Otsuka HD (4578): Voyxact confirmed 2-year kidney function stabilization and improvement in IgAN

研报英文原文证据摘录

Otsuka HD (4578): Voyxact confirmed 2-year kidney function stabilization and improvement in IgAN

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Otsuka HD (4578)

Voyxact confirmed 2-year kidney function

stabilization and improvement in IgAN

Maintain Rating: BUY | PO: 13,600 JPY | Price: 10,665 JPY

02 July 2026

Voyxact 2-yr eGFR data positive; traditional approval next Equity

Before the market open on July 2, Otsuka Holdings announced positive 2-year kidney

function data from the P3 VISIONARY trial of Voyxact, an IgA nephropathy treatment. Koichi Mamegano >>

Research Analyst

Voyxact statistically significantly maintained eGFR (estimated glomerular filtration rate) BofAS Japan

versus placebo over 2 years and showed an improvement in renal function. Voyxact has koichi.mamegano@bofa.com

obtained accelerated approval in the US, and the company plans to proceed with steps Takefumi Kobayashi >>

toward traditional approval based on this kidney function data. We reaffirm our view that BofAS Japan

Voyxact will drive the company’s medium- to long-term earnings growth, and maintain takefumi.kobayashi@bofa.com

our Buy rating. Our price objective is ¥13,600. Ritsuo Watanabe >> Research Analyst

BofAS Japan

ritsuo.watanabe@bofa.comMKDIGO-GL target met; kidney function also improved

We believe the latest 2-year kidney function data have further increased expectations

for Voyxact’s competitive advantage and long-term earnings contribution in IgA

nephropathy. In the interim analysis disclosed at the European Renal Association (ERA) Stock Data

meeting in June, the eGFR slope showed an annual decrease of 3mL/min/1.73m², which

did not materially exceed market expectations, leaving concerns over the long-term Price (Common / ADR) 10,665 JPY / 32.94 USD

effect in slowing kidney function decline.