Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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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

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<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

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Novartis reported strong financial results for both the fourth quarter and full year of 2024, marking one of the most robust performances in its history.</li><li>The company recorded a 16% increase in sales in the fourth quarter and a 29% rise in core operating income, both in constant currency.</li><li>For the full year, sales grew 12%, while core operating income expanded by 22%, with an operating margin reaching 38.7%.</li></ul>

Novartis reported strong financial results for both the fourth quarter and full year of 2024, marking one of the most robust performances in its history.The company recorded a 16% increase in sales in the fourth quarter and a 29% rise in core operating income, both in constant currency.For the full year, sales grew 12%, while core operating income expanded by 22%, with an operating margin reaching 38.7%.

Novartis: Spinning Off Sandoz—Will a Focused Strategy Pay Off?

<ul><li>Novartis has reported a robust operational performance in its third quarter of 2024, reflecting a continuation of positive trends over the past two years.</li><li>The company announced a 10% growth in sales and a 20% increase in core operating income in constant currencies.</li><li>Notably, the core margin reached 40.1%.</li></ul>

Novartis has reported a robust operational performance in its third quarter of 2024, reflecting a continuation of positive trends over the past two years.The company announced a 10% growth in sales and a 20% increase in core operating income in constant currencies.Notably, the core margin reached 40.1%.

Novartis AG: Cardiovascular Disease Portfolio Expansion As A Critical Growth Catalyst! - Major Drivers

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<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> Q2FY25 net profit jumped 28% YoY to INR30B on 11% YoY growth in revenue. U.S. and India formulation businesses grew 22% and 11%, YoY, respectively.</li>
<li>Due to deferral of clinical trials of some specialty products, the company has cut R&amp;D investment guidance by 200bps to 7–8% of revenue for FY25 from earlier 8–10%.</li>
<li>With Leqselvi launch becoming uncertain and few others still in late-stage trials, there is no immediate driver to accelerate specialty business momentum.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) Q2FY25 net profit jumped 28% YoY to INR30B on 11% YoY growth in revenue. U.S. and India formulation businesses grew 22% and 11%, YoY, respectively.
Due to deferral of clinical trials of some specialty products, the company has cut R&amp;D investment guidance by 200bps to 7–8% of revenue for FY25 from earlier 8–10%.
With Leqselvi launch becoming uncertain and few others still in late-stage trials, there is no immediate driver to accelerate specialty business momentum.


Sun Pharmaceutical (SUNP IN): Q2 Result Beats Estimate; Specialty Business to Face Growth Challenge

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)

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

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

Novartis: Spinning Off Sandoz—Will a Focused Strategy Pay Off?

Novartis reported strong financial results for both the fourth quarter and full year of 2024, marking one of the most robust performances in its...

Baptista Research

Novartis AG: Cardiovascular Disease Portfolio Expansion As A Critical Growth Catalyst! - Major Drivers

Novartis has reported a robust operational performance in its third quarter of 2024, reflecting a continuation of positive trends over the past...

Baptista Research

Sun Pharmaceutical (SUNP IN): Q2 Result Beats Estimate; Specialty Business to Face Growth Challenge

Sun Pharma Q2FY25 net profit was up 28% YoY on 11% revenue growth. FY25 R&D investment guidance cut due to deferred clinical trials. Specialty...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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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

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

Novartis: Spinning Off Sandoz—Will a Focused Strategy Pay Off?

Novartis reported strong financial results for both the fourth quarter and full year of 2024, marking one of the most robust performances in its...

Baptista Research

Novartis AG: Cardiovascular Disease Portfolio Expansion As A Critical Growth Catalyst! - Major Drivers

Novartis has reported a robust operational performance in its third quarter of 2024, reflecting a continuation of positive trends over the past...

Baptista Research

Sun Pharmaceutical (SUNP IN): Q2 Result Beats Estimate; Specialty Business to Face Growth Challenge

​Sun Pharma Q2FY25 net profit was up 28% YoY on 11% revenue growth. FY25 R&D investment guidance cut due to deferred clinical trials. Specialty...

Tina Banerjee

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...

Sun Pharma Q2FY25 net profit was up 28% YoY on 11% revenue growth. FY25 R&D investment guidance cut due to deferred clinical trials. Specialty...