Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> posted 14% revenue growth in 1H26. Core operating margin expands expanded on lower SG&amp;A and R&amp;D expense.</li>
<li>Kyowa Kirin reiterated 2026 guidance. They expect revenue to be ¥520B and core operating profit to be ¥130B. Company expects to end the year with a core profit of ¥103B.</li>
<li>Kyowa Kirin needs new drugs to augment growth. It remains highly dependent on Crysvita. Ziftomenib, infigratinib will drive revenue numbers in medium to long term.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) posted 14% revenue growth in 1H26. Core operating margin expands expanded on lower SG&amp;A and R&amp;D expense.
Kyowa Kirin reiterated 2026 guidance. They expect revenue to be ¥520B and core operating profit to be ¥130B. Company expects to end the year with a core profit of ¥103B.
Kyowa Kirin needs new drugs to augment growth. It remains highly dependent on Crysvita. Ziftomenib, infigratinib will drive revenue numbers in medium to long term.


Kyowa Kirin (4151 JP): 1H26 Revenue Grow on North America, EMEA; Guidance Reiterated

Thematic (Sector/Industry)

<ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul>


We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.
Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  
Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.


Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

<ul>
<li>Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.</li>
<li>Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.</li>
<li>Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.</li>
</ul>


Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.
Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.
Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.


APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

<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> posted 13% revenue growth in 1Q26. Core operating margin expands 620bps to 16.9% on lower SG&amp;A and R&amp;D expense.</li>
<li>Company partially revised 2026 guidance. Core operating profit is expected to be ¥130B (vs previous ¥100B). Company now expects a higher core profit of ¥103B (vs previous ¥80B).</li>
<li>Kyowa Kirin needs new drugs to augment growth. It remains highly dependant on Crysvita. Ziftomenib, infigratinib will drive revenue numbers in medium to long term.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) posted 13% revenue growth in 1Q26. Core operating margin expands 620bps to 16.9% on lower SG&amp;A and R&amp;D expense.
Company partially revised 2026 guidance. Core operating profit is expected to be ¥130B (vs previous ¥100B). Company now expects a higher core profit of ¥103B (vs previous ¥80B).
Kyowa Kirin needs new drugs to augment growth. It remains highly dependant on Crysvita. Ziftomenib, infigratinib will drive revenue numbers in medium to long term.


Kyowa Kirin (4151 JP): 1Q26 Revenue Grow on EMEA & Out-Licensing, Guidance Partially Revised

<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> posted flat revenue in 2025. Core operating margin expands 200bps to 22.1% on lower SG&amp;A and R&amp;D expense.</li>
<li>Company announced 2026 guidance. Revenue expected to increase 4.7% to ¥520B. Higher R&amp;D is expected to drag operating profit while core profit is expected to decline 5% YoY to ¥80B.</li>
<li>New drugs Libmeldy/Lenmeldy and Phozevel are seeing strong uptake. Ziftomenib, rocatinlimab and infigratinib will drive revenue numbers in medium to long term.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) posted flat revenue in 2025. Core operating margin expands 200bps to 22.1% on lower SG&amp;A and R&amp;D expense.
Company announced 2026 guidance. Revenue expected to increase 4.7% to ¥520B. Higher R&amp;D is expected to drag operating profit while core profit is expected to decline 5% YoY to ¥80B.
New drugs Libmeldy/Lenmeldy and Phozevel are seeing strong uptake. Ziftomenib, rocatinlimab and infigratinib will drive revenue numbers in medium to long term.


Kyowa Kirin (4151 JP): Margin Expand, Flat Revenue in 2025, Temporary Cost Burden To Be Felt in 2026

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)

Kyowa Kirin (4151 JP): 1H26 Revenue Grow on North America, EMEA; Guidance Reiterated

Kyowa Kirin posted 14% revenue growth in 1H26, margin expanded and the company reiterated 2026 guidance. Company needs new drugs to augment growth....

Tina Banerjee

Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

We have screened APAC (ex-China) healthcare companies with market cap≥$800M using Smartkarma’s Smart Score and picked up 2 investable ideas by...

Tina Banerjee

APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee

Kyowa Kirin (4151 JP): 1Q26 Revenue Grow on EMEA & Out-Licensing, Guidance Partially Revised

Kyowa Kirin sees strong revenue growth in 1Q26, with improved margins and revised profit guidance for 2026. Company looks to new drugs for future...

Tina Banerjee

Kyowa Kirin (4151 JP): Margin Expand, Flat Revenue in 2025, Temporary Cost Burden To Be Felt in 2026

Kyowa Kirin posted flat 2025 revenue, but saw expansion in core operating margin. 2026 guidance shows revenue growth but cost pressure. Drug...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Kyowa Kirin (4151 JP): 1H26 Revenue Grow on North America, EMEA; Guidance Reiterated

Kyowa Kirin posted 14% revenue growth in 1H26, margin expanded and the company reiterated 2026 guidance. Company needs new drugs to augment growth....

Tina Banerjee

Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

We have screened APAC (ex-China) healthcare companies with market cap≥$800M using Smartkarma’s Smart Score and picked up 2 investable ideas by...

Tina Banerjee

APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee

Kyowa Kirin (4151 JP): 1Q26 Revenue Grow on EMEA & Out-Licensing, Guidance Partially Revised

​Kyowa Kirin sees strong revenue growth in 1Q26, with improved margins and revised profit guidance for 2026. Company looks to new drugs for future...

Tina Banerjee

Kyowa Kirin (4151 JP): Margin Expand, Flat Revenue in 2025, Temporary Cost Burden To Be Felt in 2026

​Kyowa Kirin posted flat 2025 revenue, but saw expansion in core operating margin. 2026 guidance shows revenue growth but cost pressure. Drug...

Tina Banerjee

Kyowa Kirin sees strong revenue growth in 1Q26, with improved margins and revised profit guidance for 2026. Company looks to new drugs for future...

Kyowa Kirin posted flat 2025 revenue, but saw expansion in core operating margin. 2026 guidance shows revenue growth but cost pressure. Drug...