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Astellas Pharma
(4503)
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Rating:78Outperform
Price Target:
¥2,650.00
▲(9.48% Upside)
Action:Upgraded
Date:08/09/26
The score is driven primarily by solid financial performance—strong margins and robust free cash flow with good earnings alignment—offset by historical volatility in profitability and leverage. Technicals add support via a positive trend and momentum, and valuation is favorable with a moderate P/E and a strong dividend yield.
Positive Factors
Robust free cash flow generation
TTM operating cash flow (~¥598B) and free cash flow (~¥540B) show durable cash conversion. FCF runs at ~0.90x net income, supporting sustained R&D, dividends, and strategic investments without relying solely on new financing, bolstering long-term financial flexibility.
Negative Factors
Historical net margin volatility
Large swings in net margin indicate earnings have been materially affected by one-offs, product-mix shifts, or cyclical items. This reduces predictability of core profitability and complicates planning for R&D and capital allocation over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust free cash flow generation
TTM operating cash flow (~¥598B) and free cash flow (~¥540B) show durable cash conversion. FCF runs at ~0.90x net income, supporting sustained R&D, dividends, and strategic investments without relying solely on new financing, bolstering long-term financial flexibility.
Read all positive factors
Astellas Pharma (4503) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥4.36T
Dividend Yield3.26%
Average Volume (3M)8.39M
Price to Earnings (P/E)11.7
Beta (1Y)0.71
Revenue Growth16.93%
EPS Growth347.13%
CountryJP
Employees14,099
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)203.70
Shares Outstanding1,809,663,100
10 Day Avg. Volume8,158,160
30 Day Avg. Volume8,386,496
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)2.46
Price to Sales (P/S)2.11
P/FCF Ratio8.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥2,443.00Price Target Upside0.93% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)198.09
Revenue Forecast (FY)¥2.30T
Astellas Pharma Business Overview & Revenue Model
Company Description
Astellas Pharma Inc., a venerable Japanese pharmaceutical enterprise established in 1923 and headquartered in Tokyo, operates globally in the research, development, manufacturing, and commercialization of a diverse range of medications. Its extens...
How the Company Makes Money
Astellas primarily makes money by selling prescription pharmaceuticals to wholesalers, hospitals, pharmacies, and other healthcare channels in Japan and overseas. Revenue is driven by branded (innovative) medicines—where pricing and demand depend ...
Astellas Pharma Earnings Call Summary
Earnings Call Date:Apr 25, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
Astellas Pharma demonstrated strong financial performance with record-breaking revenue and significant growth in Strategic Brands. Successful cost optimization and a positive outlook for FY 2025, including increased dividends and progress in primary focus programs, highlight a positive trajectory. Despite challenges such as the impact of U.S. Medicare Part D redesign and temporary demand issues with IZERVAY, the overall sentiment remains optimistic.Positive Updates
Record-Breaking Revenue and Growth
In FY 2024, Astellas Pharma reported record high revenue of ¥1.912 trillion, a 19.2% increase year-on-year, and core operating profit of ¥392.4 billion, up by 41.7% year-on-year.
Negative Updates
Impact of U.S. Medicare Part D Redesign
The redesign led to a gross-to-net impact on XTANDI sales in the U.S., although volume growth offset some of this impact.
Read all updates
Q4-2024 Updates
Positive
Negative
Record-Breaking Revenue and Growth
In FY 2024, Astellas Pharma reported record high revenue of ¥1.912 trillion, a 19.2% increase year-on-year, and core operating profit of ¥392.4 billion, up by 41.7% year-on-year.
