Eisai Co., Ltd.
4523・Prime Market・Pharmaceuticals
China Pharmaceuticals Business
A highly profitable segment responsible for the research and development, manufacturing, and sale of prescription pharmaceuticals in the Chinese market
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (full year) | ¥130,745 million | ¥115,539 million | ↑ |
| Segment profit (full year) | ¥59,312 million | ¥57,202 million | ↑ |
| Segment profit margin (full year) | approx. 45.4% | approx. 49.5% | ↓ |
| Revenue growth rate (full year) | +13.2% | – | ↑ |
Business Details
Operates primarily through subsidiaries such as Eisai (China) Investment Co., Ltd. Key products include Lenvima (lenvatinib) in oncology, Leqembi (lecanemab) and Dayvigo (lemborexant) in neurology, the neuropathy treatment Methycobal, and the vertigo treatment Merislon. The segment maintains a high segment profit margin of approximately 45%. Eisai is also advancing the construction of a digital health ecosystem through the one-stop online health platform for dementia, Yin Fa Tong.
Recent Overview
Leqembi expanded rapidly, up 163%, driving overall China revenue up 13.2% to ¥130,745 million
Full-year revenue for FY2026 (ending March 2026) was ¥130,745 million (up 13.2% year on year), and segment profit was ¥59,312 million (up 3.7% year on year). Leqembi led the growth with a substantial increase of 163.1% year on year. Meanwhile, Merislon was affected by intensifying competition, declining 11.6%. Dayvigo was newly launched in China in August 2025, and URECE was also newly launched in July 2025. Leqembi's BLA for SC-AI initial therapy was accepted by the NMPA and designated for priority review, and in January 2026 it was also listed on the Innovative Drug List for Commercial Health Insurance. The profit margin declined year on year, partly due to the cost structure effects including the Lenvima profit-sharing arrangement.
Key Products
Growth Drivers
- Rapid expansion of demand for Leqembi in the Chinese market (full-year revenue up 163.1% year on year)
- Expanded access following Leqembi's listing on the Innovative Drug List for Commercial Health Insurance in January 2026
- New formulation rollout following BLA acceptance and priority review designation for SC-AI initial therapy
- Entry into the insomnia market following Dayvigo's new launch in China in August 2025
- Expansion of disease areas following the new launch of the gout treatment URECE in China in July 2025
- Building of digital health infrastructure through the dementia ecosystem (Yin Fa Tong)
- Approval of the hepatocellular carcinoma indication for Lenvima in combination with pembrolizumab and TACE (July 2025)
Risks
- Risk of slowing growth in the oncology area, as seen in Lenvima's revenue growth of only 1.0% year on year
- Risk of intensifying competition and drug price reductions for existing products, as seen in Merislon's 11.6% revenue decline year on year
- Risk of pricing pressure from China's pharmaceutical regulations and drug pricing policies (such as the centralized procurement system)
- Geopolitical risk associated with deteriorating US-China relations and changes in tariff policy
- Risk of slower uptake for Leqembi due to delays in establishing diagnosis and treatment pathways
- Impact of exchange rate fluctuations (yen appreciation against the yuan) on yen-denominated revenue
- Declining trend in segment profit margin (from 49.5% in the prior period to 45.4% in the current period)
Last updated: June 12, 2026