Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.</li>
<li>Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.</li>
<li>Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.</li>
</ul>


Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.
Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.
Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.


APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

<ul>
<li>As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.</li>
<li>Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.</li>
<li>For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.</li>
</ul>


As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.
Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.
For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.


2022 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

Equity Bottom-Up

Shanghai Henlius Biotech / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc-class-h" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> reported 10% YoY revenue growth in China to RMB1.4B for core innovative product serplulimab. Henlius is now pursuing its globalization initiatives for serplulimab.</li>
<li>Thus far, the drug has been approved in ~50 countries. With its license-out areas comprehensively covering over 100 countries and regions, the international commercialization has further growth potential.</li>
<li>With continuous indication and geography expansion, serplulimab is accelerating toward its next milestone as a domestically developed blockbuster with the potential to exceed RMB10B (~$1.5B) in annual sales before 2030.</li>
</ul>



Shanghai Henlius Biotech (2696 HK) reported 10% YoY revenue growth in China to RMB1.4B for core innovative product serplulimab. Henlius is now pursuing its globalization initiatives for serplulimab.
Thus far, the drug has been approved in ~50 countries. With its license-out areas comprehensively covering over 100 countries and regions, the international commercialization has further growth potential.
With continuous indication and geography expansion, serplulimab is accelerating toward its next milestone as a domestically developed blockbuster with the potential to exceed RMB10B (~$1.5B) in annual sales before 2030.


Shanghai Henlius Biotech (2696 HK): Serplulimab Is Gaining Traction; Approaching Blockbuster Status

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Feb 27th. The aggregated holding was USD1,813.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,477mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Yageo, Macronix Intl, Innolux.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Feb 27th. The aggregated holding was USD1,813.2bn.
We estimate that foreign flows to be inflows of USD3,477mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Yageo, Macronix Intl, Innolux.


TWSE Foreign Holding Weekly (Feb 27th): TSMC, Hon Hai Precision, Yageo, Macronix Intl, Innolux

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 3rd. The aggregated short interest was USD26.6bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lite-On Technology, Elite Material, Zhen Ding Technology, Alchip Technologies, Sinopac Financial, Lite-On Technology, Elite Material, Zhen Ding Technology, Alchip Technologies, Sinopac Financial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 3rd. The aggregated short interest was USD26.6bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lite-On Technology, Elite Material, Zhen Ding Technology, Alchip Technologies, Sinopac Financial, Lite-On Technology, Elite Material, Zhen Ding Technology, Alchip Technologies, Sinopac Financial.


TWSE Short Interest Weekly (Oct 3rd): Lite-On Technology, Elite Material, Zhen Ding Technology

Taiwan

Lotus Pharmaceutical Co., Ltd. manufactures and distributes oral medicine, ointment and injection medicine.

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Lotus Pharmaceutical (1795 TT)

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

2022 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

From my coverage universe, two Taiwanese stocks generated 59% and 71% returns in nearly six months. New product launch and geography expansion are...

Tina Banerjee

Shanghai Henlius Biotech (2696 HK): Serplulimab Is Gaining Traction; Approaching Blockbuster Status

Shanghai Henlius Biotech is pursuing globalization for serplulimab. With continuous indication and geography expansion, serplulimab has potential...

Tina Banerjee

TWSE Foreign Holding Weekly (Feb 27th): TSMC, Hon Hai Precision, Yageo, Macronix Intl, Innolux

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision, Yageo, Macronix Intl,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 3rd): Lite-On Technology, Elite Material, Zhen Ding Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), Elite Material...

Ke Yan, CFA, FRM

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