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 achieved global reach with approvals in 44 countries, global revenue surged 1041% YoY to ¥44.3 billion, and exceeded revenue expectations in its first full year.

• Structural reforms and cost optimization were implemented, particularly in the U.S., Europe, and other regions, to improve profitability and resource allocation.

• Investment in R&D and SG&A peaked, with a focus on maximizing Leqembi and streamlining operations.

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

Financial highlights

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

• Operating profit grew 1.8–2% 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 Americas and Japan.

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

• SG&A and R&D expenses as a ratio to revenue declined, reflecting cost control and the impact of structural reforms.

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 the 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 are expected to peak in FY2025 and decline thereafter.

• Dividend forecast maintained at ¥160 per share.