Pharmaceuticals: Morgan Stanley Japan Healthcare Tour (May 18-19) Takeaways

研报英文原文证据摘录

Pharmaceuticals: Morgan Stanley Japan Healthcare Tour (May 18-19) Takeaways

competition in long-acting formulations is intensifying, but the company

opined that this could be offset by growth in the current long-acting injectable

(Cabenuva), such that HIV sales remain flat or rise slightly. The company also emphasized

that VH184 (a next-generation integrase inhibitor) offers advantages not only in terms of

strong efficacy but also lower injection volume and limited drug-drug interaction impact.

In terms of M&A strategy, the company’s policy is to remain flexible and not narrowing

down the size range. It plans to unveil its next medium-term plan in 2027.

Ono Pharmaceutical: This was a meeting held before the release of ASCO (American

Society of Clinical Oncology) abstracts. The discussion centered on ONO-4578 (gastric

cancer). The company has confirmed positive signals for ONO-4578 in Ph2 and expressed

confidence in both PFS and OS. On Romvimza, the company said it is increasingly

becoming an option in first-line treatment, and while competing drugs may be set to roll

out ahead, it also expressed expectations for rising market awareness. Sapablursen is

positioned as differentiated by its dosing frequency (Q4W), which is seen as more

convenient than competing products (Takeda’s rusfertide is QW). Also, even as it

continues to build out its own development pipeline, the company’s preference is for

partnerships rather than full out-licensing.

Chugai: There were relatively few questions on Foundayo, with investor attention starting

to shift toward the search for the next new drug. The discussion was around the profiles

of drugs in the Ph1/2 stage such as RAY121 (a complement C1s antibody) and AUB00 (a

pan-KRAS inhibitor: an oral mid-size molecule).