Japan · Delayed Price · Currency is JPY Eisai Earnings Call Transcripts
Fiscal Year 2026
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The company outlined a three-year plan targeting JPY 1 trillion revenue and JPY 90 billion core operating profit by FY2028, driven by growth in LEQEMBI, LENVIMA, and DAYVIGO, and a robust neurology and oncology pipeline. New financial policies, cost reforms, and annual plan updates support sustainable growth.
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Revenue hit a record JPY 825.4B (+4.6% YoY), led by 3L products, but operating profit fell 18.8% due to fewer one-time gains and higher restructuring costs. FY 2026 targets record revenue and improved profitability, with LEQEMBI and BBM driving growth.
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Q3 FY2025 saw 3.1% revenue growth to JPY 619.9 billion, led by strong organic performance from LENVIMA, DAYVIGO, and LEQEMBI. Operating profit declined year-on-year due to fewer one-time gains, but organic profit contribution doubled. Two oncology in-licensing deals and LEQEMBI's global expansion support future growth.
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Revenue and operating profit grew strongly in the first half, led by LEQEMBI's 153% year-over-year growth and robust performance in the pharmaceutical segment. Full-year guidance remains unchanged, with confidence in achieving targets despite ongoing investments and market uncertainties.
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Real-world ARIA incidence for Lacanbi is lower than in trials, with a conservative China sales outlook and ongoing preclinical studies using sensitive endpoints and multiple biomarkers.
Fiscal Year 2025
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The meeting highlighted a long-term strategy focused on sustainable value creation, social impact in dementia and global health, and robust R&D innovation. Employee engagement and communication are being strengthened, while digital and non-pharmaceutical solutions expand the ecosystem. Leadership and vision clarity remain areas for improvement.
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E2086, a selective orexin receptor 2 agonist, showed significant efficacy and good tolerability in a phase I-B trial for narcolepsy type 1, with once-daily dosing outperforming modafinil and supporting strong patient adherence. Phase II studies, including NT2, are planned, with global partnerships and expanded indications under consideration.
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Revenue and profit grew year-over-year, led by Leqembi and Lenvima, with Leqembi achieving global approvals and exceeding revenue forecasts. Cost optimization and structural reforms are underway, with Leqembi expected to turn profitable by FY2026.
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Mid- and long-term growth is anchored by LEQEMBI and Lenvima, with FY 2027 as a key milestone for profitability and operational efficiency. Pipeline innovation, pathway streamlining, and ecosystem partnerships are central to expanding access and value in neurology and oncology.
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Q3 FY2024 delivered 9% revenue growth and double-digit profit gains, led by Leqembi and Lenvima. Leqembi's global expansion, new dosing options, and cost efficiencies support a strong outlook, while Lenvima's growth is expected to offset US policy impacts.
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Revenue grew 3% year-over-year in Q2 FY2024, led by strong pharmaceutical sales, especially Leqembi, though US sales were hampered by infusion capacity limits. Global Leqembi revenue is forecast at JPY 42.5 billion, with profitability expected globally by FY2026.
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Revenue and profit for Q1 FY2024 were in line with plan, driven by strong growth in LENVIMA, DAYVIGO, and LEQEMBI, despite lower year-over-year totals due to prior one-time income. LEQEMBI saw rapid global expansion, with regulatory progress and robust long-term data supporting its position as a first-line therapy.