Roche and Galderma 2Q26 Results: Slightly Positive for Chugai

研报英文原文证据摘录

Roche and Galderma 2Q26 Results: Slightly Positive for Chugai

Update

July 23, 2026 07:22 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MChugai Pharmaceutical (4519) | Japan Shinichiro Muraoka

Equity Analyst

Roche and Galderma 2Q26 Shinichiro.Muraoka@morganstanleymufg.comJaeheon Lee +81 3 6836-5424

Jaeheon.Lee@morganstanleymufg.com +81 3 6836-8443

Results: Slightly Positive for

Chugai

Key Takeaways Chugai Pharmaceutical (4519.T, 4519 JT)

Roche Japan sales: Up 9% YoY in Apr-Jun. Growth slowed from the elevated +11% Pharmaceuticals | Japan

in Jan-Mar but continues to exceed Chugai's full-year guidance for the Japan Stock Rating Overweight

Industry View In-Line

business of +5.4%. Price target ¥10,700

Shr price, close (Jul 23, 2026) ¥7,212

Hemlibra: Global sales rose 9% YoY in Apr-Jun (vs. +13% in Jan-Mar). Continues to Mkt cap, curr, basic (bn) ¥11,868.9

substantially exceed Chugai's full-year guidance of +2% for exports to Roche. Avg daily trading value (bn) ¥22.5

Nemluvio: Galderma reported Apr-Jun sales of $248mn, continuing strong growth

following $185mn in Jan-Mar.

New drugs: No major changes. Results from the Phase 2 obesity study

(GYMINDA) for GYM329 remain on track for release in 2026.

On Jul 23, Roche (covered by Sarita Kapila) and Galderma (covered by Thibault

Boutherin) reported 2Q26 results. Roche maintained its full-year guidance, while

Galderma raised guidance.

Favorable for Chugai, but only slightly positive for the share price: Chugai is

scheduled to report 2Q results tomorrow, Jul 24. We expect solid results that

slightly exceed company plans (while assuming full-year guidance will be

maintained). In our view, the most important share price catalyst remains Lilly's

(covered by Terence Flynn) comments on Foundayo at its earnings announcement

on Aug 5.