Japan pharmaceuticals and biotech sector

Research evidence excerpt

Japan pharmaceuticals and biotech sector

Global Markets Research

Japan pharmaceuticals and biotech sector 30 July 2026

EQUITY: JAPAN PHARMACEUTICALS

Apr–Jun results at Biogen Research Analysts

Japan pharmaceuticals &

healthcareQuick Note Hiroyuki Matsubara, Ph.D. - NSC

hiroyuki.matsubara@nomura.com

Biogen [BIIB]: Focusing on growing prescriptions for Syfovre, including via sales +81 3 6703 1240

promotions and new formulation

Biogen (pharmaceuticals): Biogen released Apr–Jun results on 29 July and held its

earnings call the same day. Revenue rose 2% y-y to $2,736mn on a constant currency

basis, thanks in part to Syfovre and other products acquired via acquisitions. (1) Sales of

the Alzheimer's drug Leqembi rose 15% y-y to $184mn, driven by growth in major

markets. The subcutaneously administered Leqembi IQLIK is due to launch by end-

August, although Biogen said that it is already seeing demand from physicians. (2) The

geographic atrophy (GA) treatment Syfovre generated quarterly sales of $97mn, the

highest quarterly figure since its launch. The company plans to launch syringes prefilled

with Syfovre, which should save healthcare workers around 15 minutes when

administering injections. Biogen also said it would be proactively pursuing a direct-to-

consumer (DTC) campaign that it believes will be very effective.

Implications for Japanese companies: (1) In conjunction with Biogen's results

announcement, Eisai [4523] (Neutral) announced Apr–Jun global pre-audit sales data for

Leqembi. It reported sales of ¥15.4bn for the US, ¥6.1bn for Japan, and ¥4.8bn for China,

versus our respective forecasts of ¥20.0bn, ¥8.4bn, and ¥4.6bn. While sales were lower

than we had expected in each case, combined sales for Japan and the US were ¥6.9bn

higher y-y.