Ono Pharmaceutical (4528) Model update: Raising price target to ¥1,900, maintaining Underweight rating

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Ono Pharmaceutical (4528) Model update: Raising price target to ¥1,900, maintaining Underweight rating

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

04 July 2026

Ono Pharmaceutical (4528) Underweight

4528.T, 4528 JP

Model update: Raising price target to ¥1,900, Price (03 Jul 26):¥2,419

maintaining Underweight rating ▲Price Target (Dec-26):¥1,900 Prior (Dec-26):¥1,800

We revise our earnings estimates to reflect 4Q FY2025 results and forex trends. We

slightly revise our price target to ¥1,900 (previously ¥1,800) and maintain our Japan Equity Research

Underweight rating. Our previous earnings estimates already reflected ONO-4578 Biotechnology & Pharmaceuticals/

(1L gastric cancer) and ONO-2808 (multiple system atrophy). We forecast Medical Technologies & Services

FY2036 sales of ¥52.6 billion for ONO-4578 (with a 60% probability of successful AC Seiji Wakao, Ph.D.

launch) and ¥48.7 billion for ONO-2808 (60%). (81-3) 6736-8612

seiji.wakao@jpmorgan.com

We view results announcements for ONO-2020 (Alzheimer’s disease dementia Yugo R. Kamimura, Ph.D.

and agitation associated with it) and ONO-1110 (endocannabinoid regulation) as (81-3) 6736-8635

share price catalysts, and believe solid results might cause the share price to rise yugo.kamimura@jpmorgan.com

in the near term. While we are positive on the improving pipeline that could Naoko Saito

contribute from 2030 onward, we see downside based on DCF analysis using our (81-3) 6736-8693

earnings estimates for the next 10 years, and thus expect the stock to underperform naoko.saito@jpmorgan.com

relative to the sector. We also expect the company to enter a period of profit declines JPMorgan Securities Japan Co., Ltd.

from FY2027, and expect this to weigh on the share price as well. Style Exposure