Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<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> achieved YoY improvement in all key parameters. Moreover, Q1FY26 result shows a significant improvement compared to Q1FY25, when all key parameters recorded double-digit YoY decline.</li>
<li>During Q1FY26, revenue increased 2% YoY to ¥100B, driven by HIV franchise. Q1FY26 revenue records 19% progress, while operating and net profit advanced more than 20% of full-year target.</li>
<li>Shionogi has maintained H1FY26 and FY26 guidance. This indicates Q2FY26 revenue expectation of ¥133B, up 14% YoY. Acquisition of JT Group’s pharmaceutical business and Torii Pharmaceutical is progressing.</li>
</ul>



Shionogi &amp; Co (4507 JP) achieved YoY improvement in all key parameters. Moreover, Q1FY26 result shows a significant improvement compared to Q1FY25, when all key parameters recorded double-digit YoY decline.
During Q1FY26, revenue increased 2% YoY to ¥100B, driven by HIV franchise. Q1FY26 revenue records 19% progress, while operating and net profit advanced more than 20% of full-year target.
Shionogi has maintained H1FY26 and FY26 guidance. This indicates Q2FY26 revenue expectation of ¥133B, up 14% YoY. Acquisition of JT Group’s pharmaceutical business and Torii Pharmaceutical is progressing.


Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth

<ul>
<li>
<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> revenue up 1% YoY in FY25 as royalty income from HIV franchise compensates for lower sales from infectious disease drugs.</li>
<li>Torii pharma and JT’s pharma division acquisition augurs well in terms of products category diversification.</li>
<li>NDA for zuranolone, a treatment in development for major depressive disorder (MDD) submitted. JTE-061 (tapinarof) and TO-208 from Torii opens up opportunities in Japan market.</li>
</ul>



Shionogi &amp; Co (4507 JP) revenue up 1% YoY in FY25 as royalty income from HIV franchise compensates for lower sales from infectious disease drugs.
Torii pharma and JT’s pharma division acquisition augurs well in terms of products category diversification.
NDA for zuranolone, a treatment in development for major depressive disorder (MDD) submitted. JTE-061 (tapinarof) and TO-208 from Torii opens up opportunities in Japan market.


Shionogi & Co (4507 JP): Change Of Gears Likely From FY26, Torii Acquisition Augurs Well

<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 FY25, <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 8% YoY to ¥160B and operating profit stood at ¥35.5B, up 6.5%.</li>
<li>Viltepso witnessed growth both in Japan and the U.S., licensing income also increased on higher overseas sales of Uptravi. Newly launched drugs like Vyxeos and Fintepla showed promise.</li>
<li>FY26 guidance indicate forex headwinds as higher costs will dent margins.</li>
</ul>


In FY25, Nippon Shinyaku (4516 JP) revenue grew 8% YoY to ¥160B and operating profit stood at ¥35.5B, up 6.5%.
Viltepso witnessed growth both in Japan and the U.S., licensing income also increased on higher overseas sales of Uptravi. Newly launched drugs like Vyxeos and Fintepla showed promise.
FY26 guidance indicate forex headwinds as higher costs will dent margins.


Nippon Shinyaku (4516 JP): Stable FY25; New Launches Key; Guidance Indicates A Forex Wary FY26

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP)</a> announced muted 1Q25 performance, with flat revenue and 50%+ drop in operating and net profits. Drug price revision and competition are dragging Japan revenue.</li>
<li>Kyowa Kirin guided for 2025 revenue and operating profit of ¥478B (-4% YoY) and ¥80B (-16% YoY), respectively. The company expects 5% YoY decline in 2025 net profit to ¥57B.</li>
<li>Since our last insight on Kyowa Kirin, shares lost ~15%. We opined “amid gloomy outlook, Kyowa Kirin shares will need time to recover.” Our take on the company remains same.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) announced muted 1Q25 performance, with flat revenue and 50%+ drop in operating and net profits. Drug price revision and competition are dragging Japan revenue.
Kyowa Kirin guided for 2025 revenue and operating profit of ¥478B (-4% YoY) and ¥80B (-16% YoY), respectively. The company expects 5% YoY decline in 2025 net profit to ¥57B.
Since our last insight on Kyowa Kirin, shares lost ~15%. We opined “amid gloomy outlook, Kyowa Kirin shares will need time to recover.” Our take on the company remains same.


