27/3 Q1 results: Manufacturing issues rear their head again

研报英文原文证据摘录

27/3 Q1 results: Manufacturing issues rear their head again

Global Markets Research

31 July 2026Daiichi Sankyo

4568.T 4568 JP / EQUITY: JAPAN PHARMACEUTICALS

27/3 Q1 results: Manufacturing issues rear their Rating Buyhead again

Target price JPY 4,000Quick Note

Closing price

31 July 2026 JPY 2,567.5First impression negative: Cost increases including valuation losses dampen

strong performance by mainstay products (Note: Quick Note reports are not a

Daiichi Sankyo announced 27/3 Q1 results at 13:00 JST on 31 July, and held a results vehicle for changes to ratings, target

briefing the same day. Revised 27/3 guidance is in line with our forecasts, but we take a prices, or earnings forecasts)

negative view of results because of fresh manufacturing issues and resulting valuation

losses.

(1) Q1 sales of ¥574.7bn (up 21.1% y-y) beat our forecast of ¥523.6bn by ¥51.1bn. Q1

sales of Enhertu (breast cancer) and at the EU specialty business unit beat our forecasts Research Analysts

by ¥17.4bn and ¥11.3bn, respectively. (2) Q1 core operating profits of ¥107.3bn (up Japan pharmaceuticals &

6.2% y-y) were ¥29.5bn higher than our forecast of ¥77.8bn. The company booked healthcare

inventory valuation losses in Q1. Several products, including some antibody-drug Hiroyuki Matsubara, Ph.D. - NSC

conjugates (ADCs), did not meet standards. Management said that the cost of this was hiroyuki.matsubara@nomura.com

between ¥5bn and ¥10bn. (3) The company raised its 27/3 sales guidance from ¥2.28trn +81 3 6703 1240

to ¥2.34trn (up 10.2% y-y) but retained its core operating profit guidance of ¥360.0bn (up

15.6%), versus our respective forecasts of ¥2.34trn and ¥375.0bn. It appears to have

revised its guidance to reflect a change in its USD/JPY assumption from 150 to 155 and