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 a 22% YoY (6% from favourable Fx rates) revenue growth to ¥1,453B in 9MFY25. The U.S. market continue to be key, contributing 46% of revenue.</li>
<li>Operating profit rose 44% YoY to ¥297.5B, with operating margin expanding 310bps to 20.5%. Core profit increased 35% YoY to ¥223B, with margins improving 150bps to 15.4% in 9MFY25.</li>
<li>Guidance revised upward, with revenue now expected at ¥1,900B on robust XTANDI performance and favorable forex movement.</li>
</ul>



Astellas Pharma (4503 JP) reported a 22% YoY (6% from favourable Fx rates) revenue growth to ¥1,453B in 9MFY25. The U.S. market continue to be key, contributing 46% of revenue.
Operating profit rose 44% YoY to ¥297.5B, with operating margin expanding 310bps to 20.5%. Core profit increased 35% YoY to ¥223B, with margins improving 150bps to 15.4% in 9MFY25.
Guidance revised upward, with revenue now expected at ¥1,900B on robust XTANDI performance and favorable forex movement.


Astellas Pharma (4503 JP): 9MFY25 Result- Strategic Brands Strong; Margins Expand; Guidance Raised

<ul>
<li>In November 2024, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> entered into an exclusive license agreement with Daiichi Sankyo for an upfront payment of $20M (KRW28B).</li>
<li>With increasing number of players developing ADC drugs mainly targeting various cancers, we can expect more big-ticket licensing deals for ALT-B4, going ahead.</li>
<li>On February 4, Alteogen has raised ~KRW155B through redeemable convertible preference shares. Over the last few months, Alteogen shares had a roller coaster ride due to fund raising rumors.</li>
</ul>


In November 2024, Alteogen Inc (196170 KS) entered into an exclusive license agreement with Daiichi Sankyo for an upfront payment of $20M (KRW28B).
With increasing number of players developing ADC drugs mainly targeting various cancers, we can expect more big-ticket licensing deals for ALT-B4, going ahead.
On February 4, Alteogen has raised ~KRW155B through redeemable convertible preference shares. Over the last few months, Alteogen shares had a roller coaster ride due to fund raising rumors.


Alteogen (196170 KS): More ALT-B4 Licensing Deal to Follow; Fund Raise Wipes Off Uncertainty

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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> 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

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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> announced stellar performance in 2024, with revenue, operating profit, and net income exceeded revised forecasts, all reaching record highs.</li>
<li>Export of Hemlibra to Roche increased 45% YoY to ¥304B. Roche is seeing strong uptake of Hemlibra in Europe, where the drug reported double-digit growth.</li>
<li>Chugai guided for 2% revenue growth in 2025. Domestic sales are expected to remain flat, while overseas sales are expected to increase 4%. Bottomline to outpace revenue growth.</li>
</ul>



Chugai Pharmaceutical (4519 JP) announced stellar performance in 2024, with revenue, operating profit, and net income exceeded revised forecasts, all reaching record highs.
Export of Hemlibra to Roche increased 45% YoY to ¥304B. Roche is seeing strong uptake of Hemlibra in Europe, where the drug reported double-digit growth.
Chugai guided for 2% revenue growth in 2025. Domestic sales are expected to remain flat, while overseas sales are expected to increase 4%. Bottomline to outpace revenue growth.


Chugai Pharmaceutical (4519 JP): Export Drives 2024 Result; Slower Growth Expected In 2025

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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> revised FY25 revenue guidance upward to ¥1900B on robust Xtandi performance and favourable forex movement. Core profits and margins will also see upward revisions and expansions.</li>
<li>The company will record an impairment charge of ¥176B for intangible assets this fiscal. As a result, FY25 operating profit on reported basis will come down to ¥11B from ¥80B.</li>
<li>Recently, Astellas has received approval for Vyloy and label expansion approval for Padcev in China. Label expansion application for Izervay in the U.S. has been accepted by the FDA.</li>
</ul>



Astellas Pharma (4503 JP) revised FY25 revenue guidance upward to ¥1900B on robust Xtandi performance and favourable forex movement. Core profits and margins will also see upward revisions and expansions.
The company will record an impairment charge of ¥176B for intangible assets this fiscal. As a result, FY25 operating profit on reported basis will come down to ¥11B from ¥80B.
Recently, Astellas has received approval for Vyloy and label expansion approval for Padcev in China. Label expansion application for Izervay in the U.S. has been accepted by the FDA.


Astellas Pharma (4503 JP): Xtandi & Forex Lead To Guidance Revision, Impairment Losses One Off Burnt

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): 9MFY25 Result- Strategic Brands Strong; Margins Expand; Guidance Raised

Astellas Pharma reports strong revenue growth and profit increase in 9MFY25, with U.S. market being the key contributor. Guidance revised upward...

Tina Banerjee

Alteogen (196170 KS): More ALT-B4 Licensing Deal to Follow; Fund Raise Wipes Off Uncertainty

Alteogen secures $20M upfront payment in exclusive license deal with Daiichi Sankyo for using ALT-B4 in developing SC version of blockbuster ADC...

Tina Banerjee