Pharmaceutical Sector Weekly June 15-19: Sector likely to remain weak, but look for share prices to rise in 2H 2026

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Pharmaceutical Sector Weekly June 15-19: Sector likely to remain weak, but look for share prices to rise in 2H 2026

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

20 June 2026

Pharmaceutical Sector Weekly

June 15-19: Sector likely to remain weak, but look for

share prices to rise in 2H 2026

The pharmaceutical sector rose 0.8% WoW in the week of June 15-19, Japan Equity Research

underperforming TOPIX (+4.2%). Monetary policy events happened in both Japan

Biotechnology & Pharmaceuticals/

and the US during the week, but the Nikkei Stock Average closed at an all-time high Medical Technologies & Services

on June 19 after the market shifted to a risk-on attitude as the Middle East outlook AC Seiji Wakao, Ph.D.

improved. However, buying was still concentrated in AI and semiconductor

(81-3) 6736-8612

stocks, with the pharmaceutical sector lagging notably. Within the sector, seiji.wakao@jpmorgan.com

Sumitomo Pharma and Kyowa Kirin outperformed TOPIX. In particular, Kyowa Yugo R. Kamimura, Ph.D.

Kirin was the sector’s best performer over the past month. Despite the uncertain (81-3) 6736-8635

medium- to long-term outlook after rocatinlimab development was halted, we yugo.kamimura@jpmorgan.com

believe the bad news has run its course in the near term, and this might be having Naoko Saito

a positive impact. For Kyowa Kirin, our focus is on Phase 2 study results for (81-3) 6736-8693

KHK4951 (wet age-related macular degeneration, diabetic macular edema). We naoko.saito@jpmorgan.com

think data might be presented at an academic conference in October, and thus will JPMorgan Securities Japan Co., Ltd.

look to confirm this at 2Q (April-June) results. We expect the overall

pharmaceutical sector to remain weak for some time, but will look for April-June