Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>Innovent Biologics published strong results that were ahead of expectations.</li>
<li>Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.</li>
<li>Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.</li>
</ul>


Innovent Biologics published strong results that were ahead of expectations.
Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.
Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.


Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Eli Lilly and Company's second-quarter 2025 financial results represent a blend of remarkable achievements and strategic foresight, coupled with challenges typical of the pharmaceutical industry.</li><li>The company reported a robust 38% increase in revenue compared to Q2 2024, driven primarily by key products like Mounjaro, Zepbound, and Verzenio.</li><li>This outcome highlights the strong demand for its therapies across major therapeutic areas, especially in cardiometabolic health and oncology.</li></ul>

Eli Lilly and Company's second-quarter 2025 financial results represent a blend of remarkable achievements and strategic foresight, coupled with challenges typical of the pharmaceutical industry.The company reported a robust 38% increase in revenue compared to Q2 2024, driven primarily by key products like Mounjaro, Zepbound, and Verzenio.This outcome highlights the strong demand for its therapies across major therapeutic areas, especially in cardiometabolic health and oncology.

Eli Lilly Expands Beyond Diabetes—Can New Pain & Liver Therapies Disrupt Traditional Care?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in <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> .</li>
<li>While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) .
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

<ul><li>Eli Lilly has firmly positioned itself at the forefront of the global anti-obesity drug race, fueled by its blockbuster GLP-1-based injectable Zepbound and an upcoming oral pill called orforglipron that could further cement its dominance.</li><li>While rival Novo Nordisk’s Wegovy enjoyed a first-mover advantage, Lilly’s more effective compound tirzepatide rapidly seized control of the market, capturing 60% share and 75% of new treatment starts.</li><li>Despite facing a setback with CVS’s recent formulary switch favoring Wegovy, Lilly continues to add approximately 500,000 new Zepbound patients each month and is expanding aggressively into international markets including India, China, and Mexico.</li></ul>

Eli Lilly has firmly positioned itself at the forefront of the global anti-obesity drug race, fueled by its blockbuster GLP-1-based injectable Zepbound and an upcoming oral pill called orforglipron that could further cement its dominance.While rival Novo Nordisk’s Wegovy enjoyed a first-mover advantage, Lilly’s more effective compound tirzepatide rapidly seized control of the market, capturing 60% share and 75% of new treatment starts.Despite facing a setback with CVS’s recent formulary switch favoring Wegovy, Lilly continues to add approximately 500,000 new Zepbound patients each month and is expanding aggressively into international markets including India, China, and Mexico.

Eli Lilly’s Obesity Pill For The Masses Could Flip The $150 Billion Market on Its Head!

United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals.  The Company's products are sold in countries around the world.  Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

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Eli Lilly & Co (LLY US)

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

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Eli Lilly Expands Beyond Diabetes—Can New Pain & Liver Therapies Disrupt Traditional Care?

Eli Lilly and Company's second-quarter 2025 financial results represent a blend of remarkable achievements and strategic foresight, coupled with...

Baptista Research

Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) . In this note, we talk...

Sumeet Singh

Eli Lilly’s Obesity Pill For The Masses Could Flip The $150 Billion Market on Its Head!

Eli Lilly has firmly positioned itself at the forefront of the global anti-obesity drug race, fueled by its blockbuster GLP-1-based injectable...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

​Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Eli Lilly Expands Beyond Diabetes—Can New Pain & Liver Therapies Disrupt Traditional Care?

Eli Lilly and Company's second-quarter 2025 financial results represent a blend of remarkable achievements and strategic foresight, coupled with...

Baptista Research

Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) . In this note, we talk...

Sumeet Singh

Eli Lilly’s Obesity Pill For The Masses Could Flip The $150 Billion Market on Its Head!

Eli Lilly has firmly positioned itself at the forefront of the global anti-obesity drug race, fueled by its blockbuster GLP-1-based injectable...

Baptista Research

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.