Maintaining Our Chugai FVE After Strong 1Q as Older Biologics Face Headwinds
We’re maintaining our Chugai fair value estimate at JPY 4,560 per share following strong first-quarter results. 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 profitability through both direct sales in Japan and sales to overseas partner Roche; a similar arrangement for both Alecensa and Hemlibra is po...
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