{"slug":"daiichi-sankyo","name":"다이이치산쿄","name_en":"Daiichi Sankyo","ticker":"4568.T","updated_at":"2026-07-12T04:47:15.227617+00:00","canonical":"https://valuechain.wiki/daiichi-sankyo","citable":"밸류체인 그래프 기준 다이이치산쿄의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Daiichi Sankyo is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 2 companies within two hops; the links are backed by 6 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"도쿄증시 · 항암 ADC · 엔허투 세계 1위","kicker_en":"TSE · Oncology ADC · Enhertu world leader","lead":"다이이치산쿄는 DXd 항체-약물 접합체(ADC) 플랫폼을 무기로 항암 사업을 키우는 일본 대형 제약사다. 핵심 자산인 엔허투와 다토웨이는 아스트라제네카와 일본을 뺀 전 세계에서 공동개발·판매하며, 두 회사가 총이익을 50대 50으로 나눈다. FY2025 연결 매출은 2조1,230억엔으로 전년 대비 12.6% 늘었고, 엔허투 글로벌 제품매출만 6,984억엔에 이른다. 회사는 2030년 종양 매출 2조3천억엔을 목표로 DXd ADC 5개 품목·20개 이상 적응증 확대를 추진한다.","lead_en":"Daiichi Sankyo is a large Japanese pharmaceutical company scaling an oncology business around its DXd antibody-drug conjugate (ADC) platform. Its flagship assets, Enhertu and Datroway, are co-developed and co-commercialised with AstraZeneca everywhere except Japan, with the two firms splitting gross profit 50:50. FY2025 consolidated revenue reached JPY 2,123.0 billion, up 12.6% year on year, and Enhertu global product sales alone were JPY 698.4 billion. The company targets JPY 2.3 trillion in oncology revenue by 2030, expanding five DXd ADC medicines across more than 20 indications.","segments":{"parts":[{"desc":"엔허투·다토웨이 등 DXd ADC 항암제. AZ와 일본 외 50:50 공동판매, 엔허투 글로벌 매출 6,984억엔(+26.3%).","name":"종양(DXd ADC: 엔허투·다토웨이)"},{"desc":"릭시아나(항응고제) 등 기존제품이 안정적 캐시카우.","name":"순환기·기존제품(릭시아나 등)"},{"desc":"백신·기타 부문.","name":"백신·기타"}],"total":"약 ¥2.12조 (FY2025, +12.6% YoY)"},"segments_en":{"parts":[{"desc":"DXd ADC cancer drugs such as Enhertu and Datroway; co-sold 50:50 with AZ outside Japan, Enhertu global sales JPY 698.4bn (+26.3%).","name":"Oncology (DXd ADC: Enhertu, Datroway)"},{"desc":"Established products such as the anticoagulant Lixiana as a steady cash cow.","name":"Cardiovascular and established products (Lixiana etc.)"},{"desc":"Vaccines and other.","name":"Vaccines and other"}],"total":"~¥2.12T (FY2025, +12.6% YoY)"},"returns_yearly":{"2021":-23.1,"2022":59.8,"2023":9.7,"2024":-2.1,"2025":-32.4,"2026":-2.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"merck-co","name":"머크 (미국 MSD)","name_en":"Merck & Co.","tier":1,"returns_yearly":{"2021":1.8,"2022":49.4,"2023":1,"2024":-6.3,"2025":9.8,"2026":19.1}}],"benefiting":[{"slug":"alteogen","name":"알테오젠","name_en":"ALTEOGEN","tier":1,"returns_yearly":{"2021":-45.9,"2022":-8.2,"2023":110.6,"2024":380.6,"2025":11.3,"2026":-21.5}}],"analysis":"투자 논점은 DXd ADC 플랫폼 한 축(엔허투·다토웨이)에 실적이 집중된 성장주형 제약사라는 점이다. 두 핵심 항암제를 아스트라제네카와 일본 외 전 세계에서 공동개발·판매하며 총이익을 50대 50으로 나누는 구조라, 매출은 AZ의 글로벌 상업화 실행에 절반을 의존한다 — FY2025 얼라이언스 제품매출이 $50억을 넘어 판매 마일스톤 $537.5M을 수령했고, 엔허투 글로벌 매출만 6,984억엔(+26.3%)이다. 연구개발비를 4,621억엔까지 늘려 5개 DXd ADC·20개+ 적응증으로 확장(2030년 종양 2.3조엔 목표)하는 파이프라인 재투자 국면이고, 순환기 릭시아나 등 기존제품이 캐시카우로 버틴다. 