Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> reported record high revenue and triple-digit growth in core operating profit in FY26. However, operating and net profits missed guidance due to one-off factors.</li>
<li>Through achieving profitability in the Leqembi business and improving efficiency on cost structure, Eisai aims to drive a substantial increase in core operating profit, representing organic business growth in FY27.</li>
<li>With SC-AI and BBM in place, Eisai believes that Leqembi is entering a true expansion phase. Leqembi revenue is expected to grow 63% YoY to ¥144B (~$900M) in FY27.</li>
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Eisai Co Ltd (4523 JP) reported record high revenue and triple-digit growth in core operating profit in FY26. However, operating and net profits missed guidance due to one-off factors.
Through achieving profitability in the Leqembi business and improving efficiency on cost structure, Eisai aims to drive a substantial increase in core operating profit, representing organic business growth in FY27.
With SC-AI and BBM in place, Eisai believes that Leqembi is entering a true expansion phase. Leqembi revenue is expected to grow 63% YoY to ¥144B (~$900M) in FY27.


Eisai Co Ltd (4523 JP): Mixed Result for FY26; FY27 Guidance Indicates Profitability Improvement

Thematic (Sector/Industry)

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<li>Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.</li>
<li>Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.</li>
<li>Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.</li>
</ul>


Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.
Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.
Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.


APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

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<li>CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.</li>
<li>Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.</li>
<li>Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.</li>
</ul>


CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.
Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.
Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.


APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

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<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> has reported better-than-expected result for 9MFY26. Revenue increased 3% YoY to ¥620B, driven by strong performance of the key drugs.</li>
<li>9MFY26 revenue, operating profit, and net profit represent progress rate of 79%, 100%, and 101% against full-year FY26 forecast. However, the company reiterated FY26 forecast.</li>
<li>Indication and geography expansion of key drugs along with Eisai’s recent initiatives to enhance its pipeline and expand its oncology franchise should position the company for long-term growth.  </li>
</ul>



Eisai Co Ltd (4523 JP) has reported better-than-expected result for 9MFY26. Revenue increased 3% YoY to ¥620B, driven by strong performance of the key drugs.
9MFY26 revenue, operating profit, and net profit represent progress rate of 79%, 100%, and 101% against full-year FY26 forecast. However, the company reiterated FY26 forecast.
Indication and geography expansion of key drugs along with Eisai’s recent initiatives to enhance its pipeline and expand its oncology franchise should position the company for long-term growth.  


Eisai Co Ltd (4523 JP): Key Drugs Drive Solid 9M Performance; FY Guidance Reaffirmed

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<li>
<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> recorded153% YoY revenue growth to ¥41B for Leqembi during H1FY26, driven by significant growth in Japan (+177% YoY) and Americas (+84% YoY).</li>
<li>For FY26, Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY.  H1FY26 Leqembi revenue represents progress rate of more than 50%, thereby raising conviction of meeting full-year guidance.</li>
<li>Recent clinical trial setbacks suffered by two large players, Johnson &amp; Johnson and Novo Nordisk should act in favor of Leqembi.  </li>
</ul>



Eisai Co Ltd (4523 JP) recorded153% YoY revenue growth to ¥41B for Leqembi during H1FY26, driven by significant growth in Japan (+177% YoY) and Americas (+84% YoY).
For FY26, Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY.  H1FY26 Leqembi revenue represents progress rate of more than 50%, thereby raising conviction of meeting full-year guidance.
Recent clinical trial setbacks suffered by two large players, Johnson &amp; Johnson and Novo Nordisk should act in favor of Leqembi.  


Eisai Co Ltd (4523 JP): Label Expansion Drives Leqembi Ahead; Competitive Landscape Turns Favorable

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)