Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.</li>
<li>FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.</li>
<li>Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.</li>
</ul>


Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.
FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.
Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.


APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> shares retreated 17% over the last one month, dragged by resignation of the CEO and weak H1FY25 result. No definite time for CEO succession is announced.</li>
<li>Favorable Fx inflated H1FY25 result. On a Fx neutral basis, revenue growth is only 3% YoY, while adjusted operating profit growth is just 4% YoY.</li>
<li>Olympus has guided for 9% YoY revenue growth to ¥1,009B in FY25, indicating H2FY25 revenue of ¥535B (-9% YoY). ESD revenue guidance seems to be aggressive amid current macro backdrop.</li>
</ul>



Olympus Corp (7733 JP) shares retreated 17% over the last one month, dragged by resignation of the CEO and weak H1FY25 result. No definite time for CEO succession is announced.
Favorable Fx inflated H1FY25 result. On a Fx neutral basis, revenue growth is only 3% YoY, while adjusted operating profit growth is just 4% YoY.
Olympus has guided for 9% YoY revenue growth to ¥1,009B in FY25, indicating H2FY25 revenue of ¥535B (-9% YoY). ESD revenue guidance seems to be aggressive amid current macro backdrop.


Olympus Corp (7733 JP): One-Off Events Boost H1FY25 Result; Not Optimistic About FY25 Guidance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> reported better-than-expected H1FY25 result, with revenue, operating profit, and net profit all reached record highs for the first half. Profit margins continued to improve.</li>
<li>Revenue from C&amp;V business grew 15% YoY to ¥306B (~60% of total revenue). More than 60% of the growth came from TIS (catheter) division, which grew 14% YoY to ¥201B.</li>
<li>Terumo has revised FY25 guidance upward, reflecting strong performance and changes in foreign exchange assumptions. Both revenue and profits are expected to reach record high in FY25.</li>
</ul>



Terumo Corp (4543 JP) reported better-than-expected H1FY25 result, with revenue, operating profit, and net profit all reached record highs for the first half. Profit margins continued to improve.
Revenue from C&amp;V business grew 15% YoY to ¥306B (~60% of total revenue). More than 60% of the growth came from TIS (catheter) division, which grew 14% YoY to ¥201B.
Terumo has revised FY25 guidance upward, reflecting strong performance and changes in foreign exchange assumptions. Both revenue and profits are expected to reach record high in FY25.


Terumo Corp (4543 JP): Strong H1 Result Triggers Guidance Raise; Product Pipeline Entails Visibility

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Muted trading in the US ahead of a big week of earnings.</li>
<li>Olympus facing reputational damage with its CEO resigning on illegal drug allegations.</li>
<li>Does the LDP's disastrous election result herald a return to Japan's 2006-2012 era?</li>
</ul>


Muted trading in the US ahead of a big week of earnings.
Olympus facing reputational damage with its CEO resigning on illegal drug allegations.
Does the LDP's disastrous election result herald a return to Japan's 2006-2012 era?


Japan Morning Connection: Olympus Facing Reputational Damage

<ul>
<li>Since the BoJ interest rate hike in July, the Yen appreciated ~5% to ¥142.74. Considerable amount of appreciation may be dilutive on the overall performance of export-oriented industry.</li>
<li>Top healthcare players have assumed a higher exchange rate (than the current prevailing rate) for their respective full-year FY25 guidance.</li>
<li>With benefit of favorable foreign exchange gradually fading and potentially diminishing guidance, investors need to be selective in picking healthcare bets in Japan.</li>
</ul>


Since the BoJ interest rate hike in July, the Yen appreciated ~5% to ¥142.74. Considerable amount of appreciation may be dilutive on the overall performance of export-oriented industry.
Top healthcare players have assumed a higher exchange rate (than the current prevailing rate) for their respective full-year FY25 guidance.
With benefit of favorable foreign exchange gradually fading and potentially diminishing guidance, investors need to be selective in picking healthcare bets in Japan.


Japan Healthcare: Strong Yen to Negatively Impact Financial Performance; Volatility to Continue

Japan

OLYMPUS CORPORATION manufactures optoelectronic products. The Company's products include cameras, video sets, endoscopes for medicine and industrial use, microscopes, analytical equipment, office communication systems, and laseroptical scanners.

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Olympus (7733 JT)

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Olympus Corp (7733 JP): One-Off Events Boost H1FY25 Result; Not Optimistic About FY25 Guidance

Olympus recorded H1FY25 revenue growth of only 3% YoY on Fx neutral basis, while adjusted operating profit growth is just 4% YoY. FY25 guidance...

Tina Banerjee

Terumo Corp (4543 JP): Strong H1 Result Triggers Guidance Raise; Product Pipeline Entails Visibility

Terumo reports record high H1FY25 revenue, operating profit, and net profit, driven by strong growth in C&V and blood center business. FY25...

Tina Banerjee

Japan Morning Connection: Olympus Facing Reputational Damage

Muted in the US ahead of a big week of earnings. Olympus faces reputational damage with CEO resigning on illegal drug allegations. Will the LDP...

Andrew Jackson

Japan Healthcare: Strong Yen to Negatively Impact Financial Performance; Volatility to Continue

Healthcare players in Japan are expected to adjust FY25 guidance due to exchange rate appreciation, requiring investors to be cautious in their...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Olympus Corp (7733 JP): One-Off Events Boost H1FY25 Result; Not Optimistic About FY25 Guidance

​Olympus recorded H1FY25 revenue growth of only 3% YoY on Fx neutral basis, while adjusted operating profit growth is just 4% YoY. FY25 guidance...

Tina Banerjee

Terumo Corp (4543 JP): Strong H1 Result Triggers Guidance Raise; Product Pipeline Entails Visibility

​Terumo reports record high H1FY25 revenue, operating profit, and net profit, driven by strong growth in C&V and blood center business. FY25...

Tina Banerjee

Japan Morning Connection: Olympus Facing Reputational Damage

Muted in the US ahead of a big week of earnings. Olympus faces reputational damage with CEO resigning on illegal drug allegations. Will the LDP...

Andrew Jackson

Japan Healthcare: Strong Yen to Negatively Impact Financial Performance; Volatility to Continue

Healthcare players in Japan are expected to adjust FY25 guidance due to exchange rate appreciation, requiring investors to be cautious in their...

Tina Banerjee

Olympus recorded H1FY25 revenue growth of only 3% YoY on Fx neutral basis, while adjusted operating profit growth is just 4% YoY. FY25 guidance...

Terumo reports record high H1FY25 revenue, operating profit, and net profit, driven by strong growth in C&V and blood center business. FY25...