Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<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 a rise of 15% YoY in revenue to ¥663.3B. Mainstay alongside new products help maintain growth momentum in both domestic and overseas market.</li>
<li>2026 guidance reiterated. Revenue expected to increase 7% YoY. Core profit numbers expected to increase by 7.5% YoY each. Achieved almost 43-46% of their 2026 headline guidance numbers.</li>
<li>Although Chugai is still hugely dependent on Hemlibra export, new launches are slowly gaining momentum. Moreover, new breakthrough products like orforglipron will help provide some traction to the growth momentum.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported a rise of 15% YoY in revenue to ¥663.3B. Mainstay alongside new products help maintain growth momentum in both domestic and overseas market.
2026 guidance reiterated. Revenue expected to increase 7% YoY. Core profit numbers expected to increase by 7.5% YoY each. Achieved almost 43-46% of their 2026 headline guidance numbers.
Although Chugai is still hugely dependent on Hemlibra export, new launches are slowly gaining momentum. Moreover, new breakthrough products like orforglipron will help provide some traction to the growth momentum.


Chugai Pharma (4519 JP): Guidance Reiterated As Both Overseas & Domestic Grow in 1H26

Shanghai Henlius Biotech / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc-class-h" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> reported 10% YoY revenue growth in China to RMB1.4B for core innovative product serplulimab. Henlius is now pursuing its globalization initiatives for serplulimab.</li>
<li>Thus far, the drug has been approved in ~50 countries. With its license-out areas comprehensively covering over 100 countries and regions, the international commercialization has further growth potential.</li>
<li>With continuous indication and geography expansion, serplulimab is accelerating toward its next milestone as a domestically developed blockbuster with the potential to exceed RMB10B (~$1.5B) in annual sales before 2030.</li>
</ul>



Shanghai Henlius Biotech (2696 HK) reported 10% YoY revenue growth in China to RMB1.4B for core innovative product serplulimab. Henlius is now pursuing its globalization initiatives for serplulimab.
Thus far, the drug has been approved in ~50 countries. With its license-out areas comprehensively covering over 100 countries and regions, the international commercialization has further growth potential.
With continuous indication and geography expansion, serplulimab is accelerating toward its next milestone as a domestically developed blockbuster with the potential to exceed RMB10B (~$1.5B) in annual sales before 2030.


Shanghai Henlius Biotech (2696 HK): Serplulimab Is Gaining Traction; Approaching Blockbuster Status

<ul>
<li>Takeda Pharmaceutical (4502 JP) announced positive topline results for Phase 3 study comparing zasocitinib (TAK-279), an investigational, highly selective oral TYK2 inhibitor, to deucravacitinib in adults with moderate-to-severe plaque psoriasis.</li>
<li>Takeda also presented additional results from two pivotal studies, showing oveporexton (TAK-861), an OX2R-selective agonist, improved daily functioning as well as cognitive and sleep-related symptoms associated with narcolepsy type 1.</li>
<li>Takeda’s pipeline is positioned to support both the near-term and long-term sustained growth of the company.</li>
</ul>


Takeda Pharmaceutical (4502 JP) announced positive topline results for Phase 3 study comparing zasocitinib (TAK-279), an investigational, highly selective oral TYK2 inhibitor, to deucravacitinib in adults with moderate-to-severe plaque psoriasis.
Takeda also presented additional results from two pivotal studies, showing oveporexton (TAK-861), an OX2R-selective agonist, improved daily functioning as well as cognitive and sleep-related symptoms associated with narcolepsy type 1.
Takeda’s pipeline is positioned to support both the near-term and long-term sustained growth of the company.


Takeda Pharmaceutical: Zasocitinib, Oveprexton Positive Results Shows Takeda’s Pipeline Strength

