Chugai Pharmaceutical (4519): Foundayo (orforglipron) prescription trends (IQVIA), Week 16 (week ending July 24). Sat Aug 01 2026

研报英文原文证据摘录

Chugai Pharmaceutical (4519): Foundayo (orforglipron) prescription trends (IQVIA), Week 16 (week ending July 24). Sat Aug 01 2026

J P M O R G A N Asia Pacific Equity Research

01 August 2026

Chugai Pharmaceutical (4519) Overweight

4519.T, 4519 JP

Foundayo (orforglipron) prescription trends (IQVIA), Price (31 Jul 26):¥6,932

Week 16 (week ending July 24) Price Target (Dec-26):¥11,000

IQVIA updated Foundayo prescription data for the Week 16 (week ending July 24) Japan Equity Research

on July 31. IQVIA reported 29,388 prescriptions (+10% WoW). The strong growth

Biotechnology & Pharmaceuticals/

continued from last week (+10% WoW). Medical Technologies & Services

Foundayo’s current share based on TRx versus Wegovy Pill (Figure 6) is 14.6%, Seiji Wakao, Ph.D. AC

but its share based on new prescriptions (NRx) for the starting dose is 19.6%. We (81-3) 6736-8612

seiji.wakao@jpmorgan.com

expect further expansion of TRx-based share going forward.

Yugo R. Kamimura, Ph.D.

(81-3) 6736-8635

Although there has been no dramatic acceleration in prescriptions, based on our yugo.kamimura@jpmorgan.com

earnings estimates, the theoretical share price for Chugai excluding Foundayo

Naoko Saito

royalties (with a perpetual growth rate of 0%) is ¥7,300, so we view the current (81-3) 6736-8693

share price below ¥7,000 as undervalued. Based on Chugai’s’s 2Q FY2026 naoko.saito@jpmorgan.com

earnings announcement July 24, we believe royalty contributions in 2Q were JPMorgan Securities Japan Co., Ltd.

limited. However, given the tiered royalty structure and anticipated growth, we

expect contributions to become more significant from 3Q onward. Chugai’s

earnings announcement did not include specific comments on Foundayo, so we

need to watch Eli Lilly’s 2Q FY2026 earnings announcement (August 5 Japan