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.

Thematic (Sector/Industry)

<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.


Healthcare Analyst

Wilfred Yuen

Equity Bottom-Up

<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

<ul>
<li>FDA approval of Wegovy is overvalued at approx. $460 billion. Market exaggerated the worth without proper assessment of weight loss results and risks associated with the drug.</li>
<li>Clinical trials showed a 14.9% weight loss with diet and exercise; real-world results would be lower. Impact on BMI for obese individuals won't be significant. Long-term use is questionable.</li>
<li>Competition in the GLP-1 market is fierce. Novo Nordisk faces challenges in India and China, increased capex spending, and risks from compounding pharmacies and potential legal issues.</li>
</ul>


FDA approval of Wegovy is overvalued at approx. $460 billion. Market exaggerated the worth without proper assessment of weight loss results and risks associated with the drug.
Clinical trials showed a 14.9% weight loss with diet and exercise; real-world results would be lower. Impact on BMI for obese individuals won't be significant. Long-term use is questionable.
Competition in the GLP-1 market is fierce. Novo Nordisk faces challenges in India and China, increased capex spending, and risks from compounding pharmacies and potential legal issues.


Novo Nordisk: Is the FDA Approval of Wegovy Worth an Extra $460 Bn?

<ul>
<li>Innovent is most well-known as the developer of mazdutide in China, however this is overshadowing a strong portfolio of oncology drugs in a very high growth market.</li>
<li>China’s approach to healthcare is being defined by having the biggest diabetic population, over 4 million new cancer cases per year, and over 100 million living with obesity.</li>
<li>We expect the valuation gap between the two first-to-market GLP-1 drugs, and competition to close. Oncology drug sales and valuations will continue its growth trajectory.</li>
</ul>


Innovent is most well-known as the developer of mazdutide in China, however this is overshadowing a strong portfolio of oncology drugs in a very high growth market.
China’s approach to healthcare is being defined by having the biggest diabetic population, over 4 million new cancer cases per year, and over 100 million living with obesity.
We expect the valuation gap between the two first-to-market GLP-1 drugs, and competition to close. Oncology drug sales and valuations will continue its growth trajectory.


Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

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Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

<ul><li>San Francisco-based Woodline Partners LP was formed in August 2018.</li><li>Its Form ADV lists Matthew Hooker, Karl Kroeker, and Michael Rockefeller as the firm’s principals.</li><li>As of June 30, 2026, the firm reported $32.35 billion across 1,011 disclosed long positions, according to its latest 13F filing.</li></ul>

San Francisco-based Woodline Partners LP was formed in August 2018.Its Form ADV lists Matthew Hooker, Karl Kroeker, and Michael Rockefeller as the firm’s principals.As of June 30, 2026, the firm reported $32.35 billion across 1,011 disclosed long positions, according to its latest 13F filing.

Woodline Partners Portfolio: Top Holdings (Q2 2026)

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)

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

Novo Nordisk: Is the FDA Approval of Wegovy Worth an Extra $460 Bn?

In light of the bullish Innovent report, and the ongoing news about new GLP-1s in the pipeline, this "Novo Nordisk - critical analysis" provides a...

daaimon

Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

Mazdutide's strong results will position it well against the competition, and the valuation gap will narrow. The oncology portfolio will continue...

daaimon

Woodline Partners Portfolio: Top Holdings (Q2 2026)

San Francisco-based Woodline Partners LP was formed in August 2018.Its Form ADV lists Matthew Hooker, Karl Kroeker, and Michael Rockefeller as the...

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