Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Despite ongoing recovery and fading effect of the COVID-19, 2023 was not a smooth sailing for the healthcare companies. All the countries and sub-sectors did not perform equally.</li>
<li>As we are heading into 2024, let us look back on the performance of some of our global healthcare stocks recommended throughout 2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/lianbio" target="_blank" data-smartkarma-citation="entities:34478:1" rel="noopener">LianBio (LIAN US)</a> remained the best performer with 93% return in nearly eight months. <a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (MEDANTA IN)</a>, top pick for March 2023, generated 79% return in nine months.     </li>
</ul>


Despite ongoing recovery and fading effect of the COVID-19, 2023 was not a smooth sailing for the healthcare companies. All the countries and sub-sectors did not perform equally.
As we are heading into 2024, let us look back on the performance of some of our global healthcare stocks recommended throughout 2023.

LianBio (LIAN US) remained the best performer with 93% return in nearly eight months. Global Health (Medanta) (MEDANTA IN), top pick for March 2023, generated 79% return in nine months.     


2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

Equity Bottom-Up

Neuren Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/neuren-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:4494:1" rel="noopener">Neuren Pharmaceuticals (NEU AU)</a> announced stellar financial performance for 1H25, with doubling of net profit on high-teens revenue growth. Royalty income from Daybue grew 16% YoY to A$28.3M.</li>
<li>The number of unique patients receiving a Daybue shipment continued to grow and in 2Q25 reached a record high of 987, up from 954 in 1Q25 and 920 in 4Q24.</li>
<li>Assuming partner’s guidance is met and an exchange rate of 0.65, Neuren anticipates earning U.S. royalties of A$62–67M, up 15% YoY at mid-point in 2025.</li>
</ul>



Neuren Pharmaceuticals (NEU AU) announced stellar financial performance for 1H25, with doubling of net profit on high-teens revenue growth. Royalty income from Daybue grew 16% YoY to A$28.3M.
The number of unique patients receiving a Daybue shipment continued to grow and in 2Q25 reached a record high of 987, up from 954 in 1Q25 and 920 in 4Q24.
Assuming partner’s guidance is met and an exchange rate of 0.65, Neuren anticipates earning U.S. royalties of A$62–67M, up 15% YoY at mid-point in 2025.


Neuren Pharmaceuticals (NEU AU): Net Profit Doubles in 1H On Daybue Acceleration; Guidance Restated

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Rex American Resources / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish outlook as long as market dynamics remain healthy and the SPX is above 6028-6059. Short-term supports on SPX include 6400-6410, 6200, 6100-6150, and 6028-6059.</li>
<li>SPX is testing 6400-6410 now, but QQQ and IWM are violating short-term supports at $572 and $226, respectively. This makes us believe we could see some near-term downside; buy pullbacks.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish outlook as long as market dynamics remain healthy and the SPX is above 6028-6059. Short-term supports on SPX include 6400-6410, 6200, 6100-6150, and 6028-6059.
SPX is testing 6400-6410 now, but QQQ and IWM are violating short-term supports at $572 and $226, respectively. This makes us believe we could see some near-term downside; buy pullbacks.


Staying Bullish Despite Near-Term Pullback Potential; Buy Pullbacks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/neuren-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:4494:1" rel="noopener">Neuren Pharmaceuticals (NEU AU)</a> received A$56M U.S. royalty income from Daybue in 2024 up 110% from A$27M in 2023. Cumulative income from Daybue reached to A$445M over 2023 and 2024. </li>
<li>Assuming Daybue U.S. sales guidance is met and an exchange rate of 0.65, Neuren anticipates earning U.S. royalties of A$62–67M, up 15% YoY at mid-point in 2025.</li>
<li>Daybue will be launched in Canada in 3Q25. European approval is expected in 1Q26. For Japan, Acadia plans to initiate small clinical study by 3Q25 to support a marketing application.</li>
</ul>



Neuren Pharmaceuticals (NEU AU) received A$56M U.S. royalty income from Daybue in 2024 up 110% from A$27M in 2023. Cumulative income from Daybue reached to A$445M over 2023 and 2024. 
Assuming Daybue U.S. sales guidance is met and an exchange rate of 0.65, Neuren anticipates earning U.S. royalties of A$62–67M, up 15% YoY at mid-point in 2025.
Daybue will be launched in Canada in 3Q25. European approval is expected in 1Q26. For Japan, Acadia plans to initiate small clinical study by 3Q25 to support a marketing application.


Neuren Pharmaceuticals (NEU AU): Daybue US Sales and Geography Expansion to Drive Growth

<ul>
<li>Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.</li>
<li>FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.</li>
<li>Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.</li>
</ul>


Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.
FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.
Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.


APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

United States

ACADIA Pharmaceuticals Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs for the treatment of central nervous system disorders. The company is currently working on the treatment of induced dysfunction in Parkinson's disease ,schizophrenia, neuropathic pain and glaucoma.

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Acadia Pharmaceuticals (ACAD US)

2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Tina Banerjee

Neuren Pharmaceuticals (NEU AU): Net Profit Doubles in 1H On Daybue Acceleration; Guidance Restated

Neuren Pharmaceuticals reports strong 1H25 result, doubling net profit with high-teens revenue growth. The company anticipates earning U.S....

Tina Banerjee

Staying Bullish Despite Near-Term Pullback Potential; Buy Pullbacks

Buying a pullback; SPX testing 6400-6410 now, but QQQ and IWM are violating short-term supports at $572 and $226. This makes us believe we could...

Vermilion Research

Neuren Pharmaceuticals (NEU AU): Daybue US Sales and Geography Expansion to Drive Growth

Neuren Pharmaceuticals got confirmation from the FDA for the primary endpoints for its planned Phase 3 pivotal clinical trial of NNZ-2591 in Phelan...

Tina Banerjee

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

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2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

​Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Tina Banerjee

Neuren Pharmaceuticals (NEU AU): Net Profit Doubles in 1H On Daybue Acceleration; Guidance Restated

​Neuren Pharmaceuticals reports strong 1H25 result, doubling net profit with high-teens revenue growth. The company anticipates earning U.S....

Tina Banerjee

Staying Bullish Despite Near-Term Pullback Potential; Buy Pullbacks

Buying a pullback; SPX testing 6400-6410 now, but QQQ and IWM are violating short-term supports at $572 and $226. This makes us believe we could...

Vermilion Research

Neuren Pharmaceuticals (NEU AU): Daybue US Sales and Geography Expansion to Drive Growth

Neuren Pharmaceuticals got confirmation from the FDA for the primary endpoints for its planned Phase 3 pivotal clinical trial of NNZ-2591 in Phelan...

Tina Banerjee

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Neuren Pharmaceuticals reports strong 1H25 result, doubling net profit with high-teens revenue growth. The company anticipates earning U.S....