First Read Daiichi Sankyo Company: Q1 FY3/27: Broadly in line with expectations

研报英文原文证据摘录

First Read Daiichi Sankyo Company: Q1 FY3/27: Broadly in line with expectations

Global Research

31 July 2026ab

First Read

EquitiesDaiichi Sankyo Company

Q1 FY3/27: Broadly in line with expectations Japan

Pharmaceuticals

12-month rating Neutral

Q: How did the results compare vs expectations?

A: Core OP exceeded the Visible Alpha consensus by 8%, supported by broadly strong 12m price target ¥2,800

revenue performance. Reported OP came in 9% below consensus due to the

recognition of a ¥24bn European restructuring charge. Inventory disposal losses of "the

Price (31 Jul 2026) ¥2,568

high ¥bn single-digits" were recorded in cost of sales. While there were positive and

negative factors, overall results appear broadly in line with expectations. RIC: 4568.T BBG: 4568 JP

Trading data and key metrics

Q: What were the most noteworthy areas in the results?

52-wk range ¥4,174-2,392

A: 1) FY3/26 actual Other SG&A expenses were revised down by ¥28bn. Taking into Market cap. ¥4,672b/US$29.2b

account the partner's share of CMO loss compensation and foreign exchange effects,

Shares o/s 1,820m (ORD)

we estimate that the effective incremental increase of Other SG&A expenses in FY3/27 is

Free float 98%

not particularly large. However, given that the prior-year actuals used as the basis for

Avg. daily volume ('000) 7,612

budgeting have changed, Other SG&A expenses were increased by ¥15bn, primarily due

to foreign exchange effects and other factors. It appears that the benefits from Avg. daily value (m) ¥20,090.1

Operational Excellence will likely take more time to materialise. 2) The topline timing for Common s/h equity (03/27E) ¥1689b

TL-07, Datroway's first-line non-small cell lung cancer trial, has been pushed back to P/BV (03/27E) 2.7x

FY3/28 to incorporate biomarker analyses.