Japan Biopharma 1QFY26 earnings preview: Focus is on new product launches

研报英文原文证据摘录

Japan Biopharma 1QFY26 earnings preview: Focus is on new product launches

15 July 2026

Japan Biopharma

Japan Biopharma 1QFY26 earnings preview: Focus is on new

product launches

In 2Q2026, flow played a bigger influence than fundamentals. Japan semi’s (covered Miki Sogi, Ph.D.

+81 3 6777 6991 by Dai and Li) performance has been strong while pharma has underperformed. We

miki.sogi@bernsteinsg.com attribute the divergence to a combination of incremental fund flows into semis and a lack

of meaningful catalysts in biopharma. While not expecting a significant near-term reversal,

Tian Tan the mid-term setup is constructive for our sector: we expect AI should enhance pharma’s

+81 3 6777 6976

tian.tan@bernsteinsg.com R&D productivity, support higher top-line growth and margin expansion (see our report). As

fundamentals improve, we expect the sector performance to follow. Within the sector, we

like names that offer visible pipeline catalysts and meaningful development capabilities abd

activities and are positioned to capture benefits from AI-enabled productivity gains. Daiichi

Sankyo and Takeda remain our top picks

Chugai, OP: Foundayo launch should accelerate eventually, just not yet. We expect

little surprise from 2Q earnings and no guidance updates. 2Q earnings should reflect

Foundayo’s royalty payment in the overall royalty line, not in a separate line—too small to

see any impact at this point.

Daiichi Sankyo, OP: Healthy growth of Enhertu and Datroway expected yet we have

to wait for Avanzar for the stock to move. Enhertu’s strong growth is likely driven by

newly approved early HER2+ BC indications, and Datoway should show a healthy linear

growth a linear growth. As for the CMO compensation fee guided as JPY80Bn this year, the

actual payment is not expected in 1Q reporting.