bearish

Kyowa Kirin (4151 JP): Reports Phase 3 Trial Result in Atopic Dermatitis; Rivalry Remains Doubtful

656 Views27 Sep 2024 10:16
Boomeranged on Sun, 3 Nov 2024 14:45
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.
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