Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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 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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<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 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

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

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<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 20th. The aggregated net margin trading position is USD17,331m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Advantest, Disco, Mitsubishi Heavy Industries, Lasertec, Skylark, Isuzu Motors, Softbank, Joyful Honda, Nippon Steel, Mitsubishi Ufj Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 20th. The aggregated net margin trading position is USD17,331m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Advantest, Disco, Mitsubishi Heavy Industries, Lasertec, Skylark, Isuzu Motors, Softbank, Joyful Honda, Nippon Steel, Mitsubishi Ufj Financial.


JPX Margin Trading Weekly (Jun 20th): Advantest, Disco, Mitsubishi Heavy Industries, Lasertec

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<li>
<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> reported 12% YoY growth in revenue in 1Q25, as pharmaceuticals sales grew backed by a 35% YoY growth in Rexulti revenue to ¥75.7B.</li>
<li>The company reiterated 2025 guidance. Higher costs to dent margins with subdued sales of Lonsurf, Jynarque.</li>
<li>Indication expansion of Rexulti and Araris acquisition augur well for the company from a mid to long term perspective.</li>
</ul>



Otsuka Holdings (4578 JP) reported 12% YoY growth in revenue in 1Q25, as pharmaceuticals sales grew backed by a 35% YoY growth in Rexulti revenue to ¥75.7B.
The company reiterated 2025 guidance. Higher costs to dent margins with subdued sales of Lonsurf, Jynarque.
Indication expansion of Rexulti and Araris acquisition augur well for the company from a mid to long term perspective.


Otsuka Holdings (4578 JP): Rexulti Drives 1Q25 Result; Label Expansion And Acquisition Augur Well

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)

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