Eisai (4523) Investor Day 2025 summary

Strategic direction and financial guidance

• FY2027 is a key milestone toward FY2032 revenue aspirations, with a rolling three-year review cycle to adapt to market and risk factors.

• Aims for a 10%+ operating margin in FY2027, excluding one-time income, through global structural reforms and SG&A optimization.

• LEQEMBI and Lenvima are projected as core revenue drivers, with LEQEMBI expected to reach JPY 250–280 billion and Lenvima to maintain around JPY 250 billion in FY2027.

• Resource allocation of JPY 1 trillion planned for growth investment, R&D, partnerships, and shareholder returns, with over 700 billion yen for growth investments in R&D, partnerships, and manufacturing.

• Partnership and collaboration, especially in oncology and neurology, are central to pipeline enrichment and risk-sharing.

Product and pipeline developments

• LEQEMBI’s value expansion includes FDA-approved IV maintenance regimen and upcoming subcutaneous autoinjector, with SC-AI approval targeted for FY2026 and home administration options to reduce treatment burden.

• AHEAD 3-45 pivotal study for preclinical AD is progressing, with top-line results expected in FY2028.

• Oncology pipeline leverages small and medium molecule technology, with E7386, splicing platform, and protein degraders as key innovations targeting resistance mechanisms and undruggable proteins.

• Neurology pipeline focuses on the AD continuum, combining A-beta and tau targeting, synapse regeneration, and precision medicine using advanced biomarker panels and data science.

• Evolpath brain delivery technology is differentiated by high brain deliverability and safety, with clinical development targeted for 2027.

Market access, pathway optimization, and ecosystem initiatives

• U.S. and Japan treatment pathways are being streamlined through digital cognitive testing, AI-supported MRI, and blood-based biomarkers (BBM), reducing diagnostic and referral burdens.

• BBM prescreening is replacing PET/CSF for A-beta confirmation, with up to 80% of patients undergoing BBM and further guideline support expected.

• Collaboration between primary care providers and integrated delivery networks is being strengthened to accelerate patient access and reduce referral times.

• Non-drug ecosystem solutions, such as Arteryex and EcoNaviSta, are integrated to support patients and caregivers, with over 700,000 app downloads and 200+ facilities using monitoring systems as of March 2025.

• Commitment to both drug and non-drug innovation is positioned as a social responsibility, with ongoing investment in AD despite past impacts on ROE.