Pharmaceutical Sector Weekly May 18-22: Eisai, Astellas Pharma

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Pharmaceutical Sector Weekly May 18-22: Eisai, Astellas Pharma

J P M O R G A N Asia Pacific Equity Research

23 May 2026

Pharmaceutical Sector Weekly

May 18-22: Eisai, Astellas Pharma

The pharmaceutical sector underperformed TOPIX the week of May 18-22. With Japan Equity Research

financial stocks gaining an advantage after domestic long-term interest rates rose,

Biotechnology & Pharmaceuticals/

the sector was somewhat weak versus the TOPIX. Among individual stocks, Medical Technologies & Services

Eisai’s share price decline was notable. We think this was driven by below- AC Seiji Wakao, Ph.D.

consensus FY2026 guidance and uncertainties about the medium-term outlook

(81-3) 6736-8612

generated by comments at the results briefing. A management strategy meeting is seiji.wakao@jpmorgan.com

scheduled for Monday, May 25, but we expect few positives to boost the share Yugo R. Kamimura, Ph.D.

price. We view early approval of Leqembi subcutaneous starting dose and a (81-3) 6736-8635

subsequent improvement in Leqembi sales trends as the only potential share price yugo.kamimura@jpmorgan.com

catalysts. Astellas Pharma is also scheduled to host a medium-term plan briefing Naoko Saito

on Tuesday, May 26. The share price had been strong on recent solid results but (81-3) 6736-8693

began to correct before the 4Q FY2025 results announcement. At the briefing, we naoko.saito@jpmorgan.com

will watch for any positives not fully priced into the market. JPMorgan Securities Japan Co., Ltd.

Among announcements made from May 18-22, the antitrust decision against

Takeda Pharmaceutical did not cause much share price reaction, but given the

FY2026 damages of around $2.5 billion, which will negatively affect Takeda’s

cash flow, we are not optimistic. We will await future updates.