2024 Revenues ($USD) : $9.19B

Otsuka Holdings, the Japanese healthcare player with both pharma and nutraceutical arms, really knocked it out of the park in fiscal 2024. Revenue hit ¥2.33 trillion (that's about $15.6 billion USD), a hefty 15% jump, while net income absolutely soared 182% to ¥343.1 billion. That performance drove profit margins way up from 6% to 15% and blew past analyst expectations.

What drove this? Strength across the board. Its Pharmaceutical segment climbed 17.1%, led by key products like ABILIFY MAINTENA, REXULTI, and JYNARQUE. The Nutraceutical business wasn't far behind, posting 15.2% growth, helped by its focus on women's health.

The company highlighted a robust R&D pipeline with plenty of assets in mid-to-late stages, signaling it's still focused on innovation.

Despite this banner year, the forward look is a bit more muted. While Otsuka aims to keep the growth train rolling, analysts are forecasting revenue growth to cool down significantly, averaging only about 1.6% annually over the next three years. That's lagging behind what's expected for the Japanese pharma industry overall.

So, the analyst view seems to be: solid 2024 results and execution, no doubt. But the conservative forward growth forecasts raise questions — were there one-off tailwinds boosting the 2024 surge, or is competition heating up? Key things to keep an eye on will be how those major drugs hold up, pipeline progress, and whether the women's health push in nutraceuticals keeps delivering. There's a hint that the stock might be undervalued if Otsuka can actually outperform those modest growth predictions.