EarningsQ3 2026 Earnings Report
DE:CUP Q3 2026 EPS Results
Actual EPS€0.53
Consensus EPS€0.44
Beat/MissBeat by +€0.09
One Year Ago EPS€0.43
DE:CUP Q3 2026 Revenue Results
Actual Revenue€2.30B
Expected Revenue€1.96B
Beat/MissBeat by +€336.11M
YoY Revenue Growth+21.48%
Earnings Announcement Details
QuarterQ3 2026
Date10/27/2026
TimeBefore Open
Conference CallTuesday, October 27, 2026
DE:CUP Upcoming Earnings
Chugai Pharmaceutical Co's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:CUP Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Revenue and core operating profit grew substantially, the company expects to exceed its full-year forecast, overseas products and royalties performed well, and the pipeline delivered approvals, filings, positive clinical readouts, and important progress for Hemlibra and Divarasib. The main challenges were pricing and generic pressure, higher costs, one-time domestic shipment timing, discontinued GYM329 obesity and LUNA18 programs, selected product declines, and reduced cash following large tax and special dividend payments. Highlights significantly outweighed lowlights.Company Guidance
Foreign Exchange Contribution
Compared with the prior year's actual exchange rate, yen depreciation contributed JPY 40.6 billion to revenue and JPY 26.6 billion to operating profit. The company cited a rate of JPY 184.21 this year versus JPY 171.62 in the prior-year plan.
Continued Drug Discovery and Strategic Investment
Management said it will continue strengthening drug discovery through proprietary technologies and science. A strategic investment organization was established as part of the company's open innovation strategy, alongside the Chugai Venture Fund and a West Coast U.S. partnering office, to support collaboration, new asset introduction, and potential acquisitions.
Promising Medium-Term Pipeline
Management described the pipeline as attractive, with promising projects expected to generate important data in 2027 and 2028. It also said the company is continuing to pursue new modalities and new projects.
AUBE00 Broad KRAS Positioning
Management positioned Divarasib as a KRAS G12C inhibitor and AUBE00 as a pan-KRAS inhibitor intended to address G12C, G12D, G12V, and other KRAS mutations. Combination use of RAS inhibitors was described as a potential option supported by multiple scientific rationales.
Revenue and Profit Growth
Third-quarter revenue increased by JPY 156.5 billion, or 17.2%, with growth in domestic sales, overseas sales, and other revenue. Core operating profit increased by JPY 85.6 billion to JPY 536.1 billion, while the operating margin improved by 0.8 percentage points to 50.2%.
Full-Year Forecast Tracking Ahead of Plan
Management said the company is tracking well against its full-year forecast and expects to exceed it. Nine-month revenue and profit progress exceeded the 75% benchmark, and management said achieving the full-year forecast is very likely.
Domestic Sales Growth
Domestic sales increased by JPY 62.6 billion, driven by growth in core and new products despite negative impacts from drug price revisions and generic penetration. Oncology sales rose 13.3% to JPY 204.8 billion, while specialty sales increased 23.6% to JPY 201.1 billion.
Overseas Sales and Product Performance
Overseas sales increased by JPY 49.6 billion, or 11%, to JPY 500.5 billion. Export growth included higher shipments of NEMLUVIO for Galderma and Alecensa for Roche, while Hemlibra, Alecensa, and Actemra all grew steadily.
Royalty and Milestone Revenue Growth
Other revenue increased by JPY 44.2 billion to JPY 161.3 billion, reflecting higher royalty income from Hemlibra and NEMLUVIO as well as milestone income and one-time revenue, including royalty payments received during the nine-month period.
Actemra Forecast Outperformance
Actemra sales reached JPY 121.7 billion through the third quarter against a full-year forecast of JPY 130.8 billion. Management expects full-year sales to exceed the forecast by about or more than JPY 10 billion.
Hemlibra Auto-Injector Progress
Development of the Hemlibra auto-injector progressed, with the additional dosage form filed in Japan in August 2026. The company expects to launch it in Japan and globally in 2027, targeting reduced injection preparation and operation burden, lower needle-stick risk, improved ease of use, and shorter treatment time.
Auto-Injector Profitability and Convenience
Management said the Hemlibra auto-injector is not expected to have a material impact on the cost ratio and should enable the company to maintain the current profit level. Once placed, administration is expected to be completed within 10 seconds, compared with approximately five minutes of total preparation and administration for the prior vial process.
Lasker Award Recognition
Three researchers received the Lasker Award in September for work associated with Hemlibra. Management highlighted the creation of Hemlibra through proprietary science, bispecific antibody technology, molecular design, and manufacturing technology development.
Pipeline Approval and Filings
Enspryng received U.S. approval for thyroid eye disease. The company filed four projects, including Enspryng for MOG antibody-associated disease in Japan, the U.S., and Europe; the Hemlibra auto-injector in Japan; and vamikibart in Japan for macular edema associated with non-infectious uveitis. Enspryng received SAKIGAKE designation in Japan and priority review designation in the United States.
Pipeline Study Progress and Readouts
Cevostamab began a Phase III study in relapsed or refractory multiple myeloma. Lunsumio and sefaxersen each met their primary endpoints at Phase III interim analysis. Preparation for the next NXT007 Phase III pediatric study was described as progressing smoothly.
Divarasib Phase III Efficacy
In the Krascendo-1 Phase III study in previously treated KRAS G12C-mutated unresectable advanced or recurrent non-small cell lung cancer, Divarasib reduced the risk of disease progression or death by 42% and reduced the risk of death by 44% versus first-generation KRAS G12C inhibitors. Median overall survival was approximately 18 months versus 12 months for sotorasib and adagrasib, with no new safety signals and mostly low-grade, manageable treatment-related adverse events.
Divarasib Regulatory and Market Opportunity
The company plans to file Divarasib for approval in Japan within 2026. Management stated that KRAS G12C mutations account for approximately 14% of globally diagnosed non-small cell lung cancer and approximately 4% to 5% domestically, representing about 4,000 to 5,000 domestic patients based on approximately 100,000 domestic non-small cell lung cancer patients.
Earlier Trontinemab Submission Timing
The projected submission timing for trontinemab in Alzheimer's disease was brought forward to 2028 from 2029 and beyond. Six additional projects are scheduled for submission in 2026.
Strategic Licensing and Out-Licensing
The company signed an exclusive license agreement with GlaxoSmithKline for AID351, an anti-dengue virus antibody, covering development, manufacturing, and commercialization for flavivirus infections. It also granted InxMed exclusive global rights for SPYK04, a RAF-MEK molecular glue for solid tumors.
DONQ52 Development Progress
DONQ52 is scheduled for presentation at ICDS 2026, including Phase Ia/b results in celiac disease and biologic proof-of-concept results from a Phase Ic study. The study is evaluating safety, tolerability, pharmacokinetics, suppression of gluten-induced T-cell activation, and biomarker information.
Financial Position and Cash Generation
Operating free cash flow for the first nine months was JPY 427.7 billion. Net assets increased by JPY 62.8 billion to JPY 2,088.5 billion, and the equity ratio rose to 88%.
DE:CUP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed