Eisai Korea has recorded a decline in sales of its flagship products, including its anti-cancer drug Lenvima (lenvatinib), for 3 consecutive years since 2020.

The company has not seen a clear rebound since experiencing a significant drop in sales in 2022. The company’s JAK inhibitor Jyseleca (filgotinib), which was listed for reimbursement late last year, and the dementia drug Leqembi (lecanemab-irmb), which is expected to be launched by the end of the year, are gaining interest as potential drivers of the company’s performance growth.


Eisai’s sales last year recorded KRW139.3 billion... backsliding every year since 2021's KRW 221.9 billion

In 2023, Eisai Korea’s sales in Korea totaled KRW 139.3 billion, down -0.8% from KRW 140.4 billion in 2022.  This is the third consecutive year the company saw a decline since 2020.

Eisai’s sales peaked at KRW 221.9 billion in 2020 before declining to KRW 212.9 billion in 2021. The company's revenue then fell to KRW 140.4 billion in 2022, a 34% year-on-year decline.

During the same period, operating profit was KRW 23.2 billion in 2020, KRW 22.8 billion in 2021, and KRW 5.1 billion in 2022. However, operating profit rebounded to KRW 9.3 billion last year, largely due to a decrease in the cost of goods sold (KRW 77 billion to KRW 73.3 billion) and selling, general and administrative expenses (KRW 58.2 billion to KRW 56.6 billion).

The decline in growth is attributed to the company’s decline in sales of Lenvima, which is used to treat liver and thyroid cancer, along with a decline in sales of its existing product portfolio.


According to IQVIA, Lenvima’s sales have declined from KRW 15.8 billion in 2021 to KRW 13.6 billion in 2022, then to KRW 10.3 billion in 2023.

In addition, the fact that Lenvima is facing patent challenges from generic companies is also discouraging news for Eisai in the long term. Currently, Boryung is challenging Lenvima’s patents from multiple directions.

Eisai is raising its barriers by registering new patents, but Boryung is also actively responding, reaffirming its determination to launch its generic early.

In addition, sales of Pariet, a GERD drug, were KRW 14.6 billion last year, down slightly from the KRW 15.1 billion the previous year.


Equfina’s sales grow after reimbursement...Aricept’s sales exceeded KRW 70 billion for the third consecutive year

Although Eisai’s sales declined for the third consecutive year, there is room for its rebound. Its Aricept, its key product, showed solid sales, and Equfina’s sales growth and the introduction of new drugs are expected to also work in favor of the company.

First, sales of its Parkinson's disease treatment Equfina (safinamide mesilate) have grown every year since its reimbursement in February 2021.

Equfina, which generated KRW 800 million in sales in its first year of coverage, has grown at an average annual rate of about KRW 2 billion, reaching KRW 4.8 billion in sales last year.

It is also positive that Aricept (donepezil hydrochloride), a dementia treatment, has shown solid sales for 3 consecutive years since posting sales of KRW 70.4 billion in 2021. ArIcept sold KRW 73.8 billion last year, up 1% from KRW 72.9 billion in 2022

A particularly promising part of Eisai’s dementia portfolio is its dementia drug Leqembi, which is expected to launch by the end of the year. Leqembi, which was approved by the MFDS in May, is said to have utilized the ‘approval-reimbursement linkage system’ for the drug’s reimbursement.


The system allows for a drug to apply for reimbursement approval to the Health Insurance based on the results of the MFDS’s safety and efficacy review before approval. This reduces the insurance drug price review period and enables faster market entry.

In addition, Jyseleca, which entered the reimbursement system in November last year and passed the drug committee (DC) of major hospitals including tertiary hospitals, is also a promising item.

Jyseleca was initially approved for rheumatoid arthritis and moderate-to-severe active ulcerative disease, and while several JAK inhibitors are competing with the same indications, Jyseleca is priced competitively at less than 90% of the weighted average price, which is expected to drive sales growth.