Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<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> revenue up 1% YoY in FY25 as royalty income from HIV franchise compensates for lower sales from infectious disease drugs.</li>
<li>Torii pharma and JT’s pharma division acquisition augurs well in terms of products category diversification.</li>
<li>NDA for zuranolone, a treatment in development for major depressive disorder (MDD) submitted. JTE-061 (tapinarof) and TO-208 from Torii opens up opportunities in Japan market.</li>
</ul>



Shionogi &amp; Co (4507 JP) revenue up 1% YoY in FY25 as royalty income from HIV franchise compensates for lower sales from infectious disease drugs.
Torii pharma and JT’s pharma division acquisition augurs well in terms of products category diversification.
NDA for zuranolone, a treatment in development for major depressive disorder (MDD) submitted. JTE-061 (tapinarof) and TO-208 from Torii opens up opportunities in Japan market.


Shionogi & Co (4507 JP): Change Of Gears Likely From FY26, Torii Acquisition Augurs Well

<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> reported 27% YoY revenue growth during FY25, driven by North America.</li>
<li>Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥43B during FY25.</li>
<li>Sumitomo focus on future with “Reboot 2027” amid FY26 guidance of revenue drop because of Aptiom and forex. Core operating profit is expected to increase by 30%.</li>
</ul>



Sumitomo Pharma (4506 JP) reported 27% YoY revenue growth during FY25, driven by North America.
Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥43B during FY25.
Sumitomo focus on future with “Reboot 2027” amid FY26 guidance of revenue drop because of Aptiom and forex. Core operating profit is expected to increase by 30%.


Sumitomo Pharma (4506 JP): Back in Black; Rebooting For Future With Focus On Regenerative Medicine

Thematic (Sector/Industry)

<ul>
<li>Jiangsu Hengrui Medicine launches Hong Kong IPO to raise ~$1.3B. Wuxi Biologics is selling its drug product plant in Germany to Terumo for €150M.</li>
<li>Chugai Pharmaceutical got conditional approval in Japan for gene therapy product, Elevidys for Duchenne muscular dystrophy. GC Biopharma dosed first patient in Fabry disease drug trial in Korea.</li>
<li>Mayne Pharma was hit hard as an ‘untitled letter’ from the FDA related to certain promotional claims used in a speaker presentation for oral contraceptive Nextstellis, was made public.  </li>
</ul>


Jiangsu Hengrui Medicine launches Hong Kong IPO to raise ~$1.3B. Wuxi Biologics is selling its drug product plant in Germany to Terumo for €150M.
Chugai Pharmaceutical got conditional approval in Japan for gene therapy product, Elevidys for Duchenne muscular dystrophy. GC Biopharma dosed first patient in Fabry disease drug trial in Korea.
Mayne Pharma was hit hard as an ‘untitled letter’ from the FDA related to certain promotional claims used in a speaker presentation for oral contraceptive Nextstellis, was made public.  


APAC Healthcare Weekly (May 18)-Hengrui Medicine, Wuxi Biologics, Chugai, GC Biopharma, Mayne Pharma

<ul>
<li>U.S. has implemented a universal baseline tariff of 10%, effective April 5. Japan faces 24% reciprocal tariff from April 9.</li>
<li>In 2023, Japan exported pharmaceutical products worth $6.34B (~43% of total exports) to the U.S.</li>
<li>Japanese pharma and medical devices companies have significant revenue exposure to the U.S.</li>
</ul>


U.S. has implemented a universal baseline tariff of 10%, effective April 5. Japan faces 24% reciprocal tariff from April 9.
In 2023, Japan exported pharmaceutical products worth $6.34B (~43% of total exports) to the U.S.
Japanese pharma and medical devices companies have significant revenue exposure to the U.S.


