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> revised revenue guidance upward by ¥74B to ¥429B on the back of continued strong sales in North America (up 56% YoY to ¥163B).</li>
<li>Orgovyx (revenue jumped 95% YoY to ¥69B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 72% to ¥43B) improved market share.</li>
<li>The revised profit numbers implies that the company expects the SG&amp;A and R&amp;D cost to be on the rise H2FY26 onwards leading a net loss in the second half.</li>
</ul>



Sumitomo Pharma (4506 JP) revised revenue guidance upward by ¥74B to ¥429B on the back of continued strong sales in North America (up 56% YoY to ¥163B).
Orgovyx (revenue jumped 95% YoY to ¥69B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 72% to ¥43B) improved market share.
The revised profit numbers implies that the company expects the SG&amp;A and R&amp;D cost to be on the rise H2FY26 onwards leading a net loss in the second half.


Sumitomo Pharma (4506 JP): Guidance See Upward Revision as Orgovyx, Gemtesa Gain Momentum in H1FY26

Thematic (Sector/Industry)

<ul>
<li>Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.</li>
<li>Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. </li>
<li>Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.</li>
</ul>


Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.
Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. 
Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.


APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

<ul>
<li>Daiichi Sankyo’s indication expansion application for Enhertu has been accepted for review by FDA for certain types of breast cancers. Santen’s new drug application has been accepted in China.  </li>
<li>Hanmi Pharm entered into a global licensing agreement with Gilead Sciences granting Gilead the exclusive rights to develop and commercialize encequidar. Boryung is acquiring Sanofi’s cytotoxic anti-cancer drug Taxotere.</li>
<li>IHH Healthcare received SEBI approval for mandatory open offer for 26% stake in Fortis Healthcare. Lupin has launched Liraglutide prefilled pen, bioequivalent to Victoza, in the U.S.</li>
</ul>


Daiichi Sankyo’s indication expansion application for Enhertu has been accepted for review by FDA for certain types of breast cancers. Santen’s new drug application has been accepted in China.  
Hanmi Pharm entered into a global licensing agreement with Gilead Sciences granting Gilead the exclusive rights to develop and commercialize encequidar. Boryung is acquiring Sanofi’s cytotoxic anti-cancer drug Taxotere.
IHH Healthcare received SEBI approval for mandatory open offer for 26% stake in Fortis Healthcare. Lupin has launched Liraglutide prefilled pen, bioequivalent to Victoza, in the U.S.


APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

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<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> witnessed 3% YoY revenue growth in 1QFY26 to ¥18.9B as overseas pharmaceutical and crop protection sales while domestic market remained under pressure.</li>
<li>Kaken’s major drug Clenafin saw revenue drop 3% to ¥4.4B on patent cliff, while Ecclock helped drive revenue growing 18% YoY to ¥803M.</li>
<li>Kaken reiterated FY26 guidance where it expects revenue to fall 6% YoY to ¥88 billion. No respite from immediate pangs in the form of drug price revision and generic competition.</li>
</ul>



Kaken Pharmaceutical (4521 JP) witnessed 3% YoY revenue growth in 1QFY26 to ¥18.9B as overseas pharmaceutical and crop protection sales while domestic market remained under pressure.
Kaken’s major drug Clenafin saw revenue drop 3% to ¥4.4B on patent cliff, while Ecclock helped drive revenue growing 18% YoY to ¥803M.
Kaken reiterated FY26 guidance where it expects revenue to fall 6% YoY to ¥88 billion. No respite from immediate pangs in the form of drug price revision and generic competition.


Kaken Pharma (4521 JP): FY26 Starts on a Bleak Note as Expected, Growth Pangs to Stay for Now

<ul>
<li>During Q1FY26, <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 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.</li>
<li>During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).</li>
<li>The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.</li>
</ul>


During Q1FY26, Eisai Co Ltd (4523 JP) reported 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.
During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).
The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.


Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Japan

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

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Ono Pharmaceutical (4528 JP)

Sumitomo Pharma (4506 JP): Guidance See Upward Revision as Orgovyx, Gemtesa Gain Momentum in H1FY26

Sumitomo Pharma raises revenue guidance due to strong sales in North America. Orgovyx and Gemtesa keep up momentum. Profits will take some time to...

Tina Banerjee

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Innovent Biologics announced collaboration with Takeda. FDA approves two additional indications for Celltrion's Humira biosimilar. Syngene is...

Tina Banerjee

APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

Daiichi Sankyo’s label expansion application for Enhertu has been accepted by FDA. Hanmi Pharm entered into global licensing agreement with Gilead...

Tina Banerjee

Kaken Pharma (4521 JP): FY26 Starts on a Bleak Note as Expected, Growth Pangs to Stay for Now

Kaken Pharmaceutical saw 3% revenue growth in 1QFY26 supported by overseas sales. Major drug revenue dropped. Growth pangs are here to stay. FY26...

Tina Banerjee

Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

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Sumitomo Pharma (4506 JP): Guidance See Upward Revision as Orgovyx, Gemtesa Gain Momentum in H1FY26

​Sumitomo Pharma raises revenue guidance due to strong sales in North America. Orgovyx and Gemtesa keep up momentum. Profits will take some time to...

Tina Banerjee

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Innovent Biologics announced collaboration with Takeda. FDA approves two additional indications for Celltrion's Humira biosimilar. Syngene is...

Tina Banerjee

APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

Daiichi Sankyo’s label expansion application for Enhertu has been accepted by FDA. Hanmi Pharm entered into global licensing agreement with Gilead...

Tina Banerjee

Kaken Pharma (4521 JP): FY26 Starts on a Bleak Note as Expected, Growth Pangs to Stay for Now

​Kaken Pharmaceutical saw 3% revenue growth in 1QFY26 supported by overseas sales. Major drug revenue dropped. Growth pangs are here to stay. FY26...

Tina Banerjee

Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

Sumitomo Pharma raises revenue guidance due to strong sales in North America. Orgovyx and Gemtesa keep up momentum. Profits will take some time to...

Kaken Pharmaceutical saw 3% revenue growth in 1QFY26 supported by overseas sales. Major drug revenue dropped. Growth pangs are here to stay. FY26...