Eisai Co., Ltd. (TSE: 4523) reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under IFRS. Revenue rose 4.6% to a record ¥825,378 million, but operating profit fell 18.8% to ¥44,138 million, pre-tax profit dropped 16.5% to ¥50,999 million, and net profit attributable to owners of the parent declined 17.0% to ¥38,558 million from ¥46,432 million. Basic EPS came in at ¥136.78 versus ¥163.76. Comprehensive income, by contrast, surged 143.9% to ¥105,268 million on foreign-exchange and securities-related gains.
Leqembi nearly doubles as the Alzheimer's franchise scales
Pharmaceutical-business revenue reached a record ¥810.8 billion (+8.2%). The standout was Alzheimer's disease treatment Leqembi (lecanemab), whose global revenue nearly doubled to ¥88.0 billion (+98.7%). Anticancer agent Lenvima remained the largest single product at ¥342.5 billion (+4.3%), insomnia treatment Dayvigo grew 19.6% to ¥64.3 billion, and antiepileptic Fycompa contributed ¥33.3 billion. Leqembi, co-developed with Biogen, continued its geographic roll-out with new launches in Canada (December 2025) and several Asian markets.
Americas leads as every region grows
All five reporting regions grew. The Americas was the largest, with revenue of ¥300.4 billion (+8.0%) and segment profit of ¥174.4 billion (+10.2%); Leqembi there rose 70.7% to ¥44.6 billion. Japan generated ¥229.2 billion (+6.0%) and segment profit of ¥73.0 billion (+1.8%), with domestic Leqembi up 91.3% to ¥24.4 billion and Dayvigo at ¥46.5 billion. China grew 13.2% to ¥130.7 billion (segment profit ¥59.3 billion), aided by new launches of gout treatment URECE and Dayvigo. EMEA rose 2.7% to ¥81.5 billion, and the East Asia & Global region climbed 15.6% to ¥68.8 billion.
Why profit fell despite record sales
The decline in profit was a deliberate consequence of investment. Selling, general and administrative expenses rose on aggressive resourcing of the Leqembi launch and costs tied to European structural reform, while R&D spending increased on Leqembi, the anti-MTBR tau antibody E2814, and a new selective orexin-2 receptor agonist. The prior year had also benefited from upfront income on certain products that did not recur. The operating margin compressed to 5.3% from 6.9%.
Balance sheet and dividend
Total assets grew to ¥1,449,113 million as inventories built ahead of Leqembi demand, and the ratio of equity attributable to owners of the parent rose to 62.0%. Operating cash flow was ¥61,323 million. The FY3/2026 annual dividend was maintained at ¥160.00 per share (¥80 interim + ¥80 year-end), a consolidated payout ratio of 117.0% that reflects the temporarily depressed earnings base.
FY27 guidance points to a sharp profit rebound
For FY3/2027, Eisai guides revenue of ¥883.5 billion (+7.0%), operating profit of ¥70.0 billion (+58.6%), pre-tax profit of ¥74.0 billion (+45.1%), and net profit attributable to owners of ¥52.3 billion (+35.6%), with EPS of ¥185.00. The rebound rests largely on continued Leqembi growth and the tapering of one-off launch and restructuring costs. The annual dividend is set to be held at ¥160.00.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥bn) | 825.4 | 789.4 | +4.6% |
| Operating profit (¥bn) | 44.1 | 54.4 | -18.8% |
| Pre-tax profit (¥bn) | 51.0 | 61.1 | -16.5% |
| Net profit attrib. (¥bn) | 38.6 | 46.4 | -17.0% |
| Basic EPS (¥) | 136.78 | 163.76 | -16.5% |
| Leqembi revenue (¥bn) | 88.0 | 44.3 | +98.7% |
| Lenvima revenue (¥bn) | 342.5 | 328.4 | +4.3% |
| Operating margin | 5.3% | 6.9% | -1.6pp |
| Annual dividend (¥) | 160.00 | 160.00 | 0.0% |
| FY27 op. profit guidance (¥bn) | 70.0 | — | +58.6% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.