Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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 22% to ¥40.3B in FY26, mainly driven by Izcargo and contractual payments, marred to an extent by NHI price revision impact on Growject.</li>
<li>FY27 guidance expects revenue to be ¥45.7B (+13% YoY). Operating income expected to be ¥1.1B (up 98% YoY) and net income ¥200M, down YoY, sans the extraordinary gains like FY26.</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 FY28.</li>
</ul>



Jcr Pharmaceuticals (4552 JP) revenue increased 22% to ¥40.3B in FY26, mainly driven by Izcargo and contractual payments, marred to an extent by NHI price revision impact on Growject.
FY27 guidance expects revenue to be ¥45.7B (+13% YoY). Operating income expected to be ¥1.1B (up 98% YoY) and net income ¥200M, down YoY, sans the extraordinary gains like FY26.
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 FY28.


JCR Pharma (4552 JP): FY26 Seen Off On Contractual Payments, Not Enough Strong Firepower Visible Yet

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

TREASURY SHARES IN JAPAN - As a prelude to an upcoming insight on share buybacks in Japan, this note is a fork of <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a> 's quick note on Korean Companies with Highest Levels of Treasury Shares. We highlight the Japanese companies with the highest percentage of Treasury Shares to shares in issue as well as those larger capitalisation stocks that have forgone the pleasure of buybacks.2.7% OF SHARES HELD IN TREASURY - As is the case in Korea, most Japanese companies do not cancel shares after…

TREASURY SHARES IN JAPAN - As a prelude to an upcoming insight on share buybacks in Japan, this note is a fork of Douglas Kim 's quick note on Korean Companies with Highest Levels of Treasury Shares. We highlight the Japanese companies with the highest percentage of Treasury Shares to shares in issue as well as those larger capitalisation stocks that have forgone the pleasure of buybacks.2.7% OF SHARES HELD IN TREASURY - As is the case in Korea, most Japanese companies do not cancel shares after…

Japan: Treasury Share 'Kings' and 'Paupers'

Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Japan, after the US and China, is the world’s third largest pharma industry, worth ~$70b in 2016. However, according to research and consulting firm GlobalData (<a href="https://www.dddmag.com/article/2017/02/japanese-pharmaceutical-market-rise-slightly-72b-2021" target="_blank">link</a>), the Japan pharma market is expected to report mere 0.3% growth over FY16-22e to $72b.One of the key reasons for flat growth rate is ongoing annual price cuts (bi-annual until two years ago), under which Japan Ministry of Health, Labor and Welfare (MHLW) cuts prices of adjudged expensive drugs to keep check on rising healthcare…

Japan, after the US and China, is the world’s third largest pharma industry, worth ~$70b in 2016. However, according to research and consulting firm GlobalData (link), the Japan pharma market is expected to report mere 0.3% growth over FY16-22e to $72b.One of the key reasons for flat growth rate is ongoing annual price cuts (bi-annual until two years ago), under which Japan Ministry of Health, Labor and Welfare (MHLW) cuts prices of adjudged expensive drugs to keep check on rising healthcare…

Japan Pharma - Drug Price Revision in April 2018

Pharma/ Biotechnology Investments Specialist, Vasuda Capital Management

Dr. Bhavneesh Sharma, MD, MBA

Pharma/ Biotechnology Investments Specialist

Vasuda Capital Management

<a href="https://www.smartkarma.com/entities/10370" target="_blank" data-smartkarma-citation="entities:10370:1">Acadia Pharmaceuticals Inc (ACAD US)</a>, our portfolio company announced the initiation of a phase 2 study of Nuplazid in Alzheimer's related agitation, an area of great unmet need. Alzheimer's related agitation could be even a larger potential market than Alzheimer-related psychosis (ADP). The drug is already in a phase 2 trial for ADP and results are expected later this year (which could provide an upward boost to the stock). We recommend accumulating the stock on current weakness. Our price…

 Acadia Pharmaceuticals Inc (ACAD US), our portfolio company announced the initiation of a phase 2 study of Nuplazid in Alzheimer's related agitation, an area of great unmet need. Alzheimer's related agitation could be even a larger potential market than Alzheimer-related psychosis (ADP). The drug is already in a phase 2 trial for ADP and results are expected later this year (which could provide an upward boost to the stock). We recommend accumulating the stock on current weakness. Our price…

Some Actionable Ideas in the Biotechnology and Pharmaceutical Sector: October 31 Sector Update

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. </li><li>For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.</li><li>Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. </li></ul>

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. 

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)

JCR Pharma (4552 JP): FY26 Seen Off On Contractual Payments, Not Enough Strong Firepower Visible Yet

JCR Pharma revenue up 22% in FY26, driven by Izcargo and contractual payments, price revision impacts Growject. FY27 guidance projects growth....

Tina Banerjee

Japan Pharma - Drug Price Revision in April 2018

Japan, after the US and China, is the world’s third largest pharma industry, worth ~$70b in 2016. However, according to research and consulting...

Dion Stéfan Büchner M.D., FCAP

Some Actionable Ideas in the Biotechnology and Pharmaceutical Sector: October 31 Sector Update

Acadia Pharmaceuticals Inc (ACAD US), our portfolio company announced the initiation of a phase 2 study of Nuplazid in Alzheimer's related...

Dr. Bhavneesh Sharma, MD, MBA

Key Drivers of Asia's Healthcare Sector

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and...

Singapore Exchange Ltd (SGX)

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JCR Pharma (4552 JP): FY26 Seen Off On Contractual Payments, Not Enough Strong Firepower Visible Yet

​JCR Pharma revenue up 22% in FY26, driven by Izcargo and contractual payments, price revision impacts Growject. FY27 guidance projects growth....

Tina Banerjee

Japan: Treasury Share 'Kings' and 'Paupers'

TREASURY SHARES IN JAPAN - As a prelude to an upcoming insight on share buybacks in Japan, this note is a fork of Douglas Kim 's quick note on...

Campbell Gunn

Japan Pharma - Drug Price Revision in April 2018

Japan, after the US and China, is the world’s third largest pharma industry, worth ~$70b in 2016. However, according to research and consulting...

Dion Stéfan Büchner M.D., FCAP

Some Actionable Ideas in the Biotechnology and Pharmaceutical Sector: October 31 Sector Update

Acadia Pharmaceuticals Inc (ACAD US), our portfolio company announced the initiation of a phase 2 study of Nuplazid in Alzheimer's related...

Dr. Bhavneesh Sharma, MD, MBA

Key Drivers of Asia's Healthcare Sector

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and...

Singapore Exchange Ltd (SGX)

JCR Pharma revenue up 22% in FY26, driven by Izcargo and contractual payments, price revision impacts Growject. FY27 guidance projects growth....