Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<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

<ul>
<li>During Q1FY26, <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 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.</li>
<li>During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).</li>
<li>The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.</li>
</ul>


During Q1FY26, Eisai Co Ltd (4523 JP) reported 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.
During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).
The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.


Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

<ul>
<li>In FY25, <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 6% YoY growth in revenue, driven by 3Ls. Operating profit rose 2% YoY and net profit climbed 9% YoY to ¥46B.</li>
<li>Eisai guided for FY26 revenue of ¥790B, flat YoY. Revenue for Leqembi is expected to grow significantly (¥76.5B, up 73% YoY). Operating profit is expected to remain flat at ¥54.5B.</li>
<li>Leqembi’s potential market expansion holds promise, especially in the developed economies with the proportion of aged population gradually on the rise and with a dearth of suitable treatment options available.</li>
</ul>


In FY25, Eisai Co Ltd (4523 JP) reported 6% YoY growth in revenue, driven by 3Ls. Operating profit rose 2% YoY and net profit climbed 9% YoY to ¥46B.
Eisai guided for FY26 revenue of ¥790B, flat YoY. Revenue for Leqembi is expected to grow significantly (¥76.5B, up 73% YoY). Operating profit is expected to remain flat at ¥54.5B.
Leqembi’s potential market expansion holds promise, especially in the developed economies with the proportion of aged population gradually on the rise and with a dearth of suitable treatment options available.


Eisai Co Ltd (4523 JP): Leqembi at a Growth Juncture as New Markets Open Up; Margins Under Pressure

<ul>
<li>In 9MFY25, <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 9% YoY growth in revenue, driven by 3Ls. Operating profit rose 48% YoY and net profit climbed 56% YoY to ¥45.5B.</li>
<li>Eisai kept its FY25 total revenue guidance unchanged, implying a weaker Q4FY25 with a probable loss on the cards.</li>
<li>Lenvima growth stabilizes on indication expansion, Leqembi awaiting approvals and untangling safety concerns in a bid to reach its full market potential.</li>
</ul>


In 9MFY25, Eisai Co Ltd (4523 JP) reported 9% YoY growth in revenue, driven by 3Ls. Operating profit rose 48% YoY and net profit climbed 56% YoY to ¥45.5B.
Eisai kept its FY25 total revenue guidance unchanged, implying a weaker Q4FY25 with a probable loss on the cards.
Lenvima growth stabilizes on indication expansion, Leqembi awaiting approvals and untangling safety concerns in a bid to reach its full market potential.


Eisai (4523 JP): 3L Drive 9MFY25 Result; FY25 Guidance Reaffirmed; Leqembi at an Inflection Point

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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> will present updated clinical trial data of Enzomenib (for AML) and Nuvisertib (for Meylofibrosis). Both drug candidates hold strong future potential.</li>
<li>The company revised FY26 revenue guidance upward to ¥429B backed by continued strong sales in North America (+56% to ¥163B). Orgovyx witnessed solid patient growth while Gemtesa improved market share.</li>
<li>After largely remaining beaten down in the past few years Sumitomo stock has only begun to gain momentum in recent past. We feel it has still got an upside potential.</li>
</ul>



Sumitomo Pharma (4506 JP) will present updated clinical trial data of Enzomenib (for AML) and Nuvisertib (for Meylofibrosis). Both drug candidates hold strong future potential.
The company revised FY26 revenue guidance upward to ¥429B backed by continued strong sales in North America (+56% to ¥163B). Orgovyx witnessed solid patient growth while Gemtesa improved market share.
After largely remaining beaten down in the past few years Sumitomo stock has only begun to gain momentum in recent past. We feel it has still got an upside potential.


2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

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)