Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> reported strong FY25 results, with revenue and operating profit increasing 18% and 57%, YoY, to ¥1,886B and ¥332B, respectively. Performance was mainly driven by Enhertu (+45%).</li>
<li>The company expects FY26 revenue to increase 6% YoY to ¥2,000B. Core operating profit and operating profit are expected to increase 12% and 5%, YoY, respectively to ¥350B.</li>
<li>The company has announced a ¥200B buyback plan to acquire a maximum of 80M shares from May 1, 2025 to March 24, 2026.</li>
</ul>



Daiichi Sankyo (4568 JP) reported strong FY25 results, with revenue and operating profit increasing 18% and 57%, YoY, to ¥1,886B and ¥332B, respectively. Performance was mainly driven by Enhertu (+45%).
The company expects FY26 revenue to increase 6% YoY to ¥2,000B. Core operating profit and operating profit are expected to increase 12% and 5%, YoY, respectively to ¥350B.
The company has announced a ¥200B buyback plan to acquire a maximum of 80M shares from May 1, 2025 to March 24, 2026.


Daiichi Sankyo (4568 JP): Strong FY25 Result; Guidance Initiated for FY26; ¥200B Buyback Announced

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

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<li>Mizuho Bank is looking to raise US$151m from selling some of its stake in <a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a>.</li>
<li>While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Mizuho Bank is looking to raise US$151m from selling some of its stake in Daiichi Sankyo (4568 JP).
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Daiichi Sankyo Placement - Momentum Is Weak but the Deal Is Small

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<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> reported mixed Q3FY25 result, with revenue increasing 8% YoY to ¥484.8M and net profit decreasing 7% YoY to ¥61.9M. Enhertu revenue increased 39% YoY to ¥143B.</li>
<li>The company has raised FY25 net profit guidance by 7% to ¥240B (up 20% YoY), to reflect an increase in financial income due to an improvement in foreign exchange gains.</li>
<li>As Daiichi Sankyo enters the final year of its current five-year business plan, the company has appointed Hiroyuki Okuzawa as Chief Executive Officer effective April 1, 2025.</li>
</ul>



Daiichi Sankyo (4568 JP) reported mixed Q3FY25 result, with revenue increasing 8% YoY to ¥484.8M and net profit decreasing 7% YoY to ¥61.9M. Enhertu revenue increased 39% YoY to ¥143B.
The company has raised FY25 net profit guidance by 7% to ¥240B (up 20% YoY), to reflect an increase in financial income due to an improvement in foreign exchange gains.
As Daiichi Sankyo enters the final year of its current five-year business plan, the company has appointed Hiroyuki Okuzawa as Chief Executive Officer effective April 1, 2025.


Daiichi Sankyo (4568 JP): Mixed Q3FY25 Result; FY25 Net Profit Guidance Raised; New CEO Appointed

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<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> has received FDA approval for Datroway for the second-line treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer.</li>
<li>Last month, Datroway got approval in Japan. Regulatory submissions for the drug are under review in the EU, China, and other regions. The drug is undergoing trial for other indications.</li>
<li>AstraZeneca’s proven commercialization capability for Enhertu enhances conviction on the commercialization prospect of Datroway too. AstraZeneca pegged peak year revenue of Datroway at more than $5B (similar level to Enhertu).</li>
</ul>



Daiichi Sankyo (4568 JP) has received FDA approval for Datroway for the second-line treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer.
Last month, Datroway got approval in Japan. Regulatory submissions for the drug are under review in the EU, China, and other regions. The drug is undergoing trial for other indications.
AstraZeneca’s proven commercialization capability for Enhertu enhances conviction on the commercialization prospect of Datroway too. AstraZeneca pegged peak year revenue of Datroway at more than $5B (similar level to Enhertu).


Daiichi Sankyo (4568 JP): US Approval for Second ADC Drug to Drive Accelerated Growth

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<li>
<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> announced better-than-expected Q2FY25 result, with all key parameters exceeding expectation. Q2 revenue increased 19% to ¥447B, mainly driven by 44% growth in Enhertu sales to ¥132B.</li>
<li>Daiichi Sankyo has raised FY25 guidance to reflect the positive effect from foreign exchange by the depreciation of Yen and strong performance of global products.</li>
<li>Enhertu FY25 product sales guidance was raised by ¥15B to ¥523B. Despite recent clinical trial setback, Dato-DXd is expected to get FDA approval for the treatment of NSCLC in December.</li>
</ul>



Daiichi Sankyo (4568 JP) announced better-than-expected Q2FY25 result, with all key parameters exceeding expectation. Q2 revenue increased 19% to ¥447B, mainly driven by 44% growth in Enhertu sales to ¥132B.
Daiichi Sankyo has raised FY25 guidance to reflect the positive effect from foreign exchange by the depreciation of Yen and strong performance of global products.
Enhertu FY25 product sales guidance was raised by ¥15B to ¥523B. Despite recent clinical trial setback, Dato-DXd is expected to get FDA approval for the treatment of NSCLC in December.


Daiichi Sankyo (4568 JP): Enhertu Drives Beat-And-Raise Q2FY25; Pipeline Progress Boosts Visibility

Japan

Daiichi Sankyo Co, Ltd is a holding company established through merger of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals for human/veterinary use and medical tools and equipment. It also researches and promotes products through related companies throughout the world. The Group also produces food, food additives, livestock feeds, and agrochemicals.

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Daiichi Sankyo (4568 JP)