Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

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

Hisamitsu Pharmaceutical Co / Event-Driven

<ul>
<li>Bloomberg reported that an entity owned by the CEO is considering an MBO of <a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a> at a valuation of around JPY450 billion.</li>
<li>Assuming that the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY6,000, a 15.4% premium to the last close.</li>
<li>Hisamitsu confirmed that it plans to announce an MBO today. An offer of JPY6,000 is attractive compared to precedent transactions and peer multiples.  </li>
</ul>


Bloomberg reported that an entity owned by the CEO is considering an MBO of Hisamitsu Pharmaceutical Co (4530 JP) at a valuation of around JPY450 billion.
Assuming that the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY6,000, a 15.4% premium to the last close.
Hisamitsu confirmed that it plans to announce an MBO today. An offer of JPY6,000 is attractive compared to precedent transactions and peer multiples.  


Hisamitsu Pharma (4530 JP): An Imminent MBO at a Rumoured JPY450 Billion Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP) </a>announced that ziftomenib is now commercially available in the U.S. Company will be eligible for 50% profit sharing from drug sales in the U.S.</li>
<li>Rocatinlimab, under Phase 3 trials, represents a potentially novel upstream approach for the management of mild to severe atopic dermatitis. It is also undergoing Phase 3 trials for Prurigo nodularis.</li>
<li>2026 will be an inflection point. Ziftomenib results will slowly fall in place. Positive results of rocatinlimab and new manufacturing facilities has potential to play out in long term.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) announced that ziftomenib is now commercially available in the U.S. Company will be eligible for 50% profit sharing from drug sales in the U.S.
Rocatinlimab, under Phase 3 trials, represents a potentially novel upstream approach for the management of mild to severe atopic dermatitis. It is also undergoing Phase 3 trials for Prurigo nodularis.
2026 will be an inflection point. Ziftomenib results will slowly fall in place. Positive results of rocatinlimab and new manufacturing facilities has potential to play out in long term.


Kyowa Kirin (4151 JP): Ziftomenib Approval and Commercialization A Positive, What Lies Ahead?

<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> will present updated clinical trial data of Enzomenib (for AML) and Nuvisertib (for Meylofibrosis). Both drug candidates hold strong future potential.</li>
<li>The company revised FY26 revenue guidance upward to ¥429B backed by continued strong sales in North America (+56% to ¥163B). Orgovyx witnessed solid patient growth while Gemtesa improved market share.</li>
<li>After largely remaining beaten down in the past few years Sumitomo stock has only begun to gain momentum in recent past. We feel it has still got an upside potential.</li>
</ul>



Sumitomo Pharma (4506 JP) will present updated clinical trial data of Enzomenib (for AML) and Nuvisertib (for Meylofibrosis). Both drug candidates hold strong future potential.
The company revised FY26 revenue guidance upward to ¥429B backed by continued strong sales in North America (+56% to ¥163B). Orgovyx witnessed solid patient growth while Gemtesa improved market share.
After largely remaining beaten down in the past few years Sumitomo stock has only begun to gain momentum in recent past. We feel it has still got an upside potential.


2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

<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

Japan

Shionogi & Company Ltd., is a pharmaceutical company. The Company develops prescription & over-the-counter drugs and diagnostics.

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Shionogi & Co (4507 JP)

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

Hisamitsu Pharma (4530 JP): An Imminent MBO at a Rumoured JPY450 Billion Valuation

Hisamitsu confirmed that it plans to announce an MBO today. An offer at the rumoured JPY450bn valuation is attractive compared to precedent...

Arun George

Kyowa Kirin (4151 JP): Ziftomenib Approval and Commercialization A Positive, What Lies Ahead?

Kyowa Kirin's ziftomenib is now commercially available in the U.S. Rocatinlimab shows promise for atopic dermatitis and Prurigo nodularis in Phase...

Tina Banerjee

2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

Sumitomo Pharma is well on track focused on expanding revenue, reducing costs, and securing future business drivers. We feel even after the run up...

Tina Banerjee

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Hisamitsu Pharma (4530 JP): An Imminent MBO at a Rumoured JPY450 Billion Valuation

Hisamitsu confirmed that it plans to announce an MBO today. An offer at the rumoured JPY450bn valuation is attractive compared to precedent...

Arun George

Kyowa Kirin (4151 JP): Ziftomenib Approval and Commercialization A Positive, What Lies Ahead?

​Kyowa Kirin's ziftomenib is now commercially available in the U.S. Rocatinlimab shows promise for atopic dermatitis and Prurigo nodularis in Phase...

Tina Banerjee

2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

​Sumitomo Pharma is well on track focused on expanding revenue, reducing costs, and securing future business drivers. We feel even after the run up...

Tina Banerjee

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

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

Kyowa Kirin's ziftomenib is now commercially available in the U.S. Rocatinlimab shows promise for atopic dermatitis and Prurigo nodularis in Phase...

Sumitomo Pharma is well on track focused on expanding revenue, reducing costs, and securing future business drivers. We feel even after the run up...

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