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Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Thematic (Sector/Industry)

Japan Pharmaceuticals / Thematic (Sector/Industry)

<p><strong><a href="https://www.smartkarma.com/entities/19535" target="_blank" data-smartkarma-citation="entities:19535:1">Shionogi &amp; Co Ltd (4507 JP)</a></strong> - May 09, 2018</p><table class="table table-striped"><tbody>
<tr>
<td>FY16A</td>
<td>FY17E <br> Preview</td>
<td>% ∆<br> y-o-y</td>
<td>FY17<br> CE*</td>
<td>% ∆<br> y-o-y</td>
<td>Notes</td>
</tr>
<tr>
<td>Sales  (¥b)</td>
<td>338.9</td>
<td>347.0</td>
<td>2.4%</td>
<td>345.0</td>
<td>1.8%</td>
<td>HIV franchise royalty to drive topline</td>
</tr>
<tr>
<td>GPM (%)</td>
<td>77.0%</td>
<td>78.7%</td>
<td>2.2%</td>
<td>77.8%</td>
<td>1.0%</td>
<td>Earnings in the form of royalty improve gross margins</td>
</tr>
<tr>
<td>Core EBIT (¥b)</td>
<td>111.5</td>
<td>117.6</td>
<td>5.5%</td>
<td>N.A.</td>
<td> </td>
</tr>
<tr>
<td>Reported EBIT</td>
<td>108.2</td>
<td>114.3</td>
<td>5.7%</td>
<td>113.5</td>
<td>4.9%</td>
</tr>
<tr>
<td>Core EPS** (¥)</td>
<td>263.4</td>
<td>307.8</td>
<td>16.9%</td>
<td>N.A.</td>
<td> </td>
</tr>
<tr>
<td>Reported EPS </td>
<td>255.9</td>
<td>297.8</td>
<td>16.4%</td>
<td>317.0</td>
<td>23.9%</td>
</tr>
</tbody></table><p><strong>FY18e Potential Guidance</strong></p><ul><li>HIV franchise continues its growth trajectory, however, genericization of its products…</li></ul>

Shionogi &amp; Co Ltd (4507 JP) - May 09, 2018

FY16A
FY17E   Preview
% ∆  y-o-y
FY17  CE*
% ∆  y-o-y
Notes


Sales  (¥b)
338.9
347.0
2.4%
345.0
1.8%
HIV franchise royalty to drive topline


GPM (%)
77.0%
78.7%
2.2%
77.8%
1.0%
Earnings in the form of royalty improve gross margins


Core EBIT (¥b)
111.5
117.6
5.5%
N.A.
 


Reported EBIT
108.2
114.3
5.7%
113.5
4.9%


Core EPS** (¥)
263.4
307.8
16.9%
N.A.
 


Reported EPS 
255.9
297.8
16.4%
317.0
23.9%

FY18e Potential GuidanceHIV franchise continues its growth trajectory, however, genericization of its products…

Japan Pharmaceuticals: FY17e Earnings Preview (II)