Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chugai-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:4489:1" rel="noopener">Chugai Pharmaceutical (4519 JP)</a> reported flat Hemlibra sales in 9M25 overcoming shipment issues. Higher volumes boosted Actemra revenue (up 27% YoY) amid declining in export unit price.</li>
<li>2025 guidance reiterated. Satisfactory progress after 9M25 with major line-items achieving 76-81% of full year guidance. Management expects to beat the export forecast in case of both Hemlibra and Actemra.</li>
<li>Strong progress of out-licensed products (nemluvio and orforglipron) with high sales potential will help drive growth in the short to medium term.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported flat Hemlibra sales in 9M25 overcoming shipment issues. Higher volumes boosted Actemra revenue (up 27% YoY) amid declining in export unit price.
2025 guidance reiterated. Satisfactory progress after 9M25 with major line-items achieving 76-81% of full year guidance. Management expects to beat the export forecast in case of both Hemlibra and Actemra.
Strong progress of out-licensed products (nemluvio and orforglipron) with high sales potential will help drive growth in the short to medium term.


Chugai Pharma (4519 JP): Hemlibra Steady, Actemra Shine, Outlicensed Drug and New Launches Key

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.


JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> received a conditional approval of IZERVAY (avacincaptad pegol intravitreal solution) in Japan for the suppression of geographic atrophy (GA) growth in atrophic age-related macular degeneration (AMD).</li>
<li>In Q1FY26, with 25% YoY revenue growth, Izervay reported record high quarterly sales of ¥16B. The drug continues to be preferred treatment for new patient start (market share of ~55%).</li>
<li>For FY26, Astellas projects revenue of ¥470B from strategic brands, of which Izervay is expected to around ~¥105B. This will gradually accelerate in coming fiscals with Japan sales falling in.</li>
</ul>



Astellas Pharma (4503 JP) received a conditional approval of IZERVAY (avacincaptad pegol intravitreal solution) in Japan for the suppression of geographic atrophy (GA) growth in atrophic age-related macular degeneration (AMD).
In Q1FY26, with 25% YoY revenue growth, Izervay reported record high quarterly sales of ¥16B. The drug continues to be preferred treatment for new patient start (market share of ~55%).
For FY26, Astellas projects revenue of ¥470B from strategic brands, of which Izervay is expected to around ~¥105B. This will gradually accelerate in coming fiscals with Japan sales falling in.


Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 26th. The aggregated net margin trading position is USD13,494m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho, Mitsui O.S.K. Lines, Mitsubishi Heavy Industries, Tokyo Electron, Nagoya Railroad, Sanrio, Advantest, Softbank, Ihi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 26th. The aggregated net margin trading position is USD13,494m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho, Mitsui O.S.K. Lines, Mitsubishi Heavy Industries, Tokyo Electron, Nagoya Railroad, Sanrio, Advantest, Softbank, Ihi.


JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

<ul>
<li>FDA has cleared Merck’s Keytruda subcutaneous injection, which has been developed using <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a>’s human hyaluronidase ALT-B4. EMA’s CHMP also recommended approval of subcutaneous Keytruda.</li>
<li>Merck expects 30–40% of Keytruda IV sales to be converted to SC by 2028. Accordingly, Alteogen is expected to secure over KRW1T in annual royalties in the long term.</li>
<li>Keytruda SC launch in the U.S. and EU, additional deals for ALT-B4, and Enhertu SC Phase 1 trial update are the key upcoming catalysts for Alteogen.</li>
</ul>


FDA has cleared Merck’s Keytruda subcutaneous injection, which has been developed using Alteogen Inc (196170 KS)’s human hyaluronidase ALT-B4. EMA’s CHMP also recommended approval of subcutaneous Keytruda.
Merck expects 30–40% of Keytruda IV sales to be converted to SC by 2028. Accordingly, Alteogen is expected to secure over KRW1T in annual royalties in the long term.
Keytruda SC launch in the U.S. and EU, additional deals for ALT-B4, and Enhertu SC Phase 1 trial update are the key upcoming catalysts for Alteogen.


Alteogen (196170 KS): Significant Commercial Success of ALT-B4 Is On Card

Japan

Daiichi Sankyo Co, Ltd is a holding company established through merger of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals for human/veterinary use and medical tools and equipment. It also researches and promotes products through related companies throughout the world. The Group also produces food, food additives, livestock feeds, and agrochemicals.

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Daiichi Sankyo (4568 JP)

Chugai Pharma (4519 JP): Hemlibra Steady, Actemra Shine, Outlicensed Drug and New Launches Key

Chugai Pharmaceutical (4519 JP) sees flat Hemlibra sales, higher Actemra revenue amid competition in 9M25. Strong progress in out-licensed...

Tina Banerjee

JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Nippon Steel (5401 JP), Nitori (9843 JP), Ai...

Ke Yan, CFA, FRM

Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Tina Banerjee

JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

We analyzed JPX margin trading positions report for the past week and highlighted Sanrio (8136 JP), Advantest (6857 JP), SoftBank (9984 JP), IHI...

Ke Yan, CFA, FRM

Alteogen (196170 KS): Significant Commercial Success of ALT-B4 Is On Card

FDA clears Merck's Keytruda subcutaneous injection, developed with Alteogen's ALT-B4, which opens potential for significant royalty earnings and...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chugai Pharma (4519 JP): Hemlibra Steady, Actemra Shine, Outlicensed Drug and New Launches Key

​Chugai Pharmaceutical (4519 JP) sees flat Hemlibra sales, higher Actemra revenue amid competition in 9M25. Strong progress in out-licensed...

Tina Banerjee

JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Nippon Steel (5401 JP), Nitori (9843 JP), Ai...

Ke Yan, CFA, FRM

Astellas Pharma (4503 JP): Izervay Approved In Japan, Strategic Brands Will Be Key In Near Future

​Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

Tina Banerjee

JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

We analyzed JPX margin trading positions report for the past week and highlighted Sanrio (8136 JP), Advantest (6857 JP), SoftBank (9984 JP), IHI...

Ke Yan, CFA, FRM

Alteogen (196170 KS): Significant Commercial Success of ALT-B4 Is On Card

​FDA clears Merck's Keytruda subcutaneous injection, developed with Alteogen's ALT-B4, which opens potential for significant royalty earnings and...

Tina Banerjee

Chugai Pharmaceutical (4519 JP) sees flat Hemlibra sales, higher Actemra revenue amid competition in 9M25. Strong progress in out-licensed...

Astellas Pharma's Izervay receives conditional approval in Japan for age-related macular degeneration. Izervay witnessed record high sales in...

FDA clears Merck's Keytruda subcutaneous injection, developed with Alteogen's ALT-B4, which opens potential for significant royalty earnings and...