plan, the company has appointed Hiroyuki Okuzawa as Chief Executive Officer effective April 1, 2025.</li>
</ul>



Daiichi Sankyo (4568 JP) reported mixed Q3FY25 result, with revenue increasing 8% YoY to ¥484.8M and net profit decreasing 7% YoY to ¥61.9M. Enhertu revenue increased 39% YoY to ¥143B.
The company has raised FY25 net profit guidance by 7% to ¥240B (up 20% YoY), to reflect an increase in financial income due to an improvement in foreign exchange gains.
As Daiichi Sankyo enters the final year of its current five-year business plan, the company has appointed Hiroyuki Okuzawa as Chief Executive Officer effective April 1, 2025.


Daiichi Sankyo (4568 JP): Mixed Q3FY25 Result; FY25 Net Profit Guidance Raised; New CEO Appointed

<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 received FDA approval for Datroway for the second-line treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer.</li>
<li>Last month, Datroway got approval in Japan. Regulatory submissions for the drug are under review in the EU, China, and other regions. The drug is undergoing trial for other indications.</li>
<li>AstraZeneca’s proven commercialization capability for Enhertu enhances conviction on the commercialization prospect of Datroway too. AstraZeneca pegged peak year revenue of Datroway at more than $5B (similar level to Enhertu).</li>
</ul>



Daiichi Sankyo (4568 JP) has received FDA approval for Datroway for the second-line treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer.
Last month, Datroway got approval in Japan. Regulatory submissions for the drug are under review in the EU, China, and other regions. The drug is undergoing trial for other indications.
AstraZeneca’s proven commercialization capability for Enhertu enhances conviction on the commercialization prospect of Datroway too. AstraZeneca pegged peak year revenue of Datroway at more than $5B (similar level to Enhertu).


Daiichi Sankyo (4568 JP): US Approval for Second ADC Drug to Drive Accelerated Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Japan

Daiichi Sankyo Co, Ltd is a holding company established through merger of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals for human/veterinary use and medical tools and equipment. It also researches and promotes products through related companies throughout the world. The Group also produces food, food additives, livestock feeds, and agrochemicals.

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Daiichi Sankyo (4568 JP)