Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<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> 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

<ul>
<li>
<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

<ul>
<li>
<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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, Itochu, Tokio Marine, SoftBank, Mitsubishi UFJ Financial, Takeda Pharmaceutical, Advantest.</li>
</ul>


We analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, Itochu, Tokio Marine, SoftBank, Mitsubishi UFJ Financial, Takeda Pharmaceutical, Advantest.


TOPIX CORE 30 Index Earning Revision (Jan): Toyota Motor, Itochu, Tokio Marine, SoftBank

<ul>
<li>
<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 Hemlibra overseas sales of ¥344.5B (27% of total sales), up 12% YoY. Higher volumes boosted Actemra revenue (up 20% YoY) amid declining export unit price.</li>
<li>2026 guidance announced. Revenue is expected to increase to ¥1,345B (up 7% YoY). Both core operating profit and core net income expected to increase by 7.5% YoY each.</li>
<li>Eli Lilly has applied for approval from the US FDA to market orforglipron for obesity. The drug high sales potential and is expected to win an approval sometime in 2026.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported Hemlibra overseas sales of ¥344.5B (27% of total sales), up 12% YoY. Higher volumes boosted Actemra revenue (up 20% YoY) amid declining export unit price.
2026 guidance announced. Revenue is expected to increase to ¥1,345B (up 7% YoY). Both core operating profit and core net income expected to increase by 7.5% YoY each.
Eli Lilly has applied for approval from the US FDA to market orforglipron for obesity. The drug high sales potential and is expected to win an approval sometime in 2026.


Chugai Pharma (4519 JP): Hemlibra, Actemra Hold the Show Together, Orforglipron Is The Next Big Draw

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Daiichi Sankyo (4568 JP)

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

TOPIX CORE 30 Index Earning Revision (Jan): Toyota Motor, Itochu, Tokio Marine, SoftBank

We analyzed TOPIX CORE 30's consensus for Jan 2026 and highlighted changes of EPS in Toyota Motor, Itochu, Tokio Marine, SoftBank, Mitsubishi UFJ...

Ke Yan, CFA, FRM

Chugai Pharma (4519 JP): Hemlibra, Actemra Hold the Show Together, Orforglipron Is The Next Big Draw

Chugai Pharmaceutical reports strong overseas sales in 2025. Announces 2026 guidance. FDA approval for obesity drug orforglipron will be the next...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

TOPIX CORE 30 Index Earning Revision (Jan): Toyota Motor, Itochu, Tokio Marine, SoftBank

We analyzed TOPIX CORE 30's consensus for Jan 2026 and highlighted changes of EPS in Toyota Motor, Itochu, Tokio Marine, SoftBank, Mitsubishi UFJ...

Ke Yan, CFA, FRM

Chugai Pharma (4519 JP): Hemlibra, Actemra Hold the Show Together, Orforglipron Is The Next Big Draw

​Chugai Pharmaceutical reports strong overseas sales in 2025. Announces 2026 guidance. FDA approval for obesity drug orforglipron will be the next...

Tina Banerjee

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....

Chugai Pharmaceutical reports strong overseas sales in 2025. Announces 2026 guidance. FDA approval for obesity drug orforglipron will be the next...