Eisai . Stock Earnings Reports

Eisai reported Q1 FY2025 revenue of JPY 202.7 billion (up 7% YoY) and operating profit of JPY 20.7 billion (up 55% YoY), driven primarily by growth of its "3Ls"—LEQEMBI, LENVIMA and DAYVIGO. LEQEMBI was the largest contributor to growth (global Q1 sales JPY 23.1 billion) with double-digit growth in Japan, the U.S. and China; management described an "emerging surge" in U.S. demand supported by wider use of blood-based biomarkers (BBM), new DTC campaigns, and an upcoming FDA PDUFA date (Aug 31) for the subcutaneous auto-injector (SC-AI) maintenance formulation that could enable at-home dosing and reduce system costs. Real-world and long-term (48-month) data presented at AAIC were highlighted as strengthening LEQEMBI's value proposition and safety profile (including a network meta-analysis suggesting lower ARIA risk vs. donanemab). LENVIMA continues steady growth (Q1 global JPY 83.9 billion); Eisai won a favorable high-purity patent decision that supports value preservation. The company reduced R&D and SG&A ratios through structural reforms, is maintaining its FY2025 guidance (no change), and reiterated a medium-term target of ROE 8% in FY2026 with revenue/operating profit targets (JPY 790 billion revenue; JPY 54.5 billion operating profit). Management acknowledged potential external risks (China distributor stockpiling, U.S. tariff/MFN proposals, and HTA scrutiny in Japan) and said they are engaging with stakeholders and preparing operational mitigations. Overall, Q1 showed stronger-than-planned starts across core products and steady progress on commercialization and regulatory fronts for LEQEMBI and LENVIMA.