위험은 적응증 확대·경쟁 ADC 진입에 따른 엔허투 의존도와, 알테오젠 ALT-B4 피하주사 제형처럼 라이프사이클 연장 카드의 임상·허가 타이밍이다.","analysis_en":"The thesis is a growth-style pharma with results concentrated on one axis of its DXd ADC platform (Enhertu, Datroway). Co-developing and selling both flagship cancer drugs with AstraZeneca outside Japan on a 50:50 gross-profit split means half of revenue depends on AZ's global commercial execution — FY2025 alliance product sales crossed $5B, triggering a $537.5M sales milestone, and Enhertu global sales alone were JPY 698.4bn (+26.3%). It is reinvesting into the pipeline, lifting R&D to JPY 462.1bn to expand five DXd ADCs across 20+ indications (targeting JPY 2.3tn oncology by 2030), while established products like the cardiovascular drug Lixiana hold as a cash cow. Risks are Enhertu-dependence amid indication expansion and competing ADCs, and the clinical/approval timing of lifecycle extensions like Alteogen's ALT-B4 subcutaneous formulation.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"글로벌 의료기관·유통 (엔허투·기존제품 자체판매)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"JPY","as_of":"FY2025","basis":"다이이치산쿄 FY2025 IR","value":698400000000,"period":"엔허투 글로벌 제품매출(+26.3% YoY)","basis_en":"Daiichi Sankyo FY2025 IR"},"note":"다이이치산쿄가 직접 매출을 인식하는 지역(엔허투 부킹 시장·일본·기존제품)에서 발생하는 자체 제품매출. FY2025 연결 매출 2조1,230억엔(+12.6%), 이 중 엔허투 글로벌 제품매출 6,984억엔(+26.3%). 순환기 릭시아나 등 기존제품이 안정적 캐시카우.","note_en":"Own product revenue from territories where Daiichi Sankyo books sales directly (Enhertu booking markets, Japan, established products). FY2025 consolidated revenue was JPY 2,123.0bn (+12.6%), including Enhertu global product sales of JPY 698.4bn (+26.3%). Established products such as the cardiovascular drug Lixiana provide steady cash flow.","sources":[{"stance":"confirms","publisher":"Bioxconomy","publisher_en":"Bioxconomy","kind":"news","lang":"en","published_at":"2026-05-19","url":"https://www.bioxconomy.com/investment/daiichi-sankyo-charts-aggressive-oncology-expansion-with-14-6bn-target-by-2030","title":"다이이치산쿄, 2030년 종양 매출 $14.6bn 공격적 확장 목표","title_en":"Daiichi Sankyo charts aggressive oncology expansion with $14.6bn target by 2030","excerpt":"Enhertu generating combined sales of $4.98 billion in fiscal year 2025 ... targeting more than 2.3 trillion yen ($14.6 billion) in oncology revenue by 2030.","excerpt_en":"Enhertu generating combined sales of $4.98 billion in fiscal year 2025 ... targeting more than 2.3 trillion yen ($14.6 billion) in oncology revenue by 2030."},{"stance":"confirms","publisher":"다이이치산쿄 IR","publisher_en":"Daiichi Sankyo IR","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www.daiichisankyo.com/files/investors/library/materials/2026/FY2025%20Financial%20Results%20and%205Year%20Business%20Plan%20Presentation_E.pdf","title":"FY2025 실적 및 5개년 사업계획 프레젠테이션 (다이이치산쿄 IR)","title_en":"FY2025 Financial Results and 5-Year Business Plan Presentation (Daiichi Sankyo IR)","excerpt":"Revenue 1,886.3 → 2,123.0 (+12.6%). ENHERTU FY2025 Global Product Sales Results 698.4 Bn JPY, YoY +145.5 Bn JPY (+26.3%).","excerpt_en":"Revenue 1,886.3 → 2,123.0 (+12.6%). ENHERTU FY2025 Global Product Sales Results 698.4 Bn JPY, YoY +145.5 Bn JPY (+26.3%)."