Report published September 1, 2026
Japan Healthcare: Asia Leaders Conference 2026 Takeaways – Shionogi & Terumo Growth Playbooks
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Akinori Ueda, Ph.D., Tomo Taniguchi
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs summarizes key takeaways from its Asia Leaders Conference 2026 panel featuring the management of Shionogi and Terumo. Both Japanese healthcare companies emphasized sustainable growth via strategic M&A, innovative R&D, and disciplined capital allocation ahead of upcoming medium-term plan releases.
Key Takeaways
- 1.Both Shionogi and Terumo remain focused on sustainable growth via innovative product development and active M&A/business development despite industry headwinds like pricing pressure and development complexity.
- 2.Shionogi executed three key deals in FY3/26 (JT Group's pharma business, Tanabe Pharma's edaravone business, and additional ViiV investment) to build its US foundation and strengthen rare disease and HIV franchises.
- 3.Terumo completed two strategic transactions in FY3/26 to lay the foundation for global expansion in its CDMO business and enter the organ preservation device field.
Table of Contents
- Asia Leaders Conference 2026
- Key Takeaways
- Healthcare sector business environment and company initiatives
- Growth opportunities through business development
- Focus points ahead
- Price Target Risks and Methodology - Shionogi & Co.
- Price Target Risks and Methodology - Terumo
- Disclosure Appendix
Report data
Target price history table(s)
| Metric | Estimate | Context |
|---|---|---|
| 12-Month Target Price (Shionogi) | 3500.0 JPY | Shionogi target price based on 12-year DCF model assuming WACC of 6% and terminal growth of 0%. |
| 12-Month Target Price (Terumo) | 2650.0 JPY | Terumo target price based on FY3/28E EV/EBITDA multiple of 12.0X. |
| WACC Assumption (Shionogi DCF) | 6.0% | WACC assumption used in Shionogi's 12-year DCF valuation. |
| Target EV/EBITDA Multiple (Terumo) | 12.0 X | Valuation multiple based on global medtech sector average. |
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Authors / Editors
Reported Data Context
- 12-Month Target Price (Shionogi): 3500.0 JPY (12-month forward) · Source: Goldman Sachs Global Investment Research
- 12-Month Target Price (Terumo): 2650.0 JPY (12-month forward) · Source: Goldman Sachs Global Investment Research
- WACC Assumption (Shionogi DCF): 6.0 % · Source: Goldman Sachs Global Investment Research
- Target EV/EBITDA Multiple (Terumo): 12.0 X (FY3/28E) · Source: Goldman Sachs Global Investment Research
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