First Read: Otsuka Holdings "Competitor Vera's approval came as expected" (Buy)

研报英文原文证据摘录

First Read: Otsuka Holdings "Competitor Vera's approval came as expected" (Buy)

Global Research

8 July 2026ab

First Read

EquitiesOtsuka Holdings

Competitor Vera's approval came as expected Japan

Pharmaceuticals

12-month rating Buy

The label appears to be broadly similar

Competitor Vera received FDA approval for Trutakna (atacicept) for IgAN on July 7, and 12m price target ¥13,500

the company’s shares rose 7.0% on the day. Overall, the product label appears to

contain few surprises. The monthly WAC price has been set at $32,700, representing

Price (07 Jul 2026) ¥11,515

only a modest premium to Voyxact, although we expect the net price to be largely

comparable. In terms of administration, Vera’s product is given weekly via an RIC: 4578.T BBG: 4578 JP

autoinjector, compared with Otsuka’s once-every-four-weeks prefilled syringe. The Trading data and key metrics

labels of the two products also appear broadly similar with respect to anti-drug

52-wk range ¥11,715-6,531

antibodies (ADAs). The Trutakna label states: “There were no clinically significant effects

Market cap. ¥6,081b/US$37.6b

of ADA on the pharmacokinetics, pharmacodynamics, safety or effectiveness of

Shares o/s 528m (ORD)

TRUTAKNA over the treatment duration of 36 weeks in these studies.” Meanwhile, the

Voyxact label states: “The clinical significance of the differences in uPCR reduction Free float 85%

according to the presence or absence of ADA is not clear. The presence of ADA did not Avg. daily volume ('000) 1,190

have a clinically significant effect on the incidence or severity of adverse reactions.” Avg. daily value (m) ¥13,052.8

While Voyxact's label includes discussion of neutralizing antibodies, no such statement Common s/h equity (12/26E) ¥3239b

appears in the Trutakna label.