Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a> revenue dropped 23% to ¥26B during 9MFY25, dragged by lower contractual payments. With higher R&amp;D and SG&amp;A expenses, the company reported operating loss of ¥754M.</li>
<li>FY25 Guidance has been revised downwards with revised sales now stands at ¥39B. While product sales remain largely on track, income from contractual payment was revised downward.</li>
<li>The heavy dependence on one major product and no major product launch lined up anytime soon poses as a negative on the company’s prospects in near future.</li>
</ul>



Jcr Pharmaceuticals (4552 JP) revenue dropped 23% to ¥26B during 9MFY25, dragged by lower contractual payments. With higher R&amp;D and SG&amp;A expenses, the company reported operating loss of ¥754M.
FY25 Guidance has been revised downwards with revised sales now stands at ¥39B. While product sales remain largely on track, income from contractual payment was revised downward.
The heavy dependence on one major product and no major product launch lined up anytime soon poses as a negative on the company’s prospects in near future.


JCR Pharmaceutical (4552 JP): Sluggish 9MFY25 Performance, Guidance Revised Downward

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a> announced H1 results, with revenue -¥7.6bn ytd vs last year, of which a decrease in contract revenue was -¥7.1bn. Full year guidance remains unchanged.</li>
<li>The expectation was that Contract Revenue (which was basically zero in H1) was going to be backloaded anyway. Historically, seasonality is bumpy on this name. </li>
<li>The company also announced a buyback. We can tell who the seller is likely to be. The buyback event may be gamed. </li>
</ul>


Today, Jcr Pharmaceuticals (4552 JP) announced H1 results, with revenue -¥7.6bn ytd vs last year, of which a decrease in contract revenue was -¥7.1bn. Full year guidance remains unchanged.
The expectation was that Contract Revenue (which was basically zero in H1) was going to be backloaded anyway. Historically, seasonality is bumpy on this name. 
The company also announced a buyback. We can tell who the seller is likely to be. The buyback event may be gamed. 


JCR Pharma (4552) - Uglyish In-Line Results But a Buyback Opportunity for Someone

<ul>
<li>During 9MFY25, <a href="https://www.smartkarma.com/entities/nippon-shinyaku-co-ltd" target="_blank" data-smartkarma-citation="entities:6634:1" rel="noopener">Nippon Shinyaku (4516 JP)</a> reported revenue growth of 8% YoY to ¥121B, while operating profit stood at ¥33B, up 8% YoY.</li>
<li>Viltepso witnessed growth both in Japan and the U.S. and licensing income also increased on higher overseas sales of Uptravi.</li>
<li>Guidance for FY25 have been raised with sales now expected to be ¥160B, up 8% YoY.</li>
</ul>


During 9MFY25, Nippon Shinyaku (4516 JP) reported revenue growth of 8% YoY to ¥121B, while operating profit stood at ¥33B, up 8% YoY.
Viltepso witnessed growth both in Japan and the U.S. and licensing income also increased on higher overseas sales of Uptravi.
Guidance for FY25 have been raised with sales now expected to be ¥160B, up 8% YoY.


Nippon Shinyaku (4516 JP): Strong 9MFY25 Numbers; FY25 Guidance Raised; Regular Launches Remain Key

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo received FDA approval for Datroway for the treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer who have received prior endocrine-based therapy and chemotherapy.</li>
<li>Sumitomo Pharma partnered with J&amp;J for co-promotion of the long-acting antipsychotic medication XEPLION. Shanghai Fosun Pharma’s proposed buyout of Shanghai Henlius Biotech for HK$5.4B (~$693M) failed to pass shareholders’ vote.</li>
<li>SK Bioscience signed a co-promotion and distribution agreement with Sanofi for RSV and hepatitis A vaccines. Hugel received approval for its botulinum toxin for five indications from the UAE.</li>
</ul>


Daiichi Sankyo received FDA approval for Datroway for the treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer who have received prior endocrine-based therapy and chemotherapy.
Sumitomo Pharma partnered with J&amp;J for co-promotion of the long-acting antipsychotic medication XEPLION. Shanghai Fosun Pharma’s proposed buyout of Shanghai Henlius Biotech for HK$5.4B (~$693M) failed to pass shareholders’ vote.
SK Bioscience signed a co-promotion and distribution agreement with Sanofi for RSV and hepatitis A vaccines. Hugel received approval for its botulinum toxin for five indications from the UAE.


APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

<ul>
<li>Wuxi Biologics is selling its Ireland vaccine manufacturing facility to Merck for $500M. Astellas Pharma received approval for Vyloy in China for the first-line treatment of gastric cancer.</li>
<li>FDA decision for Otsuka’s label expansion application for brexpiprazole for the treatment of post-traumatic stress disorder will be delayed. EMA has accepted Otsuka’s marketing application for HAE drug candidate donidalorsen.</li>
<li>Samsung Biologics has extended collaboration with LigaChem Biosciences to provide ADC services. Pharmaessentia has announced positive topline results from phase 3 clinical trial of P1101 for Essential Thrombocythemia (ET).</li>
</ul>


Wuxi Biologics is selling its Ireland vaccine manufacturing facility to Merck for $500M. Astellas Pharma received approval for Vyloy in China for the first-line treatment of gastric cancer.
FDA decision for Otsuka’s label expansion application for brexpiprazole for the treatment of post-traumatic stress disorder will be delayed. EMA has accepted Otsuka’s marketing application for HAE drug candidate donidalorsen.
Samsung Biologics has extended collaboration with LigaChem Biosciences to provide ADC services. Pharmaessentia has announced positive topline results from phase 3 clinical trial of P1101 for Essential Thrombocythemia (ET).


APAC Healthcare Weekly (Jan 12)- Wuxi Biologics, Astellas, Otsuka, Samsung Biologics, Pharmaessentia

Japan

JCR Pharmaceuticals Co., Ltd. develops, produces, and sells pharmaceutical products and raw materials.  The Company also sells equipment for hospital and laboratory use.  JCR Pharmaceuticals' products include drug for leukemic diseases and hormonal agents including genetically engineered human somatotrophic hormone (growth hormone) and gonadotropic hormone.

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Jcr Pharmaceuticals (4552 JP)

JCR Pharmaceutical (4552 JP): Sluggish 9MFY25 Performance, Guidance Revised Downward

JCR has again cut FY25 revenue guidance by 15%, as an expected licensing agreement may not be finalized this fiscal. With this, FY25 revenue is...

Tina Banerjee

JCR Pharma (4552) - Uglyish In-Line Results But a Buyback Opportunity for Someone

Contract pharmaceutical smallcap sponsored by Medipal and crossholders JCR Pharma produces ugly H1 results, but they appear "in-line." Guidance is...

Travis Lundy

Nippon Shinyaku (4516 JP): Strong 9MFY25 Numbers; FY25 Guidance Raised; Regular Launches Remain Key

Nippon Shinyaku sees high single-digit revenue and profit growth in 9MFY25, with Viltepso and Uptravi driving sales increase. FY25 sales guidance...

Tina Banerjee

APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

APAC Healthcare Weekly (Jan 12)- Wuxi Biologics, Astellas, Otsuka, Samsung Biologics, Pharmaessentia

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JCR Pharmaceutical (4552 JP): Sluggish 9MFY25 Performance, Guidance Revised Downward

JCR has again cut FY25 revenue guidance by 15%, as an expected licensing agreement may not be finalized this fiscal. With this, FY25 revenue is...

Tina Banerjee

JCR Pharma (4552) - Uglyish In-Line Results But a Buyback Opportunity for Someone

Contract pharmaceutical smallcap sponsored by Medipal and crossholders JCR Pharma produces ugly H1 results, but they appear "in-line." Guidance is...

Travis Lundy

Nippon Shinyaku (4516 JP): Strong 9MFY25 Numbers; FY25 Guidance Raised; Regular Launches Remain Key

​Nippon Shinyaku sees high single-digit revenue and profit growth in 9MFY25, with Viltepso and Uptravi driving sales increase. FY25 sales guidance...

Tina Banerjee

APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

APAC Healthcare Weekly (Jan 12)- Wuxi Biologics, Astellas, Otsuka, Samsung Biologics, Pharmaessentia

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Nippon Shinyaku sees high single-digit revenue and profit growth in 9MFY25, with Viltepso and Uptravi driving sales increase. FY25 sales guidance...