Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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 7% revenue growth in Q1FY26. Strategic brands grew 49% and contributed 22% of revenue. Driven by cost optimization, core operating profit increased 61%.</li>
<li>Astellas reiterated FY26 guidance of 1% revenue growth and 5% core operating profit increase. Q1FY26 progress enhance conviction on comfortably meet FY26 guidance.</li>
<li>With no near-term new launches anticipated for Astellas, performance of the strategic brands in existing markets as well as their indication and geography expansions should be the key drivers.</li>
</ul>



Astellas Pharma (4503 JP) reported 7% revenue growth in Q1FY26. Strategic brands grew 49% and contributed 22% of revenue. Driven by cost optimization, core operating profit increased 61%.
Astellas reiterated FY26 guidance of 1% revenue growth and 5% core operating profit increase. Q1FY26 progress enhance conviction on comfortably meet FY26 guidance.
With no near-term new launches anticipated for Astellas, performance of the strategic brands in existing markets as well as their indication and geography expansions should be the key drivers.


Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

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<a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> achieved YoY improvement in all key parameters. Moreover, Q1FY26 result shows a significant improvement compared to Q1FY25, when all key parameters recorded double-digit YoY decline.</li>
<li>During Q1FY26, revenue increased 2% YoY to ¥100B, driven by HIV franchise. Q1FY26 revenue records 19% progress, while operating and net profit advanced more than 20% of full-year target.</li>
<li>Shionogi has maintained H1FY26 and FY26 guidance. This indicates Q2FY26 revenue expectation of ¥133B, up 14% YoY. Acquisition of JT Group’s pharmaceutical business and Torii Pharmaceutical is progressing.</li>
</ul>



Shionogi &amp; Co (4507 JP) achieved YoY improvement in all key parameters. Moreover, Q1FY26 result shows a significant improvement compared to Q1FY25, when all key parameters recorded double-digit YoY decline.
During Q1FY26, revenue increased 2% YoY to ¥100B, driven by HIV franchise. Q1FY26 revenue records 19% progress, while operating and net profit advanced more than 20% of full-year target.
Shionogi has maintained H1FY26 and FY26 guidance. This indicates Q2FY26 revenue expectation of ¥133B, up 14% YoY. Acquisition of JT Group’s pharmaceutical business and Torii Pharmaceutical is progressing.


Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth

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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 5% YoY rise in core revenue in 1H25, as overseas sales grew 7% YoY and domestic market revenue was up 3%.</li>
<li>Actemra witnessed growth in both overseas and domestic market. Hemlibra overseas sales stood at ¥151B (30% of total sales), down 6% YoY.</li>
<li>In 1H25, two significant developments that happened are successful P3 trial of orforglipron and positive results from phase I/II study of NXT007.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported 5% YoY rise in core revenue in 1H25, as overseas sales grew 7% YoY and domestic market revenue was up 3%.
Actemra witnessed growth in both overseas and domestic market. Hemlibra overseas sales stood at ¥151B (30% of total sales), down 6% YoY.
In 1H25, two significant developments that happened are successful P3 trial of orforglipron and positive results from phase I/II study of NXT007.


Chugai Pharmaceutical (4519 JP): Actemra Shine Bright Amid Margin Pressure, 2025 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> announced that in Q1FY26 the sales of their drug Izervay (avacincaptad pegol intravitreal solution) in the U.S. market will be ¥15.9B (~$110M, up 25% YoY).</li>
<li>Strategic brands (Padcev, Izervay, Veozah, Vyloy, and Xospata) revenue expanded to ¥336B (+¥176B or +110% YoY) in FY25, representing 18% of the total revenue.</li>
<li>Astellas agreement with Evopoint Biosciences for a novel investigational clinical-stage antibody-drug conjugate (ADC) targeting CLDN18.2, will help expand its pipeline and augurs well given its expertise in similar therapies (Vyloy).</li>
</ul>



Astellas Pharma (4503 JP) announced that in Q1FY26 the sales of their drug Izervay (avacincaptad pegol intravitreal solution) in the U.S. market will be ¥15.9B (~$110M, up 25% YoY).
Strategic brands (Padcev, Izervay, Veozah, Vyloy, and Xospata) revenue expanded to ¥336B (+¥176B or +110% YoY) in FY25, representing 18% of the total revenue.
Astellas agreement with Evopoint Biosciences for a novel investigational clinical-stage antibody-drug conjugate (ADC) targeting CLDN18.2, will help expand its pipeline and augurs well given its expertise in similar therapies (Vyloy).


Astellas Pharma (4503 JP): Izervay on Strong Footing, Strategic Brands Key for Future

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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> has received FDA approval for Datroway for the treatment of adult patients with locally advanced or metastatic EGFR-mutated non-small cell lung cancer.</li>
<li>Following the approval, Daiichi Sankyo is eligible for milestone payment of $45M from partner AstraZeneca.</li>
<li>For FY26, Daiichi Sankyo sees Datroway revenue of ¥3.8B, mainly driven by the U.S. (¥3.3B, up 197% YoY).</li>
</ul>



Daiichi Sankyo (4568 JP) has received FDA approval for Datroway for the treatment of adult patients with locally advanced or metastatic EGFR-mutated non-small cell lung cancer.
Following the approval, Daiichi Sankyo is eligible for milestone payment of $45M from partner AstraZeneca.
For FY26, Daiichi Sankyo sees Datroway revenue of ¥3.8B, mainly driven by the U.S. (¥3.3B, up 197% YoY).


Daiichi Sankyo (4568 JP): FDA Goes Datroway, Daiichi in Contention for the Next “Enhertu” Moment

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)

Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

Astellas Pharma sees 7% sales growth in Q1FY26, with strategic brands growing 49%. The company reiterates FY26 guidance. Strategic brands'...

Tina Banerjee

Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth

Shionogi sees 2% revenue growth in Q1FY26 revenue, driven by HIV franchise royalty. The company maintained FY guidance. Acquisition of JT Group's...

Tina Banerjee

Chugai Pharmaceutical (4519 JP): Actemra Shine Bright Amid Margin Pressure, 2025 Guidance Reiterated

Chugai Pharmaceutical sees 5% YoY rise in core revenue in 1H25, with growth in overseas and domestic markets, driven by Actemra and new drugs. The...

Tina Banerjee

Astellas Pharma (4503 JP): Izervay on Strong Footing, Strategic Brands Key for Future

Astellas sees 25% growth in Q1FY26 sales of Izervay in the U.S. In FY25, revenue from strategic brands improved 110% YoY. Izervay Q1FY26 revenue...

Tina Banerjee