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CHUGAI PHARMACEUTICAL CO., LTD

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Chugai Pharmaceutical : Script (including Q&A)

04/26/2022 | 09:33am EDT

CHUGAI PHARMACEUTICAL CO., LTD.

1Q Results (Jan - Mar 2022) Conference Call

April 25, 2022

Event Summary

[Company Name]

CHUGAI PHARMACEUTICAL CO., LTD.

[Company ID]

4519-QCODE

[Event Language]

JPN

[Event Type]

Earnings Announcement

[Event Name]

1Q Results (Jan - Mar 2022) Conference Call

[Fiscal Period]

FY2022 Q1

[Date]

[Number of Pages]

April 25, 2022 35

[Time]

[Venue]

[Venue Size]

[Participants]

[Number of Speakers]

18:00 - 19:06

(Total: 66 minutes, Presentation: 40 minutes, Q&A: 26 minutes)

Dial-in

5

Dr. Osamu Okuda

President, CEO

Toshiaki Itagaki

Director, Executive Vice President, CFO

Tetsuya Yamaguchi

Executive Vice President, Head of Project &

Lifecyle Management Unit

Shinji Hidaka

Executive Vice President, Head of Marketing

& Sales Div.

Toshiya Sasai

Head of Corporate Communications Dept.

[Analyst Names]*

Fumiyoshi Sakai

Credit Suisse Securities (Japan) Limited

Seiji Wakao

JPMorgan Securities Japan Co., Ltd.

Hidemaru Yamaguchi

Citigroup Global Markets Japan Inc.

Shinichiro Muraoka

Morgan Stanley MUFG Securities Co., Ltd.

*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A.

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support@scriptsasia.com

Presentation

Sasai: Good evening. Thank you very much for joining us for the CHUGAI PHARMACEUTICAL CO., LTD., FY2022 Q1 conference call. I am Sasai of Corporate Communications, and I will be the moderator today.

During the presentation, your connections will be set to listening only. After the presentation, there will be a 30-minute Q&A period during which any questions will be answered.

First, we will hear from Dr. Okuda, President and CEO; Mr. Itagaki, CFO; and Mr. Yamaguchi, Head of Project & Lifecycle Management. Please have your presentation and disclosure materials on hand.

We will now get started with the presentations. Dr. Okuda will provide an overview of Q1 performance.

Okuda: Hello. I will now give a summary of Q1. Please see page five of the slides.

Revenues increased approximately 60% YoY. Operating profit and net income each grew approximately 50%. Increased revenues and profits marked a strong start to the year. For the full year, we expect an increase in both revenues and profits, with no change in our assumptions from the beginning of the period. The situation in Ukraine has no significant negative impact on our business performance.

Regarding Ronapreve, the remainder of last year's contracted amount has all been delivered in the January to March period of this year. In addition, a new contract for FY2022 has been signed with the government. Here, there are no major changes from the assumptions made at the beginning of the period regarding the volume of deliveries through the end of December of this fiscal year.

Regarding the settlement with Alexion, it is recognized as non-core revenue as it is a non-recurring item.

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Next, I will explain the details of the topline. See slide six.

Sales in the domestic market, excluding those of Ronapreve, increased due to the steady penetration of new products such as Polivy and Evrysdi. This absorbed the negative impact of the NHI drug price revision and other factors.

Overseas, export sales increased significantly due to the stepping up of Hemlibra export at regular shipment price, as well as the contribution of Actemra exports.

Royalty-related incomes declined on a YoY basis due to lower initial shipment royalties from Hemlibra.

Combined domestic, foreign, and royalty sales revenue increased 23%, or JPY39 billion. In addition, we also saw a contribution to overall sales by Ronapreve. This resulted in a significant increase in sales to start the year, as we had expected.

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Next, I will discuss the key points in R&D. See slide seven.

In March, Vabysmo was approved for age-related macular degeneration and diabetic macular edema. This is our first full-scale entry into the ophthalmology field. We are covering information provision activities in major markets exclusively through in-house MRs.

There is the expanded indication for Vabysmo to include RVO, RG6321, and Roche has an extensive ophthalmology pipeline. Chugai will use these to focus on the ophthalmology area.

Next, I would like to talk about nemolizumab, a drug discovered in-house. Maruho, out-licensed in Japan, received approval for pruritus associated with atopic dermatitis. We will manufacture the products and Maruho will market them.

Overseas, Galderma is conducting late-stage clinical trials for multiple indications.

Finally, the settlement with Alexion mentioned at the beginning of this talk relates to our proprietary recycling antibody technology. We hold a number of patents that give us a competitive advantage in relation to antibodies and small- and mid-size molecules. We will continue to focus on protecting our key asset, intellectual property rights.

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Tollfree

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Email Support

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This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Chugai Pharmaceutical Co. Ltd. published this content on 26 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2022 13:31:11 UTC.


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Net income 2022 342 B 2 528 M 2 528 M
Net cash 2022 571 B 4 223 M 4 223 M
P/E ratio 2022 17,2x
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Last Close Price 3 576,00 JPY
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Tatsuro Kosaka Manager-Pharmaceutical Business Strategy Office
Osamu Okuda Manager-Life Cycle Management II
Itagaki Toshiaki CFO, Manager-Information Technology & Accounting
Hisafumi Okabe Senior Executive Officer & Head-Research
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