2025-06-15-Jefferies-JCR（4552）_卖方小型会议要点_9页_193kb

Summary of JCR Pharmaceuticals Equity Research

JCR Pharmaceuticals maintains a Hold rating with an increased price target from ¥510 to ¥610, reflecting higher conviction and revised earnings estimates. The consensus-generated estimate was considered less optimistic than previously held views regarding JCR's BBB-penetrating technology, J-Brain Cargo. JCR is actively working towards FDA approval for its CAR-T therapy JR-141, targeting a Type C meeting to address uncertainty around the FDA's acceptance of the HS endpoint and inclusion of foreign trial data. Accelerating the BLA filing timeline is crucial due to competitor Denali's approval submission and is likely to require another FDA meeting, suggesting the filing may occur beyond April 2027 (previously projected as a target peak ex-Japan sales year). While management is increasing its commitment to out-licensing its platform technologies, JBC and JUST-AAV, with high-level involvement, at least one partnership agreement is expected within the FY3/26 timeframe. However, progress on JR-141 and JR-171 out-licensing remains unclear, and we await clarity from the JR-141 FDA discussions before expecting significant milestones for JR-171. JCR has signed a contract manufacturing deal with SanBio for Akuugo, expected to generate revenue from next year despite potentially slow market penetration. Financially, JCR's revenue projections show a significant challenge in FY3/25 before turning positive in FY3/26, aided by reduced upfront payments and strong operating leverage assumptions. The Hold rating acknowledges the lower upside potential (previously ¥765) and highlights risks including potential delays in US market access for key products like IzCargo and lower-than-expected sales.