Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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> received a conditional approval of IZERVAY (avacincaptad pegol intravitreal solution) in Japan for the suppression of geographic atrophy (GA) growth in atrophic age-related macular degeneration (AMD).</li>
<li>In Q1FY26, with 25% YoY revenue growth, Izervay reported record high quarterly sales of ¥16B. The drug continues to be preferred treatment for new patient start (market share of ~55%).</li>
<li>For FY26, Astellas projects revenue of ¥470B from strategic brands, of which Izervay is expected to around ~¥105B. This will gradually accelerate in coming fiscals with Japan sales falling in.</li>
</ul>



Astellas Pharma (4503 JP) received a conditional approval of IZERVAY (avacincaptad pegol intravitreal solution) in Japan for the suppression of geographic atrophy (GA) growth in atrophic age-related macular degeneration (AMD).
In Q1FY26, with 25% YoY revenue growth, Izervay reported record high quarterly sales of ¥16B. The drug continues to be preferred treatment for new patient start (market share of ~55%).
For FY26, Astellas projects revenue of ¥470B from strategic brands, of which Izervay is expected to around ~¥105B. This will gradually accelerate in coming fiscals with Japan sales falling in.


Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

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<li>During Q1FY26, <a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> reported 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.</li>
<li>During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).</li>
<li>The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.</li>
</ul>


During Q1FY26, Eisai Co Ltd (4523 JP) reported 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.
During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).
The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.


Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

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<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> revenue declined 1% YoY to ¥230.7B, impacted by APAC business restructuring, reduced drug prices in Japan, despite the growth in North America and EMEA.</li>
<li>The company remains heavily dependent on Crysvita generating almost 43% of the total revenue of the company. Crysvita sales rose 10% YoY to ¥99.8B in 1H25.</li>
<li>The next big trigger to the stock price would be the FDA decision on approval of ziftomenib, due in November.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) revenue declined 1% YoY to ¥230.7B, impacted by APAC business restructuring, reduced drug prices in Japan, despite the growth in North America and EMEA.
The company remains heavily dependent on Crysvita generating almost 43% of the total revenue of the company. Crysvita sales rose 10% YoY to ¥99.8B in 1H25.
The next big trigger to the stock price would be the FDA decision on approval of ziftomenib, due in November.


Kyowa Kirin (4151 JP): 1H25 Stay Muted, Guidance Reaffirmed, Ziftomenib Approval Decision Awaited

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<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 19% YoY (negative Fx impact of 7%) revenue growth during Q1FY26 to ¥108B, mainly driven by North America.</li>
<li>Orgovyx witnessed growth in medicare patients due to reduction in out-of-pocket caps and Gemtesa on the other hand improved market share employing price focussed strategy.</li>
<li>Sumitomo Pharma is well on track moving ahead of the significant losses suffered in FY23 and FY24, focusing on expanding revenue, reducing costs, and securing future business drivers.</li>
</ul>



Sumitomo Pharma (4506 JP) reported 19% YoY (negative Fx impact of 7%) revenue growth during Q1FY26 to ¥108B, mainly driven by North America.
Orgovyx witnessed growth in medicare patients due to reduction in out-of-pocket caps and Gemtesa on the other hand improved market share employing price focussed strategy.
Sumitomo Pharma is well on track moving ahead of the significant losses suffered in FY23 and FY24, focusing on expanding revenue, reducing costs, and securing future business drivers.


Sumitomo Pharma (4506 JP): Orgovyx, Gemtesa Strong; Promise in Oncology and Regenerative Line Up

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<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 7% revenue growth in Q1FY26. Strategic brands grew 49% and contributed 22% of revenue. Driven by cost optimization, core operating profit increased 61%.</li>
<li>Astellas reiterated FY26 guidance of 1% revenue growth and 5% core operating profit increase. Q1FY26 progress enhance conviction on comfortably meet FY26 guidance.</li>
<li>With no near-term new launches anticipated for Astellas, performance of the strategic brands in existing markets as well as their indication and geography expansions should be the key drivers.</li>
</ul>



Astellas Pharma (4503 JP) reported 7% revenue growth in Q1FY26. Strategic brands grew 49% and contributed 22% of revenue. Driven by cost optimization, core operating profit increased 61%.
Astellas reiterated FY26 guidance of 1% revenue growth and 5% core operating profit increase. Q1FY26 progress enhance conviction on comfortably meet FY26 guidance.
With no near-term new launches anticipated for Astellas, performance of the strategic brands in existing markets as well as their indication and geography expansions should be the key drivers.


Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

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): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Tina Banerjee

Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

Kyowa Kirin (4151 JP): 1H25 Stay Muted, Guidance Reaffirmed, Ziftomenib Approval Decision Awaited

Kyowa Kirin 1H revenue declines 1% YoY to ¥230.7B, impacted by APAC restructuring and reduced drug prices in Japan. FDA decision on ziftomenib in...

Tina Banerjee

Sumitomo Pharma (4506 JP): Orgovyx, Gemtesa Strong; Promise in Oncology and Regenerative Line Up

Sumitomo Pharma sees 19% YoY revenue growth in Q1FY26 driven by North America. The company is well on track for moving ahead of the significant...

Tina Banerjee

Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

Astellas Pharma sees 7% sales growth in Q1FY26, with strategic brands growing 49%. The company reiterates FY26 guidance. Strategic brands'...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

​Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Tina Banerjee

Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

Kyowa Kirin (4151 JP): 1H25 Stay Muted, Guidance Reaffirmed, Ziftomenib Approval Decision Awaited

​Kyowa Kirin 1H revenue declines 1% YoY to ¥230.7B, impacted by APAC restructuring and reduced drug prices in Japan. FDA decision on ziftomenib in...

Tina Banerjee

Sumitomo Pharma (4506 JP): Orgovyx, Gemtesa Strong; Promise in Oncology and Regenerative Line Up

​Sumitomo Pharma sees 19% YoY revenue growth in Q1FY26 driven by North America. The company is well on track for moving ahead of the significant...

Tina Banerjee

Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

​Astellas Pharma sees 7% sales growth in Q1FY26, with strategic brands growing 49%. The company reiterates FY26 guidance. Strategic brands'...

Tina Banerjee

Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Kyowa Kirin 1H revenue declines 1% YoY to ¥230.7B, impacted by APAC restructuring and reduced drug prices in Japan. FDA decision on ziftomenib in...

Sumitomo Pharma sees 19% YoY revenue growth in Q1FY26 driven by North America. The company is well on track for moving ahead of the significant...

Astellas Pharma sees 7% sales growth in Q1FY26, with strategic brands growing 49%. The company reiterates FY26 guidance. Strategic brands'...