Shionogi (4507): Overseas results: Implications of GSK‘s 2Q FY2026 results

研报英文原文证据摘录

Shionogi (4507): Overseas results: Implications of GSK‘s 2Q FY2026 results

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

29 July 2026

Shionogi (4507) Neutral

4507.T, 4507 JP

Overseas results: Implications of GSK’s 2Q FY2026 Price (28 Jul 26):¥2,903

results Price Target (Dec-26):¥2,900

On July 28, GSK (covered by Richard Vosser) announced 2Q (April-June) FY2026 Japan Equity Research

results. These results confirmed favorable sales growth in the HIV product

Biotechnology & Pharmaceuticals/

business in 2Q. GSK updated FY2026 sales growth (YoY) guidance for the HIV Medical Technologies & Services

product business from the mid-single digits (%) to the high-single digits (%). In AC Seiji Wakao, Ph.D.

addition to 2Q results, the company announced a growth strategy. Regarding the

(81-3) 6736-8612

strategy for the HIV product business, the company highlighted that it aims to seiji.wakao@jpmorgan.com

secure long-term growth through lifecycle management of Cabenuva and the next- Yugo R. Kamimura, Ph.D.

generation product regimen, VH184 and VH499, although the dolutegravir (81-3) 6736-8635

product group faces loss of exclusivity (LOE) in the short term (2028-30). yugo.kamimura@jpmorgan.com

Naoko Saito

The upward revision of the outlook for the HIV product business in FY2026 has (81-3) 6736-8693

positive implications for Shionogi’s earnings. We like that we were able to confirm naoko.saito@jpmorgan.com

GSK’s long-term growth strategy for its HIV product business. Meanwhile, the JPMorgan Securities Japan Co., Ltd.

main focus of discussion at Shionogi will likely be how to secure profit

immediately after the LOE for the dolutegravir product group. Shionogi plans to

announce 1Q FY2026 results at 15:30 on August 3, and hold a briefing at 17:00 on

the same day.