Global Healthcare Analyst

Tina Banerjee

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> recorded 13% YoY revenue growth to ¥120B in Q1FY24, driven by 12% YoY growth in product revenue. Royalty revenue grew 14% YoY.</li>
<li>Revenue from Opdivo grew 11% YoY to ¥37.8B, due to expanded use in treatments for gastric cancer, esophageal cancer, urothelial carcinoma, etc. Revenue from Forxiga grew 34% YoY to ¥17.5B.</li>
<li>For FY24, Ono continues to expect revenue growth of 6% to ¥475B. Operating and net profits are expected to increase 8% and 2% to ¥153B and ¥115B, respectively, for FY24.</li>
</ul>



Ono Pharmaceutical (4528 JP) recorded 13% YoY revenue growth to ¥120B in Q1FY24, driven by 12% YoY growth in product revenue. Royalty revenue grew 14% YoY.
Revenue from Opdivo grew 11% YoY to ¥37.8B, due to expanded use in treatments for gastric cancer, esophageal cancer, urothelial carcinoma, etc. Revenue from Forxiga grew 34% YoY to ¥17.5B.
For FY24, Ono continues to expect revenue growth of 6% to ¥475B. Operating and net profits are expected to increase 8% and 2% to ¥153B and ¥115B, respectively, for FY24.


Ono Pharmaceutical (4528 JP): Mixed Q1 Result; Guidance Reiterated; Buyback Plan Announced

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>In 1Q23, <a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals Co Ltd (326030 KS)</a> recorded Xcopri U.S. revenue of KRW53.9B, up 70% YoY and 8% QoQ. Xcopri growth is expected to accelerate in US in H2.</li>
<li>The company’s operating loss narrowed to KRW23B in 1Q23, recording the lowest level excluding the one-off sales, compared with operating loss of KRW45B in 4Q22 and KRW37B in 1Q22.</li>
<li>The company is looking for Xcopri revenue of KRW300B in 2023. With stable cash generation and expansion into three new modalities, SKBP aims to become a $15B company by 2026.</li>
</ul>


In 1Q23, SK Biopharmaceuticals Co Ltd (326030 KS) recorded Xcopri U.S. revenue of KRW53.9B, up 70% YoY and 8% QoQ. Xcopri growth is expected to accelerate in US in H2.
The company’s operating loss narrowed to KRW23B in 1Q23, recording the lowest level excluding the one-off sales, compared with operating loss of KRW45B in 4Q22 and KRW37B in 1Q22.
The company is looking for Xcopri revenue of KRW300B in 2023. With stable cash generation and expansion into three new modalities, SKBP aims to become a $15B company by 2026.


SK Biopharmaceuticals (326030 KS): Starts 2023 on Strong Note; Unveils New Mid to Long-Term Strategy

<ul>
<li>In FY23, <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> recorded Enhertu product revenue growth of 218% YoY to ¥208B, 4% ahead of forecast, driven by indication expansion and strong market penetration in US.</li>
<li>For FY24, Enhertu product revenue is expected to increase 54% YoY to ¥320B, driven by higher utilization in HER2 positive and HER2 low breast cancer in US.</li>
<li>Daiichi Sankyo has two more drug candidates in late-stage trials for various cancers. Contribution of oncology to total revenue is expected to increase to 45% in FY26 from 20% now.</li>
</ul>


In FY23, Daiichi Sankyo (4568 JP) recorded Enhertu product revenue growth of 218% YoY to ¥208B, 4% ahead of forecast, driven by indication expansion and strong market penetration in US.
For FY24, Enhertu product revenue is expected to increase 54% YoY to ¥320B, driven by higher utilization in HER2 positive and HER2 low breast cancer in US.
Daiichi Sankyo has two more drug candidates in late-stage trials for various cancers. Contribution of oncology to total revenue is expected to increase to 45% in FY26 from 20% now.


Daiichi Sankyo (4568 JP): Strong Beneficiary of Cancer Drug Enhertu; High Hope for Research Pipeline

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chugai-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:4489:1" rel="noopener">Chugai Pharmaceutical (4519 JP)</a> recorded double and triple-digit revenue growth from Hemlibra in domestic and export markets, respectively during 9M2022. Growth momentum is expected to continue.</li>
<li>Both Actembra and Ronapreve have limited revenue potential from COVID-related indications. Ronapreve reported revenue of ¥60.8 billion in 1Q22 in domestic market, with no reported revenue in two subsequent quarters.</li>
<li>Actemra will face biosimilar competition. This month China has approved first Actembra biosimilar, while a couple of others are under review of the FDA.  </li>
</ul>



Chugai Pharmaceutical (4519 JP) recorded double and triple-digit revenue growth from Hemlibra in domestic and export markets, respectively during 9M2022. Growth momentum is expected to continue.
Both Actembra and Ronapreve have limited revenue potential from COVID-related indications. Ronapreve reported revenue of ¥60.8 billion in 1Q22 in domestic market, with no reported revenue in two subsequent quarters.
Actemra will face biosimilar competition. This month China has approved first Actembra biosimilar, while a couple of others are under review of the FDA.  


Chugai Pharmaceutical (4519 JP): Hemlibra Is the Only Saviour; Competition Bites Mainstay Drugs

Hisamitsu Pharmaceutical Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a> has announced solid Q3FY23 results, with double-digit revenue growth and triple-digit operating and net profit growth, mainly driven by the OTC business of the company.</li>
<li>With the resumption of sporting/outdoor events globally and increasing unwillingness to use opioid for pain relief especially in the U.S., Salonpas is expected to continue its growth trajectory.</li>
<li>Hisamitsu has reiterated FY23 guidance. However, considering the current progress rate of all the parameters versus guidance, we think actual performance of Hisamitsu will exceed guidance.</li>
</ul>



Hisamitsu Pharmaceutical Co (4530 JP) has announced solid Q3FY23 results, with double-digit revenue growth and triple-digit operating and net profit growth, mainly driven by the OTC business of the company.
With the resumption of sporting/outdoor events globally and increasing unwillingness to use opioid for pain relief especially in the U.S., Salonpas is expected to continue its growth trajectory.
Hisamitsu has reiterated FY23 guidance. However, considering the current progress rate of all the parameters versus guidance, we think actual performance of Hisamitsu will exceed guidance.


Hisamitsu Pharmaceutical (4530 JP): Strong Q3 Result Driven by Salonpas; FY23 Guidance Reiterated

Japan

ONO PHARMACEUTICAL CO., LTD. manufactures and sells pharmaceutical products. The Company mainly researches and develops prescription drugs.

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Ono Pharmaceutical (4528 JT)

Ono Pharmaceutical (4528 JP): Mixed Q1 Result; Guidance Reiterated; Buyback Plan Announced

Ono recorded 13% YoY revenue growth to ¥120B in Q1FY24, driven by 12% YoY growth in product revenue. Lead drug, Opdivo reported 11% sales growth....

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Starts 2023 on Strong Note; Unveils New Mid to Long-Term Strategy

In 1Q23, SKBP recorded Xcopri U.S. revenue of KRW53.9B, up 70% YoY and 8% QoQ. Xcopri sales are expected to accelerate in H2. SKBP aims to become a...

Tina Banerjee

Daiichi Sankyo (4568 JP): Strong Beneficiary of Cancer Drug Enhertu; High Hope for Research Pipeline

Enhertu has gained blockbuster status by recording $1B+ revenue in FY23. Enhertu plus other potential cancer drug launches should contribute 45%...

Tina Banerjee

Chugai Pharmaceutical (4519 JP): Hemlibra Is the Only Saviour; Competition Bites Mainstay Drugs

Fast growth from Chugai’s new products falls short of compensating the revenue loss from the mainstay products. Chugai may not be able to meet 2022...

Tina Banerjee

Hisamitsu Pharmaceutical (4530 JP): Strong Q3 Result Driven by Salonpas; FY23 Guidance Reiterated

Hisamitsu announced solid Q3 results, with double-digit revenue and triple-digit operating and net profit growth, mainly driven by the OTC...

Tina Banerjee

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