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Eisai Co (4523N) Q2 2026 Earnings Report

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MX:4523N Q2 2026 EPS Results

Actual EPS
MXN 4.86
Consensus EPS
MXN 6.81
Beat/Miss
Missed by -MXN 1.95
One Year Ago EPS
MXN 4.22

MX:4523N Q2 2026 Revenue Results

Actual Revenue
MXN 27.60B
Expected Revenue
MXN 25.85B
Beat/Miss
Beat by +MXN 1.74B
YoY Revenue Growth
+19.39%

Earnings Announcement Details

Quarter
Q2 2026
Date
11/10/2026
Time
Before Open
Conference Call
Tuesday, November 10, 2026
MX:4523N Upcoming Earnings

Eisai Co's next earnings date is estimated for February 10, 2027, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:4523N Q2 2026 Earnings Call
0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026
Earnings Call Date:Nov 10, 2026|% Change Since:―|
Earnings Call Sentiment|Positive

The call was strongly positive overall. Eisai reported solid first-half revenue and operating-profit growth, substantial LEQEMBI growth, expanding global regulatory and commercial adoption, positive real-world evidence, and progress in IQLIK, BBM testing, Lenvima, and its Alzheimer's disease pipeline. The main negative factors were an unchanged full-year forecast, European restructuring expenses, higher SG&A, gross-profit pressure from pricing and product mix, uncertainty around R&D spending, China reimbursement timing, U.S. tariff and pricing-policy uncertainty, and competitive considerations from Kisunla. Highlights significantly outweighed the lowlights.

Company Guidance

Eisai did not revise its full-year forecast, including operating profit of JPY 54.5 billion and LEQEMBI revenue of JPY 76.5 billion, with progress to date against this forecast exceeding 50%; it expects gross profit margin to be controlled within the guidance for this fiscal year and said that towards next fiscal year there will not be significant change, depending on the product mix. The company is targeting ROE of 8% for next year and said that beyond that it would like to return to double-digit figure, while R&D expenses may not be contained with this level as resources continue to be invested into the forecast projects. It expects LEQEMBI IQLIK initial-treatment approval in the first quarter of FY 2026, official formulary listing in January 2027, and Medical Exception Process coverage for about 80% to 90% of patients.

