Cutting-edge sessions (10): Major presence in neurology: Foundations for Leqembi growth falling into place but we assign Neutral rating as stock lacks valuation appeal

研报英文原文证据摘录

Cutting-edge sessions (10): Major presence in neurology: Foundations for Leqembi growth falling into place but we assign Neutral rating as stock lacks valuation appeal

Global Markets Research

8 July 2026Eisai

4523.T 4523 JP / EQUITY: JAPAN PHARMACEUTICALS

RatingCutting-edge sessions (10): Major presence in

From Suspended Neutralneurology

Target price JPY 4,300Foundations for Leqembi growth falling into place but we assign Neutral From N/A

rating as stock lacks valuation appeal

Closing price JPY 4,305We assign Neutral rating and ¥4,300 target price 7 July 2026

We resume coverage of Eisai with a Neutral rating. We obtain our target price of ¥4,300

Implied upside -0.1%using a DCF model that assumes WACC of 4.1%. We expect the company to carry on

generating stable profit growth from its three mainstay products of anti-cancer medication

Lenvima, insomnia treatment Dayvigo, and early-stage Alzheimer's disease treatment

Leqembi through 34/3, but we see limited upside for the share price..

Relative performance chart

Oncology and neurology are focus areas, leveraging presence in dementia

treatments

Eisai excels in the development of drugs for neurological conditions and cancer, with a

string of market launches including Lenvima (approved in 2015), Dayvigo (2020), and

Leqembi (2023). Lenvima will see drug price reductions in January 2028 in the US under

the Inflation Reduction Act (IRA), but we think Dayvigo and Leqembi will continue to drive

growth.

In particular, the company has launched a more convenient subcutaneous formulation of

Leqembi for maintenance therapy, and the PDUFA target date (the target date for FDA

approval) for the subcutaneous version for initial treatment is in August 2026. Other parts