本周日本医药板块上涨0.6%，与TOPIX（+0.3%）基本一致。武田药品周涨3.5%，因Orzeyful（oveporexton）的医保报销价被定为22,792.5日元/mg（成人通常每日口服1mg两次，年费用约1,660万日元）；折算为美元约10.5万美元/年（按158日元/美元），低于美国现有药物价格，但武田未参与美国最惠国（MFN）药价协议，故未必会参照日本价格设定美国价格，预计美国缉毒局（DEA）将于11月初确定该药分类，其后公布批发采购成本（WAC）。报告预计武田二季度业绩不会出现意外，预测核心营业利润3,469亿日元（彭博一致预期3,193亿日元）、营业利润1,867亿日元（预期1,428亿日元）。
The pharmaceutical sector rose 0.6% WoW, performing in line with TOPIX (+0.3%). Takeda Pharmaceutical rose 3.5% WoW after the reimbursement price of Orzeyful (oveporexton) was set at ¥22,792.5/mg (1mg is typically administered orally twice daily for adults; ¥16.6 million on an annual basis). When converted into dollars, the annual price of $105,000 (at ¥158/$) looks lower than prices of existing US drugs. However, Takeda is not participating in the US administration's most-favored-nation (MFN) drug pricing agreement, so we do not think it will necessarily set the US price in line with the price in Japan. We expect the US Drug Enforcement Administration (DEA) to determine the drug's classification by early November, and we expect the wholesale acquisition cost (WAC) to be announced after this decision. We do not expect Takeda's 2Q results to yield any particular surprises. We forecast core operating profit of ¥346.9 billion (Bloomberg consensus estimate: ¥319.3 billion) and operating pr