[英文調查報告書] 協和發酵：製藥企業分析

Abstract

Kyowa currently ranks 42nd of all researched-based companies in terms of pharmaceutical sales. This report provides a full review of the company's activities together with sales forecasts for key products to 2010.

Kyowa has terminated, in March 2005, its Japanese marketing agreement with Janssen (J&J) for the oral antifungal, Itrizole (itraconazole). The move leaves Kyowa with just three key products. The loss of Itrizole gives Kyowa a huge short term headache as it accounted for 19.1% of total pharmaceutical sales in fiscal 2005.

The company is concentrating its core business in pharmaceuticals and has divested or restructured many of its non core food and chemical interests.

R&D Pipeline Overview

Kyowa has highlighted three candidate drugs as potential growth drivers for the future:

KW-6002 is a novel compound that is indicated for Parkinson's disease. It is currently being developed in Europe, Canada and the US where it is anticipated to be filed in 2006.
KW-7158 differs from existing anticholinergic drugs in that it is effective on peripheral sensory nerves in the bladder. The development of KW-7158 indicates a move into a new therapeutic area for Kyowa, urology, with the company citing the large market potential for this field, both domestically and abroad.
KW-2871 is a monoclonal antibody in early-stage development. It has been shown to be effective against melanoma cells. The company is optimistic for this compound and is investing in its overseas development.

Major Products Forecast to 2010

Coniel (Cardiovascular)
Allelock (Anti-allergenic)
Celtect (Anti-allergenic)
Durotep (CNS)
Depakene (CNS)
Adriacin/Farmorubicin (Anticancer)
5-FU (Anticancer)
Nauzelin (Gastrointestinal)
Neu-up (Blood & Fluid)

EXECUTIVE SUMMARY

INTRODUCTION
FINANCIAL PERFORMANCE 2005
- Sales and market position
- Income
  - Sales, Costs and Operating Income
- Expenditure
  - Capital expenditure
  - Capital Expenditure By Business Area
  - Capital Expenditure By Business Area, 2005
  - R&D expenditure
  - R&D Expenditure and Capital Expenditure
- Divisional performance
  - Sales By Business Area
  - Sales By Business Area
  - Operating Income (Loss) By Business Area
  - Total Assets By Business Area
- Geographic performance
  - Sales By Destination
  - Sales By Destination
  - Overseas Sales By Region, 2005
COMPANY STRATEGY
- Eighth Medium-Term Management Plan
- Financial targets (consolidated)
- Mergers, acquisitions and divestitures
- Key agreements
- Production
- Employees
  - Employees and Productivity
PRODUCT / R&D OVERVIEW
- Key products
  - Recent Product Launches
  - Recent Product Approvals
- R&D strategy
  - Key R&D projects
- R&D pipeline overview
- Sales forecast
  - Sales of current top ten products (2000A-2010E)
CONCLUSIONS

PRODUCT PORTFOLIO / RESEARCH & DEVELOPMENT

Major Products, Therapeutic Areas and Sales
Sales of Major Pharmaceutical Products, 2005
R&D Pipeline - Japan
R&D Pipeline - Overseas

