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

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.</li>
<li>Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.</li>
<li>Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.</li>
</ul>


Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.
Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.
Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.


APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

<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 5% YoY rise in core revenue in 1H25, as overseas sales grew 7% YoY and domestic market revenue was up 3%.</li>
<li>Actemra witnessed growth in both overseas and domestic market. Hemlibra overseas sales stood at ¥151B (30% of total sales), down 6% YoY.</li>
<li>In 1H25, two significant developments that happened are successful P3 trial of orforglipron and positive results from phase I/II study of NXT007.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported 5% YoY rise in core revenue in 1H25, as overseas sales grew 7% YoY and domestic market revenue was up 3%.
Actemra witnessed growth in both overseas and domestic market. Hemlibra overseas sales stood at ¥151B (30% of total sales), down 6% YoY.
In 1H25, two significant developments that happened are successful P3 trial of orforglipron and positive results from phase I/II study of NXT007.


Chugai Pharmaceutical (4519 JP): Actemra Shine Bright Amid Margin Pressure, 2025 Guidance Reiterated

<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 22% YoY rise in core revenue in 1Q25, as overseas sales grew 55% YoY while domestic market remain subdued.</li>
<li>Hemlibra drove overseas sales. Actemra and Alecensa witnessed growth in both overseas and domestic markets.</li>
<li>Chugai reiterated 2025 guidance of revenue and net profit growth of 2% and 3%. The progress has been satisfactory with major line items achieving 24–25% of the full-year guidance numbers.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported 22% YoY rise in core revenue in 1Q25, as overseas sales grew 55% YoY while domestic market remain subdued.
Hemlibra drove overseas sales. Actemra and Alecensa witnessed growth in both overseas and domestic markets.
Chugai reiterated 2025 guidance of revenue and net profit growth of 2% and 3%. The progress has been satisfactory with major line items achieving 24–25% of the full-year guidance numbers.


Chugai Pharmaceutical (4519 JP): Hemlibra, Actemra, And Alecensa Shine In 1Q25; Guidance Reiterated

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eli-lilly-co" target="_blank" data-smartkarma-citation="entities:19419:1" rel="noopener">Eli Lilly &amp; Co (LLY US)</a> has recently announced positive topline Phase 3 results for orforglipron, the GLP 1 RA drug candidate they licensed from Chugai Pharma in 2018.</li>
<li>At the top dose, patients lost 7.3 kg of the 90.2 kg they weighed at the start of the trial, bettering Ozempic’s trial results.</li>
<li>Once approved and commercialized, orforglipron should provide a long-term revenue visibility for <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> through milestone and royalty receipts from Lilly.</li>
</ul>



Eli Lilly &amp; Co (LLY US) has recently announced positive topline Phase 3 results for orforglipron, the GLP 1 RA drug candidate they licensed from Chugai Pharma in 2018.
At the top dose, patients lost 7.3 kg of the 90.2 kg they weighed at the start of the trial, bettering Ozempic’s trial results.
Once approved and commercialized, orforglipron should provide a long-term revenue visibility for Chugai Pharmaceutical (4519 JP) through milestone and royalty receipts from Lilly.


Chugai Pharmaceutical (4519 JP): Positive Phase 3 Results Of Orforglipron Augurs Well

Japan

Chugai Pharmaceutical Company Ltd., manufactures and sells pharmaceuticals in the domestic and international markets through its subsidiaries. The Company develops drugs in the fields of cancer, infectious diseases, bone, blood, and circulatory systems. Chugai Pharmaceutical also conducts research studies on drugs with private and public medical research institutions.

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Chugai Pharmaceutical (4519 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

APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Fosun Pharma is acquiring 53% stake in Green Valley. Hansoh inked exclusive license agreement with Glenmark Pharma. Daiichi Sankyo’s Enhertu got...

Tina Banerjee