Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kissei-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:18303:1" rel="noopener">Kissei Pharmaceutical (4547 JP)</a> reported 7.9% YoY jump in revenue during H1FY26 driven by Beova, Tavneos and IT services amidst price revision pressures and generic competition.</li>
<li>Kissei beat their H1FY26 guidance numbers. This compelled the company to revise their FY26 guidance numbers upwards.</li>
<li>An NDA application was submitted in Japan in February 2025 for Linzagolix. The next big trigger would be Linzagolix receiving the approval for treatment of uterine fibroids in Japan.  </li>
</ul>



Kissei Pharmaceutical (4547 JP) reported 7.9% YoY jump in revenue during H1FY26 driven by Beova, Tavneos and IT services amidst price revision pressures and generic competition.
Kissei beat their H1FY26 guidance numbers. This compelled the company to revise their FY26 guidance numbers upwards.
An NDA application was submitted in Japan in February 2025 for Linzagolix. The next big trigger would be Linzagolix receiving the approval for treatment of uterine fibroids in Japan.  


Kissei Pharmaceutical (4547 JP): Guidance Upward Revision a Positive; Beova & Tavneos Still Key

Thematic (Sector/Industry)

<ul>
<li>Leads Biolabs initiated Phase 2 clinical study evaluating LBL-024 for the first-line treatment of HCC. Henlius Biotech got FDA approval for Poherdy, as the first interchangeable biosimilar to Roche’s Perjeta.</li>
<li>Otsuka announced positive Phase 3 interim analysis of sibeprenlimab for immunoglobulin A nephropathy. ABL Bio signed technology transfer and joint R&amp;D agreement with Eli Lilly for upfront payment of $40M.</li>
<li>Boryung Pharmaceutical began construction to double its oral penicillin production capacity. Eubiologics published positive result from Phase 3 clinical trial evaluating EuTYPH-C, a typhoid conjugate vaccine.</li>
</ul>


Leads Biolabs initiated Phase 2 clinical study evaluating LBL-024 for the first-line treatment of HCC. Henlius Biotech got FDA approval for Poherdy, as the first interchangeable biosimilar to Roche’s Perjeta.
Otsuka announced positive Phase 3 interim analysis of sibeprenlimab for immunoglobulin A nephropathy. ABL Bio signed technology transfer and joint R&amp;D agreement with Eli Lilly for upfront payment of $40M.
Boryung Pharmaceutical began construction to double its oral penicillin production capacity. Eubiologics published positive result from Phase 3 clinical trial evaluating EuTYPH-C, a typhoid conjugate vaccine.


APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics

<ul>
<li>Fosun Pharma received approval for Fovinaciclib Citrate Capsules for certain types of breast cancers. Chugai’s oral GLP-1 drug candidate demonstrated semaglutide-beating result in Phase 3 trial being conducted by Lilly.</li>
<li>Astellas Pharma got conditional approval of Izervay in Japan. SK Biopharmaceuticals announced positive result from Phase 3 trial evaluating cenobamate for Primary Generalized Tonic-Clonic (PGTC) Seizures.</li>
<li>Alteogen’s partner Merck moved one step ahead toward European approval of subcutaneous version of Keytruda. HK inno.N has launched its acid-related gastrointestinal diseases drug, PCAB in India.</li>
</ul>


Fosun Pharma received approval for Fovinaciclib Citrate Capsules for certain types of breast cancers. Chugai’s oral GLP-1 drug candidate demonstrated semaglutide-beating result in Phase 3 trial being conducted by Lilly.
Astellas Pharma got conditional approval of Izervay in Japan. SK Biopharmaceuticals announced positive result from Phase 3 trial evaluating cenobamate for Primary Generalized Tonic-Clonic (PGTC) Seizures.
Alteogen’s partner Merck moved one step ahead toward European approval of subcutaneous version of Keytruda. HK inno.N has launched its acid-related gastrointestinal diseases drug, PCAB in India.


APAC Healthcare Weekly (September 21)– Fosun Pharm, Chugai, Astellas, SK Biopharm, Alteogen, HK Inno

<ul>
<li>In 1QFY26, <a href="https://www.smartkarma.com/entities/nippon-shinyaku-co-ltd" target="_blank" data-smartkarma-citation="entities:6634:1" rel="noopener">Nippon Shinyaku (4516 JP)</a> revenue grew 1% YoY to ¥39.5B and operating profit stood at ¥10.1B (down 9% YoY) as company incurred forex losses.</li>
<li>Viltepso witnessed slowing in US. Licensing income increased on higher overseas sales of Uptravi. Newly launched drugs like Vyxeos and Fintepla showed promise.</li>
<li>FY26 guidance revised downwards taking into account FDA’s rejection of BLA for CAP-1002. The company reduced FY26 revenue guidance to ¥166B from ¥173B.</li>
</ul>


In 1QFY26, Nippon Shinyaku (4516 JP) revenue grew 1% YoY to ¥39.5B and operating profit stood at ¥10.1B (down 9% YoY) as company incurred forex losses.
Viltepso witnessed slowing in US. Licensing income increased on higher overseas sales of Uptravi. Newly launched drugs like Vyxeos and Fintepla showed promise.
FY26 guidance revised downwards taking into account FDA’s rejection of BLA for CAP-1002. The company reduced FY26 revenue guidance to ¥166B from ¥173B.


