Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Meta taking a $3.5bn stake in Essilor Luxottica now gives them exposure to both Nikon and Paris Miki.</li>
<li>Further positive broker rhetoric for power-semis should continues to lift Rohm, while WOLF gains positive for Renesas.</li>
<li>Intel announcing plans to sell Mobileye stake may be seen as positive for foundry expansion plans.</li>
</ul>


Meta taking a $3.5bn stake in Essilor Luxottica now gives them exposure to both Nikon and Paris Miki.
Further positive broker rhetoric for power-semis should continues to lift Rohm, while WOLF gains positive for Renesas.
Intel announcing plans to sell Mobileye stake may be seen as positive for foundry expansion plans.


Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>RemeGen granted exclusive rights to develop and commercialize Telitacicept worldwide (excluding Greater China) to Vor Biopharma for $125M. Innovent Biologics received a first-in-class weight loss drug approval in China.</li>
<li>Daiichi Sankyo received FDA approval for Datroway for the treatment of certain types of non-small cell lung cancer (NSCLC). SanBio now expects Akuugo approval in H2FY26, instead of Q2FY26.</li>
<li>Otsuka in-licensed HBM7020 from Harbour BioMed for an upfront payment of $47M and near-term milestones. Glenmark Pharmaceuticals has launched Beigene’s Tevimbra in India for NSCLC.</li>
</ul>


RemeGen granted exclusive rights to develop and commercialize Telitacicept worldwide (excluding Greater China) to Vor Biopharma for $125M. Innovent Biologics received a first-in-class weight loss drug approval in China.
Daiichi Sankyo received FDA approval for Datroway for the treatment of certain types of non-small cell lung cancer (NSCLC). SanBio now expects Akuugo approval in H2FY26, instead of Q2FY26.
Otsuka in-licensed HBM7020 from Harbour BioMed for an upfront payment of $47M and near-term milestones. Glenmark Pharmaceuticals has launched Beigene’s Tevimbra in India for NSCLC.


APAC Healthcare Weekly (June 29)- RemeGen, Innovent, Daiichi, SanBio, Otsuka, Chugai, Glenmark

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> reported 27% YoY revenue growth during FY25, driven by North America.</li>
<li>Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥43B during FY25.</li>
<li>Sumitomo focus on future with “Reboot 2027” amid FY26 guidance of revenue drop because of Aptiom and forex. Core operating profit is expected to increase by 30%.</li>
</ul>



Sumitomo Pharma (4506 JP) reported 27% YoY revenue growth during FY25, driven by North America.
Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥43B during FY25.
Sumitomo focus on future with “Reboot 2027” amid FY26 guidance of revenue drop because of Aptiom and forex. Core operating profit is expected to increase by 30%.


Sumitomo Pharma (4506 JP): Back in Black; Rebooting For Future With Focus On Regenerative Medicine

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a> revenue dropped 23% to ¥33B in FY25, mainly driven by lower contractual payments and reduced renal segment revenue.</li>
<li>R&amp;D expenses surged 37% YoY to ¥15B resulting in operating loss of ¥6.65B in FY25.</li>
<li>FY26 guidance signals back in black after one-time hurdles drag performance in FY25.</li>
</ul>



Jcr Pharmaceuticals (4552 JP) revenue dropped 23% to ¥33B in FY25, mainly driven by lower contractual payments and reduced renal segment revenue.
R&amp;D expenses surged 37% YoY to ¥15B resulting in operating loss of ¥6.65B in FY25.
FY26 guidance signals back in black after one-time hurdles drag performance in FY25.


JCR Pharmaceutical (4552 JP): Guidance Signals Stabilization After FY25 Hiccups, Concerns Remain

<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> witnessed 31% YoY revenue growth in FY25 to ¥94 billion on the back of flurry of one-time upfront payments, resulting in surge in profits too.</li>
<li>Kaken’s major drug Clenafin saw revenue drop of 2% YoY to ¥17 billion on patent cliff, while Artz revenue grew 6% YoY to ¥19 billion.</li>
<li>For FY26, Kaken expects revenue to fall 6% to ¥88 billion. No respite from immediate pangs of revenue loss from NHI drug price revision and generic competition for top-selling products.</li>
</ul>



Kaken Pharmaceutical (4521 JP) witnessed 31% YoY revenue growth in FY25 to ¥94 billion on the back of flurry of one-time upfront payments, resulting in surge in profits too.
Kaken’s major drug Clenafin saw revenue drop of 2% YoY to ¥17 billion on patent cliff, while Artz revenue grew 6% YoY to ¥19 billion.
For FY26, Kaken expects revenue to fall 6% to ¥88 billion. No respite from immediate pangs of revenue loss from NHI drug price revision and generic competition for top-selling products.


Kaken Pharmaceutical (4521 JP): Bleak FY26 Ahead, No Immediate Respite In Sight

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)

Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

Andrew Jackson

APAC Healthcare Weekly (June 29)- RemeGen, Innovent, Daiichi, SanBio, Otsuka, Chugai, Glenmark

Last week couple of Chinese companies signed outlicensing deals with international players. Innovent got weight loss drug approval in China....

Tina Banerjee

Sumitomo Pharma (4506 JP): Back in Black; Rebooting For Future With Focus On Regenerative Medicine

Sumitomo Pharma sees strong revenue growth in FY25 driven by North America. The company is focusing on future with “Reboot 2027” amid FY26...

Tina Banerjee

JCR Pharmaceutical (4552 JP): Guidance Signals Stabilization After FY25 Hiccups, Concerns Remain

Jcr Pharmaceutical sales drops 23% in FY25 to ¥33B due to lower contractual payments and reduced renal revenue. Surged R&D expenses led to...

Tina Banerjee

Kaken Pharmaceutical (4521 JP): Bleak FY26 Ahead, No Immediate Respite In Sight

Kaken Pharmaceutical saw 31% revenue growth in FY25, but expects a 6% revenue drop in FY26 due to NHI drug price revision and generic competition...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

​Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

Andrew Jackson

APAC Healthcare Weekly (June 29)- RemeGen, Innovent, Daiichi, SanBio, Otsuka, Chugai, Glenmark

Last week couple of Chinese companies signed outlicensing deals with international players. Innovent got weight loss drug approval in China....

Tina Banerjee

Sumitomo Pharma (4506 JP): Back in Black; Rebooting For Future With Focus On Regenerative Medicine

​Sumitomo Pharma sees strong revenue growth in FY25 driven by North America. The company is focusing on future with “Reboot 2027” amid FY26...

Tina Banerjee

JCR Pharmaceutical (4552 JP): Guidance Signals Stabilization After FY25 Hiccups, Concerns Remain

​Jcr Pharmaceutical sales drops 23% in FY25 to ¥33B due to lower contractual payments and reduced renal revenue. Surged R&D expenses led to...

Tina Banerjee

Kaken Pharmaceutical (4521 JP): Bleak FY26 Ahead, No Immediate Respite In Sight

​Kaken Pharmaceutical saw 31% revenue growth in FY25, but expects a 6% revenue drop in FY26 due to NHI drug price revision and generic competition...

Tina Banerjee

Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

Sumitomo Pharma sees strong revenue growth in FY25 driven by North America. The company is focusing on future with “Reboot 2027” amid FY26...

Jcr Pharmaceutical sales drops 23% in FY25 to ¥33B due to lower contractual payments and reduced renal revenue. Surged R&D expenses led to...

Kaken Pharmaceutical saw 31% revenue growth in FY25, but expects a 6% revenue drop in FY26 due to NHI drug price revision and generic competition...