GSe/TP revisions: Continue to prefer pharmaceuticals; look for re-rating phase on favorable earnings/pipeline progress

Research evidence excerpt

GSe/TP revisions: Continue to prefer pharmaceuticals; look for re-rating phase on favorable earnings/pipeline progress

Equity Research

16 July 2026 | 5:39PM JST

JAPAN HEALTHCARE

GSe/TP revisions: Continue to prefer pharmaceuticals; look for re-rating

phase on favorable earnings/pipeline progress

We revise our earnings estimates/target prices for our Japan Akinori Ueda, Ph.D.

+81(3)4587-9910 |

pharmaceuticals/healthcare sector coverage to reflect recent news flow, forex rates akinori.ueda@gs.com

Goldman Sachs Japan Co., Ltd.

in Apr-Jun, and changes in our forex assumptions (USD/JPY: ¥155 to ¥160, GBP/JPY:

Tomo Taniguchi¥205 to ¥210). Heading into the Apr-Jun earnings season, we will be focusing on (1) +81(3)4587-1071 |

quarterly earnings (including the possibility of an upward revision to FY12/26 tomo.taniguchi@gs.comGoldman Sachs Japan Co., Ltd.

guidance at Otsuka Holdings), as well as (2) updates on closely watched new

products. The latter include sales trends for IgA nephropathy treatment Voyxact

(Otsuka HD), as well as expectations for ADHD treatment centanafadine (Otsuka

HD), narcolepsy treatment oveporexton (Takeda), and Alzheimer’s disease (AD)

treatment Leqembi SC-AI in initiation therapy (Eisai).

Among subsectors, we continue to prefer pharmaceuticals, and remain Buy rated on

Daiichi Sankyo (clinical trial results for Datroway (Dato-DXd) in first-line lung cancer

indication), Astellas (margin improvement), Chugai (trends for obesity treatment

Foundayo), Shionogi (market penetration of long-acting (LA) formulations and

pipeline progress in the HIV franchise, and contributions from newly acquired

businesses), Otsuka Holdings (rising expectations for Voyxact and centanafadine),

and Santen (market penetration of new products).