Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> recorded153% YoY revenue growth to ¥41B for Leqembi during H1FY26, driven by significant growth in Japan (+177% YoY) and Americas (+84% YoY).</li>
<li>For FY26, Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY.  H1FY26 Leqembi revenue represents progress rate of more than 50%, thereby raising conviction of meeting full-year guidance.</li>
<li>Recent clinical trial setbacks suffered by two large players, Johnson &amp; Johnson and Novo Nordisk should act in favor of Leqembi.  </li>
</ul>



Eisai Co Ltd (4523 JP) recorded153% YoY revenue growth to ¥41B for Leqembi during H1FY26, driven by significant growth in Japan (+177% YoY) and Americas (+84% YoY).
For FY26, Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY.  H1FY26 Leqembi revenue represents progress rate of more than 50%, thereby raising conviction of meeting full-year guidance.
Recent clinical trial setbacks suffered by two large players, Johnson &amp; Johnson and Novo Nordisk should act in favor of Leqembi.  


Eisai Co Ltd (4523 JP): Label Expansion Drives Leqembi Ahead; Competitive Landscape Turns Favorable

Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

<ul>
<li>Pfizer and Novo Nordisk engaged in a heated battle for control over biotech company Metcera, which is developing innovative weight loss drugs</li>
<li>Novo Nordisk, once seen as a leader in the obesity drug market, has recently faced challenges and a decline in stock price due to competition from Eli Lilly and a weaker drug pipeline</li>
<li>Investors are closely watching the outcome of the bidding war between Pfizer and Novo Nordisk, as the future of the weight loss drug market could be lucrative and competitive</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>


Pfizer and Novo Nordisk engaged in a heated battle for control over biotech company Metcera, which is developing innovative weight loss drugs
Novo Nordisk, once seen as a leader in the obesity drug market, has recently faced challenges and a decline in stock price due to competition from Eli Lilly and a weaker drug pipeline
Investors are closely watching the outcome of the bidding war between Pfizer and Novo Nordisk, as the future of the weight loss drug market could be lucrative and competitive

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumitomo-pharma-co" target="_blank" data-smartkarma-citation="entities:1935:1" rel="noopener">Sumitomo Pharma (4506 JP)</a> and <a href="https://www.smartkarma.com/entities/knight-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:25454:1" rel="noopener">Knight Therapeutics (GUD CN)</a> entered into exclusive license and supply agreements to commercialize Myfembree, Orgovyx, and vibegron in Canada.</li>
<li>Sumitomo Pharma and <a href="https://www.smartkarma.com/entities/novo-nordisk-a-s" target="_blank" data-smartkarma-citation="entities:22447:1" rel="noopener">Novo Nordisk A/S (NOVOB DC)</a> have entered into a co-promotion agreement in Japan for Ozempic subcutaneous injection.</li>
<li>Streamlining efforts and scouting for new revenue streams augurs well. Sumitomo stock remains in contention, up 27% in last 5 days.</li>
</ul>



Sumitomo Pharma (4506 JP) and Knight Therapeutics (GUD CN) entered into exclusive license and supply agreements to commercialize Myfembree, Orgovyx, and vibegron in Canada.
Sumitomo Pharma and Novo Nordisk A/S (NOVOB DC) have entered into a co-promotion agreement in Japan for Ozempic subcutaneous injection.
Streamlining efforts and scouting for new revenue streams augurs well. Sumitomo stock remains in contention, up 27% in last 5 days.


Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Guangzhou Innogen Pharmaceutical / Equity Capital Markets

Guangzhou Innogen Pharmaceutical (2591 HK)

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.</li>
<li>In this note, we look at changes to the company’s refiled application proof.</li>
<li>We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In this note, we look at changes to the company’s refiled application proof.
We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.


Innogen (银诺医药) Pre-IPO Update: New Data Points

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

United Laboratories / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/the-united-laboratories-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:16074:1" rel="noopener">The United Laboratories International Holdings Limited (3933 HK)</a> is looking to raise up to US$262m from a primary placement. </li>
<li>The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&amp;D purposes.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



The United Laboratories International Holdings Limited (3933 HK) is looking to raise up to US$262m from a primary placement. 
The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&amp;D purposes.
In this note, we will talk about the placement and run the deal through our ECM framework.


United Lab Placement - Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

Denmark

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

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Novo Nordisk (NOVOB DC)

Eisai Co Ltd (4523 JP): Label Expansion Drives Leqembi Ahead; Competitive Landscape Turns Favorable

Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY. Recent clinical trial setbacks suffered by two large players, J&J and Novo Nordisk...

Tina Banerjee

Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs

The battle between Pfizer and Novo Nordisk for biotech company Metcera highlights the fierce competition and high stakes in the lucrative weight...

Behind the Money

Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam

Novo Nordisk and Sumitomo Pharma have been jointly promoting Ozempic since July 2025. Building upon that, they have entered into a co-promotion...

Tina Banerjee

Innogen (银诺医药) Pre-IPO Update: New Data Points

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...

Ke Yan, CFA, FRM

United Lab Placement - Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

United Laboratories International Holdings is looking to raise up to US$262m from a primary placement. In this note, we will talk about the...

Akshat Shah

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Eisai Co Ltd (4523 JP): Label Expansion Drives Leqembi Ahead; Competitive Landscape Turns Favorable

​Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY. Recent clinical trial setbacks suffered by two large players, J&J and Novo Nordisk...

Tina Banerjee

Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs

The battle between Pfizer and Novo Nordisk for biotech company Metcera highlights the fierce competition and high stakes in the lucrative weight...

Behind the Money

Sumitomo Pharma (4506 JP): Positive Momentum Persists, New Agreements Adds Steam

Novo Nordisk and Sumitomo Pharma have been jointly promoting Ozempic since July 2025. Building upon that, they have entered into a co-promotion...

Tina Banerjee

Innogen (银诺医药) Pre-IPO Update: New Data Points

​China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...

Ke Yan, CFA, FRM

United Lab Placement - Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

United Laboratories International Holdings is looking to raise up to US$262m from a primary placement. In this note, we will talk about the...

Akshat Shah

Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY. Recent clinical trial setbacks suffered by two large players, J&J and Novo Nordisk...

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...