US Tariff Impact on APAC Healthcare: Focus Country- JAPAN

<ul>
<li>Shionogi is acquiring Torii Pharmaceutical and pharmaceutical business of Japan Tobacco. Daiichi Sankyo’s Enhertu meets main goal in the neoadjuvant setting (before surgery) in early-stage breast cancer trial.</li>
<li>HK inno.N received approval for the domestic phase 3 clinical trial of obesity drug candidate. Neuren Pharmaceuticals’ Daybue recorded $84.6M revenue in the U.S. in 1Q25, up 11% YoY.</li>
<li>Biocon secured multiple market access agreements for Yesintek, its biosimilar to Stelara. Lupin received FDA approval for antiretroviral agent raltegravir tablets for the treatment of human immunodeficiency virus (HIV-1) infection.</li>
</ul>


Shionogi is acquiring Torii Pharmaceutical and pharmaceutical business of Japan Tobacco. Daiichi Sankyo’s Enhertu meets main goal in the neoadjuvant setting (before surgery) in early-stage breast cancer trial.
HK inno.N received approval for the domestic phase 3 clinical trial of obesity drug candidate. Neuren Pharmaceuticals’ Daybue recorded $84.6M revenue in the U.S. in 1Q25, up 11% YoY.
Biocon secured multiple market access agreements for Yesintek, its biosimilar to Stelara. Lupin received FDA approval for antiretroviral agent raltegravir tablets for the treatment of human immunodeficiency virus (HIV-1) infection.


APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

Japan

Eisai Co., Ltd. produces prescription drugs and medical equipment and sells mainly to sales agents and subsidiaries.  Through its subsidiary, Sanko Junyaku, the Company produces and sells diagnostic drugs.  Eisai also markets its products through related companies in the US, Europe, and Asia.  The Company also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.

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Eisai Co Ltd (4523 JP)

Shionogi & Co (4507 JP): Change Of Gears Likely From FY26, Torii Acquisition Augurs Well

Shionogi sees revenue rise in FY25 as royalties offset lower infectious disease drug sales. Acquisition and new drug submissions signal product...

Tina Banerjee

Sumitomo Pharma (4506 JP): Back in Black; Rebooting For Future With Focus On Regenerative Medicine

Sumitomo Pharma sees strong revenue growth in FY25 driven by North America. The company is focusing on future with “Reboot 2027” amid FY26...

Tina Banerjee

APAC Healthcare Weekly (May 18)-Hengrui Medicine, Wuxi Biologics, Chugai, GC Biopharma, Mayne Pharma

Jiangsu Hengrui launches HK IPO. Wuxi Biologics to sell Germany plant. Chugai got Japan approval for gene therapy. Mayne Pharma was hit as FDA...

Tina Banerjee

US Tariff Impact on APAC Healthcare: Focus Country- JAPAN

Trump is expected to sign an executive order to lower prescription drug prices. The question about the feasibility of implementation of Trump’s...

Tina Banerjee

APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

Shionogi is acquiring Torii Pharma. Daiichi Sankyo’s Enhertu meets key goal in breast cancer trial. HK inno got domestic approval for P3 trial of...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shionogi & Co (4507 JP): Change Of Gears Likely From FY26, Torii Acquisition Augurs Well

​Shionogi sees revenue rise in FY25 as royalties offset lower infectious disease drug sales. Acquisition and new drug submissions signal product...

Tina Banerjee

Sumitomo Pharma (4506 JP): Back in Black; Rebooting For Future With Focus On Regenerative Medicine

​Sumitomo Pharma sees strong revenue growth in FY25 driven by North America. The company is focusing on future with “Reboot 2027” amid FY26...

Tina Banerjee

APAC Healthcare Weekly (May 18)-Hengrui Medicine, Wuxi Biologics, Chugai, GC Biopharma, Mayne Pharma

Jiangsu Hengrui launches HK IPO. Wuxi Biologics to sell Germany plant. Chugai got Japan approval for gene therapy. Mayne Pharma was hit as FDA...

Tina Banerjee

US Tariff Impact on APAC Healthcare: Focus Country- JAPAN

Trump is expected to sign an executive order to lower prescription drug prices. The question about the feasibility of implementation of Trump’s...

Tina Banerjee

APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

Shionogi is acquiring Torii Pharma. Daiichi Sankyo’s Enhertu meets key goal in breast cancer trial. HK inno got domestic approval for P3 trial of...

Tina Banerjee

Shionogi sees revenue rise in FY25 as royalties offset lower infectious disease drug sales. Acquisition and new drug submissions signal product...

Sumitomo Pharma sees strong revenue growth in FY25 driven by North America. The company is focusing on future with “Reboot 2027” amid FY26...