Slightly Raising Our Chugai FVE Due to Improving Tax Rate; 1Q Performance Solid
Chugai reported solid first-quarter results based on strong demand for its products overseas, and we are slightly raising our fair value estimate to JPY 3,780 to account for a lower long-term tax-rate assumption and strong performance for key products. Chugai’s JPY 125.5 billion in first-quarter revenue was up almost 5%. While domestic sales were down 3% due to last year’s 10.9% price revision for Avastin (effective in April 2016), overseas sales were up 23% due to Alecensa and Actemra sales to ...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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