F3/27 1Q Results: Strong Start, But Share Price to Hinge on Upcoming Leqembi Sales and Earnings Contribution

研报英文原文证据摘录

F3/27 1Q Results: Strong Start, But Share Price to Hinge on Upcoming Leqembi Sales and Earnings Contribution

Update

August 3, 2026 11:12 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MEisai (4523) | Japan Shinichiro Muraoka

Equity Analyst

F3/27 1Q Results: Strong Start, Shinichiro.Muraoka@morganstanleymufg.comJaeheon Lee +81 3 6836-5424

Jaeheon.Lee@morganstanleymufg.com +81 3 6836-8443

But Share Price to Hinge on

Upcoming Leqembi Sales and

Earnings Contribution

Eisai (4523.T, 4523 JT)

Pharmaceuticals | Japan

AlphaSignals Earnings Reaction Stock Rating Equal-weight

Industry View In-Line

Unchanged Modest upside Largely unchanged Price target ¥3,800

Impact to our thesis Financial results versus consensus Direction of next 12-month Shr price, close (Aug 3, 2026) ¥4,656

consensus EPS Mkt cap, curr, basic (bn) ¥1,313.5

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥7.0

Key Takeaways

Share price performance will likely depend on the launch of Leqembi SC in late

August and subsequent trends in firm-wide margins. Significance of this quarter's

earnings to the stock is relatively limited.

1Q results: Core OP was ¥24.7bn (+19% YoY), significantly above our forecast of

¥19.4bn. The upside was driven by yen depreciation and strong gross margins,

supported in part by robust Lenvima sales.

Full-year guidance unchanged. We believe there is now modest upside potential,

partly due to the weaker yen.

FX impact: Management commented that yen depreciation had a positive impact

of ¥18.9bn on sales and ¥1.4bn on OP on a 6-month basis.

Gross margin: Management emphasized improving gross margins for its 3 key

products, including Leqembi, although no specific figures were disclosed.

Overall results assessment: The results leave a favorable impression, with Core OP