UBS: Fast Take: Daiichi Sankyo Company "Sac-TMT (TROP2 competitor) data are ..."

研报英文原文证据摘录

UBS: Fast Take: Daiichi Sankyo Company "Sac-TMT (TROP2 competitor) data are ..."

Forecast returns

Forecast price appreciation 14.5%

Forecast dividend yield 3.5%

Forecast stock return 18.0%

Market return assumption 7.8%

Forecast excess return 10.2%

Company Description

Daiichi Sankyo is a pharmaceutical company with strength in oncology. Its proprietary

antibody-drug conjugate (ADC) Enhertu is growing in the breast-cancer field while expanding

into additional tumor types. Alongside five partnered ADCs in development, its in-house

ADCs are also progressing. The company also operates Daiichi Sankyo Healthcare, which sells

OTC products.

Valuation Method and Risk Statement

We set our Daiichi Sankyo price target using a PER multiple to our Japan BioPharma universe,

informed by peer valuations and PharmaValues NPV. P/Es are calculated on the basis of UBS

adjusted numbers. For Daiichi Sankyo, we assume a sector-relative PER of -18%. This

compares with a 3m average of -31%, 1-year average of -17%, and a 3-year average of 28%.

Our sector relative PER assumptions are informed by our PharmaValues NPV valuation and

consider relative EPS growth profile of the company versus peers. Upside risks include

antibody-drug conjugates (ADC) delivering clinical trial data exceeding expectations in cancer

types with significant market opportunities, medium-term business plan performance

outlook surpassing expectations, and increased hurdles for ADC biosimilar launches due to

regulatory guidance. Downside risks include medium-term business plan performance

outlook falling below expectations, failure in clinical development products (particularly in-

house developed ADCs), and supply chain disruptions.

Daiichi Sankyo Company 22 May 2026 ab 2