Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sysmex-corp" target="_blank" data-smartkarma-citation="entities:19333:1" rel="noopener">Sysmex Corp (6869 JP)</a> earns 26% of total revenue from Americas. During 9MFY25, revenue from Americas increased 13% YoY to ¥96B.</li>
<li>The U.S. President Trump has proposed 10% baseline import tariffs on medical devices. Although Trump announced a 90-day pause on most reciprocal tariffs, the respite seems to be temporary.</li>
<li>Sysmex is exposed to tariff for instruments only as reagents are produced locally. Instrument sales in the Americas account for 5–6% of revenue, so tariff impact would be negligible.</li>
</ul>



Sysmex Corp (6869 JP) earns 26% of total revenue from Americas. During 9MFY25, revenue from Americas increased 13% YoY to ¥96B.
The U.S. President Trump has proposed 10% baseline import tariffs on medical devices. Although Trump announced a 90-day pause on most reciprocal tariffs, the respite seems to be temporary.
Sysmex is exposed to tariff for instruments only as reagents are produced locally. Instrument sales in the Americas account for 5–6% of revenue, so tariff impact would be negligible.


Sysmex Corp (6869 JP): The US Tariff Wound Would Not Be Deep Enough

<ul>
<li>Sysmex America, Inc., a subsidiary of Sysmex Corp, recently announced plans to build a new reagent manufacturing, distribution, and service center in Brazil.</li>
<li>In FY24, sales in the Americas region for Sysmex increased 12% YoY to ¥118.7B. Reagents drove the revenue growing 16%.</li>
<li>Operating margins in the Americas have largely trodden on a volatile trajectory over the last few years hovering in the range of 4-6%, lowest among all the geographies.</li>
</ul>


Sysmex America, Inc., a subsidiary of Sysmex Corp, recently announced plans to build a new reagent manufacturing, distribution, and service center in Brazil.
In FY24, sales in the Americas region for Sysmex increased 12% YoY to ¥118.7B. Reagents drove the revenue growing 16%.
Operating margins in the Americas have largely trodden on a volatile trajectory over the last few years hovering in the range of 4-6%, lowest among all the geographies.


Sysmex Corp (6869 JP): Expansion Plans In Brazil Looks Prospective, Yet Gets Tricky With Margins

Thematic (Sector/Industry)

<ul>
<li>U.S. has implemented a universal baseline tariff of 10%, effective April 5. Japan faces 24% reciprocal tariff from April 9.</li>
<li>In 2023, Japan exported pharmaceutical products worth $6.34B (~43% of total exports) to the U.S.</li>
<li>Japanese pharma and medical devices companies have significant revenue exposure to the U.S.</li>
</ul>


U.S. has implemented a universal baseline tariff of 10%, effective April 5. Japan faces 24% reciprocal tariff from April 9.
In 2023, Japan exported pharmaceutical products worth $6.34B (~43% of total exports) to the U.S.
Japanese pharma and medical devices companies have significant revenue exposure to the U.S.


US Tariff Impact on APAC Healthcare: Focus Country- JAPAN

<ul>
<li>Shionogi is acquiring Torii Pharmaceutical and pharmaceutical business of Japan Tobacco. Daiichi Sankyo’s Enhertu meets main goal in the neoadjuvant setting (before surgery) in early-stage breast cancer trial.</li>
<li>HK inno.N received approval for the domestic phase 3 clinical trial of obesity drug candidate. Neuren Pharmaceuticals’ Daybue recorded $84.6M revenue in the U.S. in 1Q25, up 11% YoY.</li>
<li>Biocon secured multiple market access agreements for Yesintek, its biosimilar to Stelara. Lupin received FDA approval for antiretroviral agent raltegravir tablets for the treatment of human immunodeficiency virus (HIV-1) infection.</li>
</ul>


Shionogi is acquiring Torii Pharmaceutical and pharmaceutical business of Japan Tobacco. Daiichi Sankyo’s Enhertu meets main goal in the neoadjuvant setting (before surgery) in early-stage breast cancer trial.
HK inno.N received approval for the domestic phase 3 clinical trial of obesity drug candidate. Neuren Pharmaceuticals’ Daybue recorded $84.6M revenue in the U.S. in 1Q25, up 11% YoY.
Biocon secured multiple market access agreements for Yesintek, its biosimilar to Stelara. Lupin received FDA approval for antiretroviral agent raltegravir tablets for the treatment of human immunodeficiency virus (HIV-1) infection.


APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> announced double-digit growth across all the key parameters in H1FY25. Market share expansion of medical division and favorable Fx drove growth.</li>
<li>Reiteration of FY25 guidance implies a softer H2 performance. In H2FY25, revenue is expected to increase 4% YoY, while both operating and net profit are likely to decline.</li>
<li>The U.S. contributes ~20% of medical division’s revenue of Asahi Intecc, which is lower than other large Japanese medtech companies. This should limit tariff exposure.</li>
</ul>



Asahi Intecc (7747 JP) announced double-digit growth across all the key parameters in H1FY25. Market share expansion of medical division and favorable Fx drove growth.
Reiteration of FY25 guidance implies a softer H2 performance. In H2FY25, revenue is expected to increase 4% YoY, while both operating and net profit are likely to decline.
The U.S. contributes ~20% of medical division’s revenue of Asahi Intecc, which is lower than other large Japanese medtech companies. This should limit tariff exposure.


Asahi Intecc (7747 JP): Softer H2 Expected; Positive Long-Term Outlook Amid Tariff Noises

Japan

SYSMEX CORPORATION manufactures reagents and equipment for clinical tests including hematologic (blood) and immune tests. The Company also develops, manufactures, and trades particle analyzers such as blood coagulation analyzer and related software. Manufacturing and sales outside Japan include the United States, EMEA, China and Asia Pacific regions.

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Sysmex Corp (6869 JP)