Chugai Pharmaceutical Co Ltd

4519: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	JPY 2,825.00	Cxzbp	Pyvpdzrq

Chugai Earnings in Line, FVE Unchanged at JPY 4,860

Jay Lee

Apr 23, 2021

Narrow-moat Chugai’s first quarter was in line with our expectations. Top-line revenue was JPY 169 billion, or 10% lower than the same period last year, mostly due to declines in Edirol and Actemra. Although progress for the year has started off slowly, with the JPY 167 million of revenue representing only 19% progress on our full-year forecast, this is within the usual range of fluctuation given the lumpiness of exports to Roche.

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