Chugai Pharmaceutical Co., Ltd. · Year ended December 2025
Chugai and Roche: connected businesses, independent research.
Chugai and Roche pursue their own research strategies within the same corporate group. Development and marketing rights, as well as product supply, connect them through contracts. Their 2025 accounts help trace the boundary between independent choices and a shared commercial system.
One group, distinct research strategies
One medicine connects exports with rights-based revenue
The reverse route brings products into Japan
Linking independent research to reciprocal business
Chugai’s research strategy and the activities connected through Roche contracts.
- Supply outwardContractual out-licensing and exports where manufacturing rights are held
- Earn from salesRoyalties and profit sharing linked to Roche’s commercial activity
- Deliver in JapanIn-licensing Roche compounds for domestic development and marketing
The size of overseas business depends on the revenue line
Choosing which research to continue also carries a cost
THE VIEW AFTER THE NUMBERS
What the numbers suggest
Chugai and Roche combine autonomy in research with closely connected businesses.
FY2025 Hemlibra exports to Roche were ¥339.3bn. Alongside product supply, Chugai recorded ¥163.3bn of royalty and profit-sharing income from Roche across products. In the opposite direction, it has a route for bringing Roche compounds into development and marketing in Japan.
Research expenses and the costs of stopping projects remain in Chugai’s accounts. Searching on its own, then connecting to Roche’s commercial scale: that combination helps explain the company’s model of independent discovery and international commercialization.
Primary sources used
Strategic Alliance with Roche
Chugai Pharmaceutical Co., Ltd.
Open source →Annual Report 2025
Chugai Pharmaceutical Co., Ltd. · 2026-05-29
Pages used: p.72,84
Open source →FY2025 consolidated financial statements (IFRS, unaudited)
Chugai Pharmaceutical Co., Ltd. · 2026-01-29
Pages used: p.32
Open source →FY2025 consolidated financial statements: Supplementary Materials
Chugai Pharmaceutical Co., Ltd. · 2026-01-29
Pages used: p.3 / p.7 / p.9
Open source →Advanced Explanation for Transactions with Roche (November 2023)
Chugai Pharmaceutical Co., Ltd.
Pages used: p.9 / p.10-11
Open source →