Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company's history and contributed to a record first-half performance.</li>
<li>Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company's total sales, boosted by robust growth in the U.S., China, and Europe.</li>
<li>Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.</li>
</ul>



Hugel Inc (145020 KS) has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company's history and contributed to a record first-half performance.
Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company's total sales, boosted by robust growth in the U.S., China, and Europe.
Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.


Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> (SKBP) reported record high second quarter earnings in 2Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the first time.</li>
<li>During 2Q25, revenue increased 32% YoY and 22% QoQ to KRW176B, while operating profit improved at a faster pace of 138% YoY and 141% QoQ to KRW62B.</li>
<li>For 2025, SKBP maintained Xcopri U.S. revenue guidance of $420–450M (~KRW570–610B), up 31–40% YoY. With 1H25 revenue of $201M, the company is expected to meet the target.</li>
</ul>



SK Biopharmaceuticals (326030 KS) (SKBP) reported record high second quarter earnings in 2Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the first time.
During 2Q25, revenue increased 32% YoY and 22% QoQ to KRW176B, while operating profit improved at a faster pace of 138% YoY and 141% QoQ to KRW62B.
For 2025, SKBP maintained Xcopri U.S. revenue guidance of $420–450M (~KRW570–610B), up 31–40% YoY. With 1H25 revenue of $201M, the company is expected to meet the target.


SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit

Thematic (Sector/Industry)

<ul>
<li>Celltrion is acquiring a biopharmaceutical production plant in the U.S. capable of producing key biopharmaceuticals. Alteogen received positive opinion from European Medicines Agency for its Eylea biosimilar.</li>
<li>Wuxi Biologics has begun construction for new modular Drug Product facility in Singapore. CSPC Pharmaceutical entered into an exclusive license agreement with Madrigal Pharmaceuticals, for its oral GLP-1 drug candidate.</li>
<li>Jiangsu Hengrui Pharmaceuticals has entered into agreements with GlaxoSmithKline, to grant GSK an exclusive worldwide right (excluding China) of HRS-9821 and up to 11 other programs.</li>
</ul>


Celltrion is acquiring a biopharmaceutical production plant in the U.S. capable of producing key biopharmaceuticals. Alteogen received positive opinion from European Medicines Agency for its Eylea biosimilar.
Wuxi Biologics has begun construction for new modular Drug Product facility in Singapore. CSPC Pharmaceutical entered into an exclusive license agreement with Madrigal Pharmaceuticals, for its oral GLP-1 drug candidate.
Jiangsu Hengrui Pharmaceuticals has entered into agreements with GlaxoSmithKline, to grant GSK an exclusive worldwide right (excluding China) of HRS-9821 and up to 11 other programs.


APAC Healthcare Weekly (Aug 3)– Celltrion, Alteogen, Wuxi Bio, CSPC, Jiangsu Hengrui, Eisai, Kissei

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hk-inno-n-corp" target="_blank" data-smartkarma-citation="entities:33522:1" rel="noopener">HK inno.N (195940 KS)</a> reported 2Q25 result, with double-digit revenue growth and decline in operating and net profit. Continued strong sales of prescription drug business remained the key driver.</li>
<li>During 2Q25, domestic outpatient prescription sales of K-CAB increased 14% YoY to KRW53B. Next major trigger for K-CAB will be the U.S. filing for both EE and NERD in 4Q25.</li>
<li>Recently, the company’s investigational new drug IN-115314 advances to Phase 3 trial for the treatment of atopic dermatitis in dogs. If approved, IN-115314 has blockbuster revenue potential.</li>
</ul>



HK inno.N (195940 KS) reported 2Q25 result, with double-digit revenue growth and decline in operating and net profit. Continued strong sales of prescription drug business remained the key driver.
During 2Q25, domestic outpatient prescription sales of K-CAB increased 14% YoY to KRW53B. Next major trigger for K-CAB will be the U.S. filing for both EE and NERD in 4Q25.
Recently, the company’s investigational new drug IN-115314 advances to Phase 3 trial for the treatment of atopic dermatitis in dogs. If approved, IN-115314 has blockbuster revenue potential.


