Chugai Pharmaceutical Co Ltd

4519: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎2,353.00	Bwkdrfs	Pwhxyzfyb

Chugai Earnings: Exceeds Expectations; Hemlibra Sales Remain Strong; Fair Value Unchanged

Jay Lee

Jul 29, 2024

Narrow-moat Chugai's second-quarter earnings performed well above our expectations due to excellent overseas sales of Hemlibra and Actemra to Roche, putting it on track to exceed its full-year target. We maintain our fair value estimate of JPY 5,200 per share. Although we hold Chugai’s drug development platform in very high regard, we want to see more pipeline progress before we feel comfortable with the current market valuation.

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