}]},{"direction":"cost","counterparty":"연구개발·임상 (DXd ADC 파이프라인)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"JPY","as_of":"FY2025","basis":"다이이치산쿄 FY2025 IR","value":462100000000,"period":"연구개발비(+29.4 YoY)","basis_en":"Daiichi Sankyo FY2025 IR"},"note":"차세대 DXd ADC 파이프라인(5개 품목·20개+ 적응증)과 임상시험에 투입하는 연구개발비가 최대 비용원. FY2025 R&D 비용 4,621억엔으로 전년 대비 294억엔 증가, 5DXd ADC 투자 확대가 주원인.","note_en":"R&D spending on the next-generation DXd ADC pipeline (five medicines, 20+ indications) and clinical trials is a major cost. FY2025 R&D expenses were JPY 462.1bn, up JPY 29.4bn year on year, driven mainly by increased 5DXd ADC investment.","sources":[{"stance":"confirms","publisher":"다이이치산쿄 IR","publisher_en":"Daiichi Sankyo IR","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www.daiichisankyo.com/files/investors/library/materials/2026/FY2025%20Financial%20Results%20and%205Year%20Business%20Plan%20Presentation_E.pdf","title":"FY2025 실적 및 5개년 사업계획 프레젠테이션 (다이이치산쿄 IR)","title_en":"FY2025 Financial Results and 5-Year Business Plan Presentation (Daiichi Sankyo IR)","excerpt":"R&D expenses 432.9 → 462.1 (+29.4). Increase in 5DXd ADCs R&D investments.","excerpt_en":"R&D expenses 432.9 → 462.1 (+29.4). Increase in 5DXd ADCs R&D investments."}]},{"direction":"revenue","counterparty":"AstraZeneca (엔허투·다토웨이 제휴)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025","basis":"다이이치산쿄 FY2025 IR","value":537500000,"period":"FY2025 판매 마일스톤(누적 $5B 얼라이언스 매출 달성)","basis_en":"Daiichi Sankyo FY2025 IR"},"note":"ADC 항암제 엔허투(2019.3)·다토웨이(2020.7)를 일본 제외 전 세계에서 아스트라제네카와 공동개발·상업화하며 총이익을 50대 50으로 나눈다. AZ가 매출을 인식하는 지역에서 다이이치산쿄는 이익 배분·마일스톤·(일본은)로열티를 받는다. FY2025 글로벌 얼라이언스 제품매출 $50억 돌파로 판매 마일스톤 $537.5M(860억엔) 수령. 엔허투 계약 최대 $69억, 다토웨이 계약 최대 $60억 규모.","note_en":"Co-develops and co-commercialises the ADC cancer drugs Enhertu (Mar 2019) and Datroway (Jul 2020) with AstraZeneca outside Japan, splitting gross profit 50:50. Where AstraZeneca books sales, Daiichi Sankyo receives its profit share, milestones and (in Japan) royalties. On crossing US$5bn in global alliance product sales in FY2025, it received a US$537.5m (JPY 86.0bn) sales milestone. The Enhertu deal is worth up to US$6.9bn and the Datroway deal up to US$6.0bn.","sources":[{"stance":"confirms","publisher":"더바이오","publisher_en":"TheBIO","kind":"news","lang":"ko","published_at":"2026-06-30","url":"https://www.thebionews.net/news/articleView.html?idxno=25944","title":"AZ·다이이찌산쿄, '엔허투' EU 첫 암종 불문 HER2 표적 치료제 허가","title_en":"AZ and Daiichi Sankyo's Enhertu gains first pan-tumor HER2 approval in EU","excerpt":"이번 EU 허가 확정으로 AZ는 다이이찌산쿄에 암종 불문 적응증 승인에 따른 마일스톤(단계별 기술료) 2500만달러(약 390억원)를 지급하게 된다.","excerpt_en":"On the EU pan-tumor approval, AstraZeneca will pay Daiichi Sankyo a US$25m milestone."},{"stance":"confirms","publisher":"다이이치산쿄 IR","publisher_en":"Daiichi Sankyo IR","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www.daiichisankyo.com/files/investors/library/materials/2026/FY2025%20Financial%20Results%20and%205Year%20Business%20Plan%20Presentation_E.pdf","title":"FY2025 실적 및 5개년 사업계획 프레젠테이션 (다이이치산쿄 IR)","title_en":"FY2025 Financial Results and 5-Year Business Plan Presentation (Daiichi Sankyo IR)","excerpt":"Achieved $5 Bn global alliance product sales and received $537.5 Mn (86.0 Bn JPY) as sales milestone. DS pays alliance partners 50% of gross profit for the DXd ADCs.","excerpt_en":"Achieved $5 Bn global alliance product sales and received $537.5 Mn (86.0 Bn JPY) as sales milestone. DS pays alliance partners 50% of gross profit for the DXd ADCs."