Chugai Fairly Valued as Cancer and Hemophilia Pipeline Counters Actemra and Japan Repricing
Chugai reported modest growth that was in line with our expectations in the first nine months of 2016, as solid demand for its oncology products in Japan was partly countered by price revisions that took effect in April, including the 10.9% price cut to cancer drug Avastin. We’re maintaining our JPY 3,545 fair value estimate, and we think the firm's symbiotic relationship with Roche and evidence of a culture of innovation support a narrow moat rating. However, we see continued pressure in 2018, ...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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