Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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

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<li>
<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 revenue guidance upward by ¥74B to ¥429B on the back of continued strong sales in North America (up 56% YoY to ¥163B).</li>
<li>Orgovyx (revenue jumped 95% YoY to ¥69B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 72% to ¥43B) improved market share.</li>
<li>The revised profit numbers implies that the company expects the SG&amp;A and R&amp;D cost to be on the rise H2FY26 onwards leading a net loss in the second half.</li>
</ul>



Sumitomo Pharma (4506 JP) revised revenue guidance upward by ¥74B to ¥429B on the back of continued strong sales in North America (up 56% YoY to ¥163B).
Orgovyx (revenue jumped 95% YoY to ¥69B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 72% to ¥43B) improved market share.
The revised profit numbers implies that the company expects the SG&amp;A and R&amp;D cost to be on the rise H2FY26 onwards leading a net loss in the second half.


Sumitomo Pharma (4506 JP): Guidance See Upward Revision as Orgovyx, Gemtesa Gain Momentum in H1FY26

<ul>
<li>During H1FY26, <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> maintained revenue, operating profit, and net profit at the same level as previous year. None of the key parameters achieved their respective targets.</li>
<li>Better-Than-Expected contribution from Torii, additional revenue generation from Quviviq, double-digit revenue growth of cefiderocol in the U.S. and EU, and stable growth in HIV royalty drove overall performance.</li>
<li>Shionogi has reduced FY26 revenue guidance (due to weak prescription drug sales) and raised operating and net profit guidance, driven by strong growth in royalty income and cost optimization initiatives.</li>
</ul>


During H1FY26, Shionogi &amp; Co (4507 JP) maintained revenue, operating profit, and net profit at the same level as previous year. None of the key parameters achieved their respective targets.
Better-Than-Expected contribution from Torii, additional revenue generation from Quviviq, double-digit revenue growth of cefiderocol in the U.S. and EU, and stable growth in HIV royalty drove overall performance.
Shionogi has reduced FY26 revenue guidance (due to weak prescription drug sales) and raised operating and net profit guidance, driven by strong growth in royalty income and cost optimization initiatives.


Shionogi & Co (4507 JP): Muted 1H Result; Solid HIV Business Leads FY Profit Guidance Raise

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<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 flat Hemlibra sales in 9M25 overcoming shipment issues. Higher volumes boosted Actemra revenue (up 27% YoY) amid declining in export unit price.</li>
<li>2025 guidance reiterated. Satisfactory progress after 9M25 with major line-items achieving 76-81% of full year guidance. Management expects to beat the export forecast in case of both Hemlibra and Actemra.</li>
<li>Strong progress of out-licensed products (nemluvio and orforglipron) with high sales potential will help drive growth in the short to medium term.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported flat Hemlibra sales in 9M25 overcoming shipment issues. Higher volumes boosted Actemra revenue (up 27% YoY) amid declining in export unit price.
2025 guidance reiterated. Satisfactory progress after 9M25 with major line-items achieving 76-81% of full year guidance. Management expects to beat the export forecast in case of both Hemlibra and Actemra.
Strong progress of out-licensed products (nemluvio and orforglipron) with high sales potential will help drive growth in the short to medium term.


Chugai Pharma (4519 JP): Hemlibra Steady, Actemra Shine, Outlicensed Drug and New Launches Key

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<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> received a conditional approval of IZERVAY (avacincaptad pegol intravitreal solution) in Japan for the suppression of geographic atrophy (GA) growth in atrophic age-related macular degeneration (AMD).</li>
<li>In Q1FY26, with 25% YoY revenue growth, Izervay reported record high quarterly sales of ¥16B. The drug continues to be preferred treatment for new patient start (market share of ~55%).</li>
<li>For FY26, Astellas projects revenue of ¥470B from strategic brands, of which Izervay is expected to around ~¥105B. This will gradually accelerate in coming fiscals with Japan sales falling in.</li>
</ul>



Astellas Pharma (4503 JP) received a conditional approval of IZERVAY (avacincaptad pegol intravitreal solution) in Japan for the suppression of geographic atrophy (GA) growth in atrophic age-related macular degeneration (AMD).
In Q1FY26, with 25% YoY revenue growth, Izervay reported record high quarterly sales of ¥16B. The drug continues to be preferred treatment for new patient start (market share of ~55%).
For FY26, Astellas projects revenue of ¥470B from strategic brands, of which Izervay is expected to around ~¥105B. This will gradually accelerate in coming fiscals with Japan sales falling in.


Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

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)

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

Sumitomo Pharma (4506 JP): Guidance See Upward Revision as Orgovyx, Gemtesa Gain Momentum in H1FY26

Sumitomo Pharma raises revenue guidance due to strong sales in North America. Orgovyx and Gemtesa keep up momentum. Profits will take some time to...

Tina Banerjee

Shionogi & Co (4507 JP): Muted 1H Result; Solid HIV Business Leads FY Profit Guidance Raise

Shionogi reported flat revenue and profits in H1FY26, missing targets. The company has lowered FY26 revenue guidance, but raised operating and net...

Tina Banerjee

Chugai Pharma (4519 JP): Hemlibra Steady, Actemra Shine, Outlicensed Drug and New Launches Key

Chugai Pharmaceutical (4519 JP) sees flat Hemlibra sales, higher Actemra revenue amid competition in 9M25. Strong progress in out-licensed...

Tina Banerjee

Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Sumitomo Pharma (4506 JP): Guidance See Upward Revision as Orgovyx, Gemtesa Gain Momentum in H1FY26

​Sumitomo Pharma raises revenue guidance due to strong sales in North America. Orgovyx and Gemtesa keep up momentum. Profits will take some time to...

Tina Banerjee

Shionogi & Co (4507 JP): Muted 1H Result; Solid HIV Business Leads FY Profit Guidance Raise

​Shionogi reported flat revenue and profits in H1FY26, missing targets. The company has lowered FY26 revenue guidance, but raised operating and net...

Tina Banerjee

Chugai Pharma (4519 JP): Hemlibra Steady, Actemra Shine, Outlicensed Drug and New Launches Key

​Chugai Pharmaceutical (4519 JP) sees flat Hemlibra sales, higher Actemra revenue amid competition in 9M25. Strong progress in out-licensed...

Tina Banerjee

Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

​Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Tina Banerjee

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

Sumitomo Pharma raises revenue guidance due to strong sales in North America. Orgovyx and Gemtesa keep up momentum. Profits will take some time to...

Shionogi reported flat revenue and profits in H1FY26, missing targets. The company has lowered FY26 revenue guidance, but raised operating and net...

Chugai Pharmaceutical (4519 JP) sees flat Hemlibra sales, higher Actemra revenue amid competition in 9M25. Strong progress in out-licensed...

Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...