Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> reported 10% YoY revenue growth in 9MFY26. Core operating profit increased to ¥442.1B, up 49% YoY driven by cost optimization through sustainable margin transformation program.</li>
<li>Strategic brands (Padcev, Izervay, Veozah, Vyloy, Xospata), which recorded underlying growth of 45% YoY and contributed 22% of revenue, drove overall revenue growth.</li>
<li>Astellas revised FY26 guidance upwards considering the strong performance of Xtandi and Mirabegron, along with the trend of foreign exchange rates.</li>
</ul>



Astellas Pharma (4503 JP) reported 10% YoY revenue growth in 9MFY26. Core operating profit increased to ¥442.1B, up 49% YoY driven by cost optimization through sustainable margin transformation program.
Strategic brands (Padcev, Izervay, Veozah, Vyloy, Xospata), which recorded underlying growth of 45% YoY and contributed 22% of revenue, drove overall revenue growth.
Astellas revised FY26 guidance upwards considering the strong performance of Xtandi and Mirabegron, along with the trend of foreign exchange rates.


Astellas Pharma (4503 JP): Strategic Brands Gain Further Momentum, Margins Expand, Guidance Revised

<ul>
<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> has announced 9MFY26 result, with revenue, operating profit, and net profit reaching record highs, led by growth in core businesses.</li>
<li>Double-Digit growth in royalty income from HIV franchise, rebound in domestic prescription business led by Torii, and expanded sales of Cefiderocol in the U.S. and EU drove 9MFY26 performance.</li>
<li>With high base effect for Xocova ending, and new growth drivers remaining intact, Shionogi’s financial performance to improve from FY27. The company is expecting few new launches during FY28–32.</li>
</ul>



Shionogi &amp; Co (4507 JP) has announced 9MFY26 result, with revenue, operating profit, and net profit reaching record highs, led by growth in core businesses.
Double-Digit growth in royalty income from HIV franchise, rebound in domestic prescription business led by Torii, and expanded sales of Cefiderocol in the U.S. and EU drove 9MFY26 performance.
With high base effect for Xocova ending, and new growth drivers remaining intact, Shionogi’s financial performance to improve from FY27. The company is expecting few new launches during FY28–32.


Shionogi & Co (4507 JP): Decent 9MFY26 Result; No Revision in FY Forecast; Accelerate Growth Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> has announced 9MFY26 results, with revenue increasing 12%, driven by 25% YoY growth in Enhertu product sales. Fx impacted negatively.</li>
<li>The company reiterated FY26 guidance. However, they tweaked key products revenue slightly. Indication and geography expansion of Enhertu and Datroway will be the key drivers.</li>
<li>The company plans to launch numerous indications across at least four ADCs by 2030, which should increase addressable patient population by nearly six times to ~700K from current ~120K.</li>
</ul>



Daiichi Sankyo (4568 JP) has announced 9MFY26 results, with revenue increasing 12%, driven by 25% YoY growth in Enhertu product sales. Fx impacted negatively.
The company reiterated FY26 guidance. However, they tweaked key products revenue slightly. Indication and geography expansion of Enhertu and Datroway will be the key drivers.
The company plans to launch numerous indications across at least four ADCs by 2030, which should increase addressable patient population by nearly six times to ~700K from current ~120K.


Daiichi Sankyo (4568 JP): Enhertu Drives 9MFY26 Result; FY Guidance Reiterated

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten, Sumitomo Mitsui Financial.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten, Sumitomo Mitsui Financial.


MS-Japan Index Earning Revision (Jan): Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> has announced 9MFY26 result, with revenue declining 3% YoY to ¥3,411B, dragged by Vyvanse. Growth and launch products revenue grew 7%, with improving QoQ growth rate.</li>
<li>The company raised its full-year forecasts based on cost discipline and FX tailwind, while its revenue management guidance has been updated primarily due to the impact of Vyvanse generics.</li>
<li>Takeda has multiple late-stage programs with multibillion-dollar peak revenue potential. The company is poised to launch three drugs in the next 18 months, setting it on a new growth trajectory.</li>
</ul>



Takeda Pharmaceutical (4502 JP) has announced 9MFY26 result, with revenue declining 3% YoY to ¥3,411B, dragged by Vyvanse. Growth and launch products revenue grew 7%, with improving QoQ growth rate.
The company raised its full-year forecasts based on cost discipline and FX tailwind, while its revenue management guidance has been updated primarily due to the impact of Vyvanse generics.
Takeda has multiple late-stage programs with multibillion-dollar peak revenue potential. The company is poised to launch three drugs in the next 18 months, setting it on a new growth trajectory.


