Eisai (4523) Q4 2025 earnings summary

Executive summary

• FY2024 revenue rose to ¥789.4 billion, up 6–6.4% year-over-year, with profit for the year at ¥48.1 billion, exceeding forecasts, driven by strong performance of Leqembi, Lenvima, and Dayvigo.

• Leqembi global revenue surged 1041% YoY to ¥44.3 billion, with approvals in 44 countries and significant launches in all major regions.

• Structural reforms and cost optimization initiatives were implemented globally, especially in the U.S., Europe, and China.

• Continued proactive investment in Leqembi and pipeline, with organizational transformation to optimize costs and resource allocation.

• Comprehensive income dropped 64.8% to ¥43.2 billion due to negative exchange differences.

Financial highlights

• Pharmaceutical business revenue increased 8% YoY to ¥749.0 billion; total FY2024 revenue reached ¥789.4 billion, a 6% increase year-over-year.

• Operating profit grew 2% YoY to ¥54.4 billion; profit attributable to owners of parent rose 9–9.5% to ¥46.4 billion.

• Leqembi global revenue was ¥44.3 billion, exceeding forecasts, with strong contributions from the U.S. (¥26.1 billion) and Japan (¥12.7 billion).

• Lenvima global revenue reached ¥328.5 billion (up 10% YoY), achieving double-digit growth, especially in the Americas.

• Gross margin remained strong at 78.6%; ROE improved to 5.4%.

Outlook and guidance

• FY2025 revenue forecast at ¥790.0 billion (+0.1% YoY), with operating profit of ¥54.5 billion and profit for the year of ¥41.5–43.5 billion.

• Leqembi global revenue forecast to rise 72.8–73% YoY to ¥76.5 billion, driven by expansion in Americas, Japan, China, and Europe.

• Lenvima revenue expected to decline slightly to ¥312.0 billion due to generics and pricing pressure.

• R&D and SG&A expenses for Leqembi expected to peak in FY2025 and decline thereafter; dividend forecast maintained at ¥160 per share.

• Operating profit target for FY2026 is ¥83–85 billion, aiming for ROE of 8%.