Daiichi Sankyo Company (4568) Q2 2027 earnings summary

Executive summary

• H1 FY2026 revenue rose 19.7% YoY to ¥1,167.2bn, led by ENHERTU and DATROWAY growth and favorable FX.

• Core operating profit increased 46.9% to ¥221.3bn; operating profit rose 34.4% to ¥193.8bn, while FY2026 guidance remained unchanged.

Financial highlights

• Revenue increased ¥191.9bn YoY; FX contributed ¥73.9bn and revenue excluding FX rose ¥118.0bn.

• Profit attributable to owners rose 15.8% to ¥151.5bn; profit before tax increased 18.2% to ¥192.9bn.

• Basic EPS was ¥83.22 versus ¥70.55 a year earlier; diluted EPS was ¥83.20 versus ¥70.52.

• ENHERTU and DATROWAY global product sales reached ¥464.5bn and ¥48.3bn, up 45.9% and 207.2%, respectively.

• Cost of sales rose ¥1.1bn to ¥239.8bn despite revenue growth; the COGS ratio improved.

Outlook and guidance

• FY2026 guidance was unchanged: revenue ¥2,340bn, core operating profit ¥360bn, operating profit ¥320bn and profit attributable to owners ¥251bn.

• ENHERTU FY2026 sales forecast rose ¥20.5bn to ¥915.3bn and DATROWAY forecast rose ¥2.0bn to ¥118.9bn.

• FY2026 CMO compensation fee forecast remained ¥80.0bn; provisions related to CY2028 are expected in Q3 or later.

• Q4 is expected to be weaker than Q3 on seasonality, with higher expenses and the ¥80bn CMO charge more likely in Q4; more than ¥90bn of ENHERTU sales milestones is expected in Q4.

• TROPION-Lung15 readout is expected in FY2026 H2, AVANZAR in CY2027 H1 and TROPION-Lung07 in H1 2027.