Citi sees Daiichi supply review as immaterial for AstraZeneca Proactive uses images sourced from Shutterstock
AstraZeneca PLC (LSE:AZN, NASDAQ:AZN), the FTSE 100 pharmaceuticals giant, faces no material risk from its Japanese partner Daiichi Sankyo’s decision to delay its full-year 2025 results, according to Citi, which maintains a ‘buy’ rating on the stock.
Daiichi Sankyo, which partners with AstraZeneca on cancer treatments Enhertu and Datroway, has pushed its results publication back from 27 April to 11 May to allow additional time to estimate loss provisions linked to contract manufacturers, citing a review of supply plans across its oncology portfolio in light of rapidly changing business conditions.
Citi notes that Daiichi has previously flagged manufacturing difficulties, including minor Enhertu inventory write-downs of around $30 million in the second quarter of its 2025 financial year due to unqualified production lots, a problem since identified and resolved with no expected impact on supply.
The Japanese drugmaker also recorded around $110 million in compensation fees and inventory write-downs relating to contract manufacturers for Datroway and HER3-DXD, the latter developed in partnership with Merck, in the year to December 2025.
Citi’s analysts believe the delay reflects Daiichi working through issues within its own manufacturing network rather than any fundamental problem with the Enhertu or Datroway franchises, which are forecast to contribute 6.5% and 11% of AstraZeneca’s revenues in 2026 and 2030 respectively.
The bank sees little or no impact on sales of either drug and retains its positive stance on AstraZeneca’s shares.