Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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> revised its consolidated financial forecasts for FY26, which were announced on October 31, 2025.</li>
<li>Revenue has been revised upward by ¥20B to ¥449B, reflecting higher sales of products such as Gemtesa in the North America segment, as well as positive impact of weaker yen.</li>
<li>Sumitomo Pharma has filed the shelf registration statement regarding the issuance of new shares. The scheduled amount of issuance will not be more than ¥140B.</li>
</ul>



Sumitomo Pharma (4506 JP) revised its consolidated financial forecasts for FY26, which were announced on October 31, 2025.
Revenue has been revised upward by ¥20B to ¥449B, reflecting higher sales of products such as Gemtesa in the North America segment, as well as positive impact of weaker yen.
Sumitomo Pharma has filed the shelf registration statement regarding the issuance of new shares. The scheduled amount of issuance will not be more than ¥140B.


2026 High Conviction Update: Sumitomo Pharma (4506 JP): Guidance Revised, “Boost 2028” Plan Unveiled

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<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 6% revenue growth in 2025. Mainstay pharmaceutical business (+7% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.</li>
<li>Otsuka announced 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.</li>
<li>Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.</li>
</ul>



Otsuka Holdings (4578 JP) witnessed 6% revenue growth in 2025. Mainstay pharmaceutical business (+7% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.
Otsuka announced 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.
Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.


Otsuka Holdings (4578 JP): All Eyes on Sibeprenlimab in Likely Stable 2026, More Approvals Awaited

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<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> revenue was up 19% YoY to ¥347.7B in 9MFY26 on the back of continued strong sales in North America (up 44% YoY to ¥257.5B).</li>
<li>Orgovyx (revenue jumped 100% YoY to ¥115.6B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 67.5% to ¥72.3B) improved market share.</li>
<li>Sumitomo Pharma is well on track, focused on expanding revenue, reducing costs, and securing future business drivers.</li>
</ul>



Sumitomo Pharma (4506 JP) revenue was up 19% YoY to ¥347.7B in 9MFY26 on the back of continued strong sales in North America (up 44% YoY to ¥257.5B).
Orgovyx (revenue jumped 100% YoY to ¥115.6B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 67.5% to ¥72.3B) improved market share.
Sumitomo Pharma is well on track, focused on expanding revenue, reducing costs, and securing future business drivers.


2026 High Conviction Update: Sumitomo Pharma (4506 JP): Key Drugs Shine; FY26 Guidance Reiterated

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<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP)</a> posted flat revenue in 2025. Core operating margin expands 200bps to 22.1% on lower SG&amp;A and R&amp;D expense.</li>
<li>Company announced 2026 guidance. Revenue expected to increase 4.7% to ¥520B. Higher R&amp;D is expected to drag operating profit while core profit is expected to decline 5% YoY to ¥80B.</li>
<li>New drugs Libmeldy/Lenmeldy and Phozevel are seeing strong uptake. Ziftomenib, rocatinlimab and infigratinib will drive revenue numbers in medium to long term.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) posted flat revenue in 2025. Core operating margin expands 200bps to 22.1% on lower SG&amp;A and R&amp;D expense.
Company announced 2026 guidance. Revenue expected to increase 4.7% to ¥520B. Higher R&amp;D is expected to drag operating profit while core profit is expected to decline 5% YoY to ¥80B.
New drugs Libmeldy/Lenmeldy and Phozevel are seeing strong uptake. Ziftomenib, rocatinlimab and infigratinib will drive revenue numbers in medium to long term.


Kyowa Kirin (4151 JP): Margin Expand, Flat Revenue in 2025, Temporary Cost Burden To Be Felt in 2026

Shanghai Henlius Biotech / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> granted Eisai license to develop, manufacture and commercialize Hansizhuang (serplulimab injection) in the treatment of oncology indications in Japan.</li>
<li>Hansizhuang is an innovative anti-PD-1 monoclonal antibody approved for marketing in China for indications including the combination with chemotherapy for the first-line treatment of sq &amp; nsq-NSCLC, ES-SCLC and ESCC.</li>
<li>The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.</li>
</ul>



Shanghai Henlius Biotech (2696 HK) granted Eisai license to develop, manufacture and commercialize Hansizhuang (serplulimab injection) in the treatment of oncology indications in Japan.
Hansizhuang is an innovative anti-PD-1 monoclonal antibody approved for marketing in China for indications including the combination with chemotherapy for the first-line treatment of sq &amp; nsq-NSCLC, ES-SCLC and ESCC.
The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.


Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

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)

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Guidance Revised, “Boost 2028” Plan Unveiled

Sumitomo Pharma obtained conditional and time limited approval in Japan for the manufacturing and marketing of allogeneic iPS cell derived...

Tina Banerjee

Otsuka Holdings (4578 JP): All Eyes on Sibeprenlimab in Likely Stable 2026, More Approvals Awaited

Otsuka Holdings saw 6% revenue growth in 2025 driven by pharmaceutical business. Top selling drugs and new products like sibeprenlimab will be in...

Tina Banerjee

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Key Drugs Shine; FY26 Guidance Reiterated

Sumitomo Pharma and RACTHERA (JV with Sumitomo Chemicals) announced that the regenerative medical product Amchepry has been listed as an item for...

Tina Banerjee

Kyowa Kirin (4151 JP): Margin Expand, Flat Revenue in 2025, Temporary Cost Burden To Be Felt in 2026

Kyowa Kirin posted flat 2025 revenue, but saw expansion in core operating margin. 2026 guidance shows revenue growth but cost pressure. Drug...

Tina Banerjee

Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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2026 High Conviction Update: Sumitomo Pharma (4506 JP): Guidance Revised, “Boost 2028” Plan Unveiled

Sumitomo Pharma obtained conditional and time limited approval in Japan for the manufacturing and marketing of allogeneic iPS cell derived...

Tina Banerjee

Otsuka Holdings (4578 JP): All Eyes on Sibeprenlimab in Likely Stable 2026, More Approvals Awaited

​Otsuka Holdings saw 6% revenue growth in 2025 driven by pharmaceutical business. Top selling drugs and new products like sibeprenlimab will be in...

Tina Banerjee

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Key Drugs Shine; FY26 Guidance Reiterated

Sumitomo Pharma and RACTHERA (JV with Sumitomo Chemicals) announced that the regenerative medical product Amchepry has been listed as an item for...

Tina Banerjee

Kyowa Kirin (4151 JP): Margin Expand, Flat Revenue in 2025, Temporary Cost Burden To Be Felt in 2026

​Kyowa Kirin posted flat 2025 revenue, but saw expansion in core operating margin. 2026 guidance shows revenue growth but cost pressure. Drug...

Tina Banerjee

Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

​Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...

Tina Banerjee

Otsuka Holdings saw 6% revenue growth in 2025 driven by pharmaceutical business. Top selling drugs and new products like sibeprenlimab will be in...

Kyowa Kirin posted flat 2025 revenue, but saw expansion in core operating margin. 2026 guidance shows revenue growth but cost pressure. Drug...

Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...