Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shanghai Henlius Biotech entered outlicensing agreement with Eisai for serplulimab for upfront payment of $75M. Wuxi Biologics has signed a license and research service agreement with Vertex Pharmaceuticals. </li>
<li>Daiichi Sankyo’s indication expansion application for Datroway in TNBC has been accepted and granted Priority Review in the U.S. PeptiDream has initiated registrational Phase 2 clinical trial of radiotherapeutic candidate.</li>
<li>ABL Bio submitted clinical trial application to the FDA for a Phase 1 clinical trial of ADC candidate ABL209. SK Bioscience is in-licensing a clinical-stage RSV vaccine candidate.</li>
</ul>


Shanghai Henlius Biotech entered outlicensing agreement with Eisai for serplulimab for upfront payment of $75M. Wuxi Biologics has signed a license and research service agreement with Vertex Pharmaceuticals. 
Daiichi Sankyo’s indication expansion application for Datroway in TNBC has been accepted and granted Priority Review in the U.S. PeptiDream has initiated registrational Phase 2 clinical trial of radiotherapeutic candidate.
ABL Bio submitted clinical trial application to the FDA for a Phase 1 clinical trial of ADC candidate ABL209. SK Bioscience is in-licensing a clinical-stage RSV vaccine candidate.


APAC Healthcare Weekly (February 8) – Henlius Bio, Wuxi Bio, Daiichi Sankyo, Peptidream, ABL Bio

External broker reports(aggregated public sources), HDFC Securities

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<ul><li>As per IQVIA, IPM recorded strong growth for Dec-25 at 15% YoY (vs 8.6% in Nov-25), unit grew by 4.4% YoY (-2.8% in Nov-25)</li><li>Growth was led by CVS, anti-diabetes, CNS, and oncology segments, while growth in anti-infective, gastro, respiratory, and pain grew at par or marginal below compared to IPM growth</li><li>For Q3FY26, IPM grew 11.8% YoY and unit growth was at 1.6% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As per IQVIA, IPM recorded strong growth for Dec-25 at 15% YoY (vs 8.6% in Nov-25), unit grew by 4.4% YoY (-2.8% in Nov-25)Growth was led by CVS, anti-diabetes, CNS, and oncology segments, while growth in anti-infective, gastro, respiratory, and pain grew at par or marginal below compared to IPM growthFor Q3FY26, IPM grew 11.8% YoY and unit growth was at 1.6% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceuticals: IPM: strong 15% growth in Dec-25

<ul>
<li>Jiangsu Hengrui received approval for its innovative drug Retlirafusp alfa Injection in China. Hansoh’s innovative drug Ameile got fifth indication expansion approval in China for NSCLC.</li>
<li>InSilico Medicine entered multi-year R&amp;D collaboration valued at $888M with Servier. Takeda Pharmaceutical filed NDA to the FDA seeking approval of rusfertide for the treatment of polycythemia vera.</li>
<li>Hanmi Pharmaceutical will distribute and sell Teva’s migraine preventive treatment Ajovy in Korea. Dr. Reddy’s Laboratories has launched Hevaxin vaccine for the prevention of Hepatitis E virus infection in India.</li>
</ul>


Jiangsu Hengrui received approval for its innovative drug Retlirafusp alfa Injection in China. Hansoh’s innovative drug Ameile got fifth indication expansion approval in China for NSCLC.
InSilico Medicine entered multi-year R&amp;D collaboration valued at $888M with Servier. Takeda Pharmaceutical filed NDA to the FDA seeking approval of rusfertide for the treatment of polycythemia vera.
Hanmi Pharmaceutical will distribute and sell Teva’s migraine preventive treatment Ajovy in Korea. Dr. Reddy’s Laboratories has launched Hevaxin vaccine for the prevention of Hepatitis E virus infection in India.


APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm

<ul><li>The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat</li><li>We project sales/EBITDA growth of 11%/10% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India business</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flatWe project sales/EBITDA growth of 11%/10% YoY for our coverage universeOur assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India businessContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag

<ul><li>Overall chronic growth accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.</li><li>In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). </li><li>In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall chronic growth accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceuticals: IPM: growth recovers to 11.7% in Oct-25

India

Alkem Laboratories Ltd. is an Indian multinational pharmaceutical company specializing in generics and specialty pharmaceuticals. It manufactures and markets pharmaceutical generics, formulations, and nutraceuticals across India and global markets. The company's product portfolio also includes active pharmaceutical ingredients, branded products, vitamins, minerals, and nutritional products. Alkem Laboratories is headquartered in Mumbai, India, and was founded in 1973.

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Alkem Laboratories (ALKEM IN)

APAC Healthcare Weekly (February 8) – Henlius Bio, Wuxi Bio, Daiichi Sankyo, Peptidream, ABL Bio

Henlius stuck outlicensing deal with Eisai. Wuxi Bio signs deal with Vertex. Daiichi’s Datroway got priority review in U.S. for TNBC. PeptiDream...

Tina Banerjee

Pharmaceuticals: IPM: strong 15% growth in Dec-25

Growth was led by CVS, anti-diabetes, CNS, and oncology segments, while growth in anti-infective, gastro, respiratory, and pain grew at par or...

HDFC Securities

APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm

Hegrui got nod for new drug and Hansoh’s Ameile secured additional indication in China. InSilico entered $888M R&D collaboration. Takeda filed for...

Tina Banerjee

Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag

The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat. We project sales/EBITDA growth of...

HDFC Securities

Pharmaceuticals: IPM: growth recovers to 11.7% in Oct-25

In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by...

HDFC Securities

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