Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Sichuan Kelun-Biotech announces Phase 3 trial success for ADC-Keytruda combination therapy in first-line lung cancer. ImmuneOnco received Phase 3 trial approval for IMM0306 lenalidomide combination for follicular lymphoma in China.</li>
<li>Otsuka received FDA accelerated approval of Voyxact for immunoglobulin A nephropathy. Eisai has completed FDA submission of Leqembi Iqlik subcutaneous autoinjector as a weekly starting dose for early Alzheimer’s disease.</li>
<li>Alteogen secures $15M milestone payment from Merck as Keytruda subcutaneous formulation gets EU approval. SK Biopharmaceuticals in-licenses second radiopharmaceutical candidate, which has potential to target clear cell renal cell carcinoma.  </li>
</ul>


Sichuan Kelun-Biotech announces Phase 3 trial success for ADC-Keytruda combination therapy in first-line lung cancer. ImmuneOnco received Phase 3 trial approval for IMM0306 lenalidomide combination for follicular lymphoma in China.
Otsuka received FDA accelerated approval of Voyxact for immunoglobulin A nephropathy. Eisai has completed FDA submission of Leqembi Iqlik subcutaneous autoinjector as a weekly starting dose for early Alzheimer’s disease.
Alteogen secures $15M milestone payment from Merck as Keytruda subcutaneous formulation gets EU approval. SK Biopharmaceuticals in-licenses second radiopharmaceutical candidate, which has potential to target clear cell renal cell carcinoma.  


APAC Healthcare Weekly (November 30) – Kelun Bio, ImmuneOnco, Otsuka, Eisai, Alteogen, SK Biopharma

<ul>
<li>Leads Biolabs initiated Phase 2 clinical study evaluating LBL-024 for the first-line treatment of HCC. Henlius Biotech got FDA approval for Poherdy, as the first interchangeable biosimilar to Roche’s Perjeta.</li>
<li>Otsuka announced positive Phase 3 interim analysis of sibeprenlimab for immunoglobulin A nephropathy. ABL Bio signed technology transfer and joint R&amp;D agreement with Eli Lilly for upfront payment of $40M.</li>
<li>Boryung Pharmaceutical began construction to double its oral penicillin production capacity. Eubiologics published positive result from Phase 3 clinical trial evaluating EuTYPH-C, a typhoid conjugate vaccine.</li>
</ul>


Leads Biolabs initiated Phase 2 clinical study evaluating LBL-024 for the first-line treatment of HCC. Henlius Biotech got FDA approval for Poherdy, as the first interchangeable biosimilar to Roche’s Perjeta.
Otsuka announced positive Phase 3 interim analysis of sibeprenlimab for immunoglobulin A nephropathy. ABL Bio signed technology transfer and joint R&amp;D agreement with Eli Lilly for upfront payment of $40M.
Boryung Pharmaceutical began construction to double its oral penicillin production capacity. Eubiologics published positive result from Phase 3 clinical trial evaluating EuTYPH-C, a typhoid conjugate vaccine.


APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics

<ul>
<li>Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.</li>
<li>Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  </li>
<li>Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.</li>
</ul>


Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.
Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  
Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.


APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Equity Bottom-Up

<ul>
<li>
<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> witnessed 5% revenue growth in 9M25, despite negative Fx impact. Mainstay pharmaceutical business (+6.5% YoY) drove revenue. Rexulti and Abilify remained strong.</li>
<li>Otsuka has revised 2025 guidance upwards on the back of steady progress in Pharma and Nutraceutical business. Overall, 2025 revenue is now expected to be ¥2420B (previous guidance ~ ¥2380B).</li>
<li>Otsuka’s two top selling drugs are steadily gaining traction, mainly in the U.S. Going ahead, the company is banking on new drugs like sibeprenlimab to further drive growth.</li>
</ul>



Otsuka Holdings (4578 JP) witnessed 5% revenue growth in 9M25, despite negative Fx impact. Mainstay pharmaceutical business (+6.5% YoY) drove revenue. Rexulti and Abilify remained strong.
Otsuka has revised 2025 guidance upwards on the back of steady progress in Pharma and Nutraceutical business. Overall, 2025 revenue is now expected to be ¥2420B (previous guidance ~ ¥2380B).
Otsuka’s two top selling drugs are steadily gaining traction, mainly in the U.S. Going ahead, the company is banking on new drugs like sibeprenlimab to further drive growth.


