Otsuka: Voyxact‘s 24-mon eGFR data has blown our mind. This is as good as it gets.

Research evidence excerpt

Otsuka: Voyxact‘s 24-mon eGFR data has blown our mind. This is as good as it gets.

4 August 2026

Miki Sogi, Ph.D.

+81 3 6777 6991

Japan Biopharma miki.sogi@bernsteinsg.com

Otsuka Holdings Tian Tan

+81 3 6777 6976

Rating tian.tan@bernsteinsg.com

Market-Perform

Price Target

4578.JP (4578.JP (Otsuka)) 11,600 JPY

Otsuka: Voyxact's 24-mon eGFR data has blown our mind. This is

as good as it gets.

Otsuka has presented Voyxact’s 24-mon eGFR data at GlomCon Hawaii 2026— Close Date 3 Aug 2026

Voyxact’s data exceeded the treatment goal defined in a guideline. The drug’s results

4578.JP Close Price (JPY) 11,500

from the Ph3 VISIONARY for IgAN are the final pivotal data required for its full approval by

Price Target (JPY) 11,600

FDA (the drug received an accelerated approval in Nov last year). The data demonstrated that

Upside/(Downside) 1%

over 24 mons on the treatment, IgAN patients’ eGFR (Estimated Glomerular Filtration Rate,

52-Week Range 11,910/7,223.00

a measure of kidney function based on calculated score from a blood test that measures

JPL 2,574.35

how well your kidneys filter waste) has been maintained (or one would argue a slight

FYE Dec

improvement) while those on placebo declined (Exhibit 1, Exhibit 2). As IgAN treatment

Div Yield 1.7%

goal, KDIGO (Kidney Disease Improving Global Outcomes) 2025 IgAN Guidelines defines

Market Cap (JPY) (B) 6,244.37

reduction of kidney function decline to near physiological levels of <1 mL/min/1.73 m² per

EV (JPY) (B) 5,999.68

year (healthy individual’s eGFR declines with age).

Performance YTD 1M 6M 12M

Good safety profile with less dropout vs placebo (Exhibit 3). Rates of common adverse Absolute (%) 29.6 1.8 22.1 56.2

events (e.g., infection, injection-site reactions) on Voyxact are comparable to placebo’s JPL (%) 16.7 (3.0) 9.0 38.4