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Japanese pharma known for Enhertu, an antibody-drug conjugate for cancer developed with AstraZeneca.
Japanese pharma known for Enhertu, an antibody-drug conjugate for cancer developed with AstraZeneca.
Shares the profits and costs of its key cancer drugs with partners, AstraZeneca for Enhertu and datopotamab deruxtecan and Merck for three more drugs agreed in 2023, so it earns through manufacturing payments, profit shares and milestone payments as well as its own sales. Cardiovascular drugs, led by edoxaban, remain the Japanese base.
In one line: A cancer-focused ADC leader, partnered like Seagen/Pfizer.
Moat: narrow (IP / patents, process know-how). Proprietary ADC linker-payload technology behind Enhertu, licensed globally to AstraZeneca.
Headquarters: Tokyo, Japan · Founded: 1899 · Employees: 20,171
Size Daiichi Sankyo (4568.T) is a Japan Health Care company (Pharmaceuticals: Major) with a market value of $31.9B, the 49th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,767 on 6 Nov 2026.
Performance Over six months the shares gained 6.9%, against +5.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 17.0% over the last twelve months (peer median +14.2%); the operating margin is 12.5% (peer median 18.6%).
Valuation It trades at 18.6× forward earnings against a peer median of 23.7× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.9 points above its cost of capital (6.5% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.31T | ¥2.12T | ¥1.89T | ¥1.60T | ¥1.28T |
| Revenue growth | — | +13% | +18% | +25% | — |
| Gross profit | ¥1.65T | ¥1.44T | ¥1.47T | ¥1.18T | ¥915B |
| EBITDA | ¥390B | ¥339B | ¥377B | ¥250B | ¥190B |
| Net income | ¥302B | ¥280B | ¥296B | ¥201B | ¥109B |
| Free cash flow | ¥28.3B | -¥50.7B | -¥62.4B | ¥511B | ¥53.8B |
| Capital expenditure | ¥144B | ¥149B | ¥188B | ¥123B | ¥67.4B |
| Total debt | ¥500B | ¥350B | ¥156B | ¥156B | ¥193B |
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 |
|---|---|---|---|---|---|---|
| Daiichi Sankyo 4568.T | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% |
| Chugai Pharmaceutical 4519.T | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% |
| AstraZeneca AZN.L | $291B | +1% | +5% | 23% | 18.3× | 14.5% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Gilead Sciences GILD | $207B | +28% | +7% | 38% | 19.3× | -2.9% |
| 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 | 4568.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.6% | +7.6% | 4th lowest of 21 |
| 6-month return | +6.9% | +5.6% | 11th highest of 21 |
| Distance from 52-week high | -31.9% | -10.0% | 5th lowest of 21 |
| Revenue growth (TTM) | +17.0% | +14.2% | 10th highest of 21 |
| Operating margin | 12.5% | 18.6% | 6th lowest of 21 |
| Forward P/E | 18.6× | 23.7× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 7.2% | 10.0% | 6th least demanding of 19 |
| Growth delivered (Del g) | +17.1% | +11.1% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | -9.9 pp | +2.3 pp | 7th least demanding of 19 |
| ROIC minus cost of capital | +5.9 pp | +4.6 pp | 9th highest of 21 |
| EV / EBITDA | 12.5× | 24.1× | 5th cheapest of 18 |
| Net debt / EBITDA | -0.5× | 0.2× | 9th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |
| Incyte INCY | United States | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% | +14.0% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% | +3.7% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 37.1× | 28.2% | +26.1% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| Jiangsu Hengrui Pharmaceuticals 1276.HK | Hong Kong | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% | +2.0% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |