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> revised its consolidated financial forecasts for FY26, which were announced on October 31, 2025.</li>
<li>Revenue has been revised upward by ¥20B to ¥449B, reflecting higher sales of products such as Gemtesa in the North America segment, as well as positive impact of weaker yen.</li>
<li>Sumitomo Pharma has filed the shelf registration statement regarding the issuance of new shares. The scheduled amount of issuance will not be more than ¥140B.</li>
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Sumitomo Pharma (4506 JP) revised its consolidated financial forecasts for FY26, which were announced on October 31, 2025.
Revenue has been revised upward by ¥20B to ¥449B, reflecting higher sales of products such as Gemtesa in the North America segment, as well as positive impact of weaker yen.
Sumitomo Pharma has filed the shelf registration statement regarding the issuance of new shares. The scheduled amount of issuance will not be more than ¥140B.


2026 High Conviction Update: Sumitomo Pharma (4506 JP): Guidance Revised, “Boost 2028” Plan Unveiled

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<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

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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> 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

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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 10% YoY revenue growth in 9MFY26. Core operating profit increased to ¥442.1B, up 49% YoY driven by cost optimization through sustainable margin transformation program.</li>
<li>Strategic brands (Padcev, Izervay, Veozah, Vyloy, Xospata), which recorded underlying growth of 45% YoY and contributed 22% of revenue, drove overall revenue growth.</li>
<li>Astellas revised FY26 guidance upwards considering the strong performance of Xtandi and Mirabegron, along with the trend of foreign exchange rates.</li>
</ul>



Astellas Pharma (4503 JP) reported 10% YoY revenue growth in 9MFY26. Core operating profit increased to ¥442.1B, up 49% YoY driven by cost optimization through sustainable margin transformation program.
Strategic brands (Padcev, Izervay, Veozah, Vyloy, Xospata), which recorded underlying growth of 45% YoY and contributed 22% of revenue, drove overall revenue growth.
Astellas revised FY26 guidance upwards considering the strong performance of Xtandi and Mirabegron, along with the trend of foreign exchange rates.


Astellas Pharma (4503 JP): Strategic Brands Gain Further Momentum, Margins Expand, Guidance Revised

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<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> has announced 9MFY26 result, with revenue declining 3% YoY to ¥3,411B, dragged by Vyvanse. Growth and launch products revenue grew 7%, with improving QoQ growth rate.</li>
<li>The company raised its full-year forecasts based on cost discipline and FX tailwind, while its revenue management guidance has been updated primarily due to the impact of Vyvanse generics.</li>
<li>Takeda has multiple late-stage programs with multibillion-dollar peak revenue potential. The company is poised to launch three drugs in the next 18 months, setting it on a new growth trajectory.</li>
</ul>



Takeda Pharmaceutical (4502 JP) has announced 9MFY26 result, with revenue declining 3% YoY to ¥3,411B, dragged by Vyvanse. Growth and launch products revenue grew 7%, with improving QoQ growth rate.
The company raised its full-year forecasts based on cost discipline and FX tailwind, while its revenue management guidance has been updated primarily due to the impact of Vyvanse generics.
Takeda has multiple late-stage programs with multibillion-dollar peak revenue potential. The company is poised to launch three drugs in the next 18 months, setting it on a new growth trajectory.


Takeda Pharmaceutical (4502 JP): Decent 9MFY26 Show; Guidance Revision Amid New Leg of Growth

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)

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Guidance Revised, “Boost 2028” Plan Unveiled

Sumitomo Pharma obtained conditional and time limited approval in Japan for the manufacturing and marketing of allogeneic iPS cell derived...

Tina Banerjee

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

Astellas Pharma (4503 JP): Strategic Brands Gain Further Momentum, Margins Expand, Guidance Revised

Astellas Pharma sees revenue growth in 9MFY26 driven by strategic brands and cost optimization lead to an increase in core profits. Revised FY26...

Tina Banerjee

Takeda Pharmaceutical (4502 JP): Decent 9MFY26 Show; Guidance Revision Amid New Leg of Growth

Takeda Pharmaceutical reports 9MFY26 result with revenue declining 3%. The company raised FY26 forecasts on cost discipline and FX tailwind....

Tina Banerjee

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Market Cap (USDm)

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2026 High Conviction Update: Sumitomo Pharma (4506 JP): Guidance Revised, “Boost 2028” Plan Unveiled

Sumitomo Pharma obtained conditional and time limited approval in Japan for the manufacturing and marketing of allogeneic iPS cell derived...

Tina Banerjee

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

Astellas Pharma (4503 JP): Strategic Brands Gain Further Momentum, Margins Expand, Guidance Revised

​Astellas Pharma sees revenue growth in 9MFY26 driven by strategic brands and cost optimization lead to an increase in core profits. Revised FY26...

Tina Banerjee

Takeda Pharmaceutical (4502 JP): Decent 9MFY26 Show; Guidance Revision Amid New Leg of Growth

​Takeda Pharmaceutical reports 9MFY26 result with revenue declining 3%. The company raised FY26 forecasts on cost discipline and FX tailwind....

Tina Banerjee

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

Astellas Pharma sees revenue growth in 9MFY26 driven by strategic brands and cost optimization lead to an increase in core profits. Revised FY26...

Takeda Pharmaceutical reports 9MFY26 result with revenue declining 3%. The company raised FY26 forecasts on cost discipline and FX tailwind....