Global Healthcare Analyst

Tina Banerjee

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.

Ono Pharma (4528 JP): Opdivo Conundrum Continues, FY27 Guidance Takes Forxiga Hit

Ono Pharma (4528 JP): Domestic Remain Dull, Overseas Hold, Guidance Reiterated, Approvals Awaited

Ono Pharmaceutical (4528 JP): Struggle Continues with Opdivo; Competition and Price Cuts Loom Large

Ono Pharma (4528 JP): Forxiga and Acquisition Drives 1QFY26, Opdivo Takes a Backseat on Competition

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a> , during 9MFY26, reported revenue of ¥397B, an increase of 6% YoY. Opdivo witnessed 6% decrease in revenue to ¥100B mainly due to increased competition.</li>
<li>In December 2025, Keytruda from Merck was the top selling cancer drug of Japan for 27 consecutive months, recording monthly prescription revenue of roughly ¥18B-22B, above Opdivo’s revenue of ¥10B-12B.</li>
<li>No near-term catalyst visible for the company at this moment but eventual indication expansions, approvals, new line of drugs may provide some impetus to share price from the present levels.</li>
</ul>



Ono Pharmaceutical (4528 JP) , during 9MFY26, reported revenue of ¥397B, an increase of 6% YoY. Opdivo witnessed 6% decrease in revenue to ¥100B mainly due to increased competition.
In December 2025, Keytruda from Merck was the top selling cancer drug of Japan for 27 consecutive months, recording monthly prescription revenue of roughly ¥18B-22B, above Opdivo’s revenue of ¥10B-12B.
No near-term catalyst visible for the company at this moment but eventual indication expansions, approvals, new line of drugs may provide some impetus to share price from the present levels.


Ono Pharma (4528 JP): Opdivo Subdued, Recovers Some Lost Ground in NSCLC, FY26 Guidance Reiterated