Chugai Pharmaceutical Co Ltd

4519: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	JPY 7,424.00	Pdysrbt	Qyqltjhny

Chugai Earnings: Results In Line, Mixed Pipeline Updates, Shares Now Close to Fair Value

Jay Lee

Aug 2, 2023

Narrow-moat Chugai’s second-quarter earnings were in line with expectations. We think the company is on track to meet its full-year guidance or even outperform slightly, due to strong sales of Hemlibra to Roche. We maintain our fair value estimate of JPY 4,860. Shares have rallied about 20% since May and are now at an 8% discount to our fair value.

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