Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/santen-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8602:1" rel="noopener">Santen Pharmaceutical (4536 JP)</a> is the market leader for prescription ophthalmic pharmaceuticals in Japan, with 52% market share. 68% of total revenue comes from domestic market.  </li>
<li>Santen’s key partnered drug, Eylea, which contributes 29% of total revenue, is set to lose patent protection in Japan this year.</li>
<li>Eylea is expected to face competition from biosimilars as well as new biologic drugs launched. This will limit Santen’s near-term growth potential.  </li>
</ul>



Santen Pharmaceutical (4536 JP) is the market leader for prescription ophthalmic pharmaceuticals in Japan, with 52% market share. 68% of total revenue comes from domestic market.  
Santen’s key partnered drug, Eylea, which contributes 29% of total revenue, is set to lose patent protection in Japan this year.
Eylea is expected to face competition from biosimilars as well as new biologic drugs launched. This will limit Santen’s near-term growth potential.  


Santen Pharmaceutical (4536 JP): Future Is Uncertain Beyond Eylea

<ul>
<li>Fierce competition is an industry-wide phenomena in biosimilar products. Despite being an early mover, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> is also facing competition for its marketed biosimilars.</li>
<li>The market share of Celltrion’s key biosimilar product, Remsima is declining. Other marketed and upcoming biosimilars also have multiple existing players.</li>
<li>With the waning COVID-19 infections in the U.S., demand for Celltrion’s rapid test kits seems uncertain.</li>
</ul>


Fierce competition is an industry-wide phenomena in biosimilar products. Despite being an early mover, Celltrion Inc (068270 KS) is also facing competition for its marketed biosimilars.
The market share of Celltrion’s key biosimilar product, Remsima is declining. Other marketed and upcoming biosimilars also have multiple existing players.
With the waning COVID-19 infections in the U.S., demand for Celltrion’s rapid test kits seems uncertain.


Celltrion (068270 KS): Increasing Biosimilar Competition- Main Concerning Factor

United States

Viatris Inc. operates as a pharmaceutical company. The Company produces medicines for patients across broad range of major therapeutic areas spanning both noncommunicable and infectious diseases. Viatris serves clients worldwide.

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Viatris (VTRS US)

Santen Pharmaceutical (4536 JP): Future Is Uncertain Beyond Eylea

Santen’s key drug to face biosimilar competition is the major overhang on the company’s near-term growth potential. The company does not have any...

Tina Banerjee

Celltrion (068270 KS): Increasing Biosimilar Competition- Main Concerning Factor

Celltrion is facing increasing competition for its marketed products in both EU and the U.S. Price erosion coupled with inflated SG&A and R&D...

Tina Banerjee

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