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Oct 24, 2025
- Corporate
Chugai Announces 2025 3rd Quarter Results
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Core revenue of ¥911.6 billion (+5.0%), Core operating profit of ¥450.5 billion (+5.6%), and Core net income of ¥320.0 billion (+6.2%) were achieved as both domestic and overseas product sales performed steadily, resulting in increased revenue and profit (all changes year-on-year)
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For Chugai originated projects, multiple Phase III clinical trials of orforglipron, out-licensed to Eli Lilly, met their primary endpoints, while PiaSky was launched in Taiwan and development of products in-licensed from Roche also progressed steadily
TOKYO, October 24, 2025 -- Chugai Pharmaceutical Co., Ltd. (TOKYO: 4519) announced its financial results for the third quarter of fiscal year 2025.
<Third quarter Results (Core results, January to September 2025)>
Chugai reported increased revenue and operating profit year-on-year for the third quarter (Core-basis).
Regarding revenue, domestic sales increased by 3.6%. In the oncology field, sales increased by 0.2%. While our mainstay product Avastin was affected by NHI drug price revisions and generics, this was offset by steady growth of new products Phesgo, Lunsumio, and our mainstay product Polivy. In the specialty field, sales increased by 7.7%, driven by steady performance of mainstay products Vabysmo, Hemlibra, and Enspryng, along with successful market penetration of the new product PiaSky. Overseas sales increased by 7.7%, driven by a substantial increase in exports of Actemra to Roche. Other revenue decreased by 0.9%, despite the increase in income related to Hemlibra, mainly due to a decrease in one-time income.
Cost to sales ratio increased by 0.6 percentage points year-on-year to 33.1%, mainly due to changes in the product mix. Research and development expenses increased by 0.7% due to investments into drug discovery and early development, and increases associated with the progress of development projects, while selling, general and administrative expenses decreased by 4.3% mainly driven by various expenses. Other operating income (expense) resulted in income of ¥0.4 billion. As a result, Core operating profit was ¥450.5 billion (+5.6%) with a Core operating profit margin (to revenue) of 49.4%.
<R&D activities>
Chugai made good progress in both in-house products and products in-licensed from Roche.
For in-house products, PiaSky was launched in Taiwan as the first subcutaneous formulation for paroxysmal nocturnal hemoglobinuria. Enspryng has obtained results from Phase III clinical trials for thyroid eye disease, and will be discussed with health authorities. For Chugai originated project, Orforglipron, an oral GLP-1 receptor agonist out-licensed to Eli Lilly, met primary endpoints in multiple Phase III clinical trials for obesity and type 2 diabetes.
For products in-licensed from Roche, Tecentriq has obtained approval for an expanded indication for relapsed or refractory extranodal NK/T-cell lymphoma, nasal type. Avastin has been filed for an expanded indication for neurofibromatosis type II. Glofitamab has initiated Phase II clinical trials in Japan for both relapsed or refractory diffuse large B-cell lymphoma and relapsed or refractory mantle cell lymphoma. Additionally, afimkibart has initiated Phase III clinical trial for Crohn's disease, and divarasib initiated Phase Ib/II clinical trial for non-small cell lung cancer (first-line treatment). Furthermore, Chugai has in-licensed CT-388, a long-acting GLP-1/GIP receptor agonist, from Roche.
[2025 third quarter results]
| Billion JPY | 2025 Jan - Sep | 2024 Jan - Sep | % change |
|---|---|---|---|
| Core results | |||
| Revenue | 911.6 | 868.5 | +5.0% |
| Sales | 794.6 | 750.3 | +5.9% |
| Other revenue | 117.1 | 118.2 | -0.9% |
| Operating profit | 450.5 | 426.6 | +5.6% |
| Net income | 320.0 | 301.3 | +6.2% |
| IFRS results | |||
| Revenue | 911.6 | 868.5 | +5.0% |
| Operating profit | 429.8 | 418.6 | +2.7% |
| Net income | 305.6 | 295.8 | +3.3% |
[Sales breakdown]
| Billion JPY | 2025 Jan - Sep | 2024 Jan - Sep | % change |
|---|---|---|---|
| Sales | 794.6 | 750.3 | +5.9% |
| Domestic sales | 343.7 | 331.7 | +3.6% |
| Oncology | 180.7 | 180.3 | +0.2% |
| Specialty | 163.0 | 151.3 | +7.7% |
| Overseas sales | 450.9 | 418.7 | +7.7% |
[Oncology field (Domestic) Top5-selling medicines]
| Billion JPY | 2025 Jan - Sep | 2024 Jan - Sep | % change |
|---|---|---|---|
| Tecentriq | 46.0 | 47.4 | -3.0% |
| Polivy | 27.0 | 24.5 | +10.2% |
| Phesgo | 24.5 | 15.0 | +63.3% |
| Alecensa | 24.3 | 22.4 | +8.5% |
| Avastin | 19.6 | 25.6 | -23.4% |
[Specialty field (Domestic) Top5-selling medicines]
| Billion JPY | 2025 Jan - Sep | 2024 Jan - Sep | % change |
|---|---|---|---|
| Hemlibra | 44.7 | 41.5 | +7.7% |
| Actemra | 36.7 | 34.8 | +5.5% |
| Enspryng | 20.9 | 17.8 | +17.4% |
| Vabysmo | 18.5 | 14.7 | +25.9% |
| Evrysdi | 12.0 | 11.3 | +6.2% |
[Progress in R&D activities from Jul 25th, 2025 to Oct 24th, 2025]
About Core results
Chugai discloses its results on a Core basis from 2013 in conjunction with its decision to apply IFRS. Core results are the results after adjusting Non-Core items to IFRS results. Chugai’s recognition of non-recurring items may differ from that of Roche due to the difference in the scale of operations, the scope of business and other factors. Core results are used by Chugai as an internal performance indicator, for explaining the underlying business performance both internally and externally, and as the basis for payment-by-results such as a return to shareholders.
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