Japan-based Astellas Pharma Inc. (TYO: 4503) has announced its financial results for the year ended March 31, 2024, with revenues reaching ¥1.603 trillion (USD 10.13 billion), marking a 5.6% year-on-year (YOY) increase.
The company’s core growth drivers for the year included the prostate cancer drug Xtandi (enzalutamide), which is co-developed globally with Pfizer Inc. Despite being over a decade on the market, Xtandi continues to expand, with sales up 13.5% to ¥750.5 billion (USD 4.71 billion). The urothelial cancer therapy Padcev (enfortumab vedotin), partnered with Seagen, now owned by Pfizer, saw a remarkable 92.1% growth, reaching ¥85.4 billion (USD 540 million), surpassing earlier sales forecasts. This growth was fueled by the designation of Padcev in combination with Keytruda (pembrolizumab) as the standard of care for first-line urothelial carcinoma in three major markets. Additionally, the acute myeloid leukemia (AML) drug Xospata (gilteritinib) recorded an 18.3% increase in sales, amounting to ¥55.1 billion (USD 350 million).
As Xtandi faces a patent cliff in 2027, Astellas has been actively expanding its portfolio through strategic acquisitions. In April 2023, the company acquired US-based eye disease specialist Iveric Bio for USD 5.9 billion. Iveric’s Izervay (avacincaptad pegol) was approved in the US in September 2023 for the treatment of geographic atrophy and generated ¥12.1 billion (USD 75.92 million) in 2023 revenues, exceeding initial sales forecasts. Another notable approval was Vezoah/Vezoa (fezolinetant), a treatment for moderate to severe vasomotor symptoms due to menopause, which won its first global approval in May 2023. The drug, acquired through the purchase of Belgian firm Ogeda SA for USD 850 million in 2017, had 2023 sales of ¥7.3 billion (USD 45.8 million), which was below forecasts.
Looking ahead, Astellas/Pfizer’s Padcev is poised for significant growth, with new approvals anticipated in Q2 this year in China for second-line and beyond metastatic urothelial carcinoma, and in Q3 in Japan and Europe for first-line metastatic urothelial carcinoma.- Flcube.com
