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Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Equity Bottom-Up

<h2>Core coverage <strong>– relative valuations </strong>
</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/049/367/original/core%20coverage.PNG?1523424273" class="editor-image img-responsive" data-smartkarma-image-id="49367"></figure><div class="content-caption">Price as on March 26, 2018<br>*Financial year of Otsula, Chugai and KHK ends in December</div><h2><strong><a href="https://www.smartkarma.com/entities/11747" target="_blank" data-smartkarma-citation="entities:11747">Takeda Pharmaceutical Co Ltd (4502 JP)</a> </strong></h2><p>(NB: Pre-Shire announcement | Pro-Forma analysis to be published shortly) <br>OW | CMP ¥ 5,550| TP ¥ 6,600</p><table class="table table-striped"><tbody>
<tr>
<td><strong>Key drivers / highlights</strong></td>
<td><ul><li>Currently marketed drugs including <strong>Entyvio </strong>(vedolizumab, in-house), <strong>Ninlaro </strong>(ixazomib,in-house), <strong>Trintellix</strong> (vortioxetine, co-develop with Lundbeck) &amp; <strong>Takecab </strong>(vonoprazan, developed in-house) to drive topline over…</li></ul></td>
</tr>
</tbody></table>

Core coverage – relative valuations 
Price as on March 26, 2018 *Financial year of Otsula, Chugai and KHK ends in DecemberTakeda Pharmaceutical Co Ltd (4502 JP) (NB: Pre-Shire announcement | Pro-Forma analysis to be published shortly)  OW | CMP ¥ 5,550| TP ¥ 6,600

Key drivers / highlights
Currently marketed drugs including Entyvio (vedolizumab, in-house), Ninlaro (ixazomib,in-house), Trintellix (vortioxetine, co-develop with Lundbeck) &amp; Takecab (vonoprazan, developed in-house) to drive topline over…



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