Eisai: Demonstrating the True Value of "hhceco" Management with 520.0 Billion Yen in Social Impact

Key Metrics at a Glance

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"Social Good" as a Corporate Compass: What the Top MSCI AAA Rating Signifies

The most significant takeaway from an analysis of Eisai's corporate management is that its business activities are rationally designed toward the clear objective of "realizing social good." In FY2025, Eisai achieved "AAA" status in the MSCI ESG Ratings¹, the highest possible grade reserved for top-tier companies in the pharmaceutical industry. This upgrade from the previous year’s "AA" rating² suggests that the company’s ESG management has entered a new stage.

At the core of this evaluation is a mechanism for creating social impact that is integrated with business operations, rather than a mere collection of environmental measures or social contribution activities. A prime example is the free provision of "DEC tablets," a treatment for lymphatic filariasis (LF), in the global health sector. Eisai estimates the social impact of this activity will reach 520 billion yen in FY2025³. While this does not translate directly into sales, it is positioned as a strategic investment to enhance non-financial value and embody the corporate philosophy of "eliminating health disparities" ⁴.

Similarly, the social impact of the Alzheimer’s disease treatment LEQEMBI® in the U.S. is calculated at 80 billion yen⁵, serving as a metric for the mission of "relieving health anxieties" ⁴. These figures provide powerful evidence that Eisai does not view profit-seeking and solving social issues as a binary opposition, but rather as a mutually reinforcing relationship at the heart of its management.

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From hhc to hhceco: An Ecosystem Strategy for Implementing Philosophy

Eisai’s corporate activities are fundamentally rooted in its "human health care (hhc)" corporate philosophy⁶. This ideology focuses on "giving first thought to patients and the people in the daily living domain, and increasing the benefits health care provides" ⁶. It is more than a slogan; it is explicitly stated in the Articles of Incorporation⁷ and serves as a code of conduct for all employees.

In recent years, Eisai has evolved this hhc philosophy into a new vision called "hhceco" (hhc ecosystem)⁸. This concept combines the hhc philosophy with an "ecosystem" that co-creates value by collaborating with diverse partners⁹. This evolution is driven by the deep realization that complex diseases like dementia and cancer can no longer be solved through the drug discovery efforts of a single company alone.

Specifically, in the field of dementia, Eisai aims to move beyond providing medication to realize a society where "individuals can live their lives to the fullest" ¹⁰ by partnering with diagnostic technology companies, care services, local governments, financial institutions, and more. It is noteworthy that Eisai positions itself as the "producer" of this ecosystem¹¹. This is an ambitious attempt to redefine its role from a "company that creates drugs" to a "company that builds platforms for solving social issues." This hhceco strategy serves as the engine for converting philosophy into concrete social value and ensuring sustainable growth.

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"Philosophy-Driven" Product Development Driving an 800 Billion Yen Revenue Forecast

Eisai’s consolidated revenue forecast for FY2025 is 800 billion yen¹². The steady growth trajectory—from an estimated 712.0 billion yen in FY2023¹³ and 789.4 billion yen in FY2024¹⁴—is supported by a portfolio of innovative products developed based on the hhc philosophy. The Alzheimer’s disease treatment LEQEMBI®, in particular, symbolizes the company’s growth.

This new drug brings hope to a field that lacked effective treatments for years, directly addressing the materiality of "realizing social good in the field of dementia" ¹⁵. The magnitude of its value is evident from its estimated annual social impact of 80 billion yen in the U.S. alone⁵. This success is a product of a corporate culture that challenges difficult problems like unmet medical needs rather than focusing solely on short-term profits.

On the other hand, Eisai’s philosophy-driven management also extends to areas where direct revenue is not expected. The free provision of DEC tablets for lymphatic filariasis mentioned earlier is a prime example. This initiative is based on a sense of mission to "eliminate health disparities" ¹⁶ and will continue until the disease is eliminated¹⁷. The social impact, estimated at 520 billion yen annually¹⁸, forms a massive "non-financial capital" that does not appear on financial statements. As symbolized by the MSCI AAA rating¹, this non-financial capital enhances the company's reputation, attracts top talent, and ultimately creates a virtuous cycle that leads to the maximization of long-term shareholder value¹⁹.

