Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Vertex Pharmaceuticals / Equity Bottom-Up

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<li>
<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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

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<li>Our forecast of the total peak sales of BRUKINSA, tislelizumab and the rest commercialized products is about RMB10 billion, which is not enough for BeiGene to turn losses into profits. </li>
<li>BeiGene has the highest R&amp;D/academic ability among domestic pharmaceutical enterprises,but BeiGene cannot be assessed according to the standards of Chinese pharmaceutical enterprises due to its fundamentally different cost structure/breakeven point.</li>
<li>The current market value has already priced in the success of TIGIT project to some extent. In other words, the upward elasticity may be limited. But BeiGene deserves long-term follow.</li>
</ul>


Our forecast of the total peak sales of BRUKINSA, tislelizumab and the rest commercialized products is about RMB10 billion, which is not enough for BeiGene to turn losses into profits. 
BeiGene has the highest R&amp;D/academic ability among domestic pharmaceutical enterprises,but BeiGene cannot be assessed according to the standards of Chinese pharmaceutical enterprises due to its fundamentally different cost structure/breakeven point.
The current market value has already priced in the success of TIGIT project to some extent. In other words, the upward elasticity may be limited. But BeiGene deserves long-term follow.


BeiGene (6160.HK/BGNE.US) 22Q3 - The Price of Being an “Outlier”

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<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> reported revenue of NT$275 million for October, representing a massive 548% y/y growth. The year-to-date consolidated revenue totaled NT$2.3 billion, an increase of 628% y/y.</li>
<li>The company will be presenting new data on Besremi during the 64th American Society of Hematology (ASH) Annual Meeting to be held on December 10–13, 2022.</li>
<li>Pharmaessentia has been added to MSCI Taiwan Indexes. The company also gained the biggest weighting increase of 0.37 percentage points in the MSCI Taiwan Index.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported revenue of NT$275 million for October, representing a massive 548% y/y growth. The year-to-date consolidated revenue totaled NT$2.3 billion, an increase of 628% y/y.
The company will be presenting new data on Besremi during the 64th American Society of Hematology (ASH) Annual Meeting to be held on December 10–13, 2022.
Pharmaessentia has been added to MSCI Taiwan Indexes. The company also gained the biggest weighting increase of 0.37 percentage points in the MSCI Taiwan Index.


Pharmaessentia Corp (6446 TT): Riding High Aided by Continued Strong Uptake of Besremi in US

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.

Equity Capital Markets

<ul><li>Incyte has started appreciating with its financial results being just around the corner.</li><li>In the last quarter, the company's revenues rose 29% and it managed an all-around beat.</li><li>With an increase in new patient starts across all 3 indications, Jakafi's net revenues increased 13% to $598 million.</li></ul>

Incyte has started appreciating with its financial results being just around the corner.In the last quarter, the company's revenues rose 29% and it managed an all-around beat.With an increase in new patient starts across all 3 indications, Jakafi's net revenues increased 13% to $598 million.

Incyte Corp: Acquisition of Villaris Therapeutics & Other Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices</li>
<li>The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.   </li>
<li>We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.</li>
</ul>


We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices
The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.   
We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.


A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

United States

Incyte Corp is a biopharmaceutical company. The Company discovers, develops and commercializes proprietary small molecule drugs, primarily used in oncology.

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Incyte Corp (INCY US)

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

BeiGene (6160.HK/BGNE.US) 22Q3 - The Price of Being an “Outlier”

Sales of current commercialized products isn't enough for BeiGene to turn loss into profit. BeiGene is fundamentally different from any other China...

Xinyao (Criss) Wang

Pharmaessentia Corp (6446 TT): Riding High Aided by Continued Strong Uptake of Besremi in US

Through October 2022, Pharmaessentia clocked revenue of NT$2.3B, up 628% y/y, driven by strong uptake of Besremi. Shares will be added to MSCI...

Tina Banerjee

Incyte Corp: Acquisition of Villaris Therapeutics & Other Drivers

Incyte has started appreciating with its financial results being just around the corner. In the last quarter, the company's revenues rose 29% and...

Baptista Research

A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

Our datamining reports ranks companies within thematic based on innovation quality. We see strong outperformance in a portfolio built using the top...

Pyari Menon

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