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Japanese biopharma majority-owned by Roche, developing antibody drugs for cancer, immunology and rare disease.
Japanese biopharma majority-owned by Roche, developing antibody drugs for cancer, immunology and rare disease.
Roche owns a majority and sells Chugai-discovered antibodies such as Actemra and Hemlibra outside Japan, paying Chugai for supply and royalties, so a large share of income comes from Roche. In Japan Chugai sells those drugs and Roche's own products itself. It has kept its listing and independence since the 2002 tie-up.
In one line: Roche's Japan-based Genentech.
Moat: narrow (IP / patents, process know-how). Roche alliance funds R&D and gives global commercial reach for Chugai-discovered antibodies.
Headquarters: Tokyo, Japan · Founded: 1925 · Employees: 7,872
Size Chugai Pharmaceutical (4519.T) is a Japan Health Care company (Pharmaceuticals: Major) with a market value of $71.0B, the 20th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,806 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against +18.0% for the median peer and +1.8% for the Japan market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 16.5% over the last twelve months (peer median +8.6%); the operating margin is 49.8% (peer median 23.2%).
Valuation It trades at 22.1× forward earnings against a peer median of 17.2× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 32.6 points above its cost of capital (7.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.41T | ¥1.26T | ¥1.17T | ¥1.11T | ¥1.26T |
| Revenue growth | — | +7% | +5% | -12% | — |
| Gross profit | ¥1.01T | ¥894B | ¥831B | ¥693B | ¥783B |
| EBITDA | ¥745B | ¥624B | ¥576B | ¥447B | ¥565B |
| Net income | ¥504B | ¥434B | ¥387B | ¥325B | ¥374B |
| Free cash flow | ¥367B | ¥313B | ¥399B | ¥339B | ¥182B |
| Capital expenditure | ¥103B | ¥112B | ¥54.9B | ¥74.3B | ¥71.2B |
| Total debt | ¥16.1B | ¥25.7B | ¥10.9B | ¥13.5B | ¥14.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Chugai Pharmaceutical 4519.T | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% |
| Takeda Pharmaceutical 4502.T | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% |
| Daiichi Sankyo 4568.T | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% |
| Astellas Pharma 4503.T | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% |
| Roche RO.SW | $385B | +22% | -1% | 31% | 19.6× | 0.9% |
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4519.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.2% | +9.3% | 9th highest of 21 |
| 6-month return | -15.4% | +18.0% | lowest of 21 |
| Distance from 52-week high | -35.8% | -9.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | +16.5% | +8.6% | 5th highest of 21 |
| Operating margin | 49.8% | 23.2% | 2nd highest of 21 |
| Forward P/E | 22.1× | 17.2× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.6% | 6.7% | 9th least demanding of 21 |
| Growth delivered (Del g) | +9.8% | +5.1% | 8th highest of 21 |
| Hurdle (Req g minus delivered) | -6.2 pp | -2.0 pp | 10th least demanding of 21 |
| ROIC minus cost of capital | +32.6 pp | +4.9 pp | highest of 21 |
| EV / EBITDA | 13.9× | 12.6× | 9th most expensive of 19 |
| Net debt / EBITDA | -1.1× | 1.6× | 4th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| WuXi AppTec 603259.SS | China | $67.0B | +34% | +32% | 43% | 18.1× | 7.8% | +22.3% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |