Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.</li>
<li>Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.</li>
<li>Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.</li>
</ul>



Hanmi Pharm (128940 KS) recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.
Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.
Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.


Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

Jiangsu Hengrui Medicine / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> and Merck entered into an exclusive license agreement for HRS-5346, an investigational oral small-molecule drug. The collaboration positions Merck to challenge two other pharma giants.</li>
<li>Hengrui has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide for an upfront payment of $200M. Hengrui is also eligible to receive milestone payments up to $1.77B.</li>
<li>Hengrui reported strong 19% YoY revenue growth during 9MFY25 to RMB 20B, while profits rose 6% YoY to RMB 5B. The company will report full-year 2024 result on March 31.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) and Merck entered into an exclusive license agreement for HRS-5346, an investigational oral small-molecule drug. The collaboration positions Merck to challenge two other pharma giants.
Hengrui has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide for an upfront payment of $200M. Hengrui is also eligible to receive milestone payments up to $1.77B.
Hengrui reported strong 19% YoY revenue growth during 9MFY25 to RMB 20B, while profits rose 6% YoY to RMB 5B. The company will report full-year 2024 result on March 31.


Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

Event-Driven

Sun Pharmaceutical Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> (SPIL) announced the plan to acquire <a href="https://www.smartkarma.com/entities/checkpoint-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:37743:1" rel="noopener">Checkpoint Therapeutics (CKPT US)</a>, a commercial stage immunotherapy and targeted oncology company, for ~$200M.</li>
<li>In December, Checkpoint has received FDA approval for its maiden drug, Unloxcyt (cosibelimab), for the treatment of certain type of skin cancer. Unloxcyt has peak sales estimate of $1.6B.</li>
<li>SPIL’s offer for Checkpoint seems compelling and provides superior risk-adjusted value. However, the acquisition will not be near-term value generator for SPIL, which doesn’t have good track record for acquisition.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) (SPIL) announced the plan to acquire Checkpoint Therapeutics (CKPT US), a commercial stage immunotherapy and targeted oncology company, for ~$200M.
In December, Checkpoint has received FDA approval for its maiden drug, Unloxcyt (cosibelimab), for the treatment of certain type of skin cancer. Unloxcyt has peak sales estimate of $1.6B.
SPIL’s offer for Checkpoint seems compelling and provides superior risk-adjusted value. However, the acquisition will not be near-term value generator for SPIL, which doesn’t have good track record for acquisition.


Sun Pharmaceutical (SUNP IN): Checkpoint Acquisition Does Not Check All the Boxes

Thematic (Sector/Industry)

<ul>
<li>EMA’s human medicines committee (CHMP) recommended three new medicines for approval and adopted positive opinion for one generic medicine at its February 2025 meeting. </li>
<li>The committee recommended extending the therapeutic indications of 16 existing medicines, including two cystic fibrosis medicines, KAFTRIO and KALYDECO and oncology drugs CALQUENCE, DARZALEX, ENHERTU, and RINVOQ . </li>
<li>The CHMP concluded that its opinion recommending a marketing authorization for Eisai's Alzheimer’s disease drug Leqembi does not need to be updated.</li>
</ul>


EMA’s human medicines committee (CHMP) recommended three new medicines for approval and adopted positive opinion for one generic medicine at its February 2025 meeting. 
The committee recommended extending the therapeutic indications of 16 existing medicines, including two cystic fibrosis medicines, KAFTRIO and KALYDECO and oncology drugs CALQUENCE, DARZALEX, ENHERTU, and RINVOQ . 
The CHMP concluded that its opinion recommending a marketing authorization for Eisai's Alzheimer’s disease drug Leqembi does not need to be updated.


CHMP Meeting Update: 4 New Medicines Recommended For Approval, Reinstates Previous Leqembi Decision

<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

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)

Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

Hanmi Pharm recorded 47% YoY jump in export revenue to KRW68B in 1Q25. Beijing Hanmi shows recovery with 29% QoQ sales jump . Next-gen...

Tina Banerjee

Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

Hengrui and Merck strike exclusive deal for HRS-5346, with upfront payment of $200M and potential milestone payments up to $1.77B. HRS-5346 is...

Tina Banerjee

Sun Pharmaceutical (SUNP IN): Checkpoint Acquisition Does Not Check All the Boxes

Sun Pharm plans to acquire Checkpoint Therapeutics for ~$200M. Sun's offer for Checkpoint seems compelling. However, the acquisition will not be...

Tina Banerjee

CHMP Meeting Update: 4 New Medicines Recommended For Approval, Reinstates Previous Leqembi Decision

EMA’s CHMP recommended three new and one generic medicines for approval at its February 2025 meeting. The committee concluded that its positive...

Tina Banerjee

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)

Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

​Hanmi Pharm recorded 47% YoY jump in export revenue to KRW68B in 1Q25. Beijing Hanmi shows recovery with 29% QoQ sales jump . Next-gen...

Tina Banerjee

Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

​Hengrui and Merck strike exclusive deal for HRS-5346, with upfront payment of $200M and potential milestone payments up to $1.77B. HRS-5346 is...

Tina Banerjee

Sun Pharmaceutical (SUNP IN): Checkpoint Acquisition Does Not Check All the Boxes

​Sun Pharm plans to acquire Checkpoint Therapeutics for ~$200M. Sun's offer for Checkpoint seems compelling. However, the acquisition will not be...

Tina Banerjee

CHMP Meeting Update: 4 New Medicines Recommended For Approval, Reinstates Previous Leqembi Decision

EMA’s CHMP recommended three new and one generic medicines for approval at its February 2025 meeting. The committee concluded that its positive...

Tina Banerjee

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

Hanmi Pharm recorded 47% YoY jump in export revenue to KRW68B in 1Q25. Beijing Hanmi shows recovery with 29% QoQ sales jump . Next-gen...

Hengrui and Merck strike exclusive deal for HRS-5346, with upfront payment of $200M and potential milestone payments up to $1.77B. HRS-5346 is...

Sun Pharm plans to acquire Checkpoint Therapeutics for ~$200M. Sun's offer for Checkpoint seems compelling. However, the acquisition will not be...

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