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Oncotherapy Science (4564) ( english | Japanese version ) Sep 10, 2010
Commercialization of cancer therapeutic vaccine possible in 2012 (Initiating Coverage)
Sector Pharmaceuticals/BioTechnology Market Cap Small Cap < 200B
Author Toshiyuki,Iwata Pages 23
We are initiating our coverage of OncoTherapy Science with an Outperform rating and a price objective of JPY239,700. An independent Data and Safety Monitoring Committee (DSMC) is expected to announce its recommendation on cancer therapeutic vaccine candidate OTS102 in November 2010 and a positive recommendation would greatly increase the possibility of commercialization in 2012.
Ono Pharmaceutical (4528) ( english | Japanese version ) Sep 09, 2010
FY3/11 targets lowered on increased selling cost, costs to license cancer drugs
Sector Pharmaceuticals/BioTechnology Market Cap Large Cap > 400B
Author Hiroshi,Tanaka Pages 4
Ono Pharmaceutical revised down FY3/11 targets on 8 September to reflect: 1) increased licensing costs, including JPY5b in additional expenditures related to the acquisition of domestic rights to anticancer drugs developed by Onyx Pharmaceuticals (announced at the same time as the earnings revision); and 2) higher sales promotion expenses for diabetes and chemotherapy-induced nausea and vomiting drugs launched in December 2009.
Sawai Pharmaceutical  (4555) ( english | Japanese version ) Sep 02, 2010
Management announces plan to issue up to JPY30.0b in convertible bonds
Sector Pharmaceuticals/BioTechnology Market Cap Small Cap < 200B
Author Katsuhiko,Suzuki Pages 3
On 1 September, Sawai Pharmaceutical unveiled plans to issue a maximum of JPY30.0b in euro-yen convertible bonds that will be due in 2015. Management aims to allot the procured funds as follows: JPY13.0b is to be used to acquire new group R&D and production facilities, and to refurbish existing facilities through FY3/12 (JPY5.0b is to be spent in FY3/11 and JPY8.0b is to be spent in FY3/12), while JPY10.0b is to be earmarked for strategic investments in R&D, the creation of working/capital alliances with other companies in and after FY3/11, and also for growth projects.
Sawai Pharmaceutical  (4555) ( english | Japanese version ) Sep 02, 2010
Management needs to explain plans for strategic investment soon
Sector Pharmaceuticals/BioTechnology Market Cap Small Cap < 200B
Author Katsuhiko,Suzuki Pages 6
We are lowering our price objective for Sawai Pharmaceutical from JPY9,900 to JPY8,300 to reflect the dilution expected from financing. Given the stated uses for the JPY30b the company plans to raise, we see no need to adjust our earnings forecasts at this time. We are focusing on how the company plans to use the JPY10b it has earmarked for strategic investments as management has yet to disclose the precise use of these funds.
Sector Outlook ( english | Japanese version ) Sep 02, 2010
US sales of Japanese pharmaceuticals; Vol 110 July 2010
Sector Pharmaceuticals/BioTechnology Market Cap
Author Hiroshi,Tanaka Pages 9
US market expands 1.2% YoY in July; penetration of new drugs remains slow Companies Mentioned in this Report: Takeda Pharmaceutical (4502), Astellas Pharma (4503), Shionogi(4507), Chugai Pharmaceutical (4519), Eisai (4523), Daiichi Sankyo (4568)
Daiichi Sankyo (4568) ( english | Japanese version ) Aug 31, 2010
Company raises forecast for 1H FY3/11; still conservative, in our view
Sector Pharmaceuticals/BioTechnology Market Cap Large Cap > 400B
Author Hiroshi,Tanaka Pages 4
On 31 August, Daiichi Sankyo upwardly revised its 1H FY3/11 OP target from JPY50.0b to JPY70.0b. The revision reflects brisk earnings at Ranbaxy Laboratories, thanks to the US first-to-file marketing exclusivity for an anti-herpes drug, and a delayed posting of expenses at Daiichi Sankyo. Still, based on the company's revised earnings forecast, we believe that when excluding the contribution from Ranbaxy, the company is forecasting 2Q (July-September) OP of around JPY4.0b, compared with JPY26.2b in the same period a year earlier.
Eisai (4523) ( english | Japanese version ) Aug 31, 2010
Announces 3-month extension of FDA review for breast cancer treatment Eribulin
Sector Pharmaceuticals/BioTechnology Market Cap Large Cap > 400B
Author Hiroshi,Tanaka Pages 3
Eisai announced on 30 August that the US Food and Drug Administration (FDA) expects to complete priority review of the eribulin mesylate (E7389) New Drug Application (NDA) for locally advanced or metastatic breast cancer on or before 30 December 2010, which is a three-month extension from the original Prescription Drug User Fee Act (PDUFA) action date of 30 September 2010. The extension is a result of the agency classifying recent Eisai responses to FDA questions regarding the chemistry, manufacturing and controls (CMC) section of the NDA as a major amendment to the NDA.
