Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

<ul>
<li>For 2025, <a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> is looking for 2% YoY revenue growth to ¥2,380B. However, net profit is expected to decline 20% YoY to ¥275B.</li>
<li>Even upon a massive impact from LoE of Jinarc/Jynarque, total revenue will grow in 2025. Excluding one-time of impact of the tax adjustments, 2025 net profit guidance implies 6% growth.</li>
<li>Otsuka intends to reduce buyback to create a more investable environment, encourage individual investors to participate in the market, and revitalize the stock market.</li>
</ul>


For 2025, Otsuka Holdings (4578 JP) is looking for 2% YoY revenue growth to ¥2,380B. However, net profit is expected to decline 20% YoY to ¥275B.
Even upon a massive impact from LoE of Jinarc/Jynarque, total revenue will grow in 2025. Excluding one-time of impact of the tax adjustments, 2025 net profit guidance implies 6% growth.
Otsuka intends to reduce buyback to create a more investable environment, encourage individual investors to participate in the market, and revitalize the stock market.


Otsuka Holdings (4578 JP): Soft Guidance for 2025; Reduction of Investment Units

<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> reported 1% YoY revenue decline during 9MFY25 as domestic sales of prescription drugs decreased 38% YoY.</li>
<li>Quviviq, a DORA treatment for insomnia was launched in December 2024. Shionogi acquired exclusive distribution rights for Quviviq in Japan and it is expected to be a significant revenue contributor.</li>
<li>Shionogi submitted NDA in Japan for zuranolone, a treatment in development for major depressive disorder (MDD). Approval is expected in H1FY26.</li>
</ul>



Shionogi &amp; Co (4507 JP) reported 1% YoY revenue decline during 9MFY25 as domestic sales of prescription drugs decreased 38% YoY.
Quviviq, a DORA treatment for insomnia was launched in December 2024. Shionogi acquired exclusive distribution rights for Quviviq in Japan and it is expected to be a significant revenue contributor.
Shionogi submitted NDA in Japan for zuranolone, a treatment in development for major depressive disorder (MDD). Approval is expected in H1FY26.


Shionogi & Co (4507 JP): 9MFY25 Revenue Flat; Insomnia Drug Launched; NDA Submission in Japan

<ul>
<li>A US court found <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> guilty of patent infringement related to competitor <a href="https://www.smartkarma.com/entities/sarepta-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:17729:1" rel="noopener">Sarepta Therapeutics (SRPT US)</a>'s DMD drug Vyondys 53 and asked to pay $115M as compensation.  </li>
<li>The jury verdict will have no bearing on Viltepso sales. Nippon Shinyaku disagreed with the verdict, and is considering all options including post jury motions and appeals.</li>
<li>An additional expense to the tune of $115M would surely be a huge drag on the profitability of the company which is already under pressure because of rising costs.</li>
</ul>


A US court found Nippon Shinyaku (4516 JP) guilty of patent infringement related to competitor Sarepta Therapeutics (SRPT US)'s DMD drug Vyondys 53 and asked to pay $115M as compensation.  
The jury verdict will have no bearing on Viltepso sales. Nippon Shinyaku disagreed with the verdict, and is considering all options including post jury motions and appeals.
An additional expense to the tune of $115M would surely be a huge drag on the profitability of the company which is already under pressure because of rising costs.


Nippon Shinyaku (4516 JP): Unfavorable Patent Verdict; Company Vows to Fight Back

<ul>
<li>During H1FY25, <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 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.</li>
<li>Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.</li>
<li>Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.</li>
</ul>


During H1FY25, Eisai Co Ltd (4523 JP) reported 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.
Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.
Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.


Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues

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)

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

Eisai sees strong revenue and profit growth in 9MFY25, but Q4FY25 outlook seems weaker with potential loss. Focus will be on addressing safety...

Tina Banerjee

Otsuka Holdings (4578 JP): Soft Guidance for 2025; Reduction of Investment Units

Otsuka is looking for 2% revenue growth in 2025 but expects a 20% decline in net profit. The company plans to reduce buyback to boost market...

Tina Banerjee

Shionogi & Co (4507 JP): 9MFY25 Revenue Flat; Insomnia Drug Launched; NDA Submission in Japan

Shionogi reported 1% revenue decline in 9MFY25. Despite of launching new insomnia drug in Japan and new drug application submission in Japan, near...

Tina Banerjee

Nippon Shinyaku (4516 JP): Unfavorable Patent Verdict; Company Vows to Fight Back

US court orders Nippon Shinyaku to pay $115M for patent infringement on Sarepta Therapeutics' DMD drug Vyondys 53. This will significantly impact...

Tina Banerjee

Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues

Eisai sees revenue growth but profit decline in H1FY25. The company reduced Leqembi guidance for FY25. Leqembi is expected to be approved in...

Tina Banerjee

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

​Eisai sees strong revenue and profit growth in 9MFY25, but Q4FY25 outlook seems weaker with potential loss. Focus will be on addressing safety...

Tina Banerjee

Otsuka Holdings (4578 JP): Soft Guidance for 2025; Reduction of Investment Units

​Otsuka is looking for 2% revenue growth in 2025 but expects a 20% decline in net profit. The company plans to reduce buyback to boost market...

Tina Banerjee

Shionogi & Co (4507 JP): 9MFY25 Revenue Flat; Insomnia Drug Launched; NDA Submission in Japan

​Shionogi reported 1% revenue decline in 9MFY25. Despite of launching new insomnia drug in Japan and new drug application submission in Japan, near...

Tina Banerjee

Nippon Shinyaku (4516 JP): Unfavorable Patent Verdict; Company Vows to Fight Back

​US court orders Nippon Shinyaku to pay $115M for patent infringement on Sarepta Therapeutics' DMD drug Vyondys 53. This will significantly impact...

Tina Banerjee

Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues

​Eisai sees revenue growth but profit decline in H1FY25. The company reduced Leqembi guidance for FY25. Leqembi is expected to be approved in...

Tina Banerjee

Eisai sees strong revenue and profit growth in 9MFY25, but Q4FY25 outlook seems weaker with potential loss. Focus will be on addressing safety...

Otsuka is looking for 2% revenue growth in 2025 but expects a 20% decline in net profit. The company plans to reduce buyback to boost market...

Shionogi reported 1% revenue decline in 9MFY25. Despite of launching new insomnia drug in Japan and new drug application submission in Japan, near...

US court orders Nippon Shinyaku to pay $115M for patent infringement on Sarepta Therapeutics' DMD drug Vyondys 53. This will significantly impact...

Eisai sees revenue growth but profit decline in H1FY25. The company reduced Leqembi guidance for FY25. Leqembi is expected to be approved in...