},{"stance":"confirms","publisher":"SEC EDGAR (AstraZeneca)","publisher_en":"SEC EDGAR (AstraZeneca)","kind":"filing","lang":"en","published_at":"2025-04-04","url":"https://www.sec.gov/Archives/edgar/data/901832/000165495425003894/a5798d.htm","title":"엔허투, EU서 HR양성·HER2-저발현 유방암 승인 (AstraZeneca Form 6-K)","title_en":"Enhertu approved in EU in post-ET breast cancer (AstraZeneca Form 6-K)","excerpt":"AstraZeneca and Daiichi Sankyo's Enhertu (trastuzumab deruxtecan) has been approved in the European Union (EU) ... broadens the eligible patient population to those with HER2-ultralow disease.","excerpt_en":"AstraZeneca and Daiichi Sankyo's Enhertu (trastuzumab deruxtecan) has been approved in the European Union (EU) ... broadens the eligible patient population to those with HER2-ultralow disease."}]},{"direction":"cost","counterparty":"알테오젠","counterparty_slug":"alteogen","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-11","basis":"DART 사업보고서","value":300000000,"period":"최대 총 계약금액 + 로열티","basis_en":"DART annual report"},"note":"ADC 항암제 엔허투(Enhertu)의 피하주사(SC) 제형 개발에 알테오젠 ALT-B4를 독점 라이선스(2024.11). 최대 US$300M + 로열티, 계약금 US$20M(2024.12) 지급.","note_en":"Licenses Alteogen's ALT-B4 exclusively to develop a subcutaneous (SC) form of the ADC cancer drug Enhertu (Nov 2024); up to US$300M plus royalties, with a US$20M upfront paid Dec 2024.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://opendart.fss.or.kr/api/document.xml?rcept_no=20260323001596","title":"알테오젠 사업보고서 — 다이이치산쿄 ALT-B4 라이선스 (DART)","title_en":"Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART)","excerpt":"다이이치산쿄에 ALT-B4를 엔허투 피하주사 제형 개발용으로 독점 라이선스. 계약금 미화 2천만 달러, 마일스톤 포함 최대 미화 3억 달러 및 판매 로열티.","excerpt_en":"Exclusively licensed ALT-B4 to Daiichi Sankyo for a subcutaneous Enhertu formulation; US$20m upfront, up to US$300m including milestones plus sales royalties."}]},{"direction":"revenue","counterparty":"머크 (미국 MSD, ADC 공동개발)","counterparty_slug":"merck-co","confidence":"high","metric":{"qualifier":"three_ADC_codevelopment"},"note":"머크와 항체약물접합체(ADC) 3종(파트리투맙·이피나타맙·랄루도타툭 데룩스테칸)을 공동개발 — 머크의 선급·마일스톤과 상업화 분담이 다이이치 종양 파이프라인의 대형 수익원.","note_en":"Co-develops three ADCs (patritumab, ifinatamab, raludotatug deruxtecan) with Merck — Merck's upfronts/milestones and shared commercialization are a major revenue source for Daiichi's oncology pipeline.","sources":[{"stance":"confirms","publisher":"Merck & Co. (SEC EDGAR)","publisher_en":"Merck & Co. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm","title":"머크(MSD) 10-K (FY2025)","title_en":"Merck & Co. Form 10-K (FY2025)","excerpt":"Patritumab/ifinatamab/raludotatug deruxtecan developed in collaboration with Daiichi Sankyo (Merck 10-K).","excerpt_en":"Patritumab/ifinatamab/raludotatug deruxtecan developed in collaboration with Daiichi Sankyo (Merck 10-K)."}]}]}