Chugai Pharmaceutical (4519 JP): Emicizumab Gets PDUFA Data

Strong 1H FY18 – Hemlibra Approval for Non-Inhibitors to Boost Sales.

As Expected, USFDA Approves Hemlibra for Hemophilia A in Patients Without Inhibitors

Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Equity Bottom-Up

<p>We publish an in-depth analysis of Chugai Pharmaceutical arriving at a DCF derived fair value of ¥ 4,200. Chugai’s strategic alliance with its majority shareholder Roche, through which it got exclusive access to Roches’ industry leading oncology products viz., Avastin, Herceptin, Rituxan etc.  helped it become one of the leading oncology players in Japan. On the other hand, Chugai also licensed its in-house program Actemra, to Roche for global development. Actemra’s global sales hit $1.7b in 2016 and we expect it to garner $ 2.1b at peak.</p>

We publish an in-depth analysis of Chugai Pharmaceutical arriving at a DCF derived fair value of ¥ 4,200. Chugai’s strategic alliance with its majority shareholder Roche, through which it got exclusive access to Roches’ industry leading oncology products viz., Avastin, Herceptin, Rituxan etc.  helped it become one of the leading oncology players in Japan. On the other hand, Chugai also licensed its in-house program Actemra, to Roche for global development. Actemra’s global sales hit $1.7b in 2016 and we expect it to garner $ 2.1b at peak.

中外製薬 - 極めて生産性の高い自社研究開発が力強い成長を牽引