Chugai Pharmaceutical Co Ltd

4519: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎9,227.00	Rpkvmx	Fknrlhfdd

Chugai Earnings: Results in Line, Antibody Platform Underappreciated, Shares Undervalued

Jay Lee

May 2, 2023

Narrow-moat Chugai’s first-quarter earnings were in line with expectations, with no change in full-year guidance. Revenue for the quarter was JPY 292 billion, which is nominally 13% lower than the same period last year, but 11% higher after excluding Ronapreve shipments and the JPY 91.9 billion lump-sum settlement from Alexion last year. This is on track with the company’s full-year guidance of JPY 1.1 trillion, which remains unchanged. We expect the lumpiness from COVID-19-related sales of Ronapreve and Actemra to be insignificant going forward.

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