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DAIICHI SANKYO COMPANY, LIMITED

4568・Prime Market・Pharmaceuticals

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第一三共株式会社 logo
DAIICHI SANKYO COMPANY, LIMITED4568

Pharmaceuticals Business (Single Segment)

A single business segment of a global drug discovery company engaged in the research and development, manufacturing, and sale of pharmaceuticals

PeriodCurrentPreviousChange
Revenue (Consolidated)¥2,123,045 million¥1,886,256 million↑
Core Operating Profit (Consolidated)¥359,962 million¥312,835 million↑
Operating Profit (Consolidated)¥229,089 million¥331,925 million↓
Profit Attributable to Owners of the Parent¥259,874 million¥295,756 million↓
One-Time Expenses¥152,974 million¥3,077 million↓
R&D Expenses (Core Basis)¥462,136 million¥432,882 million↑
Equity Attributable to Owners of the Parent Ratio41.5%47.0%↓
Annual Dividend per Share (FY2026 (ending March 2026) Actual)¥78¥60↑
Prescription Pharmaceutical Revenue¥2,029,538 million (95.6% of total)¥1,796,974 million (95.3% of total)↑
Cash Flow from Operating Activities¥77,655 million¥53,842 million↑

Business Details

The Group is a single-segment company whose main business is the manufacture and sale of pharmaceuticals and related products. In Japan, it develops innovative pharmaceuticals, vaccines, and over-the-counter drugs, while overseas it conducts research and development, manufacturing, and sales of pharmaceuticals in the United States (Daiichi Sankyo, Inc., American Regent, Inc.), Europe (Daiichi Sankyo Europe GmbH), Asia, Latin America, and other regions. Prescription pharmaceuticals account for 95.6% of revenue, and the Group is pursuing its "5 DXd ADCs and Next Wave" strategy centered on the anti-HER2 ADC ENHERTU.

Recent Overview

Revenue increased 12.6%, but recording one-time expenses of ¥152,974 million, including loss compensation to manufacturing partners, led to a 31.0% decline in operating profit

In FY2026 (ending March 2026), growth in ENHERTU and DATROWAY along with a foreign exchange benefit to revenue (¥21.8 billion) drove revenue to ¥2,123,045 million (up 12.6% year on year) and core operating profit to ¥359,962 million (up 15.1% year on year), an increase in profit. On the other hand, operating profit fell to ¥229,089 million (down 31.0% year on year) due to the recording of one-time expenses (¥152,974 million) including loss compensation to manufacturing partners. The Company resolved to transfer all shares of Daiichi Sankyo Healthcare Co., Ltd. to Suntory Holdings Limited for approximately ¥246,500 million (planned) (contract concluded on April 15, 2026). For FY2027 (ending March 2027), the Company forecasts revenue of ¥2,280,000 million (up 7.4% year on year) and operating profit of ¥315,000 million (up 37.5% year on year). Under the 6th Mid-Term Business Plan (FY2026-FY2030), the Company targets revenue of ¥3 trillion or more, operating profit of ¥600 billion or more, and EPS of ¥260 or more by FY2030.

Key Products

product
ENHERTU (trastuzumab deruxtecan: T-DXd/DS-8201)

An anti-HER2 ADC co-developed and co-marketed with AstraZeneca. Indications are being expanded to HER2-positive, HER2-low, and HER2-ultralow breast cancer, HER2-positive gastric cancer, HER2-positive solid tumors, and more. In FY2026 (ending March 2026), multiple new indication approvals were obtained in Japan, Europe, the United States, and China. It remains the primary growth driver for the Japan Oncology, ASCA, and other units.

product
DATROWAY (datopotamab deruxtecan: Dato-DXd/DS-1062)

An anti-TROP2 ADC co-developed and co-marketed with AstraZeneca. In June 2025, it received approval in the United States for EGFR-mutated non-small cell lung cancer, and launched in Europe for HR-positive, HER2-negative breast cancer. In February 2026, the U.S. new drug application for first-line treatment of triple-negative breast cancer was accepted and granted priority review. Revenue contribution began in earnest during the current fiscal year.

