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Miki Sogi

Research Analyst at Alliancebernstein L.P.

Miki Sogi is Director and Senior Research Analyst at Sanford C. Bernstein Japan KK (AllianceBernstein), specializing in Japan Biopharma equity research. She covers leading Japanese pharmaceutical companies including Chugai Pharmaceutical, providing high-level investment insights after launching formal coverage in 2023. With a Ph.D. in organic chemistry from Harvard, Sogi brings 15 years of biopharma experience, including 10 years at multinational firms in the US and Japan, and 5 years as a biopharma consultant at McKinsey & Company, before joining Bernstein in 2022. She is also a registered financial professional in Japan with a strong scientific background, holding both her Harvard doctorate and a B.Sc. from the University of Tokyo.

Miki Sogi's questions to TAKEDA PHARMACEUTICAL CO (TAK) leadership

Question · Q3 2025

Miki Sogi from AllianceBernstein asked about a recent 8% list price increase for Entyvio, its effect on the net price, and any rebate consequences. She also questioned the pace of R&D spending and whether a Q4 ramp-up was planned.

Answer

CEO Christophe Weber explained the list price increase is a function of the U.S. rebate system and does not reflect a similar rise in the net price. Executive Milano Furuta added that R&D spending is on track and will increase in Q4, driven by the initiation of two new Phase III programs.

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Question · Q1 2025

Miki Sogi of Bernstein asked about the market dynamics driving the strong Q1 growth for TAKHZYRO and immunoglobulins and whether this growth is sustainable. She also questioned if Takeda's TYK2 inhibitor would face slow payer coverage similar to a competitor's and how Takeda's launch strategy would differ.

Answer

Julie Kim, President, U.S. Business Unit, attributed the growth to strong new patient starts for TAKHZYRO and the new CIDP indication for HYQVIA. President and CEO Christophe Weber noted that quarterly growth can fluctuate and the full-year forecast remains within guidance. Regarding the TYK2 launch, Julie Kim expressed confidence that if Phase III data confirms a differentiated profile for TAK-279, it will enable a strong commercial launch and successful market access.

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Question · Q1 2025

Miki Sogi from Bernstein asked about the market dynamics driving strong growth for TAKHZYRO and immunoglobulin and its sustainability. She also inquired how Takeda's launch strategy for its TYK2 inhibitor might differ from a competitor's underwhelming launch, which was impacted by slow payer coverage.

Answer

Executive Julie Kim explained that TAKHZYRO's growth is from new prescribers and global launches, while immunoglobulin growth is driven by strong demand and new indications. She noted that if TAK-279's differentiated profile is confirmed, it will enable a strong commercial launch. President and CEO Christophe Weber added that quarterly immunoglobulin growth can fluctuate and the full-year rate will be within guidance.

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