Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/sosei-group-corp" target="_blank" data-smartkarma-citation="entities:770:1" rel="noopener">Sosei Group (4565 JP)</a> is currently eligible for total milestone payment of more than $9.5B for its existing collaborations. During 9MFY23, Sosei reported revenue growth of 141% YoY to ¥8.6B.</li>
<li>
<a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> has dosed first subject in phase 2 clinical trial of type 2 diabetes drug candidate PF-07081532. Achievement of this milestone triggers a $10M payment to Sosei.</li>
<li>Sosei has four programs in preclinical studies and 10+ in discovery phase, which are still unpartnered. The company has a cash runway into 2025 to fund its drug discovery activities.</li>
</ul>



Sosei Group (4565 JP) is currently eligible for total milestone payment of more than $9.5B for its existing collaborations. During 9MFY23, Sosei reported revenue growth of 141% YoY to ¥8.6B.

Pfizer Inc (PFE US) has dosed first subject in phase 2 clinical trial of type 2 diabetes drug candidate PF-07081532. Achievement of this milestone triggers a $10M payment to Sosei.
Sosei has four programs in preclinical studies and 10+ in discovery phase, which are still unpartnered. The company has a cash runway into 2025 to fund its drug discovery activities.


Sosei Group (4565 JP): Partners’ Pipeline Progress Reflects Power of Drug Discovery Platform

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<li>
<a href="https://www.smartkarma.com/entities/peptidream-inc" target="_blank" data-smartkarma-citation="entities:13514:1" rel="noopener">Peptidream Inc (4587 JP)</a> aspires to be a world leader in drug discovery and development to address unmet medical needs by leveraging on proprietary PDPS technology, a peptide discovery platform.</li>
<li>Driven by expanding research collaboration programs and progressing pipelines, Peptidream guided for revenue of ¥13–15B from drug discovery and development business in 2022, up from ¥9.4B in 2021.</li>
<li>Foray into Radiopharma adds a regular revenue stream. Peptidream expects the business to report revenue of ~¥11.5B and remain marginally profitable for 2022.</li>
</ul>



Peptidream Inc (4587 JP) aspires to be a world leader in drug discovery and development to address unmet medical needs by leveraging on proprietary PDPS technology, a peptide discovery platform.
Driven by expanding research collaboration programs and progressing pipelines, Peptidream guided for revenue of ¥13–15B from drug discovery and development business in 2022, up from ¥9.4B in 2021.
Foray into Radiopharma adds a regular revenue stream. Peptidream expects the business to report revenue of ~¥11.5B and remain marginally profitable for 2022.


Peptidream (4587 JP): Rising Drug Discovery Collaborations To Drive Growth; New Revenue Stream Added

Vertex Pharmaceuticals / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/vertex-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:4864:1" rel="noopener">Vertex Pharmaceuticals (VRTX US)</a>, the global leader in cystic fibrosis treatment, has a broad and deep clinical pipeline across multiple modalities. Each of its clinical programs represents a multibillion-dollar opportunity.  </li>
<li>MRNA drug candidate for treating the remaining 5,000 CF patients who cannot benefit from existing therapies, is set to enter clinic. Drug candidate for acute pain is in late-stage trial.</li>
<li>Regulatory submission for exa-cel for sickle cell disease and transfusion-dependent beta thalassemia in U.S., EU and UK are expected to be completed by 1Q23.</li>
</ul>



Vertex Pharmaceuticals (VRTX US), the global leader in cystic fibrosis treatment, has a broad and deep clinical pipeline across multiple modalities. Each of its clinical programs represents a multibillion-dollar opportunity.  
MRNA drug candidate for treating the remaining 5,000 CF patients who cannot benefit from existing therapies, is set to enter clinic. Drug candidate for acute pain is in late-stage trial.
Regulatory submission for exa-cel for sickle cell disease and transfusion-dependent beta thalassemia in U.S., EU and UK are expected to be completed by 1Q23.


Vertex Pharmaceuticals (VRTX US): A High-Quality Deep Pocket Biotech Must-Have for Every Investor

YiChang HEC ChangJiang Pharmaceutical / Equity Bottom-Up

YiChang HEC ChangJiang Pharmaceutical (1558 HK)

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<li>During H1 2022, <a href="https://www.smartkarma.com/entities/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a> recorded revenue of RMB1.3 billion, representing 540% y/y growth, driven by 1,776% y/y revenue growth from its core product Kewei.</li>
<li>With gradual recovery of patient traffic in medical institutions and increasing number of flu cases, Kewei showed a trend of recovery in its sales volume leveraging on its market leadership.</li>
<li>HEC Pharma has a comprehensive insulin portfolio, which covers both second and third generations of insulin. With 116 million diabetes patients, China has significant market opportunity for insulin.</li>
</ul>


During H1 2022, Yichang HEC Changjiang Pharma (1558 HK) recorded revenue of RMB1.3 billion, representing 540% y/y growth, driven by 1,776% y/y revenue growth from its core product Kewei.
With gradual recovery of patient traffic in medical institutions and increasing number of flu cases, Kewei showed a trend of recovery in its sales volume leveraging on its market leadership.
HEC Pharma has a comprehensive insulin portfolio, which covers both second and third generations of insulin. With 116 million diabetes patients, China has significant market opportunity for insulin.


HEC Pharma (1558 HK): Core Product Saw Volume Recovery in 1H 2022; New Launches to Accelerate Growth

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’s stock has been on a roll off-late in a relatively challenging market environment and the company supported it with a solid result surpassing Wall Street expectations on all counts.</li><li>They have continued to invest in expanding their manufacturing base to fulfill the rising demand for their products and prepare for upcoming launches.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Eli Lilly’s stock has been on a roll off-late in a relatively challenging market environment and the company supported it with a solid result surpassing Wall Street expectations on all counts.They have continued to invest in expanding their manufacturing base to fulfill the rising demand for their products and prepare for upcoming launches.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Eli Lilly & Co: The Akouos Acquisition & Other Drivers

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)

Sosei Group (4565 JP): Partners’ Pipeline Progress Reflects Power of Drug Discovery Platform

Discovery collaboration with global pharma giants and consequent progress of the pipeline triggering milestone payments enhances conviction on...

Tina Banerjee

Peptidream (4587 JP): Rising Drug Discovery Collaborations To Drive Growth; New Revenue Stream Added

In long-term, Peptidream targets ¥100B revenue from ¥9.4B in 2021. While base business is poised for steady growth via expansion of collaboration...

Tina Banerjee

Vertex Pharmaceuticals (VRTX US): A High-Quality Deep Pocket Biotech Must-Have for Every Investor

By leveraging on industry-leading profitability, strong balance sheet and current cash flow, Trikafta, Vertex is re-investing in next-generation...

Tina Banerjee

HEC Pharma (1558 HK): Core Product Saw Volume Recovery in 1H 2022; New Launches to Accelerate Growth

HEC Pharma’s revenue jumped ~6x in 1H22, driven by volume recovery of its core drug Kewei. Going ahead, new generic launches and insulin portfolio...

Tina Banerjee

Eli Lilly & Co: The Akouos Acquisition & Other Drivers

Eli Lilly’s stock has been on a roll off-late in a relatively challenging market environment and the company supported it with a solid result...

Baptista Research

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