Pharmaceutical Sector Weekly May 11-15: Jan-Mar 2026 results reporting ends, Otsuka Holdings gives best impression

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Pharmaceutical Sector Weekly May 11-15: Jan-Mar 2026 results reporting ends, Otsuka Holdings gives best impression

. 4Q core operating profit was ¥113.6 billion (our estimate: ¥128.4 billion,

Bloomberg consensus estimate: ¥112.9 billion), below our estimate but above the Bloomberg consensus estimate. Astellas guides for FY2026 core

operating profit of ¥620.0 billion (+11.6% YoY; our estimate: ¥632.2 billion, Bloomberg consensus estimate: ¥610.6 billion), slightly above the Bloomberg

4503 Astellas Pharma Neutral

consensus estimate but within expectations. We expect a neutral share price impact as we believe the focus of investor attention is on the new medium-

term plan (FY2026-30) to be announced on May 26. In the medium-term plan, we will watch for details of the company’s targets to reach the core operating

margin of 30% in FY2027 and sustain it around this level thereafter, as well as its post-Xtandi cliff regrowth scenario.

Chugai Pharmaceutical reported results at 16:00 on April 24, with a briefing at 17:00. 1Q operating profit was ¥158.8 billion (+16.2% YoY; our estimate: ¥

148.7 billion, Bloomberg consensus estimate: ¥154.3 billion). Management said results were only slightly ahead of full-year guidance, but given strong 1Q

4519 Chugai Pharmaceutical Positive export sales of Hemlibra and Nemluvio (included in other exports), we expect FY2026 results to beat guidance again. Management also indicated that the

Phase 2 study of GYM329 for obesity could succeed, giving us a positive impression. The stock market’s focus is on Foundayo market trends, but non-

Foundayo businesses look solid.

Eisai reported results at 15:30 on May 15, with a briefing at 16:00. FY2025 results missed guidance and FY2026 guidance is below our estimates and the