Otsuka Holdings (4578 JP): Rexulti, Abilify Drive 2025 Guidance Upward, All Eyes on Sibeprenlimab

<ul>
<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> announced better-than-expected H1FY26 result, with continued double-digit revenue growth, driven by key brands, and significant improvement in profitability being the key highlights.</li>
<li>Strategic brands, which recorded 43% YoY revenue growth and contributed 21% of revenue, drove overall revenue growth. Cost optimization through SMT led to margin improvement.</li>
<li>Astellas has raised FY26 revenue and profit guidance. The company expects FY26 revenue of ¥2,030B (+6% YoY). FY26 core operating profit is expected to increase 25% YoY to ¥490B.</li>
</ul>



Astellas Pharma (4503 JP) announced better-than-expected H1FY26 result, with continued double-digit revenue growth, driven by key brands, and significant improvement in profitability being the key highlights.
Strategic brands, which recorded 43% YoY revenue growth and contributed 21% of revenue, drove overall revenue growth. Cost optimization through SMT led to margin improvement.
Astellas has raised FY26 revenue and profit guidance. The company expects FY26 revenue of ¥2,030B (+6% YoY). FY26 core operating profit is expected to increase 25% YoY to ¥490B.


Astellas Pharma (4503 JP): Strong H1FY26 Performance Leads to Upward Revision of FY26 Guidance

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)

APAC Healthcare Weekly (November 30) – Kelun Bio, ImmuneOnco, Otsuka, Eisai, Alteogen, SK Biopharma

Kelun Bio announces Phase 3 trial success for ADC-Keytruda combo in first-line lung cancer. Otsuka got FDA approval for IgAN drug. Alteogen secures...

Tina Banerjee

APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics

Henlius got FDA approval for Perjeta biosimilar. Otsuka reports positive Phase 3 trial result for sibepernlimab. ABL Bio signed deal with Lilly....

Tina Banerjee

APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Celltrion inlicensed two antibody drug candidates in KRW1T deal. Dong-A got domestic approval for Xcopri. Hanmi Pharm will distribute Boehringer...

Tina Banerjee

Otsuka Holdings (4578 JP): Rexulti, Abilify Drive 2025 Guidance Upward, All Eyes on Sibeprenlimab

Otsuka Holdings (4578 JP) see 5% revenue growth in 9M25, driven by pharmaceutical business. Revised 2025 guidance on Rexulti and Abilify. New...

Tina Banerjee

Astellas Pharma (4503 JP): Strong H1FY26 Performance Leads to Upward Revision of FY26 Guidance

Astellas Pharma reports strong H1FY26 results with double-digit revenue growth and improved profitability. The company raised FY26 revenue and...

Tina Banerjee

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Market Cap (USDm)

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APAC Healthcare Weekly (November 30) – Kelun Bio, ImmuneOnco, Otsuka, Eisai, Alteogen, SK Biopharma

Kelun Bio announces Phase 3 trial success for ADC-Keytruda combo in first-line lung cancer. Otsuka got FDA approval for IgAN drug. Alteogen secures...

Tina Banerjee

APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics

Henlius got FDA approval for Perjeta biosimilar. Otsuka reports positive Phase 3 trial result for sibepernlimab. ABL Bio signed deal with Lilly....

Tina Banerjee

APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Celltrion inlicensed two antibody drug candidates in KRW1T deal. Dong-A got domestic approval for Xcopri. Hanmi Pharm will distribute Boehringer...

Tina Banerjee

Otsuka Holdings (4578 JP): Rexulti, Abilify Drive 2025 Guidance Upward, All Eyes on Sibeprenlimab

​Otsuka Holdings (4578 JP) see 5% revenue growth in 9M25, driven by pharmaceutical business. Revised 2025 guidance on Rexulti and Abilify. New...

Tina Banerjee

Astellas Pharma (4503 JP): Strong H1FY26 Performance Leads to Upward Revision of FY26 Guidance

​Astellas Pharma reports strong H1FY26 results with double-digit revenue growth and improved profitability. The company raised FY26 revenue and...

Tina Banerjee

Otsuka Holdings (4578 JP) see 5% revenue growth in 9M25, driven by pharmaceutical business. Revised 2025 guidance on Rexulti and Abilify. New...

Astellas Pharma reports strong H1FY26 results with double-digit revenue growth and improved profitability. The company raised FY26 revenue and...