Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>
LEGN 2Q26 results on track, with continued robust QoQ growth of Carvykti and improved operating margin (also thanks to milestone income); catalysts in 2H: in vivo CAR-T data</li>
<li>
Jacobio announced positive profit alert for 1H26, thanks to licensing income from AZ deal on pan-KRAS and income generated from Allist deal on KRAS G12C and SHP2</li>
<li>More updates from BeOne, Innovent, Laekna, Insilico Medicine, Allist, Impact Therapeutics...</li>
</ul>



LEGN 2Q26 results on track, with continued robust QoQ growth of Carvykti and improved operating margin (also thanks to milestone income); catalysts in 2H: in vivo CAR-T data

Jacobio announced positive profit alert for 1H26, thanks to licensing income from AZ deal on pan-KRAS and income generated from Allist deal on KRAS G12C and SHP2
More updates from BeOne, Innovent, Laekna, Insilico Medicine, Allist, Impact Therapeutics...


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>AstraZeneca's recent earnings report for the first nine months and Q3 2025 underscores the company's ongoing momentum and commitment to innovation within its pharmaceutical pipeline.</li><li>Total revenue increased by 11%, driven by robust demand for its innovative medicines.</li><li>The company reported core EPS growth of 15%, signaling strong operational performance.</li></ul>

AstraZeneca's recent earnings report for the first nine months and Q3 2025 underscores the company's ongoing momentum and commitment to innovation within its pharmaceutical pipeline.Total revenue increased by 11%, driven by robust demand for its innovative medicines.The company reported core EPS growth of 15%, signaling strong operational performance.

AstraZeneca: An Insight Into The Growth Potential Of Imfinzi

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.</li>
<li>Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.</li>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 
</li>
</ul>


China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.
Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.

Insilico Medicine (3696 HK) is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 



Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.</li>
<li>Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.</li>
<li>Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. </li>
</ul>


Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.
Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.
Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. 


APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

<ul>
<li>
Wuxi Apptec 2Q26 results beat on strong QoQ growth in TIDES. BeOne 2Q26 results driven by robust Brukinsa revenue (+14% QoQ to USD1.2bn). Zai 2Q26 +11% QoQ in product revenue</li>
<li>
Innovent robust 2Q26 product revenue +60% YoY (or +13% QoQ) to RMB4.3bn; RemeGen 1H26 results preview: strong revenue growth + turnaround in profit; Alphamab licensed-out TROP2/HER3 ADC to Pathos AI.</li>
<li>Other updates include Hengrui, Wuxi Biologics, Metis Techbio, CSPC, and Akeso.</li>
</ul>



Wuxi Apptec 2Q26 results beat on strong QoQ growth in TIDES. BeOne 2Q26 results driven by robust Brukinsa revenue (+14% QoQ to USD1.2bn). Zai 2Q26 +11% QoQ in product revenue

Innovent robust 2Q26 product revenue +60% YoY (or +13% QoQ) to RMB4.3bn; RemeGen 1H26 results preview: strong revenue growth + turnaround in profit; Alphamab licensed-out TROP2/HER3 ADC to Pathos AI.
Other updates include Hengrui, Wuxi Biologics, Metis Techbio, CSPC, and Akeso.


United Kingdom

AstraZeneca is a Swedish-British multinational pharmaceutical and biotechnology company focused on the discovery, development, and commercialization of prescription medicines. Its portfolio spans oncology, rare diseases, and biopharmaceuticals, including cardiovascular, renal & metabolism, and respiratory & immunology. The company was formed in 1999 through the merger of Astra AB and Zeneca Group PLC and is headquartered in Cambridge, UK.

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AstraZeneca (AZN LN)

China Healthcare Weekly Wrap (10-14 Aug)

1) LEGN 2Q results: Cavykti QoQ growth; in vivo CAR-T updates in 2H; 2) Jacobio profit alert on license income: AZ (pan-KRAS) and Allist (KRAS G12C...

Wilfred Yuen

AstraZeneca: An Insight Into The Growth Potential Of Imfinzi

AstraZeneca's recent earnings report for the first nine months and Q3 2025 underscores the company's ongoing momentum and commitment to innovation...

Baptista Research

CHINA/HK: AI & RX - Together At Last !!

China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&D and drug-development...

David Mudd

APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

Hengrui’s trastuzumab rezetecan got 3rd indication approval in China. CSPC and AstraZeneca form JV for biologics manufacturing facility in China....

Tina Banerjee

China Healthcare Weekly Wrap (3-7 Aug)

Wuxi Apptec 2Q results beat; BeOne 2Q driven by robust Brukinsa; Innovent robust 2Q product revenue +13% QoQ; Alphamab licensed-out TROP2/HER3 ADC...

Wilfred Yuen

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