Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumitomo-pharma-co" target="_blank" data-smartkarma-citation="entities:1935:1" rel="noopener">Sumitomo Pharma (4506 JP)</a> will present updated clinical trial data of Enzomenib (for AML) and Nuvisertib (for Meylofibrosis). Both drug candidates hold strong future potential.</li>
<li>The company revised FY26 revenue guidance upward to ¥429B backed by continued strong sales in North America (+56% to ¥163B). Orgovyx witnessed solid patient growth while Gemtesa improved market share.</li>
<li>After largely remaining beaten down in the past few years Sumitomo stock has only begun to gain momentum in recent past. We feel it has still got an upside potential.</li>
</ul>



Sumitomo Pharma (4506 JP) will present updated clinical trial data of Enzomenib (for AML) and Nuvisertib (for Meylofibrosis). Both drug candidates hold strong future potential.
The company revised FY26 revenue guidance upward to ¥429B backed by continued strong sales in North America (+56% to ¥163B). Orgovyx witnessed solid patient growth while Gemtesa improved market share.
After largely remaining beaten down in the past few years Sumitomo stock has only begun to gain momentum in recent past. We feel it has still got an upside potential.


2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.</li>
<li>Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.</li>
<li>Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.</li>
</ul>


Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.
Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.
Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.


SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> reported record high quarterly earnings in 3Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the second time.</li>
<li>Revenue from Xcopri in the U.S. increased 52% YoY (accelerated from 47% YoY reported in 2Q25) and 12% QoQ to record high of KRW172B, on enhanced marketing efforts.</li>
<li>For full-year 2025, SKBP guided for Xcopri U.S. revenue of $420–450M (~KRW570–610B), up 31–40% YoY. During first nine months of 2025, Xcopri U.S. revenue reached $325M (KRW460M).</li>
</ul>



SK Biopharmaceuticals (326030 KS) reported record high quarterly earnings in 3Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the second time.
Revenue from Xcopri in the U.S. increased 52% YoY (accelerated from 47% YoY reported in 2Q25) and 12% QoQ to record high of KRW172B, on enhanced marketing efforts.
For full-year 2025, SKBP guided for Xcopri U.S. revenue of $420–450M (~KRW570–610B), up 31–40% YoY. During first nine months of 2025, Xcopri U.S. revenue reached $325M (KRW460M).


SK Biopharmaceuticals (326030 KS): Swelling Xcopri Sales in US Drives Record High 3Q Earnings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaken-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:18819:1" rel="noopener">Kaken Pharmaceutical (4521 JP)</a> reported rather underwhelming earnings in H1FY26, with revenue, operating profit and net profit witnessing significant drop as upfront payments received last fiscal put pressure.</li>
<li>Kaken’s major drug Clenafin saw revenue rise 1.5% to ¥9.3B on AG launch, while Ecclock helped drive revenue growing 12% YoY to ¥1.5B.</li>
<li>FY26 guidance revised downwards to ¥86.3B (down 8% YoY). Kaken needs an immediate strong revenue driver to rescue it from pangs of drug price revision and generic competition.</li>
</ul>



Kaken Pharmaceutical (4521 JP) reported rather underwhelming earnings in H1FY26, with revenue, operating profit and net profit witnessing significant drop as upfront payments received last fiscal put pressure.
Kaken’s major drug Clenafin saw revenue rise 1.5% to ¥9.3B on AG launch, while Ecclock helped drive revenue growing 12% YoY to ¥1.5B.
FY26 guidance revised downwards to ¥86.3B (down 8% YoY). Kaken needs an immediate strong revenue driver to rescue it from pangs of drug price revision and generic competition.


Kaken Pharma (4521 JP): Bleaker FY26 Ahead, Growth Pangs to Continue for Now

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment</li>
<li>Our bullish near-term outlook will remain in place as long as the 6-month uptrend continues on ACWI-US, which generally coincides with the 50-day MA.</li>
<li>Short-Term supports to watch on ACWI-US include the 6-month uptrend (currently at $139.40), the 50-day MA (currently $137.95), and $135.70.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment
Our bullish near-term outlook will remain in place as long as the 6-month uptrend continues on ACWI-US, which generally coincides with the 50-day MA.
Short-Term supports to watch on ACWI-US include the 6-month uptrend (currently at $139.40), the 50-day MA (currently $137.95), and $135.70.


Expecting Upside to Continue into Early-2026 for Global Equities $ACWI

Japan

ONO PHARMACEUTICAL CO., LTD. manufactures and sells pharmaceutical products. The Company mainly researches and develops prescription drugs.

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Ono Pharmaceutical (4528 JT)

2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

Sumitomo Pharma is well on track focused on expanding revenue, reducing costs, and securing future business drivers. We feel even after the run up...

Tina Banerjee

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

SK Biopharmaceuticals (326030 KS): Swelling Xcopri Sales in US Drives Record High 3Q Earnings

in 3Q25, SKBP reported U.S. sales of Xcopri exceeding $100M for the second time. During 9M25, U.S. sales of Xcopri reached $325M, with full-year...

Tina Banerjee

Kaken Pharma (4521 JP): Bleaker FY26 Ahead, Growth Pangs to Continue for Now

Kaken Pharmaceutical (4521 JP) reports underwhelming H1FY26 earnings with significant drops in revenue and profit. Needs strong revenue driver to...

Tina Banerjee

Expecting Upside to Continue into Early-2026 for Global Equities $ACWI

Expecting Upside to Continue into Early-2026 for Global Equities $ACWI. Discussed Thursday to expect support at the 50-day MA. Actionable Themes:...

Vermilion Research

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52-week Range

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2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

​Sumitomo Pharma is well on track focused on expanding revenue, reducing costs, and securing future business drivers. We feel even after the run up...

Tina Banerjee

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

SK Biopharmaceuticals (326030 KS): Swelling Xcopri Sales in US Drives Record High 3Q Earnings

​in 3Q25, SKBP reported U.S. sales of Xcopri exceeding $100M for the second time. During 9M25, U.S. sales of Xcopri reached $325M, with full-year...

Tina Banerjee

Kaken Pharma (4521 JP): Bleaker FY26 Ahead, Growth Pangs to Continue for Now

​Kaken Pharmaceutical (4521 JP) reports underwhelming H1FY26 earnings with significant drops in revenue and profit. Needs strong revenue driver to...

Tina Banerjee

Expecting Upside to Continue into Early-2026 for Global Equities $ACWI

Expecting Upside to Continue into Early-2026 for Global Equities $ACWI. Discussed Thursday to expect support at the 50-day MA. Actionable Themes:...

Vermilion Research

Sumitomo Pharma is well on track focused on expanding revenue, reducing costs, and securing future business drivers. We feel even after the run up...

in 3Q25, SKBP reported U.S. sales of Xcopri exceeding $100M for the second time. During 9M25, U.S. sales of Xcopri reached $325M, with full-year...

Kaken Pharmaceutical (4521 JP) reports underwhelming H1FY26 earnings with significant drops in revenue and profit. Needs strong revenue driver to...