Investment Rating - Sawai Group is rated as "Sell" with a 12-month target price of ¥1,650 [2][14] - Toray is rated as "Buy" with a 12-month target price of ¥1,300 [3][15] Core Insights - The Intellectual Property High Court (IPHC) has ordered Sawai Pharmaceutical to pay ¥14.3 billion in damages for patent infringement related to the pruritus treatment Remitch [1][8] - The ruling is expected to negatively impact Sawai Group's share price due to the realization of compensation payment risks and potential strategic implications for its market share growth [2][12] - For Toray, the ruling is seen as a significant win for its intellectual property strategy, potentially leading to a positive impact on its profit and cash flow if compensation is received [3][11] Summary by Sections Sawai Group - The company plans to restate its FY3/25 earnings due to the ruling, with the impact on earnings currently being assessed [8] - Sawai intends to appeal the ruling and is considering all legal measures [8][9] - The ruling may affect Sawai's strategy of increasing market share through its intellectual property and drug formulation technology [12] Toray - The total compensation ordered against Sawai and Fuso Pharmaceutical amounts to ¥21.7 billion, with Toray potentially receiving ¥21.7 billion [11] - The ruling reinforces the strength of Toray's intellectual property strategy and could lead to a considerable impact on its earnings, given its projected net profits of ¥82 billion for FY3/26 [11]

Core Insights - Nokia has reached a settlement with Amazon regarding patent infringements related to video technologies, resolving all litigation filed against Amazon [1][2]. Group 1: Settlement Details - The agreement covers the use of Nokia's video technologies in Amazon's streaming services and devices, with all litigation in five global jurisdictions being resolved [2]. - The jurisdictions involved in the lawsuits included Britain, the EU's patent court, Germany, India, and the United States, initiated in October 2023 [2][3]. - The specific technologies in question pertained to video compression, content delivery, content recommendation, and hardware aspects [3]. Group 2: Related Legal Actions - In addition to Amazon, Nokia also filed a lawsuit against HP in October 2023 for the alleged unauthorized use of its video technology, which was settled in October 2024 [3].