Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; </li><li>In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. </li></ul>

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. 

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> has reported mixed performance for 3Q25. Despite flat topline and high R&amp;D investment, mid-single digit growth in operating profit is the key highlight of 3Q25 result.</li>
<li>Interim topline results of Phase 3 trials for efpeglenatide have raised expectations that the drug will establish itself as a "national obesity drug" based on excellent efficacy and proven safety.</li>
<li>The company submitted clinical trial application to FDA for HM17321. Hanmi received FDA approval to initiate a Phase 2 clinical trial with HM15275, which is expected to commence this month.</li>
</ul>



Hanmi Pharm (128940 KS) has reported mixed performance for 3Q25. Despite flat topline and high R&amp;D investment, mid-single digit growth in operating profit is the key highlight of 3Q25 result.
Interim topline results of Phase 3 trials for efpeglenatide have raised expectations that the drug will establish itself as a "national obesity drug" based on excellent efficacy and proven safety.
The company submitted clinical trial application to FDA for HM17321. Hanmi received FDA approval to initiate a Phase 2 clinical trial with HM15275, which is expected to commence this month.


Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Gilead's durable and highly profitable HIV franchise, led by Biktarvy, provides a stable cash flow foundation, funding shareholder returns and strategic investments into higher-growth areas.</li>
 <li>The strategic pivot to oncology, through acquisitions like Immunomedics (Trodelvy) and Kite Pharma (cell therapy), is the central pillar of the company's long-term growth strategy, aiming to diversify revenue streams ahead of eventual HIV patent cliffs.</li>
 <li>Key risks include increasing competition in the HIV market from long-acting injectables, the inherent clinical trial and regulatory risks in its oncology pipeline, and ongoing legal challenges and scrutiny over drug pricing and patent strategies.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Gilead's durable and highly profitable HIV franchise, led by Biktarvy, provides a stable cash flow foundation, funding shareholder returns and strategic investments into higher-growth areas.
  The strategic pivot to oncology, through acquisitions like Immunomedics (Trodelvy) and Kite Pharma (cell therapy), is the central pillar of the company's long-term growth strategy, aiming to diversify revenue streams ahead of eventual HIV patent cliffs.
  Key risks include increasing competition in the HIV market from long-acting injectables, the inherent clinical trial and regulatory risks in its oncology pipeline, and ongoing legal challenges and scrutiny over drug pricing and patent strategies.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Gilead Sciences  (GILD UW) - Sep 2025

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>Gilead Sciences has had a monumental few months, delivering one of its most successful quarters in recent history.</li><li>The Q2 2025 earnings call underscored the strength of Gilead’s HIV franchise—buoyed by the FDA approval and early launch of Yeztugo (lenacapavir) for twice-yearly PrEP, the rising momentum in oncology (notably with Trodelvy), and a growing footprint in cell therapy.</li><li>But beneath the surface of this commercial momentum, a strategic pivot may be underway: Gilead is reportedly in advanced talks to acquire Interius BioTherapeutics.</li></ul>

Gilead Sciences has had a monumental few months, delivering one of its most successful quarters in recent history.The Q2 2025 earnings call underscored the strength of Gilead’s HIV franchise—buoyed by the FDA approval and early launch of Yeztugo (lenacapavir) for twice-yearly PrEP, the rising momentum in oncology (notably with Trodelvy), and a growing footprint in cell therapy.But beneath the surface of this commercial momentum, a strategic pivot may be underway: Gilead is reportedly in advanced talks to acquire Interius BioTherapeutics.

Gilead Sciences' Kite Makes $350M Gene Therapy Gamble — Meet Interius Biotherapeutics!

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 href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$650m via its H-share placement.</li>
<li>The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

United States

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company primary areas of focus include HIV, AIDS, liver disease, and serious cardiovascular and respiratory conditions.

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

Gilead Sciences (GILD UW)

Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

Hanmi Pharm reports mixed 3Q25 performance with flat topline and mid-single digit growth in operating profit. Expectations are rising on...

Tina Banerjee

Primer: Gilead Sciences (GILD UW) - Sep 2025

Gilead's durable and highly profitable HIV franchise, led by Biktarvy, provides a stable cash flow foundation, funding shareholder returns and...

αSK Primers

Gilead Sciences' Kite Makes $350M Gene Therapy Gamble — Meet Interius Biotherapeutics!

Gilead Sciences has had a monumental few months, delivering one of its most successful quarters in recent history. The Q2 2025 earnings call...

Baptista Research

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

​Hanmi Pharm reports mixed 3Q25 performance with flat topline and mid-single digit growth in operating profit. Expectations are rising on...

Tina Banerjee

Primer: Gilead Sciences (GILD UW) - Sep 2025

Gilead's durable and highly profitable HIV franchise, led by Biktarvy, provides a stable cash flow foundation, funding shareholder returns and...

αSK Primers

Gilead Sciences' Kite Makes $350M Gene Therapy Gamble — Meet Interius Biotherapeutics!

Gilead Sciences has had a monumental few months, delivering one of its most successful quarters in recent history. The Q2 2025 earnings call...

Baptista Research

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

Hanmi Pharm reports mixed 3Q25 performance with flat topline and mid-single digit growth in operating profit. Expectations are rising on...