Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> has announced mixed FY26 result, with revenue meeting and operating profit missing guidance due to higher SG&amp;A and R&amp;D expenses, and impairment loss.</li>
<li>Prescription drug portfolio of Torii, newly launched insomnia treatment Quviviq, Radicava business in the U.S., and royalty income from HIV franchise are the key growth drivers.</li>
<li>Shionogi expects FY27 revenue to grow 40% YoY to ¥700B. Due to surging opex, the company has guided for FY27 operating profit of ¥220B, up 32% YoY.</li>
</ul>



Shionogi &amp; Co (4507 JP) has announced mixed FY26 result, with revenue meeting and operating profit missing guidance due to higher SG&amp;A and R&amp;D expenses, and impairment loss.
Prescription drug portfolio of Torii, newly launched insomnia treatment Quviviq, Radicava business in the U.S., and royalty income from HIV franchise are the key growth drivers.
Shionogi expects FY27 revenue to grow 40% YoY to ¥700B. Due to surging opex, the company has guided for FY27 operating profit of ¥220B, up 32% YoY.


Shionogi & Co (4507 JP): FY26 Result Falls Short of Expectation; Mixed Guidance for FY27

<ul>
<li>
<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> revealed Five-Year Business Plan (FY27–31), with an aim to emerge as a global top five oncology company as measured by ¥2.3T+ oncology revenue by 2030.</li>
<li>The company aims to deliver more than ¥3T in FY31 revenue. Operating profit of more than ¥600B is expected to be achieved by end of FY31.</li>
<li>Daiichi Sankyo will maximize the value of its DXd ADC portfolio and additional oncology pipeline through rapid market penetration of more than 20 new indications across five medicines by 2030.</li>
</ul>



Daiichi Sankyo (4568 JP) revealed Five-Year Business Plan (FY27–31), with an aim to emerge as a global top five oncology company as measured by ¥2.3T+ oncology revenue by 2030.
The company aims to deliver more than ¥3T in FY31 revenue. Operating profit of more than ¥600B is expected to be achieved by end of FY31.
Daiichi Sankyo will maximize the value of its DXd ADC portfolio and additional oncology pipeline through rapid market penetration of more than 20 new indications across five medicines by 2030.


Daiichi Sankyo (4568 JP): Ends FY26 on Mixed Note; It’s Time to Focus on Innovation Prowess

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0 billion in 2017.</li><li>Sports drinks suffers due to the perception of limited consumption occasions.</li><li>Sports drinks are not sold via the on-trade channel in Japan.</li><li>Coca-Cola (Japan) maintained its lead in sports drinks in 2017, with a 44% retail value share.</li><li>Sports drinks to record negative off-trade CAGRs of 3% (volume) and 4% (at constant 2017 prices) over the forecast period for sales of 1,139 million litres and JPY250.1 billion in 2022.</li></ul>

Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0 billion in 2017.Sports drinks suffers due to the perception of limited consumption occasions.Sports drinks are not sold via the on-trade channel in Japan.Coca-Cola (Japan) maintained its lead in sports drinks in 2017, with a 44% retail value share.Sports drinks to record negative off-trade CAGRs of 3% (volume) and 4% (at constant 2017 prices) over the forecast period for sales of 1,139 million litres and JPY250.1 billion in 2022.

<ul class=""><li>Sports drinks posts off-trade growth of 5% in volume and 6% in current value terms in 2017</li><li>Growing trend of regular exercise and sports participation underpins steady growth in 2017</li><li>On-trade volume growth, at 1%, still lags behind off-trade growth in 2017</li><li>Guangdong Jianlibao Group maintains a comfortable lead with off-trade value sales of CNY3.1 billion in 2017</li><li>Sports drinks are expected to post an off-trade volume CAGR of 4% and an off-trade value CAGR of 5% at constant 2017 prices to reach 1.6 billion litres and CNY12.4 billion in 2022</li></ul>

