Takeaways from Our Seminar on Kidney, Diabetes, and Obesity Medicine

Research evidence excerpt

Takeaways from Our Seminar on Kidney, Diabetes, and Obesity Medicine

Idea

June 24, 2026 11:05 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MPharmaceuticals | Japan Shinichiro Muraoka

Equity Analyst

Takeaways from Our Seminar Shinichiro.Muraoka@morganstanleymufg.comJaeheon Lee +81 3 6836-5424

Jaeheon.Lee@morganstanleymufg.com +81 3 6836-8443

on Kidney, Diabetes, and

Obesity Medicine

On June 24 we hosted a seminar via Zoom titled "Expert

Pharmaceuticals

Opinions on New Drug Assessments in Nephrology, Diabetes, Japan

Industry View In-Line

and Hypertension (IgAN, GLP-1, RDN, etc)", featuring comments

from our guest KOL (key opinion leader), a Japanese doctor

specializing in nephrology.

The seminar strengthened our conviction in our OW ratings on Otsuka HD (IgA

nepropathy drug Voyxact) and Chugai (oral GLP-1 Foundayo).

Immunoglobulin A nepropathy (IgAN)

IgAN is a progressive, chronic condition with a large patient population, but

treatment options have historically been limited, generally with conservative

treatment centered on steroids that continues over many years. Against this

backdrop, the APRIL antibody Voyxact has shown substantial reduction (about

50%) in proteinuria and suppression of declines in renal function; in clinical

settings our KOL expert evaluates it as offering "superior efficacy to

conventional treatment". He particularly emphasized the suppression of

deterioration in the eGFR slope. He said the key evaluation point is not short-term

fluctuations, but the drug's ability to preserve renal function over the long term.

Regarding 12-month interim data for Voyxact, he noted that the confirmation of

suppressed eGFR progression over the medium/long term matters more than the

apparent short-term improvement in eGFR seen in the first four weeks. He