In today’s briefing:
- Eisai Co Ltd (4523 JP): Leqembi at a Growth Juncture as New Markets Open Up; Margins Under Pressure
- Pre-IPO Mirxes Holding (PHIP Updates) – Some Points Worth the Attention
Eisai Co Ltd (4523 JP): Leqembi at a Growth Juncture as New Markets Open Up; Margins Under Pressure
- In FY25, Eisai Co Ltd (4523 JP) reported 6% YoY growth in revenue, driven by 3Ls. Operating profit rose 2% YoY and net profit climbed 9% YoY to ¥46B.
- Eisai guided for FY26 revenue of ¥790B, flat YoY. Revenue for Leqembi is expected to grow significantly (¥76.5B, up 73% YoY). Operating profit is expected to remain flat at ¥54.5B.
- Leqembi’s potential market expansion holds promise, especially in the developed economies with the proportion of aged population gradually on the rise and with a dearth of suitable treatment options available.
Pre-IPO Mirxes Holding (PHIP Updates) – Some Points Worth the Attention
- GASTROClear’s clinical application may be limited by doctors’ lack of sufficient trust/recognition. GASTROClear could mainly be commercialized in the non-clinical market in China first. However, the competition is more intense.
- The dual pressure of lack of medical insurance reimbursement and higher pricing may lead to lower-than-expected market penetration.It’s not easy for Mirxes’ revenue to return to the level of 2021.
- Short-Term valuation depends on market sentiment, but in long term, it still depends on the commercialization performance and the improvement of cash flow. The IPO pricing is expensive.
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