Kyowa Kirin (4151 JP): Muted 1Q25 Result; 2025 Guidance Reaffirmed; Near-Term Pain to Continue

Japan

Kyowa Hakko Kirin Co.,Ltd. develops, manufactures, and markets pharmaceuticals. The Company's products include a protein produced by genetic recombination technology, an anti-anemia agent that attaches new sugar chains through partial modification of the amino acid sequence of human erythropoietin (EPO), and a glycoprotein, human erythropoietin.

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Kyowa Kirin Co Ltd (4151 JP)

Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth

Shionogi sees 2% revenue growth in Q1FY26 revenue, driven by HIV franchise royalty. The company maintained FY guidance. Acquisition of JT Group's...

Tina Banerjee

Shionogi & Co (4507 JP): Change Of Gears Likely From FY26, Torii Acquisition Augurs Well

Shionogi sees revenue rise in FY25 as royalties offset lower infectious disease drug sales. Acquisition and new drug submissions signal product...

Tina Banerjee

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

Eisai reported 6% revenue growth in FY25 and guided for flat revenue for FY26. However, Leqembi revenue is expected to grow 73% YoY in FY26....

Tina Banerjee

Nippon Shinyaku (4516 JP): Stable FY25; New Launches Key; Guidance Indicates A Forex Wary FY26

Nippon Shinyaku sees 8% revenue growth in FY25 on continued strength of Viltepso. Newly launched drugs showed promise. However, FY26 guidance...

Tina Banerjee

Kyowa Kirin (4151 JP): Muted 1Q25 Result; 2025 Guidance Reaffirmed; Near-Term Pain to Continue

Kyowa Kirin reports flat revenue and 50%+ profit drop in 1Q25, dragged by drug price revision and competition in Japan. The company guides for...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Shionogi & Co (4507 JP): High on HIV Royalty; FY Guidance Reaffirmed; New Launches to Drive Growth

​Shionogi sees 2% revenue growth in Q1FY26 revenue, driven by HIV franchise royalty. The company maintained FY guidance. Acquisition of JT Group's...

Tina Banerjee

Shionogi & Co (4507 JP): Change Of Gears Likely From FY26, Torii Acquisition Augurs Well

​Shionogi sees revenue rise in FY25 as royalties offset lower infectious disease drug sales. Acquisition and new drug submissions signal product...

Tina Banerjee

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

​Eisai reported 6% revenue growth in FY25 and guided for flat revenue for FY26. However, Leqembi revenue is expected to grow 73% YoY in FY26....

Tina Banerjee

Nippon Shinyaku (4516 JP): Stable FY25; New Launches Key; Guidance Indicates A Forex Wary FY26

​Nippon Shinyaku sees 8% revenue growth in FY25 on continued strength of Viltepso. Newly launched drugs showed promise. However, FY26 guidance...

Tina Banerjee

Kyowa Kirin (4151 JP): Muted 1Q25 Result; 2025 Guidance Reaffirmed; Near-Term Pain to Continue

​Kyowa Kirin reports flat revenue and 50%+ profit drop in 1Q25, dragged by drug price revision and competition in Japan. The company guides for...

Tina Banerjee

Shionogi sees 2% revenue growth in Q1FY26 revenue, driven by HIV franchise royalty. The company maintained FY guidance. Acquisition of JT Group's...

Shionogi sees revenue rise in FY25 as royalties offset lower infectious disease drug sales. Acquisition and new drug submissions signal product...

Eisai reported 6% revenue growth in FY25 and guided for flat revenue for FY26. However, Leqembi revenue is expected to grow 73% YoY in FY26....

Nippon Shinyaku sees 8% revenue growth in FY25 on continued strength of Viltepso. Newly launched drugs showed promise. However, FY26 guidance...

Kyowa Kirin reports flat revenue and 50%+ profit drop in 1Q25, dragged by drug price revision and competition in Japan. The company guides for...