Takeda Pharmaceutical (4502.T): Expert call on US psoriasis treatment – zasocitinib to secure second-line position?

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Takeda Pharmaceutical (4502.T): Expert call on US psoriasis treatment – zasocitinib to secure second-line position?

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30 Jun 2026 03:47:08 ET │ 10 pages

Takeda Pharmaceutical (4502.T)

Expert call on US psoriasis treatment – zasocitinib to secure second-

line position?

CITI’S TAKE Buy

We conducted a call with psoriasis treatment expert Dr. Paul S. Yamauchi Price (30 Jun 26 15:30) ¥5,155.0

from the Dermatology Institute & Skin Care Center in the US. We present Target price ¥7,900.0

the implications below. In conclusion, while the doctor thinks Icotyde

Expected share price return 53.2% looks highly competitive among oral psoriasis treatments likely to enjoy

expansion going forward, he believes Takeda’s zasocitinib can secure a Expected dividend yield 4.0%

second-line position. This is largely in line with our expectations, and we Expected total return 57.2%

maintain our bullish stance on Takeda. The doctor noted that there were Market Cap ¥8,144,252M

issues with rival Sotyktu, including the need for tuberculosis testing, US$50,404M

increased infections, and elevated triglycerides. While the doctor

recommended switching from existing drugs when Sotyktu launched, its

positioning has become difficult with Icotyde’s emergence.

Hidemaru YamaguchiAC

+81-3-6776-4620Icotyde has been rated as best-in-class in terms of the balance between efficacy and

hidemaru.yamaguchi@citi.comside-effects, and since it does not require tuberculosis testing, it appears to be safe

and easy to use. However, the doctor says that tuberculosis testing per se is

something that medical institutions are familiar with and not a particular problem.

Also, there seem to be no particular complaints from patients regarding the

administration of Icotyde on an empty stomach, and the doctor says that even