Astellas Pharma (4503) Medium-term plan follow-up: Key takeaways from small meeting with President and CEO Okamura

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Astellas Pharma (4503) Medium-term plan follow-up: Key takeaways from small meeting with President and CEO Okamura

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

29 May 2026

Astellas Pharma (4503) Neutral

4503.T, 4503 JP

Medium-term plan follow-up: Key takeaways from small Price (28 May 26):¥2,124

meeting with President and CEO Okamura Price Target (Dec-26):¥2,500

We met with President and CEO Naoki Okamura at 13:30 on May 28 and discussed Japan Equity Research

the Corporate Strategic Plan 2026 (CSP 2026) announced by the company on May

Biotechnology & Pharmaceuticals/

26 (our report is here). Mr. Okamura expressed great confidence in the value Medical Technologies & Services

delivery program (aiming to double sales of strategic brands and consistently AC Seiji Wakao, Ph.D.

implement Sustainable Margin Transformation [SMT]), while the value creation

(81-3) 6736-8612

program (pipeline, business development) apparently faces no excessive seiji.wakao@jpmorgan.com

challenges at present, despite intrinsic uncertainties. In particular, the company Yugo R. Kamimura, Ph.D.

appears to have some leeway in capital allocation, including R&D expenses and (81-3) 6736-8635

its strategic investment framework, and we think we can expect additional returns, yugo.kamimura@jpmorgan.com

provided there are no major pipeline failures. Profit targets in the medium-term Naoko Saito

plan were given only in the form of five-year cumulative core operating profit, but (81-3) 6736-8693

we think this is reasonable because the aim is to show medium- to long-term growth naoko.saito@jpmorgan.com

over a five-year period, rather than detailed forecasts of profit levels minutely JPMorgan Securities Japan Co., Ltd.

affected by the product mix and individual product conditions. While we think the