HK Inno.N (195940 KS): Mixed 2Q Result; Pipeline Progress to Maintain Positive Momentum

<ul>
<li>Sino Biopharmaceutical initiated Phase 1 trial for innovative drug candidate TQB6411 targeting advanced malignant tumors in China. Wuxi Biologics announced that five manufacturing facilities passed the Pre-License Inspection by FDA.</li>
<li>FDA drug advisory committee voted against Otsuka’s indication expansion application for Rexulti. Telix Pharmaceutical received a subpoena from the SEC regarding the development of prostate cancer therapeutic candidates. </li>
<li>Lupin received FDA approval for generic versions of Liraglutide and Glucagon injections. Sun Pharmaceutical announced positive top-line results from two Phase 3 trials of Ilumya in active psoriatic arthritis.</li>
</ul>


Sino Biopharmaceutical initiated Phase 1 trial for innovative drug candidate TQB6411 targeting advanced malignant tumors in China. Wuxi Biologics announced that five manufacturing facilities passed the Pre-License Inspection by FDA.
FDA drug advisory committee voted against Otsuka’s indication expansion application for Rexulti. Telix Pharmaceutical received a subpoena from the SEC regarding the development of prostate cancer therapeutic candidates. 
Lupin received FDA approval for generic versions of Liraglutide and Glucagon injections. Sun Pharmaceutical announced positive top-line results from two Phase 3 trials of Ilumya in active psoriatic arthritis.


APAC Healthcare Weekly (July 27) – Sino Bio, Wuxi Bio, Otsuka, Telix, Lupin, Sun Pharma

South Korea

Daewoong Pharmaceutical Co., Ltd. develops various kinds of medical drugs and vitamin supplements.  The Company's medical drugs are used in areas, such as cardiology, dermatology, anti-biotic, and many other medical areas.  Dae Woong's over-the-counter products include smoking deterrents, vitamins, and minerals.

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Daewoong Pharmaceutical Co (069620 KS)

Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

Hugel reports record-breaking 2Q25 results with overseas revenue driving strong growth. Overseas revenue rose 21% YoY to KRW70B, accounting for...

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit

SK Biopharmaceuticals reported record high 2Q earnings driven by surging U.S. sales of Xcopri, which exceeded $100M for the first time. The...

Tina Banerjee

APAC Healthcare Weekly (Aug 3)– Celltrion, Alteogen, Wuxi Bio, CSPC, Jiangsu Hengrui, Eisai, Kissei

Celltrion is acquiring a biopharmaceutical production plant in US. Wuxi Bio starts construction of new facility. CSPC and Jiangsu Hengrui stuck...

Tina Banerjee

HK Inno.N (195940 KS): Mixed 2Q Result; Pipeline Progress to Maintain Positive Momentum

HK inno sees double-digit revenue growth in 2Q25, driven by strong sales of prescription drugs. Profit decline seems temporary drag. Next major...

Tina Banerjee

APAC Healthcare Weekly (July 27) – Sino Bio, Wuxi Bio, Otsuka, Telix, Lupin, Sun Pharma

Wuxi Bio’s manufacturing facilities passed FDA inspection. Otsuka’s label expansion plan for Rexulti is in jeopardy. Telix got SEC subpoena. Lupin...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

​Hugel reports record-breaking 2Q25 results with overseas revenue driving strong growth. Overseas revenue rose 21% YoY to KRW70B, accounting for...

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit

​SK Biopharmaceuticals reported record high 2Q earnings driven by surging U.S. sales of Xcopri, which exceeded $100M for the first time. The...

Tina Banerjee

APAC Healthcare Weekly (Aug 3)– Celltrion, Alteogen, Wuxi Bio, CSPC, Jiangsu Hengrui, Eisai, Kissei

Celltrion is acquiring a biopharmaceutical production plant in US. Wuxi Bio starts construction of new facility. CSPC and Jiangsu Hengrui stuck...

Tina Banerjee

HK Inno.N (195940 KS): Mixed 2Q Result; Pipeline Progress to Maintain Positive Momentum

​HK inno sees double-digit revenue growth in 2Q25, driven by strong sales of prescription drugs. Profit decline seems temporary drag. Next major...

Tina Banerjee

APAC Healthcare Weekly (July 27) – Sino Bio, Wuxi Bio, Otsuka, Telix, Lupin, Sun Pharma

Wuxi Bio’s manufacturing facilities passed FDA inspection. Otsuka’s label expansion plan for Rexulti is in jeopardy. Telix got SEC subpoena. Lupin...

Tina Banerjee

Hugel reports record-breaking 2Q25 results with overseas revenue driving strong growth. Overseas revenue rose 21% YoY to KRW70B, accounting for...

SK Biopharmaceuticals reported record high 2Q earnings driven by surging U.S. sales of Xcopri, which exceeded $100M for the first time. The...

HK inno sees double-digit revenue growth in 2Q25, driven by strong sales of prescription drugs. Profit decline seems temporary drag. Next major...