Daiichi Sankyo Co Ltd

4568: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎3,623.00	Tghkfjq	Fwwpxlfjpj

Daiichi Sankyo Earnings: Strong Start to the Year; Exceeds Expectations Across Business Lines

Jay Lee

Aug 2, 2024

Narrow-moat Daiichi Sankyo's first-quarter earnings exceeded our expectations due to strong performance across its businesses, including Enhertu and Lixiana sales as well as its American Regent business. Revenue for the three months was JPY 436.2 billion, or 24% year-on-year growth, which we think is a strong result even after adjusting for a foreign exchange tailwind of 8.7%, or JPY 30.4 billion. We maintain our fair value estimate of JPY 5,500 per share, which is close to the current market price.

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