Eisai (4523) Earnings model update: Adjusting Leqembi sales forecast, maintaining Neutral

Research evidence excerpt

Eisai (4523) Earnings model update: Adjusting Leqembi sales forecast, maintaining Neutral

J P M O R G A N Asia Pacific Equity Research

14 July 2026

Eisai (4523) Neutral

4523.T, 4523 JP

Earnings model update: Adjusting Leqembi sales Price (13 Jul 26):¥4,243

forecast, maintaining Neutral ▼Price Target (Dec-27):¥4,800 Prior (Dec-26):¥5,100

We revise our earnings forecasts to reflect 4Q FY2025 results and the management

strategy briefing. We lower our price target from ¥5,100 to ¥4,800, now through Japan Equity Research

end-December 2027 (previously through end-December 2026). We base our price Biotechnology & Pharmaceuticals/

target on our FY2028–37 (previously FY2027–36) earnings forecasts. We Medical Technologies & Services

maintain our Neutral rating. AC Seiji Wakao, Ph.D.

(81-3) 6736-8612

The shares fell after the management strategy briefing (May 25) again highlighted seiji.wakao@jpmorgan.com

Leqembi’s low profitability, but COGS was already a topic of market debate and Yugo R. Kamimura, Ph.D.

this is not new news. We think the key focus now is the pricing and market (81-3) 6736-8635

penetration of the Leqembi IQLIK starting dose, which has a PDUFA date of yugo.kamimura@jpmorgan.com

August 24 (local time). We also expect progress in the evaluation of pipeline assets, Naoko Saito

such as the orexin-2 agonist (ledasorexton) and the anti-tau antibody (etalanetug), (81-3) 6736-8693

to influence the share price. naoko.saito@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Revisions to our Leqembi forecasts: Eisai’s FY2028 Leqembi sales guidance Key Changes (FYE Mar)

of ¥300 billion level was below our forecast, and we therefore assume a slower Prev Cur Δ

pace of sales growth. In particular, we take a more conservative long-term view Revenue - 28E (¥ bn) 916.2 951.7 3.9%