Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> reported ¥85B revenue increase in FY24 over FY23, while Fx impacted the revenue positively by ¥96B. In local currency terms, the U.S. revenue declined 5% YoY.</li>
<li>FY24 operating and net profit declined 80%+, due to amortization and impairment loss of intangible assets. Astellas is changing accounting policy to smoothen core operating and net profits in FY25.</li>
<li>For FY25, Astellas guided for just 3% revenue growth. Core operating profit is expected to decline 10%, while net profit is anticipated to take a bigger hit and decrease 17%.</li>
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Astellas Pharma (4503 JP) reported ¥85B revenue increase in FY24 over FY23, while Fx impacted the revenue positively by ¥96B. In local currency terms, the U.S. revenue declined 5% YoY.
FY24 operating and net profit declined 80%+, due to amortization and impairment loss of intangible assets. Astellas is changing accounting policy to smoothen core operating and net profits in FY25.
For FY25, Astellas guided for just 3% revenue growth. Core operating profit is expected to decline 10%, while net profit is anticipated to take a bigger hit and decrease 17%.


Astellas Pharma (4503 JP): Fx Drives FY24 Revenue; Impairment Loss Dents Profits; Pain to Continue

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<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> announced better-than-expected Q4FY24 result, with all key parameters exceeding guidance. Q4 revenue increased 30% YoY to ¥429B, driven by 76% YoY growth in Enhertu product sales.</li>
<li>For FY25, Daiichi Sankyo guided 9% increase in revenue to ¥1,750B. Core operating profit is expected to increase 8% to ¥210B, while net profit to decline 5% to ¥190B.</li>
<li>In addition to the dividend of ¥60 per share for FY25, Daiichi Sankyo has announced buyback plan of 55M shares (2.87% of issued shares) for ¥200B.</li>
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Daiichi Sankyo (4568 JP) announced better-than-expected Q4FY24 result, with all key parameters exceeding guidance. Q4 revenue increased 30% YoY to ¥429B, driven by 76% YoY growth in Enhertu product sales.
For FY25, Daiichi Sankyo guided 9% increase in revenue to ¥1,750B. Core operating profit is expected to increase 8% to ¥210B, while net profit to decline 5% to ¥190B.
In addition to the dividend of ¥60 per share for FY25, Daiichi Sankyo has announced buyback plan of 55M shares (2.87% of issued shares) for ¥200B.


Daiichi Sankyo (4568 JP): FY24 Ends on Strong Note; Initiates FY25 Guidance; ¥200B Buyback Announced

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<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> has reported better-than-expected 3QFY24 results, with double-digit growth in revenue and profit, mainly driven by global mainstay products such as Enhertu and Lixiana, and favorable forex.</li>
<li>Driven by favorable Fx, sales increase from couple of products, and litigation payment, the company raised FY24 revenue, core operating profit, and net profit forecast 2%, 16%, and 30%, respectively.</li>
<li>FDA set an action date for Daiichi Sankyo’s second ADC drug candidate HER3-DXd of June 26 and for Dato-DXd of December 20. Both are for various types of lung cancers.</li>
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Daiichi Sankyo (4568 JP) has reported better-than-expected 3QFY24 results, with double-digit growth in revenue and profit, mainly driven by global mainstay products such as Enhertu and Lixiana, and favorable forex.
Driven by favorable Fx, sales increase from couple of products, and litigation payment, the company raised FY24 revenue, core operating profit, and net profit forecast 2%, 16%, and 30%, respectively.
FDA set an action date for Daiichi Sankyo’s second ADC drug candidate HER3-DXd of June 26 and for Dato-DXd of December 20. Both are for various types of lung cancers.


Daiichi Sankyo (4568 JP): Second Time FY24 Guidance Raise; Event Heavy FY25 With 2 New Drug Approval

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<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> has announced partnership with <a href="https://www.smartkarma.com/entities/bridgebio-pharma-inc" target="_blank" data-smartkarma-citation="entities:28746:1" rel="noopener">Bridgebio Pharma Inc (BBIO US)</a> for an exclusive license on infigratinib for achondroplasia, hypochondroplasia, and other skeletal dysplasias in Japan.</li>
<li>This month, Kyowa Kirin has enrolled first patient in a Phase 2 clinical trial evaluating tivozanib eye drops (KHK4951) in patients with diabetic macular edema (DME).</li>
<li>The company’s top selling drug Crysvita is growing steadily since launch. Crysvita led to better-than-expected result in 2023. However, higher R&amp;D expenses will negatively impact 2024 operating profit.</li>
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Kyowa Kirin Co Ltd (4151 JP) has announced partnership with Bridgebio Pharma Inc (BBIO US) for an exclusive license on infigratinib for achondroplasia, hypochondroplasia, and other skeletal dysplasias in Japan.
This month, Kyowa Kirin has enrolled first patient in a Phase 2 clinical trial evaluating tivozanib eye drops (KHK4951) in patients with diabetic macular edema (DME).
The company’s top selling drug Crysvita is growing steadily since launch. Crysvita led to better-than-expected result in 2023. However, higher R&amp;D expenses will negatively impact 2024 operating profit.


