Chugai Pharmaceutical has regained full rights to emugrobart after Roche discontinued development of the anti-latent myostatin antibody for obesity, following interim Phase II data that suggested clinically meaningful weight loss targets were unlikely to be met despite a favorable safety profile. With the rights back in-house, Chugai is preparing to restart development of emugrobart for spinal muscular atrophy and is exploring out-licensing, reshaping how the asset fits into its broader pipeline plans. The company's narrative projects revenue of ¥1,723.1 billion and earnings of ¥695.2 billion by 2029, implying 8.7% yearly revenue growth and a ¥223.8 billion earnings increase from ¥471.4 billion today. The most pessimistic analysts assumed revenue near ¥1,609.4 billion and earnings of about ¥608.3 billion by 2029, and while consensus views the emugrobart spinal muscular atrophy reboot as incremental, the news could still shift how investors weigh competing views on pipeline risk. Chugai's forecasts yield a fair value of ¥8870, a 46% upside to its current price.
Chugai Pharmaceutical Co., Ltd.Chugai regains full rights to emugrobart and will restart development for spinal muscular atrophy after Roche halted obesity work.
Roche Holding AGRoche discontinued development of emugrobart for obesity after interim Phase II data suggested weight-loss targets were unlikely to be met.
