Current Market Price Discounts Favourable Outcome from Latuda’s Upcoming Binary Event

Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Equity Bottom-Up

<p><strong>Key highlights</strong></p><ul>
<li>Latuda grew 3.6% to ~¥90b in the US, however, an 8.8% decline in domestic sales to ~¥66b led the overall sales decline of 2.2% to ~¥226b</li>
<li>Core EBIT declined ~21% to ~¥37b leading to a similar level decline in core EPS to ~¥ 83 / share</li>
<li>Latuda litigation update <ul>
<li># of defendants reduced to 10 defendants from 16 originally as on October 29, 2018</li>
<li>The company has newly filed litigation against three generic manufacturers who recently filed ANDA’s</li>
</ul>
</li>
</ul>

Key highlights
Latuda grew 3.6% to ~¥90b in the US, however, an 8.8% decline in domestic sales to ~¥66b led the overall sales decline of 2.2% to ~¥226b
Core EBIT declined ~21% to ~¥37b leading to a similar level decline in core EPS to ~¥ 83 / share
Latuda litigation update 
# of defendants reduced to 10 defendants from 16 originally as on October 29, 2018
The company has newly filed litigation against three generic manufacturers who recently filed ANDA’s




Sumitomo Dainippon 1H FY18 (YE Mar'19) Results - First Glance

Sumitomo Pharma

Sumitomo Dainippon 1H FY18 (YE Mar'19) Results - First Glance