Read all positive updates
Company Guidance
During the FY 2024 financial results announcement by Astellas Pharma Inc., several key financial metrics were highlighted, indicating a record year for the company. Revenue reached ¥1.912 trillion, marking a 19.2% increase year-on-year, while core operating profit rose by 41.7% to ¥392.4 billion. The company achieved significant growth in its Strategic Brands, with sales exceeding ¥340 billion, reflecting a growth of ¥180 billion or 110% year-on-year. The core operating profit margin improved by 3.3 percentage points to 20.5%. Astellas also reported substantial cost optimization, achieving a target of ¥40 billion, which improved the SG&A ratio by 3.1 percentage points. The Forex impact positively contributed ¥68.1 billion to revenue and ¥15.1 billion to core operating profit. Looking forward, Astellas forecasts further growth in FY 2025, with expected revenue of ¥1.930 trillion and a core operating profit increase to ¥410 billion, driven by continued expansion in Strategic Brands and ongoing cost optimization efforts.Astellas Pharma Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.27T | 2.14T | 1.91T | 1.60T | 1.52T | 1.30T |
| Gross Profit | 1.70T | 1.59T | 1.56T | 1.31T | 1.23T | 1.04T |
| EBITDA | 676.80B | 585.25B | 462.67B | 282.45B | 337.39B | 297.83B |
| Net Income | 364.83B | 291.54B | 50.75B | 17.05B | 98.71B | 124.09B |
Balance Sheet | ||||||
| Total Assets | 3.69T | 3.57T | 3.34T | 3.57T | 2.46T | 2.33T |
| Cash, Cash Equivalents and Short-Term Investments | 244.70B | 281.61B | 188.37B | 335.69B | 376.84B | 315.99B |
| Total Debt | 589.87B | 565.95B | 937.09B | 1.01T | 200.01B | 212.74B |
| Total Liabilities | 1.75T | 1.74T | 1.83T | 1.97T | 948.56B | 872.09B |
| Stockholders Equity | 1.94T | 1.83T | 1.51T | 1.60T | 1.51T | 1.46T |
Cash Flow | ||||||
| Free Cash Flow | 540.50B | 508.53B | 164.61B | 143.27B | 295.88B | 227.42B |
| Operating Cash Flow | 598.03B | 566.25B | 201.61B | 181.32B | 332.32B | 258.16B |
| Investing Cash Flow | -125.42B | -72.78B | -96.52B | -854.65B | -89.06B | -63.13B |
| Financing Cash Flow | -446.69B | -404.78B | -261.37B | 614.06B | -195.62B | -216.30B |
Astellas Pharma Technical Analysis
Positive
2420.50
Price Trends
2226.12
Positive
2286.58
Positive
2229.97
Positive
Market Momentum
54.01
Negative
60.15
Neutral
83.29
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4503, the sentiment is Positive. The current price of 2420.5 is above the 20-day moving average (MA) of 2318.98, above the 50-day MA of 2226.12, and above the 200-day MA of 2229.97, indicating a bullish trend. The MACD of 54.01 indicates Negative momentum. The RSI at 60.15 is Neutral, neither overbought nor oversold. The STOCH value of 83.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4503.
Astellas Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥11.60T | 24.25 | 24.02% | 2.87% | 12.25% | 19.19% | |
78 Outperform | ¥4.36T | 11.74 | 17.44% | 3.60% | 16.93% | 347.13% | |
73 Outperform | ¥1.35T | 16.85 | 8.39% | 2.52% | 7.41% | 112.26% | |
73 Outperform | ¥2.57T | 9.40 | 13.65% | 2.45% | 27.87% | 47.03% | |
71 Outperform | ¥1.36T | 32.11 | 4.44% | 3.44% | 6.73% | -15.79% | |
58 Neutral | ¥5.28T | 21.85 | 15.74% | 2.79% | 15.51% | -16.27% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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Astellas Pharma Corporate Events
Astellas Pharma Cuts Director Slate After Outside Director Resigns
May 29, 2026
Astellas Pharma announced that outside director Dr. Andreas Busch resigned from the board effective May 29, 2026, prompting the company to withdraw his candidacy for reappointment at its upcoming 21st term annual shareholders meeting. As a result,...
Astellas Launches Five-Year CSP2026 Plan Targeting Pipeline-Led Record Revenues
May 26, 2026
Astellas Pharma has unveiled CSP2026, a five-year corporate strategic plan for fiscal 2026–2030 aimed at delivering faster value for patients and positioning itself as a sustainable growth company. The plan targets pipeline-led, record-high ...
Astellas Extends Global Performance-Linked Stock Incentives for Executives
May 15, 2026
Astellas Pharma has resolved to continue its performance-linked stock compensation scheme for corporate executives and a performance-linked stock delivery scheme for domestic and global group executives. These programs, structured as a Board Incen...
Astellas Extends Performance-Linked Stock Incentive Plan for Directors in FY2026
May 15, 2026
Astellas Pharma has approved the implementation details of a performance-linked stock compensation plan for fiscal 2026, continuing its medium- to long-term incentive program for internal directors. The scheme is designed to tie executive rewards ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.