Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hansoh Pharmaceutical’s risvutatug rezetecan has been included in the Priority Review and Approval Procedure of NMPA. Innocare entered research collaboration and license agreement with Eli Lilly to develop new medicines.</li>
<li>Astellas Pharma initiated Phase 3 trial evaluating setidegrasib for NSCLC. Otsuka announced positive topline results from the Phase 3 trial evaluating ulefnersen in a genetic subtype of amyotrophic lateral sclerosis.</li>
<li>Elevar Therapeutics won FDA approval for Lyrfigtu for bile duct cancer. Telix Pharmaceuticals will acquire ITM Isotope Technologies, a global leader in radioisotope production and radiopharmaceutical development, for $1.65B upfront.</li>
</ul>


Hansoh Pharmaceutical’s risvutatug rezetecan has been included in the Priority Review and Approval Procedure of NMPA. Innocare entered research collaboration and license agreement with Eli Lilly to develop new medicines.
Astellas Pharma initiated Phase 3 trial evaluating setidegrasib for NSCLC. Otsuka announced positive topline results from the Phase 3 trial evaluating ulefnersen in a genetic subtype of amyotrophic lateral sclerosis.
Elevar Therapeutics won FDA approval for Lyrfigtu for bile duct cancer. Telix Pharmaceuticals will acquire ITM Isotope Technologies, a global leader in radioisotope production and radiopharmaceutical development, for $1.65B upfront.


APAC Healthcare Weekly (Sept 27) – Hansoh Pharma, Innocare, Astellas, Otsuka, Telix Pharmaceuticals

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.
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Equity Bottom-Up

<ul><li>Eli Lilly and Company has intensified its push beyond obesity and diabetes by agreeing to acquire AtaiBeckley for as much as $3.8 billion, including $2.8 billion upfront and up to $1 billion tied to milestones.</li><li>The proposed transaction would give Lilly control of BPL-003, a late-stage psychedelic nasal spray being developed for treatment-resistant depression, with pivotal data expected in early 2029 and estimated peak annual sales potential of $1 billion to $2 billion.</li><li>The move follows a strong first quarter in which Lilly’s revenue rose 56%, while its immunology, oncology and neuroscience products collectively grew 160%.</li></ul>

Eli Lilly and Company has intensified its push beyond obesity and diabetes by agreeing to acquire AtaiBeckley for as much as $3.8 billion, including $2.8 billion upfront and up to $1 billion tied to milestones.The proposed transaction would give Lilly control of BPL-003, a late-stage psychedelic nasal spray being developed for treatment-resistant depression, with pivotal data expected in early 2029 and estimated peak annual sales potential of $1 billion to $2 billion.The move follows a strong first quarter in which Lilly’s revenue rose 56%, while its immunology, oncology and neuroscience products collectively grew 160%.

Eli Lilly’s $3.8 Billion Psychedelic Bet Could Reshape Neuroscience!

Healthcare Analyst

Wilfred Yuen

<ul>
<li>We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...</li>
<li>BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE</li>
<li>Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...</li>
</ul>


We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...
BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE
Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...


Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>The obesity problem has escalated at an alarming rate in Asia. </li>
<li>Expect strong growth for GLP-1s over the next few years, however, companies that produce next-generation drugs will take the lead.</li>
<li>The significant increase in newly approved drugs will result in margin pressure - pricing will be key.</li>
</ul>


The obesity problem has escalated at an alarming rate in Asia. 
Expect strong growth for GLP-1s over the next few years, however, companies that produce next-generation drugs will take the lead.
The significant increase in newly approved drugs will result in margin pressure - pricing will be key.


<ul>
<li>1H26 represents another strong set of results (robust topline growth + operating leverage). Innovent unveiled a new 2030 revenue target RMB35-40bn, implying 16-20% 4-year CAGR (using our 2026E revenue estimates).</li>
<li>2H26/Early 2027 catalysts: 1) IBI363: pivotal data (melanoma) and PoC data (1L NSCLC, 1L GC) in ESMO; 2) IBI354: ovarian cancer data and NDA filing; 3) mazdutide: Glory-3 readout...</li>
<li>1H26 results call focus on: 1) growth drivers for 2030 revenue target, 2) 2H26 outlook, 3) key data readouts for 2H26/early 2027. See inside for P&amp;L analysis and pipeline updates.</li>
</ul>


1H26 represents another strong set of results (robust topline growth + operating leverage). Innovent unveiled a new 2030 revenue target RMB35-40bn, implying 16-20% 4-year CAGR (using our 2026E revenue estimates).
2H26/Early 2027 catalysts: 1) IBI363: pivotal data (melanoma) and PoC data (1L NSCLC, 1L GC) in ESMO; 2) IBI354: ovarian cancer data and NDA filing; 3) mazdutide: Glory-3 readout...
1H26 results call focus on: 1) growth drivers for 2030 revenue target, 2) 2H26 outlook, 3) key data readouts for 2H26/early 2027. See inside for P&amp;L analysis and pipeline updates.


Innovent (1801.HK): 1H26 Another Strong Set of Results; Unveiled New 2030 Revenue Target RMB35-40bn

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)

APAC Healthcare Weekly (Sept 27) – Hansoh Pharma, Innocare, Astellas, Otsuka, Telix Pharmaceuticals

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review list. Elevar Therapeutics won FDA approval for Lyrfigtu for bile duct...

Tina Banerjee

Eli Lilly’s $3.8 Billion Psychedelic Bet Could Reshape Neuroscience!

Eli Lilly and Company has intensified its push beyond obesity and diabetes by agreeing to acquire AtaiBeckley for as much as $3.8 billion,...

Baptista Research

China Healthcare Weekly Wrap (21-25 Sep)

We highlight 1) key studies to watch for upcoming October's ESMO updates, 2) deal flows Innocare/Lilly, BoomRay/Novartis, Earendil Labs...

Wilfred Yuen

The GLP-1 Landscape in Asia

First-gen GLP-1 impact may fall short of hype, demand still strong. Next-gen drugs promise better results, tolerance, price. Expect margin pressure...

daaimon

Innovent (1801.HK): 1H26 Another Strong Set of Results; Unveiled New 2030 Revenue Target RMB35-40bn

Innovent delievered another strong set of results for 1H26. Mgmt unveiled a new revenue target of RMB35-40bn by 2030. See inside for results call...

Wilfred Yuen

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