Ono Pharmaceutical (4528): 1Q FY2026 results: Solid results confirmed; awaiting ONO-1110, ONO-2020 Phase 2 study results

研报英文原文证据摘录

Ono Pharmaceutical (4528): 1Q FY2026 results: Solid results confirmed; awaiting ONO-1110, ONO-2020 Phase 2 study results

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

01 August 2026

Ono Pharmaceutical (4528) Underweight

4528.T, 4528 JP

1Q FY2026 results: Solid results confirmed; awaiting Price (31 Jul 26):¥2,384

ONO-1110, ONO-2020 Phase 2 study results Price Target (Dec-26):¥1,900

Positive: Ono Pharmaceutical reported results at 12:00 on July 31, with a briefing Japan Equity Research

at 14:00. 1Q progress was solid, thanks in part to the weak yen (with operating

Biotechnology & Pharmaceuticals/

profit reaching 33% of full-year guidance). 1Q operating profit was above our Medical Technologies & Services

estimate of ¥23.6 billion and the Bloomberg consensus estimate of ¥24.0 billion, AC Seiji Wakao, Ph.D.

and we expect full-year consensus estimates to rise. With the overall

(81-3) 6736-8612

pharmaceutical sector selling off, Ono Pharmaceutical shares also fell despite solid seiji.wakao@jpmorgan.com

results. We expect the share price to recoup its losses in the near term, but beyond Yugo R. Kamimura, Ph.D.

that, we expect investors to await Phase 2 study results on ONO-1110 (for (81-3) 6736-8635

conditions including postherpetic neuralgia) and ONO-2020 (Alzheimer's disease/ yugo.kamimura@jpmorgan.com

agitation). Naoko Saito

(81-3) 6736-8693

• 1Q results: Royalty income (+¥3.0 billion) and sales of Qinlock (+¥1.3 naoko.saito@jpmorgan.com

billion) and Romvimza (+¥0.6 billion) were above our estimates, and R&D JPMorgan Securities Japan Co., Ltd.

expenses were also about ¥2.6 billion below our estimate. Progress of Qinlock

and Romvimza is solid, thanks in part to forex impact. Management

commented that progress in R&D expenses is in line with guidance given in