Daiichi Sankyo Company, Limited (4568.T) : juste valeur

Thèse ACCE

Daiichi Sankyo is a Tokyo-listed drugmaker whose antibody-drug conjugates (ADCs), including the Enhertu franchise co-developed with AstraZeneca, carry most of its growth and its pipeline value. Its edge is proprietary ADC linker and payload technology, which is hard to replicate and has earned it a durable position in oncology partnerships. The near-term driver is continued uptake of Enhertu across additional HER2-expressing tumour types, with revenue growing 21.1% over the latest reported period, a pace well above what most large-cap pharma peers manage. At 19.8x forward earnings against 21.5x trailing, the market is already pricing in some of that growth, though the 68.5% gross margin and 14.8% operating margin leave room for the earnings base to expand as product sales scale. The question for the team is how much of the Enhertu royalty and milestone economics is locked in versus dependent on future label expansions, and whether the rest of the pipeline can offset any slowdown in that franchise.