Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.</li>
<li>The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.</li>
<li>With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.
The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.
With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.


Jiangsu Hengrui Pharmaceuticals (1276 HK): Big Fat Obesity Pipeline Is At Inflection Point

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.

<ul><li>Eli Lilly isn’t slowing down.</li><li>After a quarter filled with blockbuster drug launches, accelerated global uptake of Mounjaro and Zepbound, and $12 billion in quarterly product revenue, the pharma heavyweight has turned its attention to gene therapy.</li><li>The Eli Lilly Adverum acquisition is now official, as announced on December 9, 2025.</li></ul>

Eli Lilly isn’t slowing down.After a quarter filled with blockbuster drug launches, accelerated global uptake of Mounjaro and Zepbound, and $12 billion in quarterly product revenue, the pharma heavyweight has turned its attention to gene therapy.The Eli Lilly Adverum acquisition is now official, as announced on December 9, 2025.

Eli Lilly’s Adverum Acquisition: What They Didn’t Say in the Press Release!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<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. 



<ul><li>Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025.</li><li>The company reported a 54% increase in revenue year-over-year, driven by strong sales of key drugs like Mounjaro and Zepbound.</li><li>These products showed significant market penetration, particularly in the U.S., where Lilly has captured a dominant share of the incretin analogs market.</li></ul>

Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025.The company reported a 54% increase in revenue year-over-year, driven by strong sales of key drugs like Mounjaro and Zepbound.These products showed significant market penetration, particularly in the U.S., where Lilly has captured a dominant share of the incretin analogs market.

Eli Lilly’s Q3 Earnings: Mounjaro Is Taking the World by Storm—See How It’s Conquering New Markets!

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

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). </li>
<li>With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.</li>
<li>We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). 
With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.
We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.


Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals. The Company products are sold in countries around the world. Eli Lilly products include neuroscience, endocrine, anti-infectives, cardiovascular agents, oncology, and animal health products.

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Eli Lilly & (LLY UN)

Jiangsu Hengrui Pharmaceuticals (1276 HK): Big Fat Obesity Pipeline Is At Inflection Point

Hengrui stuck license deal with Novo for obesity drug candidate HRS-1596 for total value of $2.6B. With near-to-market GLP-1 assets, Hengrui is...

Tina Banerjee

Eli Lilly’s Adverum Acquisition: What They Didn’t Say in the Press Release!

Eli Lilly isn’t slowing down. After a quarter filled with blockbuster drug launches, accelerated global uptake of Mounjaro and Zepbound, and $12...

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

Eli Lilly’s Q3 Earnings: Mounjaro Is Taking the World by Storm—See How It’s Conquering New Markets!

Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025. The company reported a 54% increase...

Baptista Research

Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Upgrading Health Care $XLV and Consumer Staples $XLP to Market Weight; Monitoring Tech $XLK for a Downgrade. $LLY $JNJ $ABBV $MRK $NVS $ABT $NVO...

Vermilion Research

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