Nippon Shinyaku (4516 JP): Flurry of Concerns Going Ahead; Revenue Steady for Now; Guidance Revised

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a> revenue increased 5% to ¥8.6B in Q1FY26, mainly driven by Izcargo, marred to an extent by NHI price revision impact on Growject.</li>
<li>Higher SG&amp;A expenses (up 9%) on increased commission payments and increased R&amp;D expenses (up 5% as clinical development activities progressed) resulted in operating loss of ¥606M.</li>
<li>JCR’s two pipeline drugs are under Phase III trials: pabinafusp alfa (JR-141) for Hunter syndrome and JR-142, for growth hormone deficiency. Approvals not expected before late FY27 or FY28.</li>
</ul>



Jcr Pharmaceuticals (4552 JP) revenue increased 5% to ¥8.6B in Q1FY26, mainly driven by Izcargo, marred to an extent by NHI price revision impact on Growject.
Higher SG&amp;A expenses (up 9%) on increased commission payments and increased R&amp;D expenses (up 5% as clinical development activities progressed) resulted in operating loss of ¥606M.
JCR’s two pipeline drugs are under Phase III trials: pabinafusp alfa (JR-141) for Hunter syndrome and JR-142, for growth hormone deficiency. Approvals not expected before late FY27 or FY28.


JCR Pharma (4552 JP): Izcargo Holds Revenue As Price Revision Impacts Growject; Guidance Reiterated

Japan

KAKEN PHARMACEUTICAL CO., LTD. develops, produces, and sells pharmaceuticals and agrochemicals.  The Company's products are mainly for nervous, circulatory, respiratory, digestive, urinary, sensory, and metabolic systems.  Kaken Pharmaceutical also manufactures antibiotics and feed additives.  The Company as well manufactures air purifiers and operates real estate business.

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Kaken Pharmaceutical (4521 JP)

Kissei Pharmaceutical (4547 JP): Guidance Upward Revision a Positive; Beova & Tavneos Still Key

Kissei Pharmaceutical beat guidance in H1FY26 with key products performing. No major near-term growth catalyst in sight, but we would say that...

Tina Banerjee

APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics

Henlius got FDA approval for Perjeta biosimilar. Otsuka reports positive Phase 3 trial result for sibepernlimab. ABL Bio signed deal with Lilly....

Tina Banerjee

APAC Healthcare Weekly (September 21)– Fosun Pharm, Chugai, Astellas, SK Biopharm, Alteogen, HK Inno

Fosun Pharma and Astellas got new drug approvals. Chugai and SK Biopharma announced positive Phase 3 trial result. Alteogen’s technology powered...

Tina Banerjee

Nippon Shinyaku (4516 JP): Flurry of Concerns Going Ahead; Revenue Steady for Now; Guidance Revised

Nippon Shinyaku reports mixed 1QFY26 result, with revenue growing 1% YoY and operating profit decreasing 9% YoY due to forex losses. The company...

Tina Banerjee

JCR Pharma (4552 JP): Izcargo Holds Revenue As Price Revision Impacts Growject; Guidance Reiterated

Jcr Pharmaceuticals Q1FY26 revenue was up 5% to ¥8.6B, driven by Izcargo. Operating loss of ¥606M was due to higher SG&A and R&D expenses. New...

Tina Banerjee

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Kissei Pharmaceutical (4547 JP): Guidance Upward Revision a Positive; Beova & Tavneos Still Key

​Kissei Pharmaceutical beat guidance in H1FY26 with key products performing. No major near-term growth catalyst in sight, but we would say that...

Tina Banerjee

APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics

Henlius got FDA approval for Perjeta biosimilar. Otsuka reports positive Phase 3 trial result for sibepernlimab. ABL Bio signed deal with Lilly....

Tina Banerjee

APAC Healthcare Weekly (September 21)– Fosun Pharm, Chugai, Astellas, SK Biopharm, Alteogen, HK Inno

Fosun Pharma and Astellas got new drug approvals. Chugai and SK Biopharma announced positive Phase 3 trial result. Alteogen’s technology powered...

Tina Banerjee

Nippon Shinyaku (4516 JP): Flurry of Concerns Going Ahead; Revenue Steady for Now; Guidance Revised

​Nippon Shinyaku reports mixed 1QFY26 result, with revenue growing 1% YoY and operating profit decreasing 9% YoY due to forex losses. The company...

Tina Banerjee

JCR Pharma (4552 JP): Izcargo Holds Revenue As Price Revision Impacts Growject; Guidance Reiterated

​Jcr Pharmaceuticals Q1FY26 revenue was up 5% to ¥8.6B, driven by Izcargo. Operating loss of ¥606M was due to higher SG&A and R&D expenses. New...

Tina Banerjee

Kissei Pharmaceutical beat guidance in H1FY26 with key products performing. No major near-term growth catalyst in sight, but we would say that...

Nippon Shinyaku reports mixed 1QFY26 result, with revenue growing 1% YoY and operating profit decreasing 9% YoY due to forex losses. The company...

Jcr Pharmaceuticals Q1FY26 revenue was up 5% to ¥8.6B, driven by Izcargo. Operating loss of ¥606M was due to higher SG&A and R&D expenses. New...