Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.</li>
<li>AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”</li>
<li>Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.</li>
</ul>


Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.
AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”
Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.


APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> reported better-than-expected 4Q24 result, with revenue and adjusted EPS beating consensus. With 2024 annual revenue of $963M (up 93% YoY), Carvykti nearly achieved blockbuster status.</li>
<li>With manufacturing capacity, indication, and geography expansion, Carvykti should be on accelerated growth path. Annual manufacturing capacity of Carvykti is expected to expand to 10,000 doses to meet demand.</li>
<li>Thus far, more than 5,000 patients have been treated with Carvykti. The drug has an estimated market opportunity of treating 150,000 MM patients eligible for CAR-T therapy.</li>
</ul>



Legend Biotech Corp (LEGN US) reported better-than-expected 4Q24 result, with revenue and adjusted EPS beating consensus. With 2024 annual revenue of $963M (up 93% YoY), Carvykti nearly achieved blockbuster status.
With manufacturing capacity, indication, and geography expansion, Carvykti should be on accelerated growth path. Annual manufacturing capacity of Carvykti is expected to expand to 10,000 doses to meet demand.
Thus far, more than 5,000 patients have been treated with Carvykti. The drug has an estimated market opportunity of treating 150,000 MM patients eligible for CAR-T therapy.


Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>
I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares.
</li>
<li>
Following the spin-off from Johnson &amp; Johnson (JNJ), KVUE shares performed poorly for a variety of reasons (lockluster growth, Tylenol related litigation, etc.) that I thought were overblown.
</li>
<li>
At the time, Kenvue was trading at a sharp discount to its consumer health care peers. Today, Kenvue trades at a slight discount to peers (21 P/E vs. 23.3x for the group).
</li>
</ul>



I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares.


Following the spin-off from Johnson &amp; Johnson (JNJ), KVUE shares performed poorly for a variety of reasons (lockluster growth, Tylenol related litigation, etc.) that I thought were overblown.


At the time, Kenvue was trading at a sharp discount to its consumer health care peers. Today, Kenvue trades at a slight discount to peers (21 P/E vs. 23.3x for the group).



Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our long-term outlook remains bullish as long as the S&amp;P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.</li>
<li>With that said, we see potential for near-term downside based on several developments discussed below.  It likely means at least another 2-4 weeks of consolidation</li>
<li>If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670</li>
</ul>


Our long-term outlook remains bullish as long as the S&amp;P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.
With that said, we see potential for near-term downside based on several developments discussed below.  It likely means at least another 2-4 weeks of consolidation
If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670


Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

<ul>
<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> reported better-than-expected 2024 result, with all key parameters beating upwardly revised guidance. Both revenue and net profit hit record high.</li>
<li>Larger than anticipated upfront associated with the expanded Novartis collaboration and increased milestone revenue contributed to the stellar performance of 2024.</li>
<li>The company expects 2025 revenue to increase 5% YoY to ¥49B. Both core operating and operating profits are expected to increase 2% YoY and net profit by 1%.  </li>
</ul>



Peptidream Inc (4587 JP) reported better-than-expected 2024 result, with all key parameters beating upwardly revised guidance. Both revenue and net profit hit record high.
Larger than anticipated upfront associated with the expanded Novartis collaboration and increased milestone revenue contributed to the stellar performance of 2024.
The company expects 2025 revenue to increase 5% YoY to ¥49B. Both core operating and operating profits are expected to increase 2% YoY and net profit by 1%.  


Peptidream (4587 JP): 2024 Result Beats Guidance; Positive Outlook for 2025

United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets.  The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

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Johnson & Johnson (JNJ US)

APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

Tina Banerjee

Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

Legend exceeds expectations with strong 4Q24 results. Carvykti is poised for accelerated growth with manufacturing capacity, geography, and...

Tina Banerjee

Sell Kenvue + What I’m Buying

I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares. Following the spin-off from Johnson & Johnson (JNJ), KVUE shares...

Richard Howe

Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

Near-Term Downside Likely After False Breakouts $SPX $QQQ; Long-Term Still Bullish; Major Tops on $DXY, 10-Year Treasury Yield. If < 6100 and 6150...

Vermilion Research

Peptidream (4587 JP): 2024 Result Beats Guidance; Positive Outlook for 2025

Peptidream surpasses expectations with record high revenue and net profit in 2024, fueled by expanded Novartis collaboration and milestone...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

​Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

Tina Banerjee

Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

​Legend exceeds expectations with strong 4Q24 results. Carvykti is poised for accelerated growth with manufacturing capacity, geography, and...

Tina Banerjee

Sell Kenvue + What I’m Buying

I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares. Following the spin-off from Johnson & Johnson (JNJ), KVUE shares...

Richard Howe

Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

Near-Term Downside Likely After False Breakouts $SPX $QQQ; Long-Term Still Bullish; Major Tops on $DXY, 10-Year Treasury Yield. If < 6100 and 6150...

Vermilion Research

Peptidream (4587 JP): 2024 Result Beats Guidance; Positive Outlook for 2025

​Peptidream surpasses expectations with record high revenue and net profit in 2024, fueled by expanded Novartis collaboration and milestone...

Tina Banerjee

Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

Legend exceeds expectations with strong 4Q24 results. Carvykti is poised for accelerated growth with manufacturing capacity, geography, and...

Peptidream surpasses expectations with record high revenue and net profit in 2024, fueled by expanded Novartis collaboration and milestone...