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15% Female Manager Target: Human Capital Management Fosters Innovation

Eisai clearly positions "people" as the source of innovation and the realization of the hhc philosophy. In FY2024, the company established a Global HR Purpose: "To unleash the energy of every employee, create organizational synergy, and contribute to maximizing social impact" ²⁰. This expresses a strong conviction that the success of diverse talent is the key to increasing corporate value.

A touchstone for this is the promotion of Diversity & Inclusion (D&I). In particular, promoting female advancement is recognized as a critical management issue. While the ratio of female managers in Japan stood at 12% in FY2024²¹, the company has set a challenging target of 15% for FY2025²². This 3-percentage-point increase is not just a numerical target but a strategic move to ensure diversity in decision-making and enhance organizational creativity.

Furthermore, Eisai uses its proprietary "E-HCI (Eisai Human Capital Index)" to visualize and improve the value of its human capital²³. This is a pioneering effort to quantitatively track non-financial elements, such as the penetration of the hhc philosophy²⁴ and employee engagement, to inform management decisions. The company is confident that maximizing the potential of its approximately 11,000 global employees²⁵ is the essential foundation for creating the next generation of innovative drugs.

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520 Billion Yen Annual Impact: DEC Tablet Donations Building Non-Financial Capital

The depth of Eisai's commitment to global health most clearly illustrates its brand value and social standing. The company continues to provide the treatment "DEC tablets" free of charge through the WHO (World Health Organization) to eliminate lymphatic filariasis (LF), one of the Neglected Tropical Diseases (NTDs)¹⁷.

What is notable about this activity is its scale, continuity, and the visualization of its social impact. The FY2025 target of 520 billion yen in social impact³ is not just a report on philanthropic results; it is the management strategy itself—maximizing corporate value through both "financial capital" and "non-financial capital" ¹⁹. This unwavering stance has earned trust from investors and society, resulting in top-tier external evaluations such as the MSCI ESG "AAA" rating¹ and a place on the CDP Climate Change "A List" ²⁶.

On the environmental front, however, challenges remain. Due to business expansion, greenhouse gas emissions in the supply chain (Scope 3 Category 1) increased by 80.9%²⁷, necessitating future countermeasures. Nevertheless, decarbonization at its own sites is progressing steadily, with a 98.7% renewable energy adoption rate (for purchased electricity)²⁸. Going forward, the company is expected to extend the hhceco philosophy to its suppliers and pursue sustainability across the entire value chain.

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Understanding Multi-Year Trends: The Trajectory from 2023 to 2025

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"Realizing Social Good" is the Most Rational Growth Strategy

Strength: Non-financial value born from consistency between philosophy and business

Eisai's greatest strength lies in the overwhelming consistency of its management starting from the hhc philosophy⁶. The philosophy permeates business strategy, R&D, HR systems, and financial strategy, ensuring that "realizing social good" ²⁹ is not empty rhetoric but is translated into concrete KPIs and business activities. The quantification of a 520 billion yen annual social impact³ and the MSCI AAA rating¹ prove that this philosophy-driven management is an extremely effective method for building non-financial capital.

Challenge: Evolution of diversity and the supply chain

Despite these brilliant achievements, challenges exist. One is the further promotion of diversity within human capital. Achieving the 15% female manager target²² will be an important milestone for the next phase of growth. To meet the needs of diverse patients globally, ensuring internal organizational diversity is essential. Another challenge is addressing environmental impact, particularly reducing emissions across the entire supply chain. The increase in Scope 3 emissions²⁷ shows that the company faces the common manufacturing challenge of decoupling business growth from environmental load.

