Healthcare Analyst

Wilfred Yuen

Equity Bottom-Up

<ul>
<li>1H26 results driven by BD deals (including the collaboration with Lilly). 9 deals secured YTD, with total deal value of US$7.3bn. 2026E revenue guidance (USD150-200m) remains intact.</li>
<li>Management provided no further guidance. We believe the stock narrative hinges on: 1) BD deal flows, 2) pipeline: PCC momentum + (early) readouts, 3) new biz model MIAA Gym execution</li>
<li>See inside for 1H26 results call takeaways, pipeline updates, and P&amp;L analysis.</li>
</ul>


1H26 results driven by BD deals (including the collaboration with Lilly). 9 deals secured YTD, with total deal value of US$7.3bn. 2026E revenue guidance (USD150-200m) remains intact.
Management provided no further guidance. We believe the stock narrative hinges on: 1) BD deal flows, 2) pipeline: PCC momentum + (early) readouts, 3) new biz model MIAA Gym execution
See inside for 1H26 results call takeaways, pipeline updates, and P&amp;L analysis.


InSilico Medicine 3696.HK - 1H26 Results Call Takeaways: BD Deals, AI “Gym” Execution, PCC Momentum

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.</li>
<li>Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.</li>
<li>This bottom-up analysis also pointed to bullish macro conclusions about the economy.</li>
</ul>


A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.
Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.
This bottom-up analysis also pointed to bullish macro conclusions about the economy.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> is looking to raise around US$300m via selling some of its stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC (2268 HK)</a>.</li>
<li>Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK).
Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> reported 2Q26 result, with operating profit surging 117% YoY to KRW131B, driven by upfront revenue received from global outlicensing deal with Lilly for sonefeglutide.</li>
<li>Reacting to 2Q26 result, Hanmi Pharm shares nosedived. Muted core business, weakness in China subsidiary, and expected increase in operating expenses raise concern over the near-term growth prospect.</li>
<li>The company has reached to an inflection point, where it is ready to reap the benefit of innovation prowess. Its GLP-1-based drug candidate Efpeglenatide aims for commercialization within the year.</li>
</ul>



Hanmi Pharm (128940 KS) reported 2Q26 result, with operating profit surging 117% YoY to KRW131B, driven by upfront revenue received from global outlicensing deal with Lilly for sonefeglutide.
Reacting to 2Q26 result, Hanmi Pharm shares nosedived. Muted core business, weakness in China subsidiary, and expected increase in operating expenses raise concern over the near-term growth prospect.
The company has reached to an inflection point, where it is ready to reap the benefit of innovation prowess. Its GLP-1-based drug candidate Efpeglenatide aims for commercialization within the year.


Hanmi Pharm (128940 KS): Why Shares Plunge Despite Record High 2Q Operating Profit; What Lies Ahead

Thematic (Sector/Industry)

<ul>
<li>On August 29, the Centers for Medicare &amp; Medicaid Services unveiled list of 10 drugs, which will come for the first round of price negotiations under the Inflation Reduction Act.</li>
<li>From June 2022 to May 2023, more than 8 million people covered by Medicare used these 10 drugs, which accounted for more than $50B spending in Medicare Part D.</li>
<li>The negotiated price will be effective on January 1, 2026. Most of the companies will not be significantly impacted by the drug price negotiation.</li>
</ul>


On August 29, the Centers for Medicare &amp; Medicaid Services unveiled list of 10 drugs, which will come for the first round of price negotiations under the Inflation Reduction Act.
From June 2022 to May 2023, more than 8 million people covered by Medicare used these 10 drugs, which accounted for more than $50B spending in Medicare Part D.
The negotiated price will be effective on January 1, 2026. Most of the companies will not be significantly impacted by the drug price negotiation.


10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

United States

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

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Eli Lilly & Co (LLY US)

InSilico Medicine 3696.HK - 1H26 Results Call Takeaways: BD Deals, AI “Gym” Execution, PCC Momentum

2026E revenue guidance (USD150-200m) remains intact. We believe the stock narrative hinges on: 1) BD deal flows, 2) pipeline: PCC momentum +...

Wilfred Yuen

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Hanmi Pharm (128940 KS): Why Shares Plunge Despite Record High 2Q Operating Profit; What Lies Ahead

Hanmi Pharm outlicenses HM1732, next-generation muscle mass preserving obesity drug candidate with first-in-class potential, to Genentech for a...

Tina Banerjee

10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

InSilico Medicine 3696.HK - 1H26 Results Call Takeaways: BD Deals, AI “Gym” Execution, PCC Momentum

2026E revenue guidance (USD150-200m) remains intact. We believe the stock narrative hinges on: 1) BD deal flows, 2) pipeline: PCC momentum +...

Wilfred Yuen

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Hanmi Pharm (128940 KS): Why Shares Plunge Despite Record High 2Q Operating Profit; What Lies Ahead

Hanmi Pharm outlicenses HM1732, next-generation muscle mass preserving obesity drug candidate with first-in-class potential, to Genentech for a...

Tina Banerjee

10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

​CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...

Tina Banerjee

CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...