Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> reported Q2FY24 revenue of $8B, representing 5% organic growth, topping guidance of 4.0–4.5%. Cardiovascular, neuroscience, and medical surgical grew mid-single-digit with diabetes accelerating to high-single-digit.</li>
<li>The company now expects FY24 organic revenue growth of 4.75% versus the prior 4.5%. Medtronic raised FY24 adjusted EPS guidance to $5.13–5.19 from $5.08–5.16 earlier.</li>
<li>In November, the company has received FDA approval for innovative renal denervation device for the treatment of hypertension, which should open a multi-billion-dollar market opportunity.</li>
</ul>



Medtronic Plc (MDT US) reported Q2FY24 revenue of $8B, representing 5% organic growth, topping guidance of 4.0–4.5%. Cardiovascular, neuroscience, and medical surgical grew mid-single-digit with diabetes accelerating to high-single-digit.
The company now expects FY24 organic revenue growth of 4.75% versus the prior 4.5%. Medtronic raised FY24 adjusted EPS guidance to $5.13–5.19 from $5.08–5.16 earlier.
In November, the company has received FDA approval for innovative renal denervation device for the treatment of hypertension, which should open a multi-billion-dollar market opportunity.


Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> presented positive 12-month eGFR data from a pre-specified interim analysis of the Phase 3 trial of Voyxact (sibeprenlimab-szsi) for the treatment of IgA nephropathy in adults.</li>
<li>In 2H26, the company plans to submit a regulatory application for full approval based on the eGFR data, as well as an application for auto-injector formulation.</li>
<li>New drugs like sibeprenlimab will help drive growth in the medium to long term. Top selling drugs are also steadily gaining traction. We recommend to Hold the stock for now.</li>
</ul>



Otsuka Holdings (4578 JP) presented positive 12-month eGFR data from a pre-specified interim analysis of the Phase 3 trial of Voyxact (sibeprenlimab-szsi) for the treatment of IgA nephropathy in adults.
In 2H26, the company plans to submit a regulatory application for full approval based on the eGFR data, as well as an application for auto-injector formulation.
New drugs like sibeprenlimab will help drive growth in the medium to long term. Top selling drugs are also steadily gaining traction. We recommend to Hold the stock for now.


Otsuka Holdings (4578 JP): Voyxact Positive Trial Data Augur Well For the Future

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> witnessed 8% revenue growth in 1Q26. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.</li>
<li>Otsuka reiterated 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.</li>
<li>Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.</li>
</ul>



Otsuka Holdings (4578 JP) witnessed 8% revenue growth in 1Q26. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.
Otsuka reiterated 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.
Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.


Otsuka Holdings (4578 JP): Rexulti, Abilify Gain Further Traction in 1Q26, Guidance Reiterated

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> witnessed 6% revenue growth in 2025. Mainstay pharmaceutical business (+7% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.</li>
<li>Otsuka announced 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.</li>
<li>Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.</li>
</ul>



Otsuka Holdings (4578 JP) witnessed 6% revenue growth in 2025. Mainstay pharmaceutical business (+7% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.
Otsuka announced 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.
Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.


Otsuka Holdings (4578 JP): All Eyes on Sibeprenlimab in Likely Stable 2026, More Approvals Awaited

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.</li>
<li>Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.</li>
<li>Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.</li>
</ul>


Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.
Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.
Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.


APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

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)

Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Tina Banerjee

Otsuka Holdings (4578 JP): Voyxact Positive Trial Data Augur Well For the Future

Otsuka presents positive 12-month eGFR data for Voyxact in Phase 3 trial. Regulatory submission likely in 2H26. New drugs like this to drive...

Tina Banerjee

Otsuka Holdings (4578 JP): Rexulti, Abilify Gain Further Traction in 1Q26, Guidance Reiterated

Otsuka Holdings saw 8% revenue growth in 1Q26 driven by Rexulti and Abilify. Sibeprenlimab next big draw. Transcend acquisition positive....

Tina Banerjee

Otsuka Holdings (4578 JP): All Eyes on Sibeprenlimab in Likely Stable 2026, More Approvals Awaited

Otsuka Holdings saw 6% revenue growth in 2025 driven by pharmaceutical business. Top selling drugs and new products like sibeprenlimab will be in...

Tina Banerjee

APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

Akeso’s ivonescimab and Daiichi Sankyo’s Enhertu got additional indications approvals in China. CSPC Pharma’s mpox mRNA vaccine candidate got FDA...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

​Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Tina Banerjee

Otsuka Holdings (4578 JP): Voyxact Positive Trial Data Augur Well For the Future

​Otsuka presents positive 12-month eGFR data for Voyxact in Phase 3 trial. Regulatory submission likely in 2H26. New drugs like this to drive...

Tina Banerjee

Otsuka Holdings (4578 JP): Rexulti, Abilify Gain Further Traction in 1Q26, Guidance Reiterated

​Otsuka Holdings saw 8% revenue growth in 1Q26 driven by Rexulti and Abilify. Sibeprenlimab next big draw. Transcend acquisition positive....

Tina Banerjee

Otsuka Holdings (4578 JP): All Eyes on Sibeprenlimab in Likely Stable 2026, More Approvals Awaited

​Otsuka Holdings saw 6% revenue growth in 2025 driven by pharmaceutical business. Top selling drugs and new products like sibeprenlimab will be in...

Tina Banerjee

APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

Akeso’s ivonescimab and Daiichi Sankyo’s Enhertu got additional indications approvals in China. CSPC Pharma’s mpox mRNA vaccine candidate got FDA...

Tina Banerjee

Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Otsuka presents positive 12-month eGFR data for Voyxact in Phase 3 trial. Regulatory submission likely in 2H26. New drugs like this to drive...

Otsuka Holdings saw 8% revenue growth in 1Q26 driven by Rexulti and Abilify. Sibeprenlimab next big draw. Transcend acquisition positive....

Otsuka Holdings saw 6% revenue growth in 2025 driven by pharmaceutical business. Top selling drugs and new products like sibeprenlimab will be in...