Eisai post 1Q FY2026: While Leqembi IQLIK launch gets rolling, Ph2s for orexin agonist and amyloid + tau are coming this year and next

研报英文原文证据摘录

10 August 2026

Miki Sogi, Ph.D.

Japan Biopharma

Eisai Co Ltd

Tian Tan

Rating

Outperform

Price Target

4523.JP

5,300.00 JPY

Eisai post 1Q FY2026: While Leqembi IQLIK launch gets rolling,

Ph2s for orexin agonist and amyloid + tau are coming this year

and next

Eisai manages the market expectation for Leqembi IQLIK launch carefully. The SC

autoinjector’s prescriptions are already being written, while the commercial launch is slated

later this month. It expects initial uptake to be concentrated among newly initiating patients

rather than switching from existing IV patients. IQLIK is priced at roughly a 1.45x premium to

IV based on product value, reimbursement structure across Medicare Part B and Part D, and

the desire for average patient out-of-pocket cost to be broadly similar, rather than increasing

the gross profit. This should moderate concern that SC pricing is overly aggressive, but it also

limits near-term gross-margin upside from the SC formulation alone.

They are hopeful for Lenvima’s additional volume expansion with the Welireg

combo approval for 2L RCC. The combo beat Cabometyx which for the indication in Ph3

LITESPARK-011. While Lenvima + everolimus is already approved in the setting, the new

combo should allow Lenvima to further gain market share currently taken by Cobometyx.

Close Date

7 Aug 2026

4523.JP Close Price (JPY)

4,778.00

Price Target (JPY)

5,300.00

Upside/(Downside)

11%

52-Week Range

5,349.00/3,660.00

JPL

2,643.59

FYE

Mar

Div Yield

3.3%

Market Cap (JPY) (B)

1,393.50

EV (JPY) (B)

1,378.13

Performance

YTD

1M

6M

Absolute (%)

2.5

10.7

6.6

12M

8.6

JPL (%)

19.8

0.1

6.0

36.7

Two key Ph2 readouts are not too far off: Lemborexant for NT1&2 this FY and Leqembi Relative (%)

(17.3)

10.5

0.6 (28.1)

+ etalanetub for early AD next year. Lemborexant’s ongoing narcolepsy Ph2 is designed

Source: Bloomberg, Bernstein estimates and analysis.

to assess the drug’s dose response, with higher doses being evaluated in narcolepsy type

2 than in type 1. The ongoing Ph2 of Leqembi + elatanetug has completed enrollment, and

Price Performance, 1YR

management expects the results in FY2027, before Leqembi’s Ph3 preclinical AD’s readout.

¥6000

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2800

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