Eisai Q1 Operating Profit Rises 19% to ¥24.7 Billion as Lenvima, Leqembi and Dayvigo Drive 15.6% Revenue Growth

Eisai Co., Ltd. (TSE: 4523) reported consolidated first-quarter results for the three months to June 30, 2026 under IFRS. Revenue rose 15.6% to ¥234,330 million, operating profit climbed 19.2% to ¥24,728 million, profit before tax advanced 12.8% to ¥25,283 million, and profit attributable to owners of the parent jumped 26.0% to ¥18,242 million. Basic earnings per share were ¥64.71, up from ¥51.35, with no dilution. Comprehensive income more than doubled, rising 181.7% to ¥31,177 million.

Three lead products carry the quarter

Pharmaceutical business revenue rose 16.4% to ¥230.9 billion, driven by the company's three growth drivers. The anticancer agent Lenvima generated ¥97.3 billion, up 15.9%; the Alzheimer's disease therapy Leqembi, co-developed with Biogen Inc., grew 26.7% to ¥29.3 billion; and the insomnia treatment Dayvigo rose 37.9% to ¥18.9 billion. A weaker yen amplified the reported growth of the overseas business.

Costs rise with the franchise

Selling, general and administrative expenses increased on profit-share payments to Merck & Co., Inc., Rahway, NJ, USA tied to Lenvima's revenue growth, and on aggressive resourcing behind the Leqembi launch programme. Research and development spending also rose, reflecting continued investment in Leqembi as well as the anti-MTBR tau antibody E2814 and the selective orexin-2 receptor agonist E2086. Even so, operating profit rose sharply as growth in the lead products more than absorbed the reversal of a prior-year distributor inventory build in China. Core operating profit — operating profit excluding one-off income and expenses — increased 13.9% to ¥24.7 billion from ¥21.7 billion.

Americas and EMEA lead regional growth

The Americas was the largest and fastest-growing region, with revenue of ¥86.6 billion (+22.3%) and segment profit of ¥51.9 billion (+25.0%); Lenvima contributed ¥66.5 billion (+14.5%), Leqembi ¥15.5 billion (+70.5%) and Dayvigo ¥3.3 billion (+74.5%). EMEA posted revenue of ¥23.6 billion (+24.4%) and segment profit of ¥12.5 billion (+51.8%), with Lenvima/Kisplyx at ¥15.1 billion (+36.6%), Fycompa at ¥4.8 billion (+18.3%) and Leqembi at ¥0.5 billion (+341.2%). East Asia and the Global South delivered revenue of ¥20.2 billion (+25.3%) and segment profit of ¥9.5 billion (+15.0%), led by Lenvima at ¥5.2 billion (+20.3%) and Leqembi at ¥2.4 billion (+214.0%), while Aricept slipped 4.0% to ¥3.6 billion.

Japan steady, China rebases

Japan revenue rose 3.4% to ¥57.9 billion with segment profit up 8.1% to ¥21.0 billion. Prescription drugs contributed ¥52.7 billion (+4.1%) and OTC and other products ¥5.2 billion (-3.5%). Within the domestic portfolio, Dayvigo reached ¥12.4 billion (+13.4%), Leqembi ¥6.1 billion (+10.9%), Lenvima ¥3.7 billion (+3.0%), Jyseleca ¥5.4 billion (+25.2%), Movicol ¥3.0 billion (+48.3%), Goofice ¥2.6 billion (+18.2%), Fycompa ¥2.2 billion (+5.8%) and the Chocola BB group ¥3.9 billion (+1.1%). China revenue rose 16.6% to ¥42.5 billion and segment profit 18.2% to ¥21.2 billion, but the mix shifted: Lenvima edged down 0.9% to ¥6.8 billion and Leqembi fell 37.3% to ¥4.8 billion on the reversal of a prior-year distributor inventory build, while Dayvigo climbed to ¥1.4 billion from ¥0.1 billion, Merislon rose 67.1% to ¥5.1 billion and Methycobal 27.7% to ¥3.7 billion.

Leqembi adds four launch markets

Leqembi continued its global rollout during the quarter, launching in Belgium and Australia in June 2026 and in Brazil and India in the same month — four additional countries in a single quarter. The expansion underpinned the therapy's 70.5% growth in the Americas and triple-digit percentage gains in EMEA and the East Asia and Global South segment.

Balance sheet expands on receivables and Leqembi inventory

Total assets rose to ¥1,558,091 million at June 30, 2026 from ¥1,449,113 million at March 31, 2026 — an increase of ¥109.0 billion, mainly on higher trade and other receivables from the revenue increase and on higher inventories as Leqembi production was stepped up. Total equity was ¥933,169 million (from ¥925,124 million) and equity attributable to owners of the parent ¥906,564 million (from ¥898,992 million). The ratio of equity attributable to owners fell to 58.2% from 62.0% as the asset base grew faster than equity, while book value per share edged up to ¥3,216.02 from ¥3,189.15. Working capital increased on the same receivables and Leqembi inventory build.

Guidance and dividend unchanged

Eisai left its full-year FY3/2027 forecast intact: revenue of ¥883,500 million (+7.0%), operating profit of ¥70,000 million (+58.6%), profit before tax of ¥74,000 million (+45.1%), profit for the year of ¥54,000 million (+33.3%) and profit attributable to owners of ¥52,300 million (+35.6%), with basic EPS of ¥185.00. The first quarter represents about 35% of the full-year operating-profit target. The annual dividend forecast is unchanged at ¥160.00 per share (¥80.00 interim plus ¥80.00 year-end), level with FY3/2026 and with the company's previous guidance.

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.