HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Given new policy recommendations, it is only a matter of time before HPV vaccination is included in the national immunization program, which is detrimental to HPV vaccine companies.</li>
<li>MNCs have seen a inflection point in performance growth in 2024 in China. Although VBP/NRDL negotiation are negative factors, is it also due to any consideration to withdraw from China?</li>
<li>Fosun Pharma has agreed to sell its entire stake in United Family Healthcare to Calcite Gem Investments Group for US$124.1 million. We shared our views about the deal.</li>
</ul>


Given new policy recommendations, it is only a matter of time before HPV vaccination is included in the national immunization program, which is detrimental to HPV vaccine companies.
MNCs have seen a inflection point in performance growth in 2024 in China. Although VBP/NRDL negotiation are negative factors, is it also due to any consideration to withdraw from China?
Fosun Pharma has agreed to sell its entire stake in United Family Healthcare to Calcite Gem Investments Group for US$124.1 million. We shared our views about the deal.


China Healthcare Weekly (Mar.23)-Fosun Pharma Sells United Family Healthcare, MNC's Inflection Point

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In 9MFY25, <a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> reported 9% YoY growth in revenue, driven by 3Ls. Operating profit rose 48% YoY and net profit climbed 56% YoY to ¥45.5B.</li>
<li>Eisai kept its FY25 total revenue guidance unchanged, implying a weaker Q4FY25 with a probable loss on the cards.</li>
<li>Lenvima growth stabilizes on indication expansion, Leqembi awaiting approvals and untangling safety concerns in a bid to reach its full market potential.</li>
</ul>


In 9MFY25, Eisai Co Ltd (4523 JP) reported 9% YoY growth in revenue, driven by 3Ls. Operating profit rose 48% YoY and net profit climbed 56% YoY to ¥45.5B.
Eisai kept its FY25 total revenue guidance unchanged, implying a weaker Q4FY25 with a probable loss on the cards.
Lenvima growth stabilizes on indication expansion, Leqembi awaiting approvals and untangling safety concerns in a bid to reach its full market potential.


Eisai (4523 JP): 3L Drive 9MFY25 Result; FY25 Guidance Reaffirmed; Leqembi at an Inflection Point

<ul>
<li>In 4Q24, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported U.S. sales of Brukinsa of $616M, up 97% YoY and 22% QoQ, with 60%+ of demand growth coming from expanded use in CLL. </li>
<li>Brukinsa holds 25% market share in new patient starts in the U.S. in CLL, followed by Calquence (20%). For the first time, Brukinsa’s quarterly U.S. revenue outpaced that of Calquence.</li>
<li>Beigene has guided for 2025 revenue of $4.9–5.3B (up 29–39% YoY), driven by Brukinsa’s U.S. leadership position and continued global expansion in both Europe and other markets.</li>
</ul>


In 4Q24, BeiGene (6160 HK) reported U.S. sales of Brukinsa of $616M, up 97% YoY and 22% QoQ, with 60%+ of demand growth coming from expanded use in CLL. 
Brukinsa holds 25% market share in new patient starts in the U.S. in CLL, followed by Calquence (20%). For the first time, Brukinsa’s quarterly U.S. revenue outpaced that of Calquence.
Beigene has guided for 2025 revenue of $4.9–5.3B (up 29–39% YoY), driven by Brukinsa’s U.S. leadership position and continued global expansion in both Europe and other markets.


BeiGene (6160 HK): Brukinsa Outpaces Competitor in 4Q US Sales; Solid Guidance for 2025

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing.</li>
<li>Genuine Biotech has commercialized product and is expanding indication of its core product from HIV to cancer.</li>
<li>The company's founder has experience of R&amp;D in the relevant area in leading NMCs.</li>
</ul>


Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing.
Genuine Biotech has commercialized product and is expanding indication of its core product from HIV to cancer.
The company's founder has experience of R&amp;D in the relevant area in leading NMCs.


Genuine Biotech (真实生物) Pre-IPO Tearsheet

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

<ul><li>Development of medicine for weight loss and diabetes has evolved over time, with newer drugs like Tirzepatide showing dual actions for weight loss and metabolic benefits</li><li>These drugs have potential to impact behaviors like smoking, alcohol consumption, and potentially drug addiction, but further studies are needed</li><li>Blue sky scenario for future impact includes potential for weight management to become a choice rather than an affliction, and reduction in downstream diseases of obesity like cardiovascular risk and kidney disease, which account for a significant portion of healthcare costs</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Development of medicine for weight loss and diabetes has evolved over time, with newer drugs like Tirzepatide showing dual actions for weight loss and metabolic benefitsThese drugs have potential to impact behaviors like smoking, alcohol consumption, and potentially drug addiction, but further studies are neededBlue sky scenario for future impact includes potential for weight management to become a choice rather than an affliction, and reduction in downstream diseases of obesity like cardiovascular risk and kidney disease, which account for a significant portion of healthcare costsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Eli Lilly CEO: The Weight-Loss Drug Revolution, AI in Pharma, and Innovation

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)

China Healthcare Weekly (Mar.23)-Fosun Pharma Sells United Family Healthcare, MNC's Inflection Point

National immunization program likely to include HPV vaccination. MNCs in China see an inflection point, potential withdrawal. Fosun Pharma sells...

Xinyao (Criss) Wang

Eisai (4523 JP): 3L Drive 9MFY25 Result; FY25 Guidance Reaffirmed; Leqembi at an Inflection Point

Eisai sees strong revenue and profit growth in 9MFY25, but Q4FY25 outlook seems weaker with potential loss. Focus will be on addressing safety...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Outpaces Competitor in 4Q US Sales; Solid Guidance for 2025

BeiGene's Brukinsa sees significant growth in U.S. sales, surpassing Calquence for the first time, with 60%+ demand growth from expanded use in...

Tina Banerjee

Genuine Biotech (真实生物) Pre-IPO Tearsheet

Genuine Biotech seeks US$100 million in Hong Kong IPO. We summarize the key facts, including its core products, management and pre-IPO investors...

Ke Yan, CFA, FRM

Eli Lilly CEO: The Weight-Loss Drug Revolution, AI in Pharma, and Innovation

The development of Tirzepatide, a third-generation drug targeting blood sugar and metabolism factors, aims to not only promote weight loss but...

In Good Company with Nicolai Tangen

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Mar.23)-Fosun Pharma Sells United Family Healthcare, MNC's Inflection Point

​National immunization program likely to include HPV vaccination. MNCs in China see an inflection point, potential withdrawal. Fosun Pharma sells...

Xinyao (Criss) Wang

Eisai (4523 JP): 3L Drive 9MFY25 Result; FY25 Guidance Reaffirmed; Leqembi at an Inflection Point

​Eisai sees strong revenue and profit growth in 9MFY25, but Q4FY25 outlook seems weaker with potential loss. Focus will be on addressing safety...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Outpaces Competitor in 4Q US Sales; Solid Guidance for 2025

​BeiGene's Brukinsa sees significant growth in U.S. sales, surpassing Calquence for the first time, with 60%+ demand growth from expanded use in...

Tina Banerjee

Genuine Biotech (真实生物) Pre-IPO Tearsheet

​Genuine Biotech seeks US$100 million in Hong Kong IPO. We summarize the key facts, including its core products, management and pre-IPO investors...

Ke Yan, CFA, FRM

Eli Lilly CEO: The Weight-Loss Drug Revolution, AI in Pharma, and Innovation

The development of Tirzepatide, a third-generation drug targeting blood sugar and metabolism factors, aims to not only promote weight loss but...

In Good Company with Nicolai Tangen

National immunization program likely to include HPV vaccination. MNCs in China see an inflection point, potential withdrawal. Fosun Pharma sells...

Eisai sees strong revenue and profit growth in 9MFY25, but Q4FY25 outlook seems weaker with potential loss. Focus will be on addressing safety...

BeiGene's Brukinsa sees significant growth in U.S. sales, surpassing Calquence for the first time, with 60%+ demand growth from expanded use in...

Genuine Biotech seeks US$100 million in Hong Kong IPO. We summarize the key facts, including its core products, management and pre-IPO investors...