Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported 2Q25 revenues of $1.3B, up 42% YoY (1H25 Revenue: $2.4B, up 45%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.</li>
<li>In 2Q25, U.S. sale of Brukinsa was $684M, up 43% YoY. For three consecutive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $583M in 2Q25.</li>
<li>BeiGene now expects 2025 revenue to be in the range of $5.0–5.3B (up 29–39% YoY) compared to the previous revenue guidance of $4.9–5.3B.</li>
</ul>



BeiGene (6160 HK) reported 2Q25 revenues of $1.3B, up 42% YoY (1H25 Revenue: $2.4B, up 45%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
In 2Q25, U.S. sale of Brukinsa was $684M, up 43% YoY. For three consecutive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $583M in 2Q25.
BeiGene now expects 2025 revenue to be in the range of $5.0–5.3B (up 29–39% YoY) compared to the previous revenue guidance of $4.9–5.3B.


BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

<ul>
<li>During Q1FY26, <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 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.</li>
<li>During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).</li>
<li>The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.</li>
</ul>


During Q1FY26, Eisai Co Ltd (4523 JP) reported 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.
During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).
The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.


Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Thematic (Sector/Industry)

<ul>
<li>Terumo is acquiring OrganOx, a leading innovator in organ preservation devices. Eisai received FDA approval for once weekly Leqembi subcutaneous injection for maintenance dosing.</li>
<li>Chugai Pharmaceutical’s partner Eli Lilly announced positive topline results from the Phase 3 trial of oral GLP-1 drug candidate. Daiichi Sankyo received approval for Datroway in China.</li>
<li>Beigene announced positive topline results from a Phase 1/2 study of sonrotoclax in mantle cell lymphoma. Telix Pharmaceuticals received a Complete Response Letter from the FDA regarding Zircaix.</li>
</ul>


Terumo is acquiring OrganOx, a leading innovator in organ preservation devices. Eisai received FDA approval for once weekly Leqembi subcutaneous injection for maintenance dosing.
Chugai Pharmaceutical’s partner Eli Lilly announced positive topline results from the Phase 3 trial of oral GLP-1 drug candidate. Daiichi Sankyo received approval for Datroway in China.
Beigene announced positive topline results from a Phase 1/2 study of sonrotoclax in mantle cell lymphoma. Telix Pharmaceuticals received a Complete Response Letter from the FDA regarding Zircaix.


APAC Healthcare Weekly (Aug 31) – Terumo, Eisai, Chugai, Daiichi Sankyo, Beigene, Remegen, Telix

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.

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>Innovent Biologics published strong results that were ahead of expectations.</li>
<li>Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.</li>
<li>Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.</li>
</ul>


Innovent Biologics published strong results that were ahead of expectations.
Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.
Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.


Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

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 group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in <a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> .</li>
<li>While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) .
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Eli Lilly & Co (LLY US)

BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Beigene announced positive topline results from Phase 1/2 study of sonrotoclax, a next-generation and potentially best-in-class investigational...

Tina Banerjee

Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

APAC Healthcare Weekly (Aug 31) – Terumo, Eisai, Chugai, Daiichi Sankyo, Beigene, Remegen, Telix

Terumo announced new acquisition. Eisai got FDA approval for Leqembi subcutaneous maintenance dosing. Chugai’s oral GLP-1 drug showed positive P3...

Tina Banerjee

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) . In this note, we talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Beigene announced positive topline results from Phase 1/2 study of sonrotoclax, a next-generation and potentially best-in-class investigational...

Tina Banerjee

Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

Eisai gets FDA nod for once weekly Leqembi subcutaneous autoinjector for maintenance dosing. The introduction of easy-to-use SC-AI will allow for...

Tina Banerjee

APAC Healthcare Weekly (Aug 31) – Terumo, Eisai, Chugai, Daiichi Sankyo, Beigene, Remegen, Telix

Terumo announced new acquisition. Eisai got FDA approval for Leqembi subcutaneous maintenance dosing. Chugai’s oral GLP-1 drug showed positive P3...

Tina Banerjee

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

​Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) . In this note, we talk...

Sumeet Singh

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.