Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.</li><li>While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.</li><li>Biopharma shrugged off MFN pricing targets, as implementation remained unclear. </li></ul>

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.Biopharma shrugged off MFN pricing targets, as implementation remained unclear. 

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP)</a> announced muted 1Q25 performance, with flat revenue and 50%+ drop in operating and net profits. Drug price revision and competition are dragging Japan revenue.</li>
<li>Kyowa Kirin guided for 2025 revenue and operating profit of ¥478B (-4% YoY) and ¥80B (-16% YoY), respectively. The company expects 5% YoY decline in 2025 net profit to ¥57B.</li>
<li>Since our last insight on Kyowa Kirin, shares lost ~15%. We opined “amid gloomy outlook, Kyowa Kirin shares will need time to recover.” Our take on the company remains same.</li>
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Kyowa Kirin Co Ltd (4151 JP) announced muted 1Q25 performance, with flat revenue and 50%+ drop in operating and net profits. Drug price revision and competition are dragging Japan revenue.
Kyowa Kirin guided for 2025 revenue and operating profit of ¥478B (-4% YoY) and ¥80B (-16% YoY), respectively. The company expects 5% YoY decline in 2025 net profit to ¥57B.
Since our last insight on Kyowa Kirin, shares lost ~15%. We opined “amid gloomy outlook, Kyowa Kirin shares will need time to recover.” Our take on the company remains same.


Kyowa Kirin (4151 JP): Muted 1Q25 Result; 2025 Guidance Reaffirmed; Near-Term Pain to Continue

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>The Senate committee advanced RFK Jr.’s HHS secretary nomination with a vote along party lines, as Senator Bill Cassidy (R) was swayed by numerous promises to not dismantle vaccine policies.</li><li>Even ahead of RFK Jr.’s now likely confirmation, health agencies have faced disruptive changes and uncertainty from Trump’s anti-DEI executive orders.</li><li>The latest was a $4 billion cut to NIH grant funding, reducing support for academic research at universities, hospitals, and other grant recipients. </li></ul>

The Senate committee advanced RFK Jr.’s HHS secretary nomination with a vote along party lines, as Senator Bill Cassidy (R) was swayed by numerous promises to not dismantle vaccine policies.Even ahead of RFK Jr.’s now likely confirmation, health agencies have faced disruptive changes and uncertainty from Trump’s anti-DEI executive orders.The latest was a $4 billion cut to NIH grant funding, reducing support for academic research at universities, hospitals, and other grant recipients. 

Biopharma Week in Review - February 10, 2025

<ul><li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>The short holiday week saw another controversial name picked for NIH head, PSTX was acquired by RHHBY, AMGN underwhelmed with obesity data, and Medicare proposed to cover LLY and NVO obesity drugs.</li><li>In addition, SRPT filled its pipeline with ARWR assets, BHVN’s poor SMA results benefited SRRK, and MRK expanded its PAH drug benefit.</li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.The short holiday week saw another controversial name picked for NIH head, PSTX was acquired by RHHBY, AMGN underwhelmed with obesity data, and Medicare proposed to cover LLY and NVO obesity drugs.In addition, SRPT filled its pipeline with ARWR assets, BHVN’s poor SMA results benefited SRRK, and MRK expanded its PAH drug benefit.

Biopharma Week in Review - December 2, 2024

<ul><li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>Last week, the CDC and CMS picks aligned with President- elect Donald Trump’s agenda, while the FDA choice felt like a compromise.</li><li>NTLA had competitive biomarker data in ATTR-CM but was still behind ALNY and BBIO (approved late Friday). </li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.Last week, the CDC and CMS picks aligned with President- elect Donald Trump’s agenda, while the FDA choice felt like a compromise.NTLA had competitive biomarker data in ATTR-CM but was still behind ALNY and BBIO (approved late Friday). 

Biopharma Week in Review - November 25, 2024

United States

Kura Oncology, Inc. operates as a clinical stage biopharmaceutical company. The Company focuses on discovery and development of personalized therapeutics for the treatment of tumors and blood cancers. Kura Oncology offers development programs for cancers with high unmet need, including lung, colorectal, thyroid, blood, and pancreatic cancers.

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Kura Oncology (KURA US)

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.

Krungthai XSpring

Kyowa Kirin (4151 JP): Muted 1Q25 Result; 2025 Guidance Reaffirmed; Near-Term Pain to Continue

Kyowa Kirin reports flat revenue and 50%+ profit drop in 1Q25, dragged by drug price revision and competition in Japan. The company guides for...

Tina Banerjee

Biopharma Week in Review - February 10, 2025

The Senate committee advanced RFK Jr.’s HHS secretary nomination with a vote along party lines, as Senator Bill Cassidy (R) was swayed by numerous...

Water Tower Research

Biopharma Week in Review - December 2, 2024

The short holiday week saw another controversial name picked for NIH head, PSTX was acquired by RHHBY, AMGN underwhelmed with obesity data

Water Tower Research

Biopharma Week in Review - November 25, 2024

Last week, the CDC and CMS picks aligned with President- elect Donald Trump’s agenda, while the FDA choice felt like a compromise.

Water Tower Research

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Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.

Krungthai XSpring

Kyowa Kirin (4151 JP): Muted 1Q25 Result; 2025 Guidance Reaffirmed; Near-Term Pain to Continue

​Kyowa Kirin reports flat revenue and 50%+ profit drop in 1Q25, dragged by drug price revision and competition in Japan. The company guides for...

Tina Banerjee

Biopharma Week in Review - February 10, 2025

The Senate committee advanced RFK Jr.’s HHS secretary nomination with a vote along party lines, as Senator Bill Cassidy (R) was swayed by numerous...

Water Tower Research

Biopharma Week in Review - December 2, 2024

The short holiday week saw another controversial name picked for NIH head, PSTX was acquired by RHHBY, AMGN underwhelmed with obesity data

Water Tower Research

Biopharma Week in Review - November 25, 2024

Last week, the CDC and CMS picks aligned with President- elect Donald Trump’s agenda, while the FDA choice felt like a compromise.

Water Tower Research

Kyowa Kirin reports flat revenue and 50%+ profit drop in 1Q25, dragged by drug price revision and competition in Japan. The company guides for...