Takeda Pharmaceutical (4502 JP): Decent 9MFY26 Show; Guidance Revision Amid New Leg of Growth

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Eisai Co Ltd (4523 JP)

Astellas Pharma (4503 JP): Strategic Brands Gain Further Momentum, Margins Expand, Guidance Revised

Astellas Pharma sees revenue growth in 9MFY26 driven by strategic brands and cost optimization lead to an increase in core profits. Revised FY26...

Tina Banerjee

Shionogi & Co (4507 JP): Decent 9MFY26 Result; No Revision in FY Forecast; Accelerate Growth Ahead

Shionogi reports record high revenue, operating and net profits in 9MFY26, driven by growth in core businesses. The company is expecting few new...

Tina Banerjee

Daiichi Sankyo (4568 JP): Enhertu Drives 9MFY26 Result; FY Guidance Reiterated

Daiichi Sankyo reports 12% revenue growth in 9MFY26, driven by 25% growth Enhertu sales. The company reiterated FY26 guidance. However, they...

Tina Banerjee

MS-Japan Index Earning Revision (Jan): Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten

We analyzed MS-Japan's consensus for Jan 2026 and highlighted changes of EPS in Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten,...

Ke Yan, CFA, FRM

Takeda Pharmaceutical (4502 JP): Decent 9MFY26 Show; Guidance Revision Amid New Leg of Growth

Takeda Pharmaceutical reports 9MFY26 result with revenue declining 3%. The company raised FY26 forecasts on cost discipline and FX tailwind....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Astellas Pharma (4503 JP): Strategic Brands Gain Further Momentum, Margins Expand, Guidance Revised

​Astellas Pharma sees revenue growth in 9MFY26 driven by strategic brands and cost optimization lead to an increase in core profits. Revised FY26...

Tina Banerjee

Shionogi & Co (4507 JP): Decent 9MFY26 Result; No Revision in FY Forecast; Accelerate Growth Ahead

​Shionogi reports record high revenue, operating and net profits in 9MFY26, driven by growth in core businesses. The company is expecting few new...

Tina Banerjee

Daiichi Sankyo (4568 JP): Enhertu Drives 9MFY26 Result; FY Guidance Reiterated

​Daiichi Sankyo reports 12% revenue growth in 9MFY26, driven by 25% growth Enhertu sales. The company reiterated FY26 guidance. However, they...

Tina Banerjee

MS-Japan Index Earning Revision (Jan): Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten

We analyzed MS-Japan's consensus for Jan 2026 and highlighted changes of EPS in Tokio Marine, Aeon, Itochu, Nippon Steel, Advantest, Rakuten,...

Ke Yan, CFA, FRM

Takeda Pharmaceutical (4502 JP): Decent 9MFY26 Show; Guidance Revision Amid New Leg of Growth

​Takeda Pharmaceutical reports 9MFY26 result with revenue declining 3%. The company raised FY26 forecasts on cost discipline and FX tailwind....

Tina Banerjee

Astellas Pharma sees revenue growth in 9MFY26 driven by strategic brands and cost optimization lead to an increase in core profits. Revised FY26...

Shionogi reports record high revenue, operating and net profits in 9MFY26, driven by growth in core businesses. The company is expecting few new...

Daiichi Sankyo reports 12% revenue growth in 9MFY26, driven by 25% growth Enhertu sales. The company reiterated FY26 guidance. However, they...

Takeda Pharmaceutical reports 9MFY26 result with revenue declining 3%. The company raised FY26 forecasts on cost discipline and FX tailwind....