Pharmaceutical Sector Weekly: July 13-17: Sector rebounds as AI and semiconductor-related stocks correct

Research evidence excerpt

Pharmaceutical Sector Weekly: July 13-17: Sector rebounds as AI and semiconductor-related stocks correct

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

17 July 2026

Pharmaceutical Sector Weekly

July 13-17: Sector rebounds as AI and semiconductor-

related stocks correct

The pharmaceutical sector rose 0.3% WoW the week of July 13-17, outperforming Japan Equity Research

TOPIX (-2.9%). The sector rebounded somewhat as AI and semiconductor-related

Biotechnology & Pharmaceuticals/

stocks corrected. Within the sector, Eisai and Takeda Pharmaceutical shares rose. Medical Technologies & Services

Apr-Jun 2026 results announcements will begin July 24 with Chugai AC Seiji Wakao, Ph.D.

Pharmaceutical’s 2Q FY2026 results. We look for the sector to be re-rated based

(81-3) 6736-8612

on results. See our Apr-Jun earnings outlook here. Figures 8-9 show the Apr-Jun seiji.wakao@jpmorgan.com

results calendar. Yugo R. Kamimura, Ph.D.

• Santen Pharmaceutical: On July 13, Santen held a press seminar titled The (81-3)yugo.kamimura@jpmorgan.com6736-8635

Realities and Challenges of Ptosis and the Current State of Treatment — New

Naoko Saito

Options Brought by Eye Drops. See our report here. (81-3) 6736-8693

• Eisai: Eisai and Biogen announced July 14 that the FDA had approved naoko.saito@jpmorgan.com

Leqembi IQLIK (lecanemab-irmb subcutaneous autoinjector) as an initiation JPMorgan Securities Japan Co., Ltd.

dose for early Alzheimer’s disease. See our report here.

• Daiichi Sankyo: On July 15, Kelun-Biotech presented interim analysis of the

OptiTROP-Lung06 study (China Phase 3, 1L PD-L1-negative [TPS<1%] non-

squamous non-small cell lung cancer [NSCLC] without actionable genomic

alterations [AGA], NCT06711900) comparing sacituzumab tirumotecan (sac-