Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

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<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>
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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

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<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> reported better-than-expected 4Q24 result, with revenue and adjusted EPS beating consensus. With 2024 annual revenue of $963M (up 93% YoY), Carvykti nearly achieved blockbuster status.</li>
<li>With manufacturing capacity, indication, and geography expansion, Carvykti should be on accelerated growth path. Annual manufacturing capacity of Carvykti is expected to expand to 10,000 doses to meet demand.</li>
<li>Thus far, more than 5,000 patients have been treated with Carvykti. The drug has an estimated market opportunity of treating 150,000 MM patients eligible for CAR-T therapy.</li>
</ul>



Legend Biotech Corp (LEGN US) reported better-than-expected 4Q24 result, with revenue and adjusted EPS beating consensus. With 2024 annual revenue of $963M (up 93% YoY), Carvykti nearly achieved blockbuster status.
With manufacturing capacity, indication, and geography expansion, Carvykti should be on accelerated growth path. Annual manufacturing capacity of Carvykti is expected to expand to 10,000 doses to meet demand.
Thus far, more than 5,000 patients have been treated with Carvykti. The drug has an estimated market opportunity of treating 150,000 MM patients eligible for CAR-T therapy.


Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

Thematic (Sector/Industry)

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<li>Daiichi Sankyo announced positive topline result from the phase 3 trial of Enhertu in gastric cancer. Kyorin Pharmaceutical outlicensed KRP-M223, a preclinical mast-cell-targeting candidate for chronic spontaneous urticaria, to Novartis.</li>
<li>Celltrion received FDA approval for Stoboclo and Osenvelt, biosimilars referencing Prolia and Xgeva, respectively. Zydus Lifesciences expects to start the development of world’s first combination vaccine against shigellosis and typhoid.</li>
<li>Biocon received FDA approval for lenalidomide capsules, indicated for types of multiple myeloma, and some other hematologic indications and dasatinib tablets for the treatment of chronic myeloid leukemia.</li>
</ul>


Daiichi Sankyo announced positive topline result from the phase 3 trial of Enhertu in gastric cancer. Kyorin Pharmaceutical outlicensed KRP-M223, a preclinical mast-cell-targeting candidate for chronic spontaneous urticaria, to Novartis.
Celltrion received FDA approval for Stoboclo and Osenvelt, biosimilars referencing Prolia and Xgeva, respectively. Zydus Lifesciences expects to start the development of world’s first combination vaccine against shigellosis and typhoid.
Biocon received FDA approval for lenalidomide capsules, indicated for types of multiple myeloma, and some other hematologic indications and dasatinib tablets for the treatment of chronic myeloid leukemia.


APAC Healthcare Weekly (Mar 9)- Daiichi Sankyo, Kyorin Pharma, Celltrion, Zydus Lifesciences, Biocon

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<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

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<li>After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.</li>
<li>Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.</li>
<li>Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.</li>
</ul>


After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.
Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.
Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.


APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company uses innovative science and digital technologies to create transformative treatments in areas of great medical need. Novartis offers patent protected prescription medicine and generic pharmaceuticals and biosimilars.

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Novartis (NOVN SW)

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

Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

Legend exceeds expectations with strong 4Q24 results. Carvykti is poised for accelerated growth with manufacturing capacity, geography, and...

Tina Banerjee

APAC Healthcare Weekly (Mar 9)- Daiichi Sankyo, Kyorin Pharma, Celltrion, Zydus Lifesciences, Biocon

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

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

APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Mesoblast got FDA approval for its first drug, while Betta Pharma, Celltrion, and Lupin also received some major FDA approvals. Pharma companies...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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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

Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

​Legend exceeds expectations with strong 4Q24 results. Carvykti is poised for accelerated growth with manufacturing capacity, geography, and...

Tina Banerjee

APAC Healthcare Weekly (Mar 9)- Daiichi Sankyo, Kyorin Pharma, Celltrion, Zydus Lifesciences, Biocon

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

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

APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Mesoblast got FDA approval for its first drug, while Betta Pharma, Celltrion, and Lupin also received some major FDA approvals. Pharma companies...

Tina Banerjee

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...

Legend exceeds expectations with strong 4Q24 results. Carvykti is poised for accelerated growth with manufacturing capacity, geography, and...

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