We're Slightly Increasing Our Chugai FVE Following Strong 2Q
We’re slightly increasing our Chugai fair value estimate to JPY 4,680 from JPY 4,560 following strong second-quarter results, as we've slightly lowered our assumed tax rate, partly countered by a steeper assumed long-term decline in Rituxan sales in Japan. 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. Chugai's internally developed immunology drug Actemra has boosted...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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