Future Outlook

In evaluating Eisai’s future, the key will be how the grand vision of "hhceco" ⁸ is implemented as a specific business model in society. In particular, building a dementia ecosystem is a challenge that goes beyond the framework of a pharmaceutical company, and its success will be a litmus test for the future of the healthcare industry. Along with the global adoption of LEQEMBI®, the total social and economic value brought by this ecosystem will determine Eisai’s true corporate value. We will continue to monitor the outcome of the proposition Eisai is trying to prove: that "realizing social good is the most rational and sustainable growth strategy."

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Footnotes

出典

Footnotes

1. Eisai Value Creation Report, p. 74, "Major External Evaluations," (FY2025) ↩ ↩² ↩³ ↩⁴ ↩⁵

2. Eisai Value Creation Report 2024, p. 86, "Major External Evaluations," (FY2024) ↩ ↩²

3. Eisai Value Creation Report, p. 58, "Figure 2: Social Impact Targets for Free DEC Tablet Provision (FY2025, FY2030)," (FY2025) ↩ ↩² ↩³

4. Eisai Value Creation Report, p. 18, "Eisai’s Strategy for Creating the Future," (FY2025) ↩ ↩²

5. Eisai Value Creation Report, p. 54, "Social Impact Creation Targets," (FY2025) ↩ ↩²

6. Eisai Value Creation Report, p. 6, "Value Creation Story," (FY2025) ↩ ↩² ↩³

7. Eisai Value Creation Report, p. 9, "CEO Message," (FY2025) ↩

8. Eisai Value Creation Report, p. 4, "Supporting the Fullest Life," (FY2025) ↩ ↩²

9. Eisai Value Creation Report, p. 68, "Initiatives to Support Corporate Value," (FY2025) ↩

10. Eisai Value Creation Report, p. 29, "Initiatives Toward Building a Dementia Ecosystem," (FY2025) ↩

11. Eisai Value Creation Report 2024, p. 30, "Dementia Area Value Creation Story," (FY2024) ↩

12. Eisai Value Creation Report, p. 59, "Comprehensive Product Impact Revenue," (FY2025) ↩ ↩²

13. Eisai Co., Ltd. Eisai Value Creation Report 2023, p. 46, "Financial Indicators," (FY2023) ↩ ↩²

14. Eisai Value Creation Report, p. 16, "Financial Highlights," (FY2024) ↩ ↩²

15. Eisai Value Creation Report, p. 23, "Key Materiality: Long-term Targets, KPIs, and Risks," (FY2025) ↩

16. Eisai Value Creation Report, p. 4, "Mission and Sequence of Results," (FY2025) ↩

17. Eisai Value Creation Report 2024, p. 48, "Social Impact Creation Targets through Free DEC Tablet Provision," (FY2024) ↩ ↩²

18. Eisai Value Creation Report, p. 54, "Social Impact Creation Targets," (FY2025) ↩

19. Eisai Value Creation Report, p. 52, "Financial Strategy," (FY2025) ↩ ↩²

20. Eisai Value Creation Report 2024, p. 50, "Global HR Purpose," (FY2024) ↩

21. Eisai Value Creation Report 2024, p. 9, "CEO Message," (FY2024) ↩ ↩²

22. Eisai Value Creation Report, p. 25, "FY2025 Targets and KPIs," (FY2025) ↩ ↩² ↩³

23. Eisai Value Creation Report, p. 48, "Eisai’s Human Capital Management Model," (FY2025) ↩

24. Eisai Value Creation Report, p. 25, "FY2025 Targets and KPIs," (FY2025) ↩

25. Eisai Value Creation Report, p. 75, "Eisai’s Global Presence," (FY2025) ↩

26. Eisai Value Creation Report, p. 74, "Major External Evaluations," (FY2024) ↩

27. Eisai Value Creation Report, p. 17, "Non-Financial Highlights," (FY2024) ↩ ↩²

28. Eisai Value Creation Report, p. 70, "Major Initiatives," (FY2024) ↩

29. Eisai Value Creation Report, p. 21, "Identification of Materiality," (FY2024) ↩