Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a> guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.</li>
<li>Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.</li>
<li>In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.</li>
</ul>



Ono Pharmaceutical (4528 JP) guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.
In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.


Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.</li>
<li>With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.</li>
<li>The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.</li>
</ul>



Sino Biopharmaceutical (1177 HK) is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.
With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.
The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.


Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.</li>
<li>IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.</li>
<li>1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.</li>
</ul>



SK Bioscience (302440 KS) has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.
IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.
1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.


SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.</li>
<li>Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.</li>
<li>The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.
Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.
The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.


Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

Thematic (Sector/Industry)

<ul>
<li>Eisai received approval for its insomnia drug, Dayvigo in China. Daiichi Sankyo and Merck have voluntarily withdrawn BLA seeking accelerated approval in the U.S. for patritumab deruxtecan for NSCLC.</li>
<li>Samsung Biologics secured two CMO contract worth KRW441B from unnamed pharmaceutical companies in Asia and Europe. SK Bioscience has completed a major expansion of its vaccine production facility in Andong.</li>
<li>CSPC Pharmaceutical is in negotiations regarding three potential outlicensing deals. Jiangsu Hengrui Pharmaceuticals received approvals for three drugs in China. Hansoh’s third BLA for Xinyue has been accepted by NMPA.</li>
</ul>


Eisai received approval for its insomnia drug, Dayvigo in China. Daiichi Sankyo and Merck have voluntarily withdrawn BLA seeking accelerated approval in the U.S. for patritumab deruxtecan for NSCLC.
Samsung Biologics secured two CMO contract worth KRW441B from unnamed pharmaceutical companies in Asia and Europe. SK Bioscience has completed a major expansion of its vaccine production facility in Andong.
CSPC Pharmaceutical is in negotiations regarding three potential outlicensing deals. Jiangsu Hengrui Pharmaceuticals received approvals for three drugs in China. Hansoh’s third BLA for Xinyue has been accepted by NMPA.


APAC Healthcare Weekly (June 1)- Eisai, Daiichi, Samsung Bio, SK Bioscience, CSPC, Hengrui Pharma

United States

Merck & Co., Inc.  is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

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Merck & Co (MRK US)

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Tina Banerjee

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

Tina Banerjee

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

Sino Biopharmaceutical presents promising lung cancer trial data for benmelstobart at ASCO. With superior clinical efficacy, benmelstobart has...

Tina Banerjee

APAC Healthcare Weekly (June 1)- Eisai, Daiichi, Samsung Bio, SK Bioscience, CSPC, Hengrui Pharma

Eisai's Dayvigo approved in China. Daiichi Sankyo withdrew BLA in US. Samsung Bio secures CMO contracts. SK Bioscience expands vaccine...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

​Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Tina Banerjee

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

​Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

Tina Banerjee

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

​SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

​Sino Biopharmaceutical presents promising lung cancer trial data for benmelstobart at ASCO. With superior clinical efficacy, benmelstobart has...

Tina Banerjee

APAC Healthcare Weekly (June 1)- Eisai, Daiichi, Samsung Bio, SK Bioscience, CSPC, Hengrui Pharma

​Eisai's Dayvigo approved in China. Daiichi Sankyo withdrew BLA in US. Samsung Bio secures CMO contracts. SK Bioscience expands vaccine...

Tina Banerjee

Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Sino Biopharmaceutical presents promising lung cancer trial data for benmelstobart at ASCO. With superior clinical efficacy, benmelstobart has...

Eisai's Dayvigo approved in China. Daiichi Sankyo withdrew BLA in US. Samsung Bio secures CMO contracts. SK Bioscience expands vaccine...