Chugai Pharmaceutical Co Ltd

4519: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	JPY 5,239.00	Qmdkfp	Ssdthwyd

Chugai Full-Year Earnings and Guidance Better Than Expected; FVE Unchanged at JPY 4,860

Jay Lee

Feb 8, 2022

Narrow-moat Chugai reported full-year earnings and guidance for 2022 stronger than our expectations. Fourth-quarter revenue grew 53% year on year to JPY 264 billion, which is in line with our expectation. Operating income grew 88% year on year to JPY 139 billion, which is above our expectation largely due to greater-than-expected contribution from ex-Japan Hemlibra sales (exports to Roche and royalties from Roche’s sales).

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