First Read: Ono Pharmaceutical "R&D briefing takeaways" (Buy) Seki

研报英文原文证据摘录

First Read: Ono Pharmaceutical "R&D briefing takeaways" (Buy) Seki

Global Research

8 June 2026ab

First Read

EquitiesOno Pharmaceutical

R&D briefing takeaways Japan

Pharmaceuticals

12-month rating Buy

Confidence in ONO-4578 (gastric cancer) and ONO-2808 (MSA) results

12m price target ¥2,950.0

Ono held its R&D briefing from 15:00 on the 8th, with materials disclosed at noon.

1. Regarding ONO-4578, a gastric cancer therapy (EP4 antagonist) presented at Price (08 Jun 2026) ¥2,248

ASCO (American Society of Clinical Oncology), management described the overall RIC: 4528.T BBG: 4528 JT

survival hazard ratio of 0.44 in the PD-L1 positive population (with the control arm

receiving PD-1 antibody plus chemotherapy) as "remarkable," and stated that Trading data and key metrics

they can move into Phase 3 trials with confidence. Data for double-positive PD-L1 52-wk range ¥2,675-1,530

and CLDN18.2 patients were not disclosed, and management commented that Market cap. ¥1,056b/US$6.59b

there is still no clear answer regarding how such patients should be treated. As Shares o/s 470m (ORD)

numerous therapies targeting CLDN18.2, including ADCs and bispecific Free float 86%

antibodies, are under development, it should be noted that the treatment Avg. daily volume ('000) 1,988

landscape may shift over the next several years. Management also reviewed ESMO Avg. daily value (m) ¥4,777.6

GI data and expressed confidence regarding PD-L1 positive colorectal cancer. Common s/h equity (03/27E) ¥882b

2. Regarding ONO-2808 (S1P5 agonist), the duration from diagnosis was somewhat P/BV (03/27E) 1.2x

longer than in Lu AF82422 (Lundbeck), and there were differences in the MSA-P/ Net debt to EBITDA (03/27E) NM

MSA-C composition, with ONO-2808 having a higher proportion of MSA-P EPS (reported, basic) (¥)