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<p style="text-align: center;"><strong>• RESULTS &amp; REVISIONS SUMMARY - 3rd FEBRUARY •</strong></p><div><p>Of Wednesday's 100 results announcements, 78% scored positively for earnings momentum despite trailing revenues falling by 5.7% on average and a 2.1 percentage point decline in operating margins. Only 8% of companies were in the red for the quarter.  64% of the 53 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +1.2 points.</p></div><div>
<p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p>
<p style="text-align: left;">Wednesday's 'best' large-cap announcements came from <a href="https://www.smartkarma.com/entities/hirose-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:13513:1" rel="noopener">Hirose Electric (6806 JP)</a>, <a href="https://www.smartkarma.com/entities/brother-industries-ltd" target="_blank" data-smartkarma-citation="entities:6114:1" rel="noopener">Brother Industries (6448 JP)</a>, and <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony (6758 JP)</a>. The 'worst' were from <a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai (4523 JP)</a>, <a href="https://www.smartkarma.com/entities/square-enix-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15003:1" rel="noopener">Square Enix (9684 JP)</a>, and <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</a>.  We would also note the relatively modest improvement in the trading companies.</p>
</div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/186/604/original/2021-02-04_04-53-07.png?1612382019" class="editor-image img-responsive" data-smartkarma-image-id="186604"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/186/605/original/2021-02-04_04-54-02.png?1612382054" class="editor-image img-responsive" data-smartkarma-image-id="186605"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/186/606/original/2021-02-04_04-54-35.png?1612382089" class="editor-image img-responsive" data-smartkarma-image-id="186606"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/186/607/original/2021-02-04_04-55-18.png?1612382134" class="editor-image img-responsive" data-smartkarma-image-id="186607"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/186/608/original/2021-02-04_04-56-09.png?1612382183" class="editor-image img-responsive" data-smartkarma-image-id="186608"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/186/609/original/2021-02-04_04-56-48.png?1612382221" class="editor-image img-responsive" data-smartkarma-image-id="186609"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/186/610/original/2021-02-04_04-57-14.png?1612382245" class="editor-image img-responsive" data-smartkarma-image-id="186610"></figure></section><div style="text-align: center;" class="content-caption">     Source for all charts &amp; tables: Japan Analytics</div>

• RESULTS &amp; REVISIONS SUMMARY - 3rd FEBRUARY •Of Wednesday's 100 results announcements, 78% scored positively for earnings momentum despite trailing revenues falling by 5.7% on average and a 2.1 percentage point decline in operating margins. Only 8% of companies were in the red for the quarter.  64% of the 53 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +1.2 points.
• BEST &amp; WORST •
Wednesday's 'best' large-cap announcements came from Hirose Electric (6806 JP), Brother Industries (6448 JP), and Sony (6758 JP). The 'worst' were from Eisai (4523 JP), Square Enix (9684 JP), and Z Holdings (4689 JP).  We would also note the relatively modest improvement in the trading companies.
     Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​02/​​​​​​​​​​​​​​​03 Hirose, Eisai..

<p style="text-align: center;"><strong>•BEST &amp; WORST 3rd AUGUST •</strong></p><p style="text-align: left;">The 'best' and 'worst' from yesterday's large-cap announcements came from <a href="https://www.smartkarma.com/entities/kyorin-holdings-inc" target="_blank" data-smartkarma-citation="entities:15216:1" rel="noopener">Kyorin (4569 JP)</a> and <a href="https://www.smartkarma.com/entities/japan-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1184:1" rel="noopener">Japan Airlines (9201 JP)</a>.  More extensive coverage follows in the DETAIL section below. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/150/264/original/2020-08-04_06-29-14.png?1596490167" class="editor-image img-responsive" data-smartkarma-image-id="150264"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/150/265/original/2020-08-04_06-30-03.png?1596490220" class="editor-image img-responsive" data-smartkarma-image-id="150265"></figure><div class="content-caption">Source • Japan Analytics</div><hr><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><div><p><strong>PERCENTAGES </strong>- 66% of quarterly results,  61% of annual forecasts/revisions and 64% of interim forecasts have negative Scores and 26% of companies reporting lost money for the quarter.</p></div><hr><div><p style="text-align: center;"><strong>105 Quarterly Result</strong>s</p></div><div><ul>
<li>
<strong>Results Score</strong>: 29% Positive / 6% Neutral / 66% Negative</li>
<li>
<strong>Average Results Score Change:</strong> -2.5 points</li>
<li>
<strong>Average % Change in Revenue:</strong> -7.4% Quarter YoY / -1.3% Rolling TTM YoY </li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -0.8 ppt</li>
<li>
<strong>Percentage Making Quarterly Losses:</strong> 26%</li>
</ul></div><hr><div><p style="text-align: center;"><br><strong>36 Annual • 25 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 31% Positive / 8% Neutral / 61% Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 32% Positive / 4% Neutral / 64% Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -7.0 points</li>
</ul></div>

•BEST &amp; WORST 3rd AUGUST •The 'best' and 'worst' from yesterday's large-cap announcements came from Kyorin (4569 JP) and Japan Airlines (9201 JP).  More extensive coverage follows in the DETAIL section below. Source • Japan AnalyticsDAILY STATSPERCENTAGES - 66% of quarterly results,  61% of annual forecasts/revisions and 64% of interim forecasts have negative Scores and 26% of companies reporting lost money for the quarter.105 Quarterly Results

Results Score: 29% Positive / 6% Neutral / 66% Negative

Average Results Score Change: -2.5 points

Average % Change in Revenue: -7.4% Quarter YoY / -1.3% Rolling TTM YoY 

Average Operating Profit Margin Change: -0.8 ppt

Percentage Making Quarterly Losses: 26%
 36 Annual • 25 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 31% Positive / 8% Neutral / 61% Negative

Interim Forecast/Revision Score Change: 32% Positive / 4% Neutral / 64% Negative

Average Forecast/Revision Score Change: -7.0 points


🇯🇵 JAPAN • Results & Revisions 3rd August - Capcom, K's, Kikkoman, USS, Eisai

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)

Chugai Pharma (4519 JP): Guidance Reiterated As Both Overseas & Domestic Grow in 1H26

Chugai Pharma (4519 JP) reports growth in both domestic and overseas markets in 1H26. 2026 guidance reiterated. Hemlibra export still key but new...

Tina Banerjee

Shanghai Henlius Biotech (2696 HK): Serplulimab Is Gaining Traction; Approaching Blockbuster Status

Shanghai Henlius Biotech is pursuing globalization for serplulimab. With continuous indication and geography expansion, serplulimab has potential...

Tina Banerjee

Takeda Pharmaceutical: Zasocitinib, Oveprexton Positive Results Shows Takeda’s Pipeline Strength

Takeda Pharmaceutical reports positive Phase 3 results for zasocitinib and oveporexton, showcasing potential for sustained growth and pipeline...

Tina Banerjee

🇯🇵 JAPAN • Results & Revisions 02/03 Hirose, Eisai..

Of Wednesday's 100 results announcements, 78% scored positively for earnings momentum despite trailing revenues falling by 5.7% on average and a...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 3rd August - Capcom, K's, Kikkoman, USS, Eisai

•BEST & WORST 3rd AUGUST •The 'best' and 'worst' from yesterday's large-cap announcements came from Kyorin (4569 JP) and Japan Airlines (9201...

Campbell Gunn

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Chugai Pharma (4519 JP): Guidance Reiterated As Both Overseas & Domestic Grow in 1H26

​Chugai Pharma (4519 JP) reports growth in both domestic and overseas markets in 1H26. 2026 guidance reiterated. Hemlibra export still key but new...

Tina Banerjee

Shanghai Henlius Biotech (2696 HK): Serplulimab Is Gaining Traction; Approaching Blockbuster Status

Shanghai Henlius Biotech is pursuing globalization for serplulimab. With continuous indication and geography expansion, serplulimab has potential...

Tina Banerjee

Takeda Pharmaceutical: Zasocitinib, Oveprexton Positive Results Shows Takeda’s Pipeline Strength

​Takeda Pharmaceutical reports positive Phase 3 results for zasocitinib and oveporexton, showcasing potential for sustained growth and pipeline...

Tina Banerjee

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​02/​​​​​​​​​​​​​​​03 Hirose, Eisai..

Of Wednesday's 100 results announcements, 78% scored positively for earnings momentum despite trailing revenues falling by 5.7% on average and a...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 3rd August - Capcom, K's, Kikkoman, USS, Eisai

•BEST & WORST 3rd AUGUST •The 'best' and 'worst' from yesterday's large-cap announcements came from Kyorin (4569 JP) and Japan Airlines (9201...

Campbell Gunn

Chugai Pharma (4519 JP) reports growth in both domestic and overseas markets in 1H26. 2026 guidance reiterated. Hemlibra export still key but new...

Takeda Pharmaceutical reports positive Phase 3 results for zasocitinib and oveporexton, showcasing potential for sustained growth and pipeline...

🇯🇵 JAPAN • Results & Revisions 02/03 Hirose, Eisai..