First Read Chugai Pharmaceutical Read-through from Roche/Galderma Q2 print

研报英文原文证据摘录

First Read Chugai Pharmaceutical Read-through from Roche/Galderma Q2 print

Global Research

23 July 2026ab

First Read

EquitiesChugai Pharmaceutical

Read-through from Roche/Galderma Q2 print Japan

Pharmaceuticals

12-month rating Buy

Chugai Q2 revenue was largely in line with expectations

Roche reported its Q2 results today at 2:00 p.m. (Japan time), including a portion of 12m price target ¥9,800

Chugai’s revenue. The Q2 constant-exchange-rate (CER) growth rate for “Japan”

revenue was +9%, broadly in line with UBS estimates. Excluding Japan, global revenue

Price (22 Jul 2026) ¥7,306

was supported by Hemlibra (hemophilia A), which exceeded the Visible Alpha consensus

by 6%. Elevidys, the treatment for Duchenne muscular dystrophy (DMD), recorded RIC: 4519.T BBG: 4519 JP

approximately ¥3.9bn in Q2 revenue. On the innovation front, the INN (international Trading data and key metrics

nonproprietary name) for the hemophilia A therapy NXT007 was disclosed as

52-wk range ¥10,455-6,011

zemocimig. For the obesity treatment GYM329, peak sales potential was reduced to

Market cap. ¥12,024b/US$73.8b

CHF1–2bn from CHF2–3bn following the discontinuation of development in a rare

Shares o/s 1,646m (ORD)

neurological disease indication. Chugai is scheduled to announce its Q2 results on July

24 at 4:00 p.m., followed by an earnings conference call at 5:00 p.m. Separately, Free float 39%

Galderma reported Q2 results today at 2:00 p.m. Nemluvio generated revenue of Avg. daily volume ('000) 2,883

$248mn, exceeding the Visible Alpha consensus estimate of $222.5 million by 11%. Avg. daily value (m) ¥22,233.8

Common s/h equity (12/26E) ¥2163b

Royalties and milestone income within Roche’s reported Chugai segment P/BV (12/26E) 5.6x

increased by CHF93mn year-on-year Net debt to EBITDA (12/26E) NM