ANTI-INFECTIVE PRODUCTS
ANTI-INFECTIVE SUMMARY
CARDIOVASCULAR PRODUCTS
- Major launched products
- Coniel
  - Sales
  - Key markets/indications
  - Competitor products
  - Sales forecast
- Coniel sales (2000A-2010E)
- Activacin
- Others
CARDIOVASCULAR SUMMARY
- Growth potential
- Limiting factors
ANTI-ALLERGY PRODUCTS
- Major launched products
- Allelock
  - Sales
  - Key markets/indications
  - Further development
  - Competitor products
  - Sales forecast
- Allelock sales (2000A-2010E)
- Celtect
  - Sales
  - Key markets/indications/formulations
  - Competitor products
  - Sales forecast
- Celtect sales (2000A-2010E)
ANTI-ALLERGY SUMMARY
- Growth potential
- Limiting factors
CENTRAL NERVOUS SYSTEM PRODUCTS
- Durotep
  - Sales
  - Key markets/indications/formulations
  - Competitor products
  - Sales forecast
- Durotep sales (2000A-2010E)
- Depakene
  - Sales
  - Key markets/indications/formulations
  - Competitor products
  - Sales forecast
- Depakene sales (2000A-2010E)
- Others
CENTRAL NERVOUS SYSTEM R&D
- Topiramate (KW-6485)
- Istradeylline (KW-6002)
  - Clinical trials
- KW-2246
CENTRAL NERVOUS SYSTEM SUMMARY
- Growth potential
- Limiting factors
ANTICANCER PRODUCTS
- Adriacin/Farmorubicin
  - Sales
  - Key markets/indications/formulations
  - Sales forecast
- Adriacin/Farmorubicin sales (2000A-2010E)
- 5-FU
  - Sales
  - Sales forecast
- 5-FU sales (2000A-2010E)
- Navelbine
  - Clinical trials
- Others
ANTICANCER R&D
- KW-2401 (UCN-01)
- Lestaurtinib (KT5555)
- KW-2871
- FGF8
ANTICANCER SUMMARY
- Growth potential
- Limiting factors
GASTROINTESTINAL PRODUCTS
- Major launched products
- Nauzelin
  - Sales
  - Sales forecast
- Nauzelin sales (2000A-2010E)
- Acenalin
- Navoban
- Others
GASTROINTESTINAL SUMMARY
BLOOD AND FLUID DISORDER PRODUCTS
- Major launched products
- Neu-up
  - Sales
  - Key markets/indications/formulations
  - Competitor products
  - Sales forecast
- Neu-up sales (2000A-2010E)
- Leukoprol
BLOOD AND FLUID DISORDER SUMMARY
OTHERS PRODUCTS
- Desmopressin
- Imagenil
OTHERS R&D
- Potelligent technology
- MM-Q01
- KW-3902
- KW-7158

APPENDIX 1 - FINANCIAL PERFORMANCE

FULL YEAR RESULTS 2005
- Sales, Costs and Operating Income
- Profitability and Research Ratios
- Current Assets, Liabilities and Ratio
- Assets, Cash and Liquidity

APPENDIX 2 - KEY CORPORATE EVENTS

APPENDIX 3 - KEY AGREEMENTS

Astellas Pharma Inc
- 1st October 2005
BioGenex
- 23rd July 1997
Biogen Idec Inc
- 30th June 2004
BioWa
- 22nd March 2005
- 21st October 2005
Cephalon Inc
- Signal transduction modulators agreement
- 15th May 1992
Compugen Ltd
- 17th July 2001
Eli Lilly
- 10th January 2006
Eurand SpA
- 20th January 2003
Genomatica Inc
- 5th January 2005
Medarex Inc
- 24th May 2005
MedImmune Inc
- 7th December 2005
Mitsubishi Pharma Corporation
- 18th October 2000
NovaCardia Inc
- 9th October 2003
OncoTherapy Science Inc (OTS)
- 24th October 2005
Orexo Pharmaceuticals AB
- 14th January 2003
Sigma Company Limited
- 5th July 1999
Taisho Pharmaceutical Co Ltd
Others
Discontinued Agreements
- Johnson & Johnson
  - 24th February 2005
- Geron Corporation
  - 30th June 2004

協和發酵：製藥企業分析報告

Kyowa Hakko: Pipeline, Products, Performance, Potential

Abstract

R&D Pipeline Overview

Major Products Forecast to 2010

Table of Contents

EXECUTIVE SUMMARY

PRODUCT PORTFOLIO / RESEARCH & DEVELOPMENT

APPENDIX 1 - FINANCIAL PERFORMANCE

APPENDIX 2 - KEY CORPORATE EVENTS

APPENDIX 3 - KEY AGREEMENTS

APPENDIX 4 - INFRASTRUCTURE

APPENDIX 5 - MAJOR PHARMACEUTICAL SUBSIDIARIES/JOINT VENTURES

APPENDIX 6 - PRODUCT INDEX