Unique Platform Driving Differentiated Growth

研报英文原文证据摘录

Unique Platform Driving Differentiated Growth

TD Cowen Pharmaceutical Industry Pulse Daiichi Sankyo Company, Limited

Global Research July 2026

Daiichi Sankyo Key Upcoming Events

Time Frame Event Type Product Event

2026 Clinical Datroway Phase III data 1L NSCLC durvalumab combo (AVANZAR); CY26 H2

Phase III data in 1L PD-L1<50% non-sq NSCLC w/ Keytruda (TROPION-Lung07); FY26 H2

Phase III data in 2L+ EGFRm NSCLC (TROPION-Lung15); FY26 H2

Enhertu Phase III data in 1L HER2m NSCLC (DESTINY-Lung04); FY26 H1

Regulatory I-DXd US accelerated approval 2L+ ES-SCLC; FY26 H2

Source: Company data

11% Projected EPS Growth Places Daiichi Among Top Performers

We forecast FY2025-2032 sales and earnings CAGRs to be 6% and 11%, above

the Pharma average. Gross profit margin should expand meaningfully as more

of the ADC platform contributes to sales and as milestones and royalties accrue

more rapidly from Astra and Merck. OpEx increases are anticipated as Daiichi

pursues a wealth of opportunities, but core margin expansion appears

achievable.

Daiichi Sankyo FY2025 Guidance Versus TD Cowen Estimates

Forecast Our Estimates

Sales JPY 2,280B JPY 2,246B

Enhertu JPY 993B JPY 1,000B

Datroway JPY 122B JPY 127B

HER3-DXd JPY 12B JPY 12B

I-DXd JPY 18B JPY 19B

R-DXd JPY 13B JPY 13B

Cost of Sales JPY 530B JPY 484B

SG&A JPY 890B JPY 910B

R&D JPY 500B JPY 500B

Operating Profit JPY 315B JPY 307B

Net Income JPY 260B JPY 250B

Source: TD Cowen, Daiichi Sankyo

3% Estimated EPS Decline In FY2026 As Daiichi Launches Key Products

In FY2026, sales are projected to grow 6%. Gross margin is estimated to shrink

slightly as legacy Lixiana/Savaysa sales slow ahead of anticipated generic

competition. We expect SG&A to expand by 6% as profit sharing grows. R&D is

expected to grow by 8%, reaching 22.3% of sales.