Chugai Pharmaceutical (4519): Foundayo (orforglipron) prescription trends (IQVIA), Week 17 (week ending July 31)

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

08 August 2026

Chugai Pharmaceutical (4519)

Overweight

Foundayo (orforglipron) prescription trends (IQVIA),

Week 17 (week ending July 31)

On August 7, IQVIA updated Foundayo’s prescription data for Week 17 (week

ending July 31). IQVIA reported 34,219 prescriptions (+16% WoW).

Prescriptions continue to expand steadily, confirming solid demand trends. Since

Medicare coverage began in July, the trend has been improving. At Eli Lilly’s 2Q

earnings announcement August 5, management commented that a clear inflection

point began to emerge in the final week of July” highlighting the potential for an

accelerated pace of prescription growth going forward. Notably, the share of new

prescriptions for the starting dose (Figure 11) rose significantly to 25.8% from

19.6% in the previous week, suggesting increasing momentum in acquiring new

patients. This aligns with Eli Lilly’s comments, and we will focus on whether

further changes in prescription trends emerge. See our report on implications from

Eli Lilly’s earnings announcement.

4519.T, 4519 JP

Price (07 Aug 26):¥6,857

Price Target (Dec-26):¥11,000

Japan Equity Research

Biotechnology & Pharmaceuticals/

Medical Technologies & Services

Seiji Wakao, Ph.D. AC

(81-3) 6736-8612

Yugo R. Kamimura, Ph.D.

(81-3) 6736-8635

Naoko Saito

(81-3) 6736-8693

JPMorgan Securities Japan Co., Ltd.

Figure 2: Foundayo: Number of TRx (LHS) and WoW growth (RHS)

Number of TRx

160,000

40,000

140,000

35,000

120,000

30,000

100,000

25,000

80,000

20,000

60,000

15,000

40,000

10,000

20,000

5,000

0

FOUNDAYO (IQVIA)

Source: IQVIA, J.P. Morgan

WEGOVY Pill (IQVIA)

180%

160%

140%

120%

100%

80%

60%

40%

20%

0%

-20%

4/10/2026

4/17/2026

4/24/2026

5/1/2026

5/8/2026

5/15/2026

5/22/2026

5/29/2026

6/5/2026

6/12/2026

6/19/2026

6/26/2026

7/3/2026

7/10/2026

7/17/2026

7/24/2026

7/31/2026

Week 1

Week 2

Week 3

Week 4

Week 5

Week 6

Week 7

Week 8

Week 9

Week 10

Week 11

Week 12

Week 13

Week 14

Week 15

Week 16

Week 17

Figure 1: Foundayo and Wegovy Pill: Number of TRx (IQVIA)

FOUNDAYO (IQVIA)

FOUNDAYO (WoW, RHS)

Source: IQVIA, J.P. Morgan