Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Equity Bottom-Up

<p><strong>Key highlights</strong></p><ul>
<li>Key drivers including, Xtandi (up 17% to ¥164b) and Mirabegron (up 19% to ¥69b) drove overall sales up by 1% to ¥647b</li>
<li>Favorable product mix led gross margin improvement by ~150bps to 77.8%</li>
<li>Restructuring caused a significant decline in R&amp;D (-7% to ¥100b) which drove 11% growth in Core EBIT to ¥172b and ~16% increase in Core EPS to ¥ 73 / share</li>
<li>The company revised its FY18 Sales, Core EBIT and EPS guidance on the back of brisk YTD performance of the key drivers and foreign exchange tailwind.</li>
</ul>

Key highlights
Key drivers including, Xtandi (up 17% to ¥164b) and Mirabegron (up 19% to ¥69b) drove overall sales up by 1% to ¥647b
Favorable product mix led gross margin improvement by ~150bps to 77.8%
Restructuring caused a significant decline in R&amp;D (-7% to ¥100b) which drove 11% growth in Core EBIT to ¥172b and ~16% increase in Core EPS to ¥ 73 / share
The company revised its FY18 Sales, Core EBIT and EPS guidance on the back of brisk YTD performance of the key drivers and foreign exchange tailwind.


Astellas 1H FY18 (YE Mar'19) Results - First Glance

Astellas Pharma

Astellas 1H FY18 (YE Mar'19) Results - First Glance