Global Alecensa Uptake Counters Rituxan Biosimilars; Raising Our Chugai FVE Following 3Q
We've slightly raised our Chugai fair value estimate to JPY 4,820 from 4,680 following third-quarter results. Steadier-than-expected Avastin revenue and continued strength in overseas revenue for Actemra and Alecensa more than countered the increasing Rituxan biosimilar headwinds in our model. We continue to see Chugai’s economic moat as narrow, as the firm’s novel pipeline and collaboration with Roche is partly countered by pricing and demographic headwinds in Japan.Our top-line estimate for 2...
Chugai Pharmaceutical is a pharmaceutical company. Along with its subsidiaries, Co. is engaged in the research and development of new prescription medicines and the subsequent manufacturing, marketing and distribution activities. Co. sells its pharmaceutical products to the nationwide appointed stores in Japan, as well as in overseas, such as Germany, the U.K., France, Taiwan, China, South Korea and the U.S. Co., through its subsidiaries, is also involved in the management of research facilities, and the research on drug discovery, as well as the provision of literature research services for pharmaceutical information, and pharmaceutical academic information.
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