Corporate Strategy IR Day First Take

Goldman Sachs remains Neutral on Eisai after its corporate strategy briefing, noting that while revenue targets are on track, the FY3/29 profit target of ¥90.0 bn missed expectations due to a rising CoGS ratio.

Key Takeaways

• 1.Eisai's core operating profit target of ¥90.0 bn for FY3/29 is significantly below Goldman Sachs' estimate of ¥108.3 bn.
• 2.Profitability is expected to deteriorate as the CoGS ratio rises to 30% by FY3/29, up from 23.7% in FY3/27.
• 3.Sales targets for the Alzheimer's treatment Leqembi are set at ¥300.0 bn for FY3/29, which is in line with expectations.

Table of Contents

• Disclosed 3-year plan through FY3/29
• Implications
• Price Target Risks and Methodology - Eisai
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Price target and rating history chart(s)
• Target price history table(s)

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial