Chugai's productive internal pipeline and relationship with Roche support a narrow moat.
We’re slightly raising our Chugai fair value estimate to JPY 4,010 from 3,780, but we continue to see shares as overvalued as biosimilar threats and 2018 Japan price revisions for Rituxan and Herceptin approach. Chugai had a strong third quarter, with revenue up 18% because of strong overseas revenue (led not only by sales of Actemra to Roche, but also driven by sales of Alecensa). Improving product mix led to higher gross margins, and a slow increase in operating expenses also contributed to a ...
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