26/12 Q2 results: Another macrocyclic peptide project set to enter clinical stage: Quick Note

研报英文原文证据摘录

26/12 Q2 results: Another macrocyclic peptide project set to enter clinical stage: Quick Note

Global Markets Research

24 July 2026Chugai Pharmaceutical

4519.T 4519 JP / EQUITY: JAPAN PHARMACEUTICALS

26/12 Q2 results: Another macrocyclic peptide Rating Neutralproject set to enter clinical stage

Target price JPY 8,000Quick Note

Closing price

24 July 2026 JPY 7,416First impression in line: Sales and profits rise despite adjustments to shipments

The company released 26/12 Q2 (Apr–Jun) results at 16:00 JST on 24 July and held a (Note: Quick Note reports are not a

briefing from 17:00. Despite export shipments to Roche being modified from initial plans, a vehicle for changes to ratings, target

regular happening, sales and profits rose on growth in mainstay products. Although results prices, or earnings forecasts)

fell short of our forecast, our impression of results is in line in view of steady progress with

new drug development.

(1) Apr–Jun sales of ¥341.6bn (up 17.8% y-y) undershot our forecast of ¥355.2bn by

¥13.6bn. Sales of hemophilia treatment Hemlibra to Roche were ¥20.8bn lower than we Research Analysts

had expected, and sales of rheumatoid arthritis treatment Actemra were ¥13.4bn higher. Japan pharmaceuticals &

Shipments of Hemlibra look to have been delayed, and those of atopic dermatitis healthcare

treatment Nemluvio appear not to correlate with actual sales as they are based on Hiroyuki Matsubara, Ph.D. - NSC

Galderma inventory plans (see our 23 July 2026 report Japanpharmaceuticalsand hiroyuki.matsubara@nomura.com

biotechsector for more on results at Roche and Galderma). (2) Apr–Jun core operating +81 3 6703 1240

profits of ¥165.9bn (up 25.2%) undershot our forecast of ¥188.1bn by ¥22.2bn. Costs