TSE · Oncology ADC · Enhertu world leader
Daiichi Sankyo
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.
4568.T Updated Jul 12, 2026 2 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · ~¥2.12T (FY2025, +12.6% YoY)
- Segments · Oncology (DXd ADC: Enhertu, Datroway) · Cardiovascular and established products (Lixiana etc.) · Vaccines and other
Revenue from
- 글로벌 의료기관·유통 (엔허투·기존제품 자체판매) High confidence· Amount ¥698.4B · 엔허투 글로벌 제품매출(+26.3% YoY) · Daiichi Sankyo FY2025 IR
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.Confirms EN Bioxconomy Published May 19, 2026: Daiichi Sankyo charts aggressive oncology expansion with $14.6bn target by 2030Confirms EN Daiichi Sankyo IR Published Apr 28, 2026: FY2025 Financial Results and 5-Year Business Plan Presentation (Daiichi Sankyo IR) - AstraZeneca (엔허투·다토웨이 제휴) High confidence· Amount $538M · FY2025 판매 마일스톤(누적 $5B 얼라이언스 매출 달성) · Daiichi Sankyo FY2025 IR
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.Confirms KO TheBIO Published Jun 30, 2026: AZ and Daiichi Sankyo's Enhertu gains first pan-tumor HER2 approval in EUConfirms EN Daiichi Sankyo IR Published Apr 28, 2026: FY2025 Financial Results and 5-Year Business Plan Presentation (Daiichi Sankyo IR)Confirms EN SEC EDGAR (AstraZeneca) Published Apr 4, 2025: Enhertu approved in EU in post-ET breast cancer (AstraZeneca Form 6-K) - Merck (MSD, ADC co-development) High confidence
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.
Pays to
- 연구개발·임상 (DXd ADC 파이프라인) High confidence· Amount ¥462.1B · 연구개발비(+29.4 YoY) · Daiichi Sankyo FY2025 IR
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.Confirms EN Daiichi Sankyo IR Published Apr 28, 2026: FY2025 Financial Results and 5-Year Business Plan Presentation (Daiichi Sankyo IR) - Alteogen High confidence· Amount $300M · 최대 총 계약금액 + 로열티 · DART annual report
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.Confirms KO FSS DART Published Mar 23, 2026: Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Merck & Co. | lead1 | +1.8 | +49.4 | +1 | -6.3 | +9.8 | +19.1 |
| Daiichi Sankyo | node | -23.1 | +59.8 | +9.7 | -2.1 | -32.4 | -2.4 |
| ALTEOGEN | benef1 | -45.9 | -8.2 | +110.6 | +380.6 | +11.3 | -21.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10