Japan Biotechnology & Pharmaceuticals Takeaways from meetings with US and European investors

Research evidence excerpt

Japan Biotechnology & Pharmaceuticals Takeaways from meetings with US and European investors

Global Research

15 June 2026ab

Japan Biotechnology & Pharmaceuticals Equities

JapanTakeaways from meetings with US and European

investors Pharmaceuticals

Atsushi Seki

Analyst

atsushi.seki@ubs.com

Most interest on Otsuka HD, Daiichi Sankyo, and Astellas (in that order) +65 6495 6860

We summarise key takeaways from our meetings with US and European investors from Mark Yokoyama

29 May to 11 June. Given the sector’s underperformance, demand from generalist Analyst

investors was limited, and most meetings were with specialists. In terms of company- mark.yokoyama@ubs.com

specific questions, the highest level of interest was in Otsuka HD, followed by Daiichi +81-3-5208 6265

Sankyo and Astellas. 1) For Otsuka HD, the one-year eGFR data for Voyxact were

presented at ERA, and with the share price subsequently weakening somewhat, there

were many questions regarding data interpretation. European investors appeared more

bullish on Voyxact than US investors. The data themselves are very strong,

demonstrating a meaningful benefit from an anti-APRIL antibody. However, differences

in interpretation arise depending on whether comparisons are made from baseline or

based on the Annual Slope. In particular, a transient improvement observed at week 4 in

both the Voyxact and placebo groups (likely due to improved treatment conditions

associated with trial participation and use of SGLT2 inhibitors and ARBs, which was not

observed in Phase 2 trials) resulted in Annual Slope figures coming in below

expectations. Year 2 data will be critical, and if the decline is contained at around -2 to

-3mL in year 2, the average would be approximately -2.5mL, which we believe would