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 its consolidated financial forecasts for FY26, which were announced on October 31, 2025.</li>
<li>Revenue has been revised upward by ¥20B to ¥449B, reflecting higher sales of products such as Gemtesa in the North America segment, as well as positive impact of weaker yen.</li>
<li>Sumitomo Pharma has filed the shelf registration statement regarding the issuance of new shares. The scheduled amount of issuance will not be more than ¥140B.</li>
</ul>



Sumitomo Pharma (4506 JP) revised its consolidated financial forecasts for FY26, which were announced on October 31, 2025.
Revenue has been revised upward by ¥20B to ¥449B, reflecting higher sales of products such as Gemtesa in the North America segment, as well as positive impact of weaker yen.
Sumitomo Pharma has filed the shelf registration statement regarding the issuance of new shares. The scheduled amount of issuance will not be more than ¥140B.


2026 High Conviction Update: Sumitomo Pharma (4506 JP): Guidance Revised, “Boost 2028” Plan Unveiled

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Sony, Sumitomo Metal Mining, Toyota Motor, SoftBank, Nissan Motor, Kioxia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Sony, Sumitomo Metal Mining, Toyota Motor, SoftBank, Nissan Motor, Kioxia.


MS-Japan Index Earning Revision (Feb): Sony, Sumitomo Metal Mining, Toyota Motor, SoftBank

<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> revenue was up 19% YoY to ¥347.7B in 9MFY26 on the back of continued strong sales in North America (up 44% YoY to ¥257.5B).</li>
<li>Orgovyx (revenue jumped 100% YoY to ¥115.6B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 67.5% to ¥72.3B) improved market share.</li>
<li>Sumitomo Pharma is well on track, focused on expanding revenue, reducing costs, and securing future business drivers.</li>
</ul>



Sumitomo Pharma (4506 JP) revenue was up 19% YoY to ¥347.7B in 9MFY26 on the back of continued strong sales in North America (up 44% YoY to ¥257.5B).
Orgovyx (revenue jumped 100% YoY to ¥115.6B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 67.5% to ¥72.3B) improved market share.
Sumitomo Pharma is well on track, focused on expanding revenue, reducing costs, and securing future business drivers.


2026 High Conviction Update: Sumitomo Pharma (4506 JP): Key Drugs Shine; FY26 Guidance Reiterated

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>CVC has increased its <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> offer by 23.2% to JPY3,105, a 0.2% premium to KKR’s potential JPY3,100 offer and a 1.7% discount to the last close.</li>
<li>The Board recommends CVC's offer due to its higher price, acceptable financing, enhanced value plan, and shorter timelines. The Board has terminated discussions with KKR. </li>
<li>KKR could return with a revised and potentially hostile offer. However, the probability is low, as its current offer resulted from an auction.  </li>
</ul>


CVC has increased its Mandom Corp (4917 JP) offer by 23.2% to JPY3,105, a 0.2% premium to KKR’s potential JPY3,100 offer and a 1.7% discount to the last close.
The Board recommends CVC's offer due to its higher price, acceptable financing, enhanced value plan, and shorter timelines. The Board has terminated discussions with KKR. 
KKR could return with a revised and potentially hostile offer. However, the probability is low, as its current offer resulted from an auction.  


Mandom (4917 JP): CVC Outbids and Outmanoeuvres KKR

<ul>
<li>
<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 10% YoY revenue growth in 9MFY26. Core operating profit increased to ¥442.1B, up 49% YoY driven by cost optimization through sustainable margin transformation program.</li>
<li>Strategic brands (Padcev, Izervay, Veozah, Vyloy, Xospata), which recorded underlying growth of 45% YoY and contributed 22% of revenue, drove overall revenue growth.</li>
<li>Astellas revised FY26 guidance upwards considering the strong performance of Xtandi and Mirabegron, along with the trend of foreign exchange rates.</li>
</ul>



Astellas Pharma (4503 JP) reported 10% YoY revenue growth in 9MFY26. Core operating profit increased to ¥442.1B, up 49% YoY driven by cost optimization through sustainable margin transformation program.
Strategic brands (Padcev, Izervay, Veozah, Vyloy, Xospata), which recorded underlying growth of 45% YoY and contributed 22% of revenue, drove overall revenue growth.
Astellas revised FY26 guidance upwards considering the strong performance of Xtandi and Mirabegron, along with the trend of foreign exchange rates.


Astellas Pharma (4503 JP): Strategic Brands Gain Further Momentum, Margins Expand, Guidance Revised

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)

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Guidance Revised, “Boost 2028” Plan Unveiled

Sumitomo Pharma obtained conditional and time limited approval in Japan for the manufacturing and marketing of allogeneic iPS cell derived...

Tina Banerjee

MS-Japan Index Earning Revision (Feb): Sony, Sumitomo Metal Mining, Toyota Motor, SoftBank

We analyzed MS-Japan's consensus for Feb 2026 and highlighted changes of EPS in Sony, Sumitomo Metal Mining, Toyota Motor, SoftBank, Nissan Motor,...

Ke Yan, CFA, FRM

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Key Drugs Shine; FY26 Guidance Reiterated

Sumitomo Pharma and RACTHERA (JV with Sumitomo Chemicals) announced that the regenerative medical product Amchepry has been listed as an item for...

Tina Banerjee

Mandom (4917 JP): CVC Outbids and Outmanoeuvres KKR

The Board recommends CVC's offer due to its higher price, acceptable financing, enhanced value plan, and shorter timelines. KKR could return with a...

Arun George

Astellas Pharma (4503 JP): Strategic Brands Gain Further Momentum, Margins Expand, Guidance Revised

Astellas Pharma sees revenue growth in 9MFY26 driven by strategic brands and cost optimization lead to an increase in core profits. Revised FY26...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Guidance Revised, “Boost 2028” Plan Unveiled

Sumitomo Pharma obtained conditional and time limited approval in Japan for the manufacturing and marketing of allogeneic iPS cell derived...

Tina Banerjee

MS-Japan Index Earning Revision (Feb): Sony, Sumitomo Metal Mining, Toyota Motor, SoftBank

We analyzed MS-Japan's consensus for Feb 2026 and highlighted changes of EPS in Sony, Sumitomo Metal Mining, Toyota Motor, SoftBank, Nissan Motor,...

Ke Yan, CFA, FRM

2026 High Conviction Update: Sumitomo Pharma (4506 JP): Key Drugs Shine; FY26 Guidance Reiterated

Sumitomo Pharma and RACTHERA (JV with Sumitomo Chemicals) announced that the regenerative medical product Amchepry has been listed as an item for...

Tina Banerjee

Mandom (4917 JP): CVC Outbids and Outmanoeuvres KKR

The Board recommends CVC's offer due to its higher price, acceptable financing, enhanced value plan, and shorter timelines. KKR could return with a...

Arun George

Astellas Pharma (4503 JP): Strategic Brands Gain Further Momentum, Margins Expand, Guidance Revised

​Astellas Pharma sees revenue growth in 9MFY26 driven by strategic brands and cost optimization lead to an increase in core profits. Revised FY26...

Tina Banerjee

Astellas Pharma sees revenue growth in 9MFY26 driven by strategic brands and cost optimization lead to an increase in core profits. Revised FY26...