product
patritumab deruxtecan (HER3-DXd/U3-1402)

An anti-HER3 ADC co-developed with Merck & Co. of the United States. In May 2025, the U.S. new drug application for EGFR-mutated non-small cell lung cancer was voluntarily withdrawn, and resubmission is being considered based on the results of the Phase 3 trial (HERTHENA-Lung02). In August 2025, a Phase 3 trial (HERTHENA-Breast04) targeting HR-positive, HER2-negative metastatic breast cancer was initiated.

product
ifinatamab deruxtecan (I-DXd/DS-7300)

An anti-B7-H3 ADC co-developed with Merck & Co. of the United States. In August 2025, it received Breakthrough Therapy Designation from the FDA for extensive-stage small cell lung cancer. Phase 3 trials targeting esophageal squamous cell carcinoma (IDeate-Esophageal01) and metastatic castration-resistant prostate cancer (IDeate-Prostate01) have been initiated.

product
raludotatug deruxtecan (R-DXd/DS-6000)

An anti-CDH6 ADC co-developed with Merck & Co. of the United States. In September 2025, it received Breakthrough Therapy Designation from the FDA for CDH6-expressing platinum-resistant epithelial ovarian cancer and other indications. Phase 2 results of the Phase 2/3 trial (REJOICE-Ovarian01) were presented for the first time at ESMO. Upfront payment income from the strategic alliance agreement contributed to operating cash flow during the current fiscal year.

product
LIXIANA (edoxaban)

A direct oral anticoagulant (DOAC). It continues to contribute to revenue in the Japan Business Unit, positioned alongside Tarlige (for neuropathic pain) as a key domestic product.

Growth Drivers

  • Expanding sales through deeper market penetration of ENHERTU in already-launched countries and acquisition of new indications (HER2-low and HER2-ultralow breast cancer, HER2-positive solid tumors, etc.)
  • New revenue contribution from the full-scale launch of DATROWAY in Europe, the United States, and China (Oncology Business Unit revenue up 31.3% year on year to ¥608,800 million)
  • Growth of ENHERTU in China and Brazil within the ASCA Business Unit (up 18.8% year on year) and multiple new indication approvals in China
  • Growth of Nilemdo/Nustendi in the EU Specialty Business Unit (up 16.5% year on year)
  • Accumulation of future pipeline value through continued R&D investment in the 5 DXd ADCs (targeting 20 or more indication launches over five years)
  • Improved profitability through cost optimization (Operational Excellence) of ¥200 billion or more under the 6th Mid-Term Business Plan
  • Concentration of the business portfolio on oncology through the transfer of Daiichi Sankyo Healthcare Co., Ltd. shares (planned at ¥246,500 million)
  • Strengthened shareholder returns through the introduction of progressive dividends (targeting an adjusted DOE of 10.0% or more) and share buybacks

Risks

  • Risk of recurrence of one-time expenses such as loss compensation to manufacturing partners (¥152,974 million in the current fiscal year) and delays in establishing a stable supply system for ADC products
  • Decline in revenue at the American Regent unit (down 16.1% year on year to ¥182,200 million): intensifying competition for Venofer, Injectafer, and other products
  • Clinical development risks for the 5 DXd ADCs, including the withdrawal of the U.S. new drug application for patritumab deruxtecan (HER3-DXd)
  • Rising costs from increased profit-share payments to AstraZeneca (selling, general and administrative expenses up 18.6% year on year to ¥859,603 million)
  • Risk of adverse impact on revenue from a stronger yen (the current fiscal year saw a ¥21.8 billion revenue benefit from a weaker yen, with risk of performance deterioration if this reverses)
  • Intensifying market competition from the emergence of competing ADC products, and risks of intellectual property and other disputes
  • Rising financial leverage due to a decline in the equity attributable to owners of the parent ratio (from 47.0% to 41.5%) and an increase in interest-bearing debt (non-current bonds and borrowings rising from ¥100,933 million to ¥300,077 million)

Last updated: July 3, 2026