Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> has announced strong FY25 performance, with all key parameters surpassing guidance, while FY26 guidance is a mix of positives and negatives.</li>
<li>Astellas has guided for FY26 revenue of ¥1,930B, up 1% YoY. While strategic brands are expected to grow by double and triple-digit, Xtandi is expected to report 5% revenue decline.</li>
<li>FY26 core operating profit is guided at ¥410B, up 5% YoY, driven by cost optimization effort. Core net profit for FY26 is expected to increase 3% YoY to ¥304B.</li>
</ul>



Astellas Pharma (4503 JP) has announced strong FY25 performance, with all key parameters surpassing guidance, while FY26 guidance is a mix of positives and negatives.
Astellas has guided for FY26 revenue of ¥1,930B, up 1% YoY. While strategic brands are expected to grow by double and triple-digit, Xtandi is expected to report 5% revenue decline.
FY26 core operating profit is guided at ¥410B, up 5% YoY, driven by cost optimization effort. Core net profit for FY26 is expected to increase 3% YoY to ¥304B.


Astellas Pharma (4503 JP): Strong FY25 Result; Cost Optimization to Boost FY26 Profit on Flat Sales

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<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> reported a 22% YoY (6% from favourable Fx rates) revenue growth to ¥1,453B in 9MFY25. The U.S. market continue to be key, contributing 46% of revenue.</li>
<li>Operating profit rose 44% YoY to ¥297.5B, with operating margin expanding 310bps to 20.5%. Core profit increased 35% YoY to ¥223B, with margins improving 150bps to 15.4% in 9MFY25.</li>
<li>Guidance revised upward, with revenue now expected at ¥1,900B on robust XTANDI performance and favorable forex movement.</li>
</ul>



Astellas Pharma (4503 JP) reported a 22% YoY (6% from favourable Fx rates) revenue growth to ¥1,453B in 9MFY25. The U.S. market continue to be key, contributing 46% of revenue.
Operating profit rose 44% YoY to ¥297.5B, with operating margin expanding 310bps to 20.5%. Core profit increased 35% YoY to ¥223B, with margins improving 150bps to 15.4% in 9MFY25.
Guidance revised upward, with revenue now expected at ¥1,900B on robust XTANDI performance and favorable forex movement.


Astellas Pharma (4503 JP): 9MFY25 Result- Strategic Brands Strong; Margins Expand; Guidance Raised

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

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Power/Analog semi names were buoyed by Microchip Tech comments for a downcycle inflection.</li>
<li>JP Heavies MHI and KHI both failed to impress on Friday, but MHI may see interest on news for possible jet export.</li>
<li>Trump looking to cut pharma costs by 30-80% will add to the uncertainty for JP pharma with high medicare and medicaid exposure.</li>
</ul>


Power/Analog semi names were buoyed by Microchip Tech comments for a downcycle inflection.
JP Heavies MHI and KHI both failed to impress on Friday, but MHI may see interest on news for possible jet export.
Trump looking to cut pharma costs by 30-80% will add to the uncertainty for JP pharma with high medicare and medicaid exposure.


Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

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<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> revised FY25 revenue guidance upward to ¥1900B on robust Xtandi performance and favourable forex movement. Core profits and margins will also see upward revisions and expansions.</li>
<li>The company will record an impairment charge of ¥176B for intangible assets this fiscal. As a result, FY25 operating profit on reported basis will come down to ¥11B from ¥80B.</li>
<li>Recently, Astellas has received approval for Vyloy and label expansion approval for Padcev in China. Label expansion application for Izervay in the U.S. has been accepted by the FDA.</li>
</ul>



Astellas Pharma (4503 JP) revised FY25 revenue guidance upward to ¥1900B on robust Xtandi performance and favourable forex movement. Core profits and margins will also see upward revisions and expansions.
The company will record an impairment charge of ¥176B for intangible assets this fiscal. As a result, FY25 operating profit on reported basis will come down to ¥11B from ¥80B.
Recently, Astellas has received approval for Vyloy and label expansion approval for Padcev in China. Label expansion application for Izervay in the U.S. has been accepted by the FDA.


Astellas Pharma (4503 JP): Xtandi & Forex Lead To Guidance Revision, Impairment Losses One Off Burnt

Japan

Astellas Pharma Inc. is a pharmaceutical company committed to the therapeutic fields of Urology, Immunology including Transplantation and Infectious Diseases, Oncology, Neuroscience and DM Complications and Metabolic Diseases. With over 17,000 global employees, Astellas researches, develops, manufactures, and promotes its prescription drugs through subsidiaries in the US, Europe, and Asia

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Astellas Pharma (4503 JP)