Chugai Pharmaceutical Co.

CHGCF

Drug Manufacturers - General · Healthcare

Price

$41.60

+0.20 (+0.47%)

Market Cap

$68.46B

Exchange

Other OTC

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Sep 3, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

Chugai Pharmaceutical is a Japanese drug company that develops and sells medicines, with a strong focus on cancer treatments, blood disorders, and autoimmune diseases. Some of its well-known drugs include Hemlibra for hemophilia and Enspryng for a rare neurological condition. Chugai is majority-owned by Swiss pharma giant Roche, which gives it access to a global drug development network.

The company earns revenue by selling prescription drugs in Japan and by licensing its own discoveries to Roche for sale worldwide, collecting royalties and milestone payments. It is one of Japan's most profitable drugmakers, with operating margins around 47%, supported by its unique partnership model with Roche and strong in-house research capabilities. Growth depends on its ability to keep discovering novel antibody-based drugs for global markets, though increasing pricing pressure in Japan and pipeline setbacks remain key risks.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+17.6% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

¥187.8B/ year

→ Flat (+3% vs prior year)

14.9% of revenue

In line with sector average (18%)

Steady R&D investment year-over-year

Insider Activity

62.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

¥959.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Chugai Pharmaceutical Co. is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.65B (2021) → 1.65B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

69.7%

Premium pricing power — 69.7% gross margin

Profit after running costs

Operating Margin

47.0%

Excellent — 47.0% operating margin

Return on the money invested

ROCE

33.5%

Exceptional — 33.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+12.6%

Fast-growing sales (+12.6% YoY)

Profit growth

EPS YoY

+19.2%

Earnings growing fast (+19.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

96%

Turns 96% of profit into real cash

Spare cash per sale

FCF Margin

30.1%

Converts sales into free cash efficiently (30.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

692.63x

Comfortably covers interest (692.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.8x

Growth-priced — P/E 23.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+7.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.8 → 16.8)

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Dividends

Dividend

Dividend Yield

2.08%

Moderate income — 2.08% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+124.4%

Dividend growing fast (124.4% YoY)

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