FQ4 Core Beat; FY26 Guide Below But New 5-Year Plan At Or Above Estimates

研报英文原文证据摘录

FQ4 Core Beat; FY26 Guide Below But New 5-Year Plan At Or Above Estimates

Pharmaceuticals/Major

Daiichi Sankyo

TD SECURITIES (USA) LLC QUICK TAKE: EARNINGS UPDATE

May 11, 2026

Price: ¥2,596 | $16.51 (05/08/2026) FQ4 Core Beat; FY26 Guide Below But New 5-

Price Target: ¥3,590 | $22.00 Year Plan At Or Above Estimates

BUY (1)

ESG SCORE: 61/100

Michael Nedelcovych, Ph.D. THE TD COWEN INSIGHT

617 946 3744

Q4 FY2025 sales and core profit beat but reported profit lower due to previously announced

michael.nedelcovych@tdsecurities.com

impairments/temporary expenses related to reduced CMO expenditures for ADC supply.

Steve Scala, R.Ph., CFA FY2026 sales/profit guidance below our sights but Daiichi also provided its updated 5-year

617 946 3923 business plan with an FY2030 sales target above our projection and profit targets roughly in

stephen.scala@tdsecurities.com

line. Overall, more good news than bad.

Chris LoBianco

617 946 3734 5-Year Business Plan Generally Better Than Expected

chris.lobianco@tdsecurities.com

Alongside FQ4:25 reporting, Daiichi provided a new 5-year business plan spanning

Paul Kuhn, Ph.D. FY2026-2030, including FY2030 sales and profit targets laid out below.

646 562 1328

paul.kuhn@tdsecurities.com ■Revenue: >JPY 3,000B vs. our JPY 2,738B estimate.

Key Data ■Oncology Sales: >JPY 2,300B vs. our JPY 1,953B estimate.

Symbol TSE: 4568.JP | OTC: DSNKY

■Operating Profit: >JPY 600B vs. our JPY 637B estimate.

Market Cap ¥4,917.7B | $31.4B

■Core Op. Profit Before R&D: >JPY 1,200B.

Click here for the full company update from

our latest quarterly report. ■EPS: >JPY 260 vs. our JPY 284 estimate.

FQ4 Revenue Beat Small; FY2026 Revenue Guidance Lower Than Anticipated

FQ4 sales of JPY 590B were above our estimate by JPY 3B. Enhertu and Datroway were largely

in line.