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Pharmaceutical company known for Alzheimer's drug Leqembi, developed with Biogen, plus other therapies.
Pharmaceutical company known for Alzheimer's drug Leqembi, developed with Biogen, plus other therapies.
Sells drugs directly in Japan, Asia and Europe and shares profits with partners elsewhere: Biogen on Leqembi, which Eisai books itself, and Merck on cancer drug Lenvima. Leqembi's reimbursement by health systems, and the pace at which clinics set up to infuse and monitor patients, sets how fast it earns.
In one line: A specialty pharma like a smaller Biogen partner.
Moat: narrow (IP / patents, regulatory licence). Patent-protected Leqembi and regulatory approvals in a high-barrier neurology therapeutic area.
Headquarters: Tokyo, Japan · Founded: 1941 · Employees: 10,543
Size Eisai (4523.T) is a Japan Health Care company (Miscellaneous Commercial Services) with a market value of $8.68B, the 157th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,858 on 6 Nov 2026.
Performance Over six months the shares gained 3.6%, against +54.0% for the median peer and +1.8% for the Japan market (cap-weighted) — lowest of 6 in its peer set.
Growth Revenue grew 6.7% over the last twelve months (peer median +5.5%); the operating margin is 5.1% (peer median 15.4%).
Valuation It trades at 24.2× forward earnings against a peer median of 26.6× (3rd cheapest of 6).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.7 points below its cost of capital (5.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥857B | ¥825B | ¥789B | ¥742B | ¥744B |
| Revenue growth | — | +5% | +6% | 0% | — |
| Gross profit | ¥657B | ¥611B | ¥597B | ¥564B | ¥543B |
| EBITDA | ¥83.1B | ¥89.9B | ¥89.1B | ¥86.2B | ¥79.2B |
| Net income | ¥42.3B | ¥38.6B | ¥46.4B | ¥42.4B | ¥55.4B |
| Free cash flow | ¥42.6B | ¥46.0B | ¥18.2B | ¥41.7B | -¥24.3B |
| Capital expenditure | ¥39.3B | ¥41.2B | ¥23.0B | ¥24.8B | ¥34.6B |
| Total debt | ¥271B | ¥229B | ¥231B | ¥207B | ¥171B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Eisai 4523.T | $8.68B | +4% | +7% | 5% | 24.2× | 11.8% |
| Biogen BIIB | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Roche RO.SW | $385B | +22% | -1% | 31% | 19.6× | 0.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4523.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | +13.3% | 2nd lowest of 6 |
| 6-month return | +3.6% | +54.0% | lowest of 6 |
| Distance from 52-week high | -8.1% | -6.5% | 3rd lowest of 6 |
| Revenue growth (TTM) | +6.7% | +5.5% | 3rd highest of 6 |
| Operating margin | 5.1% | 15.4% | lowest of 6 |
| Forward P/E | 24.2× | 26.6× | 3rd cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | 11.8% | 22.0% | 2nd least demanding of 6 |
| Growth delivered (Del g) | +5.0% | +24.2% | lowest of 6 |
| Hurdle (Req g minus delivered) | +6.8 pp | -7.8 pp | 2nd most demanding of 6 |
| ROIC minus cost of capital | -1.7 pp | +6.0 pp | 3rd highest of 5 |
| EV / EBITDA | 16.3× | 21.2× | 2nd cheapest of 6 |
| Net debt / EBITDA | -0.5× | -0.8× | 3rd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Eisai 4523.T | Japan | $8.68B | +4% | +7% | 5% | 24.2× | 11.8% | +5.0% |
| WuXi XDC Cayman 2268.HK | Hong Kong | $11.4B | +23% | +42% | 28% | 39.5× | 22.0% | +126.4% |
| ICON ICLR | United States | $15.3B | +64% | +1% | 10% | 18.2× | 16.3% | +24.2% |
| Charles River Laboratories CRL | United States | $16.1B | +90% | -1% | 15% | 26.6× | 25.3% | +6.6% |
| Medpace MEDP | United States | $18.3B | +54% | +20% | 21% | 33.9× | 22.1% | +22.3% |
| Progyny PGNY | United States | $2.67B | +47% | +6% | 9% | 22.7× | 10.4% | +30.2% |