Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Ono Pharmaceutical received FDA approval for Romvimza for the treatment of symptomatic tenosynovial giant cell tumor. Shionogi obtains domestic approval for digital therapeutic app, Endeavorride for ADHD.</li>
<li>Samsung Biologics received FDA and European Commission approval for Prolia biosimilar. Celltrion received European approval for Prolia and Eylea biosimilars. Cosette Pharmaceuticals is acquiring Mayne Pharma for A$7.40 per share.</li>
<li>CSPC Pharmaceutical granted an exclusive license to Radiance Biopharma to develop and commercialize antibody drug conjugates SYS6005 in selected geographies. Cipla received FDA approval for anti-cancer drug Nilotinib capsules.</li>
</ul>


Ono Pharmaceutical received FDA approval for Romvimza for the treatment of symptomatic tenosynovial giant cell tumor. Shionogi obtains domestic approval for digital therapeutic app, Endeavorride for ADHD.
Samsung Biologics received FDA and European Commission approval for Prolia biosimilar. Celltrion received European approval for Prolia and Eylea biosimilars. Cosette Pharmaceuticals is acquiring Mayne Pharma for A$7.40 per share.
CSPC Pharmaceutical granted an exclusive license to Radiance Biopharma to develop and commercialize antibody drug conjugates SYS6005 in selected geographies. Cipla received FDA approval for anti-cancer drug Nilotinib capsules.


APAC Healthcare Weekly (Feb 23)- Ono Pharma, Shionogi, Samsung Biologics, Celltrion, CSPC, Mayne

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lupin-ltd" target="_blank" data-smartkarma-citation="entities:17910:1" rel="noopener">Lupin Ltd (LPC IN)</a> has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.</li>
<li>North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.</li>
<li>Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.</li>
</ul>



Lupin Ltd (LPC IN) has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.
North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.
Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.


Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.


India: Potential Free Float Changes & Passive Flows in February

<ul>
<li>Daiichi Sankyo received FDA approval for Datroway for the treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer who have received prior endocrine-based therapy and chemotherapy.</li>
<li>Sumitomo Pharma partnered with J&amp;J for co-promotion of the long-acting antipsychotic medication XEPLION. Shanghai Fosun Pharma’s proposed buyout of Shanghai Henlius Biotech for HK$5.4B (~$693M) failed to pass shareholders’ vote.</li>
<li>SK Bioscience signed a co-promotion and distribution agreement with Sanofi for RSV and hepatitis A vaccines. Hugel received approval for its botulinum toxin for five indications from the UAE.</li>
</ul>


Daiichi Sankyo received FDA approval for Datroway for the treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer who have received prior endocrine-based therapy and chemotherapy.
Sumitomo Pharma partnered with J&amp;J for co-promotion of the long-acting antipsychotic medication XEPLION. Shanghai Fosun Pharma’s proposed buyout of Shanghai Henlius Biotech for HK$5.4B (~$693M) failed to pass shareholders’ vote.
SK Bioscience signed a co-promotion and distribution agreement with Sanofi for RSV and hepatitis A vaccines. Hugel received approval for its botulinum toxin for five indications from the UAE.


APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> reported Q3FY25 US business revenue of INR33.8B, up 1% YoY, mainly dragged by lower contribution from Lenalidomide. Q3FY25 EBITDA margin deteriorated to 27.5% (Q3FY24: 29.3%).</li>
<li>Limited growth catalysts remain major overhang. No near-term key launches lined-up to fill the void created by Lenalidomide. Moreover, paltry new launches in the U.S. entail limited revenue visibility.</li>
<li>Lack of near-term catalyst and bleak growth outlook justify cheaper valuation of Dr. Reddy’s. We do not consider Dr. Reddy’s as value buying opportunity and remain bearish on the name.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) reported Q3FY25 US business revenue of INR33.8B, up 1% YoY, mainly dragged by lower contribution from Lenalidomide. Q3FY25 EBITDA margin deteriorated to 27.5% (Q3FY24: 29.3%).
Limited growth catalysts remain major overhang. No near-term key launches lined-up to fill the void created by Lenalidomide. Moreover, paltry new launches in the U.S. entail limited revenue visibility.
Lack of near-term catalyst and bleak growth outlook justify cheaper valuation of Dr. Reddy’s. We do not consider Dr. Reddy’s as value buying opportunity and remain bearish on the name.


Dr. Reddy's Laboratories (DRRD IN): Q3FY25 Result- Subdued US Business Dents Margin; Somber Outlook

India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

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Cipla Ltd (CIPLA IN)

APAC Healthcare Weekly (Feb 23)- Ono Pharma, Shionogi, Samsung Biologics, Celltrion, CSPC, Mayne

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...

Tina Banerjee

India: Potential Free Float Changes & Passive Flows in February

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 5...

Brian Freitas

APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

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

Tina Banerjee

Dr. Reddy's Laboratories (DRRD IN): Q3FY25 Result- Subdued US Business Dents Margin; Somber Outlook

Dr. Reddy's Laboratories reports stagnant US revenue in Q3FY25, dragged by lower contribution from Lenalidomide. Lack of growth catalysts...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Feb 23)- Ono Pharma, Shionogi, Samsung Biologics, Celltrion, CSPC, Mayne

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

​Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...

Tina Banerjee

India: Potential Free Float Changes & Passive Flows in February

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 5...

Brian Freitas

APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

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

Tina Banerjee

Dr. Reddy's Laboratories (DRRD IN): Q3FY25 Result- Subdued US Business Dents Margin; Somber Outlook

​Dr. Reddy's Laboratories reports stagnant US revenue in Q3FY25, dragged by lower contribution from Lenalidomide. Lack of growth catalysts...

Tina Banerjee

Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...

Dr. Reddy's Laboratories reports stagnant US revenue in Q3FY25, dragged by lower contribution from Lenalidomide. Lack of growth catalysts...