Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

研报英文原文证据摘录

Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

Global Research

14 May 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

Stocks covered: RMD, CSL, SHL +61-2-9324 2843

James Meares

Competitor results Analyst

james.meares@ubs.com

+61-29-324 3575CSL: Takeda - March quarter result (Company PR, 13 May)

Grace Allen

Associate Analyst

Takeda, a Japanese multinational biopharmaceutical company, reported its March

grace-za.allen@ubs.com

quarter. Key points from its quarterly include: +61-2-9324 2000

Group Ig sales up 3.4%, down ~6% in US market adjusted for local

currency. The decline was attributed to oversupply. The CEO described this as

temporary and likely to “self-regulate” over time.

Ig growth market outlook “mid-single digit”. Takeda expected to grow Ig

sales in its FY26 (Mar YE) in line with the market growth.

Albumin sales dropped by 10% CC, market outlook “broadly flat”. The

weak sales result was attributed to decline in demand in China. Takeda expects the

Chinese market to settle in FY26, and return to growth thereafter.

Takzhyro sales flat due to competition in US. Sales in the US market measures

in US$ dropped ~21% which caused total sales measured in US$ to drop by ~9%.

Management guided to flat sales in FY26.

New subcutaneous Ig expected to boost. Management expect TAK881, a

20% concentration of its current fast infusion subcutaneous Hyqvia to support

further share growth in the subcutaneous segment once launched (regulatory

submission planned for 2026).

UBS View: Takeda’s commentary adds weight to the Ig oversupply thesis. Consistent

with the feedback from CSL and Grifols, Takeda now expects Ig sales growth to