Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.</li>
<li>Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.</li>
<li>CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.</li>
</ul>


Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.
Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.
CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.


APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> 9MFY26 revenue increased 9.5% YoY to ¥24.4B while operating margin improved 320bps to 30.7%. Dental segments reported margin improvement from 10.4% to 18.2%.</li>
<li>Underperformance of dental segment because of recall and margin erosion had been a major concern. Q3FY26 sales recovered to around 87% of the pre-recall level.</li>
<li>FY26 guidance witnessed upward revision. They now expect FY26 revenue to be ¥32.9B (up 9.8% YoY), operating profit at ¥9.7B (up 18%) and net income to be ¥6.8B (up 46%).</li>
</ul>



Mani Inc (7730 JP) 9MFY26 revenue increased 9.5% YoY to ¥24.4B while operating margin improved 320bps to 30.7%. Dental segments reported margin improvement from 10.4% to 18.2%.
Underperformance of dental segment because of recall and margin erosion had been a major concern. Q3FY26 sales recovered to around 87% of the pre-recall level.
FY26 guidance witnessed upward revision. They now expect FY26 revenue to be ¥32.9B (up 9.8% YoY), operating profit at ¥9.7B (up 18%) and net income to be ¥6.8B (up 46%).


Mani Inc (7730 JP): 9MFY26 Results Underline Recovery, FY26 Guidance Revised Upward

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> H1FY26 revenue increased 9% YoY to ¥16.1B while operating margin improved 350bps to 31.7%. Dental segments reported margin improvement from 10.1% to 18.8%.</li>
<li>After receiving approval from Chinese regulatory authorities, Mani officially resumed dia-bur sales and expects a full recovery in sales from FY26.</li>
<li>FY26 guidance was reiterated and expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.</li>
</ul>



Mani Inc (7730 JP) H1FY26 revenue increased 9% YoY to ¥16.1B while operating margin improved 350bps to 31.7%. Dental segments reported margin improvement from 10.1% to 18.8%.
After receiving approval from Chinese regulatory authorities, Mani officially resumed dia-bur sales and expects a full recovery in sales from FY26.
FY26 guidance was reiterated and expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.


Mani Inc (7730 JP): China Dia-Bur Sale Resumption Positively Impact H1FY26, FY26 Guidance Reiterated

<ul>
<li>Mani Inc (7730 JP) Q1FY26 revenue increased 2% YoY to ¥7.8B while operating margin improved 130bps to 28.8%. Dental segments reported margin improvement from 9.4% to 13.6%.</li>
<li>After receiving approval from Chinese regulatory authorities, Mani officially resumed dia-bur sales and expects a full recovery in sales from FY26.</li>
<li>FY26 guidance was reiterated and expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.</li>
</ul>


Mani Inc (7730 JP) Q1FY26 revenue increased 2% YoY to ¥7.8B while operating margin improved 130bps to 28.8%. Dental segments reported margin improvement from 9.4% to 13.6%.
After receiving approval from Chinese regulatory authorities, Mani officially resumed dia-bur sales and expects a full recovery in sales from FY26.
FY26 guidance was reiterated and expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.


Mani Inc (7730 JP): Margins Expand in Q1FY26, Dia-Bur Sale Resume in China, FY26 Guidance Reiterated

<ul>
<li>Sino Biopharmaceutical entered outlicensing deal with AstraZeneca for respiratory drug candidate TQC3721. Hansoh Pharmaceutical’s ADC drug candidate HS-20093 met primary endpoint of overall survival in Phase 3 trial for SCLC.</li>
<li>Wuxi Biologics’ Hebei drug substance manufacturing facility passed the Pre-License Inspection by the FDA. Astellas Pharma’s Padcev Keytruda combo was accepted for China review in perioperative muscle-invasive bladder cancer.</li>
<li>Otsuka’s Astex Pharmaceuticals inked R&amp;D deal with Genentech to identify small molecule breast cancer drug candidates. Celltrion’s Avastin biosimilar has secured formulary listings with two major PBMs in the U.S.</li>
</ul>


Sino Biopharmaceutical entered outlicensing deal with AstraZeneca for respiratory drug candidate TQC3721. Hansoh Pharmaceutical’s ADC drug candidate HS-20093 met primary endpoint of overall survival in Phase 3 trial for SCLC.
Wuxi Biologics’ Hebei drug substance manufacturing facility passed the Pre-License Inspection by the FDA. Astellas Pharma’s Padcev Keytruda combo was accepted for China review in perioperative muscle-invasive bladder cancer.
Otsuka’s Astex Pharmaceuticals inked R&amp;D deal with Genentech to identify small molecule breast cancer drug candidates. Celltrion’s Avastin biosimilar has secured formulary listings with two major PBMs in the U.S.


