Kyowa Kirin maintained 2024 guidance, which calls for 5% decline in operating profit and 16% decrease in net profit. The company is expected to report a muted 4Q performance. Revenue from mainstay drug Crysvita (contributes ~40% of revenue) is expected to fall short of expectation in 2024. No immediate growth catalyst is seen for the company.
SUMMARY
Kyowa Kirin Co Ltd (4151 JP) announced top-line results of the Phase 3 trial of rocatinlimab targeting moderate to severe Atopic Dermatitis (eczema), which affects 6.6M patients in the U.S.
The trial met co-primary endpoints and reached statistically significant differences from placebo for all key secondary endpoints. However, efficacy data was less compelling compared to current standard of care.
Kyowa Kirin shares nosedived mainly on the concern over competitive strength of rocatinlimab. Amid gloomy outlook, Kyowa Kirin shares will need time to recover.