reports
- Karen Andersen
Chugai's productive internal pipeline and relationship with Roche supp...
We are raising our fair value estimate for Chugai to JPY 4,560 per share from JPY 4,010 following 2017 financial results, as we have slightly raised our estimates for Chugai's overseas revenue potential from ALK-positive lung cancer drug Alecensa, immunology drug Actemra, and recently approved hemophilia drug Hemlibra. In 2017, Actemra and Alecensa led growth, with Chugai's overall business seeing strong growth in revenue (8.6%) and core operating profits (28%). We still expect Chugai to see pos...
- Karen Andersen
Maintaining Our Chugai FVE After Strong 1Q as Older Biologics Face Hea...
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 Hemlib...
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