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Mr. Masashi Wakaokawa of JP Morgan Securities (Vice Presiden...

Mr. Masashi Wakaokawa of JP Morgan Securities (Vice President, Stock Research Department, Market Research Division) stated that "In recent years, Daiichi Sankyo's evaluation has been on the rise along with the growth of Enhertus." Since the launch of HER2-positive breast cancer treatment in the USA in January 2020, Daiichi Sankyo has expanded the indications for Enhertus to multiple countries and diseases. As a result, the stock price, which was in the 2000 yen range in 2019, reached the 3000 yen range by mid-2020.
In 2021, the overall market became conservative, causing stocks with anticipated future growth to underperform. Dragged down by this trend, Daiichi Sankyo's stock price also declined, temporarily falling below 2000 yen in August of the same year. As an individual factor, there was concern about the outcome of arbitration with U.S.-based Seagen, Inc. regarding the rights to ADC (according to Mr. Wakaokawa). As a result, the company's stock price fluctuated between the 2000 yen range and 3000 yen range until the end of 2021.
However, since announcing the achievement of the primary endpoint in the phase 3 clinical trial of Enhertus for HER2-low expressed breast cancer patients (DESTINY-Breast04 trial, hereinafter DB04 trial) in February 2022, the company's stock price began to be reassessed. Previously, only around 15-20% of all breast cancer patients were considered HER2-positive and thus eligible for anti-HER2 therapy with Enhertus, while over 80% were classified as HER2-negative and thus not eligible for this treatment. The DB04 trial reclassified up to 50% of all breast cancer patients as "HER2-low expressed breast cancer," opening up the possibility of treatment with Enhertus. Furthermore, the detailed results of the DB04 trial were revealed at ASCO in June of the same year, leading to a rise in the stock price to the 3500 yen range.
Mr. Masashi Wakaokawa of JP Morgan Securities (Vice President, Stock Research Department, Market Research Division) stated that "In recent years, Daiichi Sankyo...
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