野村：制药与生物技术板块 -截至 5 月 1 日海外公司的财报发布情况

Investment Rating - The report assigns a Neutral rating to Chugai Pharmaceutical and Nxera Pharma, indicating a cautious outlook for these companies in the context of diabetes and obesity treatments [2][4]. Core Insights - Amgen's pharmaceutical sales grew by 11% year-on-year to $7,873 million, driven by strong sales of existing products and the launch of Imdelltra for extensive-stage small cell lung cancer [1] - Biogen reported a 6% year-on-year revenue increase to $2,431 million, supported by favorable foreign exchange effects and product shipment timing [3] - Eli Lilly's revenue surged by 45% year-on-year to $12,729 million, largely due to a 113% increase in sales of its diabetes and obesity drug Mounjaro [7] - ICON's revenue decreased by 4.3% year-on-year to $2,001 million, with a notable decline in adjusted EBITDA margin [10] Summary by Company Amgen - Initiated Phase 3 studies for MariTide in obesity, with key data expected in the second half of 2025 [1] - Strong sales performance attributed to mainstay products and new launches [1] Biogen - Received approval in Europe for the resubmitted marketing authorization request for Leqembi [3] - Anticipates approval for a subcutaneous formulation of Leqembi in August 2025, which would facilitate self-administration for patients [3] Eli Lilly - Facing challenges as CVS Caremark prioritizes Novo Nordisk's Wegovy over Zepbound, potentially leading to patient switches [7] - Plans to file for obesity and diabetes drug approvals in late 2025 and early 2026, respectively [8] ICON - Experienced a 4.3% decline in revenue, with a significant drop in adjusted EBITDA margin [10] - Lowered sales guidance for 2025 due to major cancellations, while still seeing demand from mid-tier drugmakers [10] Implications for Japanese Companies - Chugai Pharmaceutical and Nxera Pharma are expected to face neutral implications from Amgen's MariTide, pending Phase 3 study results [2] - Eisai reported robust growth in revenues from Leqembi, indicating potential for further growth if subcutaneous formulations are launched as planned [4] - Chugai Pharmaceutical may benefit from royalties on Eli Lilly's orforglipron sales, with encouraging Phase 3 study results noted [9]