Chugai Pharmaceutical (4519.T): Q2 somewhat negative, next focus is LLY results. Progress for early-stage products

研报英文原文证据摘录

Chugai Pharmaceutical (4519.T): Q2 somewhat negative, next focus is LLY results. Progress for early-stage products

Flash |

24 Jul 2026 03:53:15 ET │ 10 pages

Chugai Pharmaceutical (4519.T)

Q2 somewhat negative, next focus is LLY results. Progress for early-

stage products

CITI'S TAKE Buy

Price (24 Jul 26 15:30) ¥7,416.0 Revenue rose 18% YoY with core OP up 25% to ¥165.9bn, slightly below

Target price ¥13,500.0 consensus of ¥174.9bn and our forecast of ¥178.6bn. This was roughly in

line with the estimate (¥166.5bn) derived from Roche's half-year report Expected share price return 82.0%

disclosed yesterday. In Japan growth decelerated from Q1 despite Expected dividend yield 1.9%

contributions from new drugs (Lunsumio, Evrysdi). In exports Hemlibra Expected total return 84.0%

was flat after Q1 strength, while strong Nemluvio performance drove Market Cap ¥12,204,979M

overall exports up 13%. Chugai says earnings are tracking in line with full- US$74,486M

year guidance. In new drugs, the new mid-size molecule ALK inhibitor

AQUA07 (a potential successor to Alecensa) entered Phase 1 trials, and

Chugai is considering presenting Phase 1 data for the celiac disease

treatment DONQ52 at an upcoming conference, suggesting smooth Hidemaru YamaguchiAC

progress. Foundayo began contributing to royalties from Q2. While results +81-3-6776-4620

are generally solid, Foundayo tends will likely be the focus of LLY results. hidemaru.yamaguchi@citi.com

Implications — The company announced results after the market close. Yesterday

related companies (Roche, Galderma) disclosed results. We see the implications of

results as slightly negative. The next focus will be information regarding Foundayo at

LLY results (August 5).

Consol. Sales OP Pretax Profit NP EPS PE