Kyowa Kirin (4151 JP): Recent Portfolio Strengthening Initiatives to Accelerate Long-Term Growth

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<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> shares corrected more than 60% from highs over the disappointment from Alzheimer’s disease drug Leqembi. During H1FY24, Leqembi reported revenue of just ¥400M ($3M).</li>
<li>With approximately 40% revenue contribution, anti-cancer drug Lenvima is the top selling drug of Eisai. In the U.S., Lenvima patent protection will start to expire in US in October 2025.</li>
<li>In December, Eisai has submitted a marketing authorization application in Japan for tasurgratinib for biliary tract cancer. If approved, tasurgratinob will be a late entrant in a crowded market.</li>
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Eisai Co Ltd (4523 JP) shares corrected more than 60% from highs over the disappointment from Alzheimer’s disease drug Leqembi. During H1FY24, Leqembi reported revenue of just ¥400M ($3M).
With approximately 40% revenue contribution, anti-cancer drug Lenvima is the top selling drug of Eisai. In the U.S., Lenvima patent protection will start to expire in US in October 2025.
In December, Eisai has submitted a marketing authorization application in Japan for tasurgratinib for biliary tract cancer. If approved, tasurgratinob will be a late entrant in a crowded market.


Eisai Co Ltd (4523 JP): Why Performance Reversal Is Not Expected in Near-Term

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)

Astellas Pharma (4503 JP): Fx Drives FY24 Revenue; Impairment Loss Dents Profits; Pain to Continue

For FY25, Astellas Pharma guided for just 3% revenue growth. FY25 core operating profit is expected to decline 10%, while net profit is anticipated...

Tina Banerjee

Daiichi Sankyo (4568 JP): FY24 Ends on Strong Note; Initiates FY25 Guidance; ¥200B Buyback Announced

Daiichi Sankyo announced better-than-expected Q4 result, with all key parameters exceeding guidance. For FY25, the company expects 9% revenue and...

Tina Banerjee

Daiichi Sankyo (4568 JP): Second Time FY24 Guidance Raise; Event Heavy FY25 With 2 New Drug Approval

Daiichi Sankyo raised FY24 revenue, core op. profit, and net profit forecast by 2%, 16%, and 30%, respectively. FDA set action dates for HER3-DXd...

Tina Banerjee

Kyowa Kirin (4151 JP): Recent Portfolio Strengthening Initiatives to Accelerate Long-Term Growth

Kyowa Kirin partners with Bridgebio for infigratinib in Japan and enrolls first patient in Phase 2 trial for tivozanib eye drop for DME. Higher...

Tina Banerjee

Eisai Co Ltd (4523 JP): Why Performance Reversal Is Not Expected in Near-Term

Eisai shares are on downtrend due to disappointment with Alzheimer's drug. Top-selling drug Lenvima faces patent expiration in 2025. Eisai seeks...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Astellas Pharma (4503 JP): Fx Drives FY24 Revenue; Impairment Loss Dents Profits; Pain to Continue

For FY25, Astellas Pharma guided for just 3% revenue growth. FY25 core operating profit is expected to decline 10%, while net profit is anticipated...

Tina Banerjee

Daiichi Sankyo (4568 JP): FY24 Ends on Strong Note; Initiates FY25 Guidance; ¥200B Buyback Announced

Daiichi Sankyo announced better-than-expected Q4 result, with all key parameters exceeding guidance. For FY25, the company expects 9% revenue and...

Tina Banerjee

Daiichi Sankyo (4568 JP): Second Time FY24 Guidance Raise; Event Heavy FY25 With 2 New Drug Approval

​Daiichi Sankyo raised FY24 revenue, core op. profit, and net profit forecast by 2%, 16%, and 30%, respectively. FDA set action dates for HER3-DXd...

Tina Banerjee

Kyowa Kirin (4151 JP): Recent Portfolio Strengthening Initiatives to Accelerate Long-Term Growth

​Kyowa Kirin partners with Bridgebio for infigratinib in Japan and enrolls first patient in Phase 2 trial for tivozanib eye drop for DME. Higher...

Tina Banerjee

Eisai Co Ltd (4523 JP): Why Performance Reversal Is Not Expected in Near-Term

​Eisai shares are on downtrend due to disappointment with Alzheimer's drug. Top-selling drug Lenvima faces patent expiration in 2025. Eisai seeks...

Tina Banerjee

Daiichi Sankyo raised FY24 revenue, core op. profit, and net profit forecast by 2%, 16%, and 30%, respectively. FDA set action dates for HER3-DXd...

Kyowa Kirin partners with Bridgebio for infigratinib in Japan and enrolls first patient in Phase 2 trial for tivozanib eye drop for DME. Higher...

Eisai shares are on downtrend due to disappointment with Alzheimer's drug. Top-selling drug Lenvima faces patent expiration in 2025. Eisai seeks...