Chugai Pharmaceutical Co Ltd

4519: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	JPY 8,928.00	Bvzggjl	Xqyshxc

Chugai's Second-Quarter Earnings In Line; Fair Value Estimate Unchanged at JPY 4,860

Jay Lee

Jul 26, 2021

Narrow moat Chugai’s reported second-quarter earnings that were in line with our expectations. Top-line revenue was JPY 221 billion, or 17% higher than the same period last year, mostly due to increased sales of Hemlibra, Tecentriq, and Alecensa that was only partially offset by declines in Actemra and Edirol. Progress now for the year is now 43% of our full-year expectation of JPY 704 billion, with similar progress in operating income.

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