Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>WuXi Biologics’ Ireland facility has been approved by EMA as a commercial manufacturing site for a global client’s innovative biologic. Ab&amp;B Bio-Tech received approval for RSV vaccine in Chian.</li>
<li>Ascletis Pharma announced encouraging preclinical efficacy results for ASC47, a first-in-class muscle-preserving weight loss drug candidate. Remegen entered outlicensing agreement with Santen Pharmaceutical for a proprietary intravitreal injection.</li>
<li>Daiichi Sankyo’s Ifinatamab deruxtecan has been granted Breakthrough Therapy Designation by the FDA for small cell lung cancer. CSL intends to lay off 15% workforce and demerge CSL Seqirus.</li>
</ul>


WuXi Biologics’ Ireland facility has been approved by EMA as a commercial manufacturing site for a global client’s innovative biologic. Ab&amp;B Bio-Tech received approval for RSV vaccine in Chian.
Ascletis Pharma announced encouraging preclinical efficacy results for ASC47, a first-in-class muscle-preserving weight loss drug candidate. Remegen entered outlicensing agreement with Santen Pharmaceutical for a proprietary intravitreal injection.
Daiichi Sankyo’s Ifinatamab deruxtecan has been granted Breakthrough Therapy Designation by the FDA for small cell lung cancer. CSL intends to lay off 15% workforce and demerge CSL Seqirus.


APAC Healthcare Weekly (Aug 24) – Wuxi Bio, Ab&B Bio, Ascletis Pharma, Remegen, Daiichi Sankyo, CSL

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.</li>
<li>Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.</li>
<li>There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2</a> in December.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the KOSPI2 in December.


KOSPI Size Indices: Passive Flows for Many Active Changes

<ul>
<li>Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.</li>
<li>WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.</li>
<li>Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.</li>
</ul>


Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.


APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Equity Bottom-Up

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> (SKBP) reported record high second quarter earnings in 2Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the first time.</li>
<li>During 2Q25, revenue increased 32% YoY and 22% QoQ to KRW176B, while operating profit improved at a faster pace of 138% YoY and 141% QoQ to KRW62B.</li>
<li>For 2025, SKBP maintained Xcopri U.S. revenue guidance of $420–450M (~KRW570–610B), up 31–40% YoY. With 1H25 revenue of $201M, the company is expected to meet the target.</li>
</ul>



SK Biopharmaceuticals (326030 KS) (SKBP) reported record high second quarter earnings in 2Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the first time.
During 2Q25, revenue increased 32% YoY and 22% QoQ to KRW176B, while operating profit improved at a faster pace of 138% YoY and 141% QoQ to KRW62B.
For 2025, SKBP maintained Xcopri U.S. revenue guidance of $420–450M (~KRW570–610B), up 31–40% YoY. With 1H25 revenue of $201M, the company is expected to meet the target.


SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hk-inno-n-corp" target="_blank" data-smartkarma-citation="entities:33522:1" rel="noopener">HK inno.N (195940 KS)</a> reported 2Q25 result, with double-digit revenue growth and decline in operating and net profit. Continued strong sales of prescription drug business remained the key driver.</li>
<li>During 2Q25, domestic outpatient prescription sales of K-CAB increased 14% YoY to KRW53B. Next major trigger for K-CAB will be the U.S. filing for both EE and NERD in 4Q25.</li>
<li>Recently, the company’s investigational new drug IN-115314 advances to Phase 3 trial for the treatment of atopic dermatitis in dogs. If approved, IN-115314 has blockbuster revenue potential.</li>
</ul>



HK inno.N (195940 KS) reported 2Q25 result, with double-digit revenue growth and decline in operating and net profit. Continued strong sales of prescription drug business remained the key driver.
During 2Q25, domestic outpatient prescription sales of K-CAB increased 14% YoY to KRW53B. Next major trigger for K-CAB will be the U.S. filing for both EE and NERD in 4Q25.
Recently, the company’s investigational new drug IN-115314 advances to Phase 3 trial for the treatment of atopic dermatitis in dogs. If approved, IN-115314 has blockbuster revenue potential.


HK Inno.N (195940 KS): Mixed 2Q Result; Pipeline Progress to Maintain Positive Momentum

South Korea

Hanmi Pharm. Company Ltd. produces pharmaceutical products, including antibiotics, vitamins, and intestinal tonics.  The Company also provides beverages and processes soft capsules for other pharmaceutical firms.

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Hanmi Pharm (128940 KS)

APAC Healthcare Weekly (Aug 24) – Wuxi Bio, Ab&B Bio, Ascletis Pharma, Remegen, Daiichi Sankyo, CSL

Wuxi Bio got EMA nod for Ireland manufacturing facility. Daiichi Sankyo got breakthrough therapy designation for its drug candidate in US. CSL...

Tina Banerjee

KOSPI Size Indices: Passive Flows for Many Active Changes

There could be 49 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are...

Brian Freitas

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit

SK Biopharmaceuticals reported record high 2Q earnings driven by surging U.S. sales of Xcopri, which exceeded $100M for the first time. The...

Tina Banerjee

HK Inno.N (195940 KS): Mixed 2Q Result; Pipeline Progress to Maintain Positive Momentum

HK inno sees double-digit revenue growth in 2Q25, driven by strong sales of prescription drugs. Profit decline seems temporary drag. Next major...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Aug 24) – Wuxi Bio, Ab&B Bio, Ascletis Pharma, Remegen, Daiichi Sankyo, CSL

Wuxi Bio got EMA nod for Ireland manufacturing facility. Daiichi Sankyo got breakthrough therapy designation for its drug candidate in US. CSL...

Tina Banerjee

KOSPI Size Indices: Passive Flows for Many Active Changes

There could be 49 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are...

Brian Freitas

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit

​SK Biopharmaceuticals reported record high 2Q earnings driven by surging U.S. sales of Xcopri, which exceeded $100M for the first time. The...

Tina Banerjee

HK Inno.N (195940 KS): Mixed 2Q Result; Pipeline Progress to Maintain Positive Momentum

​HK inno sees double-digit revenue growth in 2Q25, driven by strong sales of prescription drugs. Profit decline seems temporary drag. Next major...

Tina Banerjee

SK Biopharmaceuticals reported record high 2Q earnings driven by surging U.S. sales of Xcopri, which exceeded $100M for the first time. The...

HK inno sees double-digit revenue growth in 2Q25, driven by strong sales of prescription drugs. Profit decline seems temporary drag. Next major...