First Read: Daiichi Sankyo Company "Takeaways from CEO small group meeting"

研报英文原文证据摘录

First Read: Daiichi Sankyo Company "Takeaways from CEO small group meeting"

Global Research

19 May 2026ab

First Read

EquitiesDaiichi Sankyo Company

Takeaways from CEO small group meeting Japan

Pharmaceuticals

12-month rating Neutral

Investment phase likely to continue in pursuit of a top five oncology position

Daiichi Sankyo held a sell-side group meeting with the CEO from 16:30 on 19 May. The 12m price target ¥3,050

overall impression was neutral. 1) The medium-term management plan, for which

expectations had declined after two re-schedulings, was broadly in line, and ultimately is

Price (19 May 2026) ¥2,636

likely to depend on the results of the AVANZAR trial in Q3. In addition, when considering

the share price over the next 12 months, financial management (cash flow generation RIC: 4568.T BBG: 4568 JP

through working capital optimisation and divestment of non-core assets, and early Trading data and key metrics

realisation of cost optimisation), signalling to the share price (share buybacks and capital

52-wk range ¥4,174-2,499

management policy), and progress in next-generation technology BGT (Breakthrough

Market cap. ¥4,797b/US$30.2b

Generating Technology) appear necessary for share price upside. On the other hand,

Shares o/s 1,820m (ORD)

competition in R&D is intensifying, with not only sac-TMT and ivonescimab, for which

data will be presented at ASCO (American Society of Clinical Oncology), but also early- Free float 98%

stage pipelines from other companies emerging, suggesting it may take time for Avg. daily volume ('000) 8,919

investors to build confidence in BGT. Management stated that even if the medium-term Avg. daily value (m) ¥24,958.7

plan is exceeded, it would prioritise development of its own pipeline. 2) Within the Common s/h equity (03/26E) ¥1727b