APAC Healthcare Weekly (July 12) – Sino Bio, Hansoh Pharma, Wuxi Bio, Astellas, Otsuka, Celltrion

Japan

MANI, INC. manufactures medical goods and equipment.  The Company's products include threads and needles for surgeries, surgical knives for eye surgeries, and dental instruments and equipment.

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Mani Inc (7730 JP)

APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

Shionogi is acquiring IntraBio for $2B. Ono stuck inlicensing deal with Biohaven. Hanmi’s obesity drug got approval in Korea. CSL terminates supply...

Tina Banerjee

Mani Inc (7730 JP): 9MFY26 Results Underline Recovery, FY26 Guidance Revised Upward

Mani Inc sees revenue growth and margin improvement in 9MFY26. FY26 guidance revised upward for strong financial performance. Ongoing dental...

Tina Banerjee

Mani Inc (7730 JP): China Dia-Bur Sale Resumption Positively Impact H1FY26, FY26 Guidance Reiterated

Mani Inc's revenue rise and margin improve in H1FY26. Expects sales recovery and significant uptick in profits for FY26. Going forward, Mani will...

Tina Banerjee

Mani Inc (7730 JP): Margins Expand in Q1FY26, Dia-Bur Sale Resume in China, FY26 Guidance Reiterated

Mani Inc saw revenue growth and margin improvement in Q1FY26, expects full recovery in sales with dia-bur resumption in China and reiterated FY26...

Tina Banerjee

APAC Healthcare Weekly (July 12) – Sino Bio, Hansoh Pharma, Wuxi Bio, Astellas, Otsuka, Celltrion

Sino Bio stuck outlicensing deal with AstraZeneca. Hansoh’s ADC drug candidate met primary endpoint in Phase 3 trial. China will review Astellas’...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

Shionogi is acquiring IntraBio for $2B. Ono stuck inlicensing deal with Biohaven. Hanmi’s obesity drug got approval in Korea. CSL terminates supply...

Tina Banerjee

Mani Inc (7730 JP): 9MFY26 Results Underline Recovery, FY26 Guidance Revised Upward

​Mani Inc sees revenue growth and margin improvement in 9MFY26. FY26 guidance revised upward for strong financial performance. Ongoing dental...

Tina Banerjee

Mani Inc (7730 JP): China Dia-Bur Sale Resumption Positively Impact H1FY26, FY26 Guidance Reiterated

​Mani Inc's revenue rise and margin improve in H1FY26. Expects sales recovery and significant uptick in profits for FY26. Going forward, Mani will...

Tina Banerjee

Mani Inc (7730 JP): Margins Expand in Q1FY26, Dia-Bur Sale Resume in China, FY26 Guidance Reiterated

​Mani Inc saw revenue growth and margin improvement in Q1FY26, expects full recovery in sales with dia-bur resumption in China and reiterated FY26...

Tina Banerjee

APAC Healthcare Weekly (July 12) – Sino Bio, Hansoh Pharma, Wuxi Bio, Astellas, Otsuka, Celltrion

Sino Bio stuck outlicensing deal with AstraZeneca. Hansoh’s ADC drug candidate met primary endpoint in Phase 3 trial. China will review Astellas’...

Tina Banerjee

Mani Inc sees revenue growth and margin improvement in 9MFY26. FY26 guidance revised upward for strong financial performance. Ongoing dental...

Mani Inc's revenue rise and margin improve in H1FY26. Expects sales recovery and significant uptick in profits for FY26. Going forward, Mani will...

Mani Inc saw revenue growth and margin improvement in Q1FY26, expects full recovery in sales with dia-bur resumption in China and reiterated FY26...