  • First-Half Revenue and Operating Profit GrowthRevenue reached JPY 400.0 billion, approximately 4% higher year-on-year despite the stronger yen. Operating profit was JPY 34.4 billion, up 23.6% year-on-year, with an operating profit margin of 8.6%.
  • Pharmaceutical Business PerformancePharmaceutical business revenue was JPY 393.3 billion, and the company achieved increases in both revenue and profit. Management said the profit structure is shifting toward greater reliance on the organic Pharmaceutical business.
  • Cost and R&D Expense ManagementCost of sales was managed within the planned range despite domestic drug price revisions and product-mix changes. R&D expenses were 18.9% of revenue, remaining below 20%, partly because LEQEMBI clinical study expenses had peaked out and begun to decline.
  • LEQEMBI Revenue SurgeLEQEMBI global revenue was JPY 41.1 billion in the first half, representing 153% of the previous year's result, or approximately 2.5 times the prior-year level. Growth exceeded plans in all regions.
  • LEQEMBI Full-Year Forecast ProgressThe full-year LEQEMBI revenue forecast is JPY 76.5 billion, and first-half progress exceeded 50%. Management said it has gained confidence in achieving the full-year forecast.
  • LEQEMBI China Demand Growth Excluding StockpilingIncluding distributor stockpiling, China generated JPY 7.7 billion in Q1 and JPY 2.7 billion in Q2. On an actual-demand basis excluding stockpiling, first-half China revenue was JPY 5.1 billion, representing 135% growth year-on-year.
  • LEQEMBI Global Regulatory ExpansionFollowing its approval in Canada, LEQEMBI has been approved in 51 countries and territories.
  • LEQEMBI Real-World Evidence and SafetyReal-world data from the United States and Japan's all-case surveillance, including more than 10,000 patients, showed that the incidence and severity of ARIA were within the expectations described in the label. Management said the data confirmed that ARIA can be managed.
  • LEQEMBI Long-Term Efficacy DataIn the Clarity AD open-label extension, the CDR-SB difference against placebo over 48 months expanded to three or four times the reference difference from ADNI. In U.S. real-world data, the satisfaction score was 8.8 out of 10, 87% of patients continued LEQEMBI treatment, and 84% had not progressed to the next disease stage.
  • LEQEMBI IQLIK LaunchLEQEMBI IQLIK, a once-weekly self-administration option for maintenance treatment, was launched on October 6. Patients or care partners can administer it at home in approximately 15 seconds on average, while medical institutions can reduce infusion preparation, chair use, and monitoring requirements.
  • Early IQLIK Commercial AdoptionFour weeks after launch, initial IQLIK delivery had occurred at 34 U.S. facilities, and demonstration kits had been provided to 341 facilities preparing for use.
  • IQLIK Reimbursement and Initial-Treatment SubmissionManagement expects the Medical Exception Process to be applied to approximately 80% to 90% of patients before formal Medicare Part D formulary listing, which is expected in January 2027. The company reported an observed Medical Exception Process success rate of over 90% during the first four weeks, versus a generally referenced rate of 70% to 80%. A rolling U.S. submission for initiation treatment is underway, with the final submission expected in December and possible approval in the first quarter of FY 2026. Japan's submission for initiation treatment is planned by the end of December.
  • BBM Testing Infrastructure and Reimbursement ProgressA U.S. Alzheimer's Association clinical practice guideline proposed BBM tests with 90% or higher sensitivity and specificity for confirmatory amyloid-beta diagnosis. Fujirebio's BBM received IVD clearance, LabCorp and Quest Diagnostics introduced BBM testing, and CMS established a national payment rate of $128 per test effective January 2026.
  • Expected Expansion of BBM TestingApproximately 10% of amyloid-beta confirmatory tests are currently estimated to use BBM. Management expects BBM-based confirmatory and triage testing to increase, with the amyloid-beta positivity rate expected to rise from 50% in 2024 to approximately 80% in 2027.
  • LEQEMBI Development PipelineEisai is investing resources in anti-Tau antibody and narcolepsy treatment projects as clinical trials and studies reach their peak. The etalanetug Study 202 is enrolling steadily, with first data readout expected in fiscal 2027, while the preclinical Alzheimer's disease Phase III data readout is scheduled for fiscal 2028.
  • Lenvima Commercial and IP PerformanceLenvima revenue was JPY 166.5 billion. It has been approved in 81 countries, has contributed to treatment for 580,000 patients worldwide, and is indicated for seven indications across five cancer types. Following a favorable U.S. court decision and settlement agreements, generic Lenvima versions will not launch until July 1, 2030.
  • Lenvima and Dayvigo GrowthLenvima grew across all cancer types despite a negative Inflation Reduction Act impact in the United States. Dayvigo grew 15% after the impact of Japanese drug-price reductions was offset.
  • Lenvima RCC Trial ProgressThe LITESPARK-011 study of Lenvima with belzutifan in second-line renal cell carcinoma met its primary endpoint of extending progression-free survival, and discussions with regulatory authorities including the FDA have begun regarding a potential submission. Favorable results were also reported from the first-line RCC study, LITESPARK-012.
  • Alzheimer's Disease Commercial ExpansionEisai is targeting 3,500 U.S. primary care physicians with representatives focused on early diagnosis and referral. The company is also doubling efforts in targeted direct-to-consumer campaigns to encourage diagnosed patients to proceed to testing, informed consent, and infusion.
  • Japan LEQEMBI Adoption MetricsIn Japan, there are 800 initial-treatment facilities and 1,600 follow-up facilities. Approximately one in three people in Japan is now aware of MCI, 330,000 people have visited specialists, nearly 30,000 have received amyloid-beta tests, and the referral speed from primary care physicians to specialists has increased approximately fourfold.
  • China Digital Platform ProgressEisai's Yin Fa Tong digital platform, developed with JD Health, is being used by 620,000 people and has recorded 26,000 cumulative consultations.
  • European Commercial LaunchesLEQEMBI launched smoothly in Germany and Austria. In Germany, the product is reimbursed at a discretionary price, with 350 facilities and 420 doctors registered under the required controlled access program.
  • U.S. Market Position and GrowthManagement said LEQEMBI holds the majority of the U.S. market, particularly among integrated delivery networks with neurology specialists, and estimated an approximately 80-to-20 share in core IDNs. More than 50% of Alzheimer's disease-treating doctors were reported to prescribe only LEQEMBI, while the overall Alzheimer's disease market continues to grow at a double-digit quarterly pace.
  • Return on Equity ObjectiveManagement said the company is progressing toward its target of 8% ROE and intends to return to a double-digit ROE figure beyond that. LEQEMBI's standalone loss has narrowed substantially since the prior fiscal year, with management expecting a continuing positive trend.

MX:4523N Earnings History

MX:4523N earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 10, 20272026 (Q3)8.34-7.14――
Nov 10, 20262026 (Q2)6.814.864.2215.13% (+0.64)
Aug 03, 20262026 (Q1)6.497.586.0126.02% (+1.56)
May 15, 20262025 (Q4)1.45-1.350.42-418.51% (-1.77)
Feb 09, 20262025 (Q3)8.617.149.84-27.46% (-2.70)
Nov 05, 20252025 (Q2)5.724.224.59-8.07% (-0.37)
Aug 05, 20252025 (Q1)4.546.014.3338.97% (+1.69)
May 15, 20252024 (Q4)2.150.425.43-92.20% (-5.01)
Feb 07, 20252024 (Q3)5.009.842.44303.51% (+7.40)
Nov 08, 20242024 (Q2)3.604.591.14303.09% (+3.45)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed