Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Equity Bottom-Up

<p><strong>Key Drivers</strong></p><ul>
<li>Royalty from Seebri / Ultibro and QVM149 (expected launch in FY20e) to peak at ¥ 4.86b in FY25e</li>
<li>Majority of the potential milestones from partnered companies expected to accrue between FY19-23e</li>
<li>Potential double digit royalty from AZD4635 sales (launch est. FY23e).</li>
</ul>

Key Drivers
Royalty from Seebri / Ultibro and QVM149 (expected launch in FY20e) to peak at ¥ 4.86b in FY25e
Majority of the potential milestones from partnered companies expected to accrue between FY19-23e
Potential double digit royalty from AZD4635 sales (launch est. FY23e).


Sosei Group

Investment Thesis and Valuation