Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/peptidream-inc" target="_blank" data-smartkarma-citation="entities:13514:1" rel="noopener">Peptidream Inc (4587 JP)</a> reported better-than-expected 2024 result, with all key parameters beating upwardly revised guidance. Both revenue and net profit hit record high.</li>
<li>Larger than anticipated upfront associated with the expanded Novartis collaboration and increased milestone revenue contributed to the stellar performance of 2024.</li>
<li>The company expects 2025 revenue to increase 5% YoY to ¥49B. Both core operating and operating profits are expected to increase 2% YoY and net profit by 1%.  </li>
</ul>



Peptidream Inc (4587 JP) reported better-than-expected 2024 result, with all key parameters beating upwardly revised guidance. Both revenue and net profit hit record high.
Larger than anticipated upfront associated with the expanded Novartis collaboration and increased milestone revenue contributed to the stellar performance of 2024.
The company expects 2025 revenue to increase 5% YoY to ¥49B. Both core operating and operating profits are expected to increase 2% YoY and net profit by 1%.  


Peptidream (4587 JP): 2024 Result Beats Guidance; Positive Outlook for 2025

<ul>
<li>For 2025, <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> is looking for 2% YoY revenue growth to ¥2,380B. However, net profit is expected to decline 20% YoY to ¥275B.</li>
<li>Even upon a massive impact from LoE of Jinarc/Jynarque, total revenue will grow in 2025. Excluding one-time of impact of the tax adjustments, 2025 net profit guidance implies 6% growth.</li>
<li>Otsuka intends to reduce buyback to create a more investable environment, encourage individual investors to participate in the market, and revitalize the stock market.</li>
</ul>


For 2025, Otsuka Holdings (4578 JP) is looking for 2% YoY revenue growth to ¥2,380B. However, net profit is expected to decline 20% YoY to ¥275B.
Even upon a massive impact from LoE of Jinarc/Jynarque, total revenue will grow in 2025. Excluding one-time of impact of the tax adjustments, 2025 net profit guidance implies 6% growth.
Otsuka intends to reduce buyback to create a more investable environment, encourage individual investors to participate in the market, and revitalize the stock market.


Otsuka Holdings (4578 JP): Soft Guidance for 2025; Reduction of Investment Units

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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

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<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> reported 1% YoY revenue decline during 9MFY25 as domestic sales of prescription drugs decreased 38% YoY.</li>
<li>Quviviq, a DORA treatment for insomnia was launched in December 2024. Shionogi acquired exclusive distribution rights for Quviviq in Japan and it is expected to be a significant revenue contributor.</li>
<li>Shionogi submitted NDA in Japan for zuranolone, a treatment in development for major depressive disorder (MDD). Approval is expected in H1FY26.</li>
</ul>



Shionogi &amp; Co (4507 JP) reported 1% YoY revenue decline during 9MFY25 as domestic sales of prescription drugs decreased 38% YoY.
Quviviq, a DORA treatment for insomnia was launched in December 2024. Shionogi acquired exclusive distribution rights for Quviviq in Japan and it is expected to be a significant revenue contributor.
Shionogi submitted NDA in Japan for zuranolone, a treatment in development for major depressive disorder (MDD). Approval is expected in H1FY26.


Shionogi & Co (4507 JP): 9MFY25 Revenue Flat; Insomnia Drug Launched; NDA Submission in Japan

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<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 25% YoY revenue growth during 9MFY25, driven by North America.</li>
<li>Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥21B during 9MFY25 compared to an operating loss of ¥96B in same period last year.</li>
<li>Sumitomo is now expecting FY25 revenue to be ¥381B, up by ¥43B from the previous forecast and a core net profit of ¥16B.</li>
</ul>



Sumitomo Pharma (4506 JP) reported 25% YoY revenue growth during 9MFY25, driven by North America.
Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥21B during 9MFY25 compared to an operating loss of ¥96B in same period last year.
Sumitomo is now expecting FY25 revenue to be ¥381B, up by ¥43B from the previous forecast and a core net profit of ¥16B.


Sumitomo Pharma (4506 JP): Robust 9MFY25 Revenues; Back in Black; Guidance Revised

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)

Peptidream (4587 JP): 2024 Result Beats Guidance; Positive Outlook for 2025

Peptidream surpasses expectations with record high revenue and net profit in 2024, fueled by expanded Novartis collaboration and milestone...

Tina Banerjee

Otsuka Holdings (4578 JP): Soft Guidance for 2025; Reduction of Investment Units

Otsuka is looking for 2% revenue growth in 2025 but expects a 20% decline in net profit. The company plans to reduce buyback to boost market...

Tina Banerjee

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

Shionogi & Co (4507 JP): 9MFY25 Revenue Flat; Insomnia Drug Launched; NDA Submission in Japan

Shionogi reported 1% revenue decline in 9MFY25. Despite of launching new insomnia drug in Japan and new drug application submission in Japan, near...

Tina Banerjee

Sumitomo Pharma (4506 JP): Robust 9MFY25 Revenues; Back in Black; Guidance Revised

Sumitomo Pharma sees 25% revenue growth, with restructuring efforts leading to a turnaround in operating profit for 9MFY25. Updated forecast...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Peptidream (4587 JP): 2024 Result Beats Guidance; Positive Outlook for 2025

​Peptidream surpasses expectations with record high revenue and net profit in 2024, fueled by expanded Novartis collaboration and milestone...

Tina Banerjee

Otsuka Holdings (4578 JP): Soft Guidance for 2025; Reduction of Investment Units

​Otsuka is looking for 2% revenue growth in 2025 but expects a 20% decline in net profit. The company plans to reduce buyback to boost market...

Tina Banerjee

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

Shionogi & Co (4507 JP): 9MFY25 Revenue Flat; Insomnia Drug Launched; NDA Submission in Japan

​Shionogi reported 1% revenue decline in 9MFY25. Despite of launching new insomnia drug in Japan and new drug application submission in Japan, near...

Tina Banerjee

Sumitomo Pharma (4506 JP): Robust 9MFY25 Revenues; Back in Black; Guidance Revised

​Sumitomo Pharma sees 25% revenue growth, with restructuring efforts leading to a turnaround in operating profit for 9MFY25. Updated forecast...

Tina Banerjee

Peptidream surpasses expectations with record high revenue and net profit in 2024, fueled by expanded Novartis collaboration and milestone...

Otsuka is looking for 2% revenue growth in 2025 but expects a 20% decline in net profit. The company plans to reduce buyback to boost market...

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

Shionogi reported 1% revenue decline in 9MFY25. Despite of launching new insomnia drug in Japan and new drug application submission in Japan, near...

Sumitomo Pharma sees 25% revenue growth, with restructuring efforts leading to a turnaround in operating profit for 9MFY25. Updated forecast...