Kyowa Hakko Kirin (4151) ( english | Japanese version ) Aug 27, 2010
Additional testing needed for cancer pain drug; no change in our estimates
Sector Pharmaceuticals/BioTechnology Market Cap Large Cap > 400B
Author Hiroshi,Tanaka Pages 3
It was revealed on 27 August that Kyowa Hakko Kirin is withdrawing its approval application for cancer pain drug KW-2246 (which was submitted in February 2010), based on the decision that additional clinical studies will be necessary. KW-2246 is a tablet for sublingual administration of narcotic analgesic fentanyl. The product will be jointly marketed with business partner Hisamitsu Pharmaceutical, which released Fentos Tape (a transdermal fentanyl patch) in June.
Nichi-iko Pharmaceutical (4541) ( english | Japanese version ) Aug 27, 2010
Growth likely to top generic drug ind. avg. by leveraging national wholesalers (Initiating Coverage)
Sector Pharmaceuticals/BioTechnology Market Cap Small Cap < 200B
Author Katsuhiko,Suzuki Pages 37
We are initiating our coverage of Nichi-Iko Pharmaceutical with a Neutral rating and a fair-value estimate of JPY3,200. The company conducts a high percentage of its sales via wholesale channels (80.2% of total sales in FY11/09). These wholesale routes, used to supply products to medical institutions throughout Japan, is one of the company's strengths as they enable frequent deliveries. Compared with rival Sawai Pharmaceutical, we anticipate earnings momentum in the short term at Nichi-Iko to be somewhat weak, and apart from its takeover of their "long-term listed" drug business, we believe management has yet to produce concrete business strategies related to its tie-up with the Sanofi-aventis group.
Kyowa Hakko Kirin (4151) ( english | Japanese version ) Aug 26, 2010
Raising rating to Outperform; development of antibody drug business on horizon
Sector Pharmaceuticals/BioTechnology Market Cap Large Cap > 400B
Author Hiroshi,Tanaka Pages 7
We are raising our rating on Kyowa Hakko Kirin from Neutral to Outperform, as the recent drop in the company's share price has widened the gap between the current price and our estimate of fair value to 16%. We attribute the share price decline to expectations for deteriorating earnings performance in chemical and biochemical businesses accompanying what some fear is an approaching recession.
Astellas Pharma (4503) ( english | Japanese version ) Aug 25, 2010
Revising earnings forecasts following confirmation of OSI acquisition costs
Sector Pharmaceuticals/BioTechnology Market Cap Small Cap < 200B
Author Hiroshi,Tanaka Pages 7
We are revising our earnings forecasts for Astellas Pharma to reflect 1Q FY3/11 results and changes to our forex assumptions, effectively lowering our FY3/11 forecasts due to increased R&D spending for an extension of an antibody technology licensing contract and revision to our forex assumptions. However, after confirming the acquisition costs for OSI Pharmaceuticals at $3.54b (our previous estimate was $4.0b), we are revising our estimates for intangible fixed assets and goodwill depreciation.
Eisai (4523) ( english | Japanese version ) Aug 25, 2010
Pipeline of drugs for unmet needs to drive next phase of growth
Sector Pharmaceuticals/BioTechnology Market Cap Large Cap > 400B
Author Hiroshi,Tanaka Pages 6
We are revising our earnings forecasts for Eisai in line with our new forex assumptions. However, the impact of forex fluctuations on profits is relatively limited owing to the high overseas cost structure (i.e., R&D spending and joint sales promotion expenses). The key share price drivers for the foreseeable future will likely be penetration of the high-dose Aricept (marketed in August) and development progress of breast cancer drug Eribulin and severe septicemia treatment Eritoran.
Daiichi Sankyo (4568) ( english | Japanese version ) Aug 24, 2010
Revising down Effient estimates but raising earnings forecasts for Ranbaxy
Sector Pharmaceuticals/BioTechnology Market Cap Large Cap > 400B
Author Hiroshi,Tanaka Pages 7
We are revising our earnings forecasts to reflect 1Q FY3/11 Daiichi Sankyo results and 2Q FY12/10 Ranbaxy Laboratories results. The main points of revision are a reduction in our Effient (acute coronary syndrome treatment for patients having undergone percutaneous intervention) sales estimates and cost assumptions, and an upward revision to our earnings forecasts for Ranbaxy.
Takeda Pharmaceutical  (4502) ( english | Japanese version ) Aug 24, 2010
New forex assumptions; Actos sales estimates: slight changes to FY3/11 forecasts
Sector Pharmaceuticals/BioTechnology Market Cap Large Cap > 400B
Author Hiroshi,Tanaka Pages 7
We are revising our earnings forecasts for Takeda Pharmaceutical to reflect 1Q FY3/11 results and changes to our forex assumptions. The stronger yen rate assumptions are a negative to earnings, but this was largely offset by firm US sales for Actos. Accordingly, revisions to our FY3/11 and FY3/12 earnings forecasts are relatively minimal. We expect the main focus to be on the utilization of JPY700b-JPY800b earmarked
Tsumura  (4540) ( english | Japanese version ) Aug 18, 2010
No changes from trend of above-target earnings pace
Sector Pharmaceuticals/BioTechnology Market Cap Small Cap < 200B
Author Toshiyuki,Iwata Pages 6
July ethical kampo (herbal medicine) sales at Tsumura rose 1.8% YoY. While this may look like a slowdown when compared to the 4.5% YoY growth shown in 1Q FY3/11, the slower growth mainly reflects that there was one fewer operating day than the same month a year ago (down from 22 days to 21 days), while the April-June quarter had the same number of operating days as the previous year.
 
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