Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> reported H1FY26 revenue of ¥2,220B, down 7%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.</li>
<li>Takeda revised its FY26 guidance downwards expecting lower sales and margins, reflecting near term headwinds amid cost control.</li>
<li>Six of these late-stage programs are estimated to have the potential to generate peak revenues ranging from $10B to $20B in total and contribute to long-term growth.</li>
</ul>



Takeda Pharmaceutical (4502 JP) reported H1FY26 revenue of ¥2,220B, down 7%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.
Takeda revised its FY26 guidance downwards expecting lower sales and margins, reflecting near term headwinds amid cost control.
Six of these late-stage programs are estimated to have the potential to generate peak revenues ranging from $10B to $20B in total and contribute to long-term growth.


Takeda Pharmaceutical (4502 JP): Guidance Revised Downwards; Vyvance Continue To Be a Pain Point

Thematic (Sector/Industry)

<ul>
<li>Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.</li>
<li>Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. </li>
<li>Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.</li>
</ul>


Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.
Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. 
Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.


APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

<ul>
<li>Hansoh Pharmaceutical entered outlicense agreement with Roche for upfront and milestone payments of $2B+. Leads Biolabs and Dianthus Therapeutics entered into exclusive global license agreement for pre-clinical asset.</li>
<li>Chugai Pharmaceutical’s partner Eli Lilly announced positive results from Phase 3 trials of orforglipron. SanBio Co announced that their partial change application for AKUUGO is one step ahead for approval.</li>
<li>Celltrion launched Actemra biosimilar, Aptozma in the U.S. at ~35% discount to original drug. Samsung Biologics shareholders approved biologics business spin-off plan to transform the company into a pure-play CDMO.</li>
</ul>


Hansoh Pharmaceutical entered outlicense agreement with Roche for upfront and milestone payments of $2B+. Leads Biolabs and Dianthus Therapeutics entered into exclusive global license agreement for pre-clinical asset.
Chugai Pharmaceutical’s partner Eli Lilly announced positive results from Phase 3 trials of orforglipron. SanBio Co announced that their partial change application for AKUUGO is one step ahead for approval.
Celltrion launched Actemra biosimilar, Aptozma in the U.S. at ~35% discount to original drug. Samsung Biologics shareholders approved biologics business spin-off plan to transform the company into a pure-play CDMO.


APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.


JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Tech and memory especially keep grinding higher with good showing from semi-cap.</li>
<li>Kioxia management expects to double memory output at several fabs over next 5-years.</li>
<li>MHI cutting their FY guidance as reality not quite meeting expectations...will the market care though?</li>
</ul>


Tech and memory especially keep grinding higher with good showing from semi-cap.
Kioxia management expects to double memory output at several fabs over next 5-years.
MHI cutting their FY guidance as reality not quite meeting expectations...will the market care though?


Japan Morning Connection: Shutdown Concerns Brushed Aside as Govt Set to Close This Morning

Japan

Chugai Pharmaceutical Company Ltd., manufactures and sells pharmaceuticals in the domestic and international markets through its subsidiaries. The Company develops drugs in the fields of cancer, infectious diseases, bone, blood, and circulatory systems. Chugai Pharmaceutical also conducts research studies on drugs with private and public medical research institutions.

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Chugai Pharmaceutical (4519 JP)

Takeda Pharmaceutical (4502 JP): Guidance Revised Downwards; Vyvance Continue To Be a Pain Point

Takeda Pharmaceutical reports revenue decline in H1FY26, revises guidance downwards due to lower sales of Vyvance and Entyvio, but expects long...

Tina Banerjee

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Innovent Biologics announced collaboration with Takeda. FDA approves two additional indications for Celltrion's Humira biosimilar. Syngene is...

Tina Banerjee

APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio

Hansoh and Leads Biolabs bag global outlicensing deals. Chugai’s partner Lilly announced positive P3 result for orforglipron. Celltrion launched...

Tina Banerjee

JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Nippon Steel (5401 JP), Nitori (9843 JP), Ai...

Ke Yan, CFA, FRM

Japan Morning Connection: Shutdown Concerns Brushed Aside as Govt Set to Close This Morning

A move higher for pharma after Pfizer made a deal with Trump, expect squeezy moves for heavily shorted JP names. A positive for memory plays, with...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Takeda Pharmaceutical (4502 JP): Guidance Revised Downwards; Vyvance Continue To Be a Pain Point

​Takeda Pharmaceutical reports revenue decline in H1FY26, revises guidance downwards due to lower sales of Vyvance and Entyvio, but expects long...

Tina Banerjee

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Innovent Biologics announced collaboration with Takeda. FDA approves two additional indications for Celltrion's Humira biosimilar. Syngene is...

Tina Banerjee

APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio

Hansoh and Leads Biolabs bag global outlicensing deals. Chugai’s partner Lilly announced positive P3 result for orforglipron. Celltrion launched...

Tina Banerjee

JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Nippon Steel (5401 JP), Nitori (9843 JP), Ai...

Ke Yan, CFA, FRM

Japan Morning Connection: Shutdown Concerns Brushed Aside as Govt Set to Close This Morning

A move higher for pharma after Pfizer made a deal with Trump, expect squeezy moves for heavily shorted JP names. A positive for memory plays, with...

Andrew Jackson

Takeda Pharmaceutical reports revenue decline in H1FY26, revises guidance downwards due to lower sales of Vyvance and Entyvio, but expects long...