Sports drinks posts off-trade growth of 5% in volume and 6% in current value terms in 2017Growing trend of regular exercise and sports participation underpins steady growth in 2017On-trade volume growth, at 1%, still lags behind off-trade growth in 2017Guangdong Jianlibao Group maintains a comfortable lead with off-trade value sales of CNY3.1 billion in 2017Sports drinks are expected to post an off-trade volume CAGR of 4% and an off-trade value CAGR of 5% at constant 2017 prices to reach 1.6 billion litres and CNY12.4 billion in 2022

Analyst

Alasdair Moody

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

<p>We examined ten years of accounting and valuation data for the pharmaceutical companies around the world with sales of US$100m+ and created statistics for each region based on aggregate data and for a typical company. In this trend report, we summarise the data and highlight the outliers. Assuming clients will have their own macro industry views, we used valuations and our Governance, Accounting risk and Peer performance (GAP) scores, (which help quantify the risk of creative accounting) to…</p>

We examined ten years of accounting and valuation data for the pharmaceutical companies around the world with sales of US$100m+ and created statistics for each region based on aggregate data and for a typical company. In this trend report, we summarise the data and highlight the outliers. Assuming clients will have their own macro industry views, we used valuations and our Governance, Accounting risk and Peer performance (GAP) scores, (which help quantify the risk of creative accounting) to…

Global Pharmaceuticals: Valuations, Assets and Leverage Up - Margins Down

Japan

Otsuka Holdings Co Ltd is a pharmaceutical company. The Company manufactures, sells, imports and exports pharmaceutical products, clinical testing, and medical equipment for intractable diseases.

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Otsuka Holdings (4578 JT)

Shionogi & Co (4507 JP): FY26 Result Falls Short of Expectation; Mixed Guidance for FY27

Shionogi announces FY26 results, with revenue meeting but operating profit missing guidance due to higher expenses. The company expects 32%...

Tina Banerjee

Daiichi Sankyo (4568 JP): Ends FY26 on Mixed Note; It’s Time to Focus on Innovation Prowess

Daiichi Sankyo aims to become a global top five oncology company with ¥2.3T+ oncology revenue by 2030, by maximize the value of its DXd ADC...

Tina Banerjee

Sector Capsule: Sports Drinks in Japan

Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0...

Euromonitor International Ltd.

Sector Capsule: Sports Drinks in China

Sports drinks posts off-trade growth of 5% in volume and 6% in current value terms in 2017 Growing trend of regular exercise and sports...

Euromonitor International Ltd.

Global Pharmaceuticals: Valuations, Assets and Leverage Up - Margins Down

We examined ten years of accounting and valuation data for the pharmaceutical companies around the world with sales of US$100m+ and created...

Bucephalus Research Partnership

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shionogi & Co (4507 JP): FY26 Result Falls Short of Expectation; Mixed Guidance for FY27

​Shionogi announces FY26 results, with revenue meeting but operating profit missing guidance due to higher expenses. The company expects 32%...

Tina Banerjee

Daiichi Sankyo (4568 JP): Ends FY26 on Mixed Note; It’s Time to Focus on Innovation Prowess

​Daiichi Sankyo aims to become a global top five oncology company with ¥2.3T+ oncology revenue by 2030, by maximize the value of its DXd ADC...

Tina Banerjee

Sector Capsule: Sports Drinks in Japan

Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0...

Euromonitor International Ltd.

Sector Capsule: Sports Drinks in China

Sports drinks posts off-trade growth of 5% in volume and 6% in current value terms in 2017 Growing trend of regular exercise and sports...

Euromonitor International Ltd.

Global Pharmaceuticals: Valuations, Assets and Leverage Up - Margins Down

We examined ten years of accounting and valuation data for the pharmaceutical companies around the world with sales of US$100m+ and created...

Bucephalus Research Partnership

Shionogi announces FY26 results, with revenue meeting but operating profit missing guidance due to higher expenses. The company expects 32%...

Daiichi Sankyo aims to become a global top five oncology company with ¥2.3T+ oncology revenue by 2030, by maximize the value of its DXd ADC...