bearish
Chugai Pharmaceutical (4519 JP) 1Q22: Sales Growth Outshined by Weaker Margin; Guidance Unchanged
247 Views17 May 2022 18:22
SUMMARY
- Chugai Pharmaceutical (4519 JP) shares declined 5% since I published initial bearish note on the company in December. I remain bearish on the name.
- Despite a 60% y/y jump in revenue in Q1 2022, the company is still guiding for just 15% y/y revenue growth in 2022. Operating margin has deteriorated in Q1.
- Chugai’s significant dependency on COVID-19 drugs amid declining new infections and hospitalizations globally, remain the major overhang on the growth prospects of the company.
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Tina Banerjee
Global Healthcare Analyst
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