First Read: Ono Pharmaceutical "ONO-2808: We spoke with a physician" (Buy) Seki

Research evidence excerpt

First Read: Ono Pharmaceutical "ONO-2808: We spoke with a physician" (Buy) Seki

Global Research

28 May 2026ab

First Read

EquitiesOno Pharmaceutical

ONO-2808: We spoke with a physician Japan

Pharmaceuticals

12-month rating Buy

Direct comparison with Lundbeck is difficult, but there does appear to be a clear

efficacy signal 12m price target ¥2,950.0

UBS discussed the Phase 2 results of ONO-2808 (an S1P1 agonist) released today with a

physician involved in treating MSA (multiple system atrophy), who treats around four to

Price (28 May 2026) ¥2,400

five patients per month. The physician described the therapy as “promising” and

“competitive,” leaving a positive overall impression. While we see a clear efficacy signal RIC: 4528.T BBG: 4528 JT

in the Phase 2 study, MSA appears to be a more complex disease than expected, and Trading data and key metrics

reproducibility in Phase 3 trials will likely be the key challenge.

52-wk range ¥2,675-1,502

1. MSA is an extremely complex disease: beyond pharmacological treatment of Market cap. ¥1,128b/US$7.07b

parkinsonian symptoms, management must address autonomic dysfunction Shares o/s 470m (ORD)

(blood pressure, respiration, urination), psychiatric symptoms, and pain, as well as Free float 86%

caregiver support and legal considerations. In addition, disease progression is not Avg. daily volume ('000) 2,028

linear. While ONO-2808 data were based on a 24-week study, the physician Avg. daily value (m) ¥4,942.2

emphasized the need for caution when comparing with the 48–72-week AMULET Common s/h equity (03/27E) ¥882b

trial of Lundbeck’s anti-alpha-synuclein antibody Lu AF82422. The current study

P/BV (03/27E) 1.3x

enrolled 92 patients whose MSA symptoms developed within five years, but a five-

Net debt to EBITDA (03/27E) NM