Pharmaceutical Sector Weekly: July 21-24: Apr-Jun results start

Research evidence excerpt

Pharmaceutical Sector Weekly: July 21-24: Apr-Jun results start

J P M O R G A N Asia Pacific Equity Research

25 July 2026

Pharmaceutical Sector Weekly

July 21-24: Apr–Jun results start

In the week of July 21–24, the pharmaceuticals sector rose 1.3% WoW, Japan Equity Research

underperforming TOPIX (+2.3% WoW), but the sector is gradually being

Biotechnology & Pharmaceuticals/

reassessed as AI and semiconductor-related stocks pull back. The Apr–Jun results Medical Technologies & Services

season for the pharmaceuticals sector started with Chugai’s results on July 24. AC Seiji Wakao, Ph.D.

Chugai Pharmaceutical’s 2Q 2026 results left a positive impression, confirming

(81-3) 6736-8612

strong fundamentals. We look for a re-rating of the sector overall sector through seiji.wakao@jpmorgan.com

Apr–Jun results. See our Apr-Jun earnings outlook here. Figures 8-9 show the Apr- Yugo R. Kamimura, Ph.D.

Jun results calendar. (81-3) 6736-8635

yugo.kamimura@jpmorgan.com

• Novartis 2Q 2026 results: Novartis (covered by Richard Vosser) announced Naoko Saito

2Q (Apr–Jun) results July 21. Our estimate for Otsuka’s 2Q royalty sales, (81-3) 6736-8693

mainly from Pluvicto and Kisqali royalties, is ¥45.3 billion, but based on the naoko.saito@jpmorgan.com

results and our earnings model we calculate ¥46.5 billion (at ¥155/$), JPMorgan Securities Japan Co., Ltd.

suggesting an overshoot. Pluvicto results: 2Q sales of Pluvicto (prostate

cancer, radioligand therapy) were $651 million (+43% YoY; the same

excluding FX; our estimate $633 million; Bloomberg consensus estimate $672

million), of which the US accounted for $493 million (+38% YoY; Bloomberg

consensus estimate $554 million) and RoW $158 million (+65% YoY; 62%

excluding FX; Bloomberg consensus estimate $143 million). Kisqali results: