Eisai (4523) Investor Day 2026 summary

Long-term vision and strategic direction

• Aims to make Alzheimer's disease curable by integrating biomarkers, data technology, and drug discovery, focusing on early detection and precise disease control.

• Seeks sustainable growth by leveraging LEQEMBI, LENVIMA, and DAYVIGO, while expanding neurology and oncology pipelines.

• Plans to enhance non-drug R&D and build an ecosystem platform for elderly welfare, cognitive function, and personalized medicine.

• Emphasizes annual rolling updates to the three-year plan for flexibility and alignment with external changes.

• Strives to reduce time lost to illness and maximize individual health value through medical innovation.

Financial guidance and capital allocation

• Sets FY2028 targets of JPY 1 trillion in revenue and JPY 90 billion in core operating profit, focusing on organic growth and improved profitability.

• Projects cost of sales at JPY 300 billion (30% ratio), R&D expenses at JPY 170 billion, and SG&A at JPY 440 billion for FY2028.

• Introduces core operating profit and adjusted ROIC (targeting 9%) as new performance indicators, excluding one-time gains.

• Plans JPY 1 trillion investment over three years: JPY 500 billion in in-house R&D and JPY 500 billion in pipeline enhancement, with flexible M&A consideration.

• Diversifies financing through domestic and hybrid bonds, maintaining financial soundness with net DER within 0.3 and Net Debt-to-EBITDA within 3x.

Product and pipeline development

• LEQEMBI expected to reach JPY 300 billion in sales by FY2028, becoming standard of care in AD; DAYVIGO targets JPY 100 billion, LENVIMA to maintain JPY 250 billion despite LOE.

• Advances next-generation pipeline: LEQEMBI for preclinical AD, etalanetug (anti-tau), ledasorexton (orexin agonist), and E2511 (synaptic regenerant).

• Focuses on MRD (minimal residual disease) in oncology, leveraging ctDNA and biomarker analysis for new therapies.

• Utilizes AI, molecular profiling, and brain-penetrant technologies to enhance drug discovery and clinical development efficiency.

• Expands external collaborations and in-licensing to strengthen the pipeline in neurology and oncology.