26/12 Q2 results: New drug outlicensing deals expected in 26/12 H2: Quick Note

研报英文原文证据摘录

Global Markets Research

Nxera Pharma

7 August 2026

4565.T 4565 JP / EQUITY: JAPAN PHARMACEUTICALS

26/12 Q2 results: New drug outlicensing deals

expected in 26/12 H2

Quick Note

First impression in line: Company retains 26/12 guidance, expects new outlicensing

deals in H2

Nxera Pharma released 26/12 Q2 results after the close on 7 August and held a briefing

from 17:00 JST. While results indicated continued growth for marketed products, sales

and profits both came in lower y-y because of higher costs and differences in milestone

revenues. The company retained its 26/12 guidance and said results had been in line with

expectations, and our first impression is accordingly neutral. The company is starting new

partnership activities in 26/12 H2, and data is also scheduled for release from the Phase

2a study of ORX750 for narcolepsy and idiopathic hypersomnia (NCT06752668).

(1) Q2 sales totaled ¥7,654mn (down 9.4% y-y). Sales at the marketed products segment

rose 28.5% to ¥6,173mn, but research and development sales fell 59.4% to ¥1,481mn.

Sales of insomnia treatment Quviviq increased after the ban on prescriptions of more than

two weeks was lifted, and the company also received royalties from its drug discovery

partnership with Abbvie for neurological disorders. (2) Having posted profits in Q1, the

company incurred operating losses of ¥1,364mn (y-y deterioration of ¥800mn) in Q2.

R&D costs plus SG&A costs fell ¥1,176mn y-y, but the company booked upfront costs of

¥968mn related to business reorganization. (3) The company retained its full-year 26/12

guidance for sales of ¥33,800–48,800mn (up 14.1–64.8% y-y) and operating profits of

¥700–15,700mn. (4) Pipeline: The company expects to outlicense an EP4 agonist for

inflammatory bowel disease and a GPR52 agonist for schizophrenia in 26/12 H2 or later.

At the briefing, management mentioned the possibility of at least one outlicensing deal

during 26/12.

Rating

Neutral

Target price

JPY 1,000

Closing price

JPY 865

7 August 2026

(Note: Quick Note reports are not a

vehicle for changes to ratings, target

prices, or earnings forecasts)

Research Analysts

Japan pharmaceuticals &

healthcare

Japan small cap - pharmaceuticals

…