Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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> completed the acquisition of Myovant Sciences. Myovant’s marketed drugs Orgovyx and Myfembree are on strong growth trajectory and have the potential to become blockbuster drugs.</li>
<li>Sumitomo’s flagship drug Latuda lost patent protection in Feb’23 and has already started seeing revenue erosion. For FY23, Sumitomo has guided for Latuda revenue of $1,565 million, down 14% YoY.</li>
<li>Post Latuda, newly added drugs will not be able to fully offset the effect of Latuda revenue loss. the company is not expected to launch in-house new drug before FY25.</li>
</ul>



Sumitomo Pharma (4506 JP) completed the acquisition of Myovant Sciences. Myovant’s marketed drugs Orgovyx and Myfembree are on strong growth trajectory and have the potential to become blockbuster drugs.
Sumitomo’s flagship drug Latuda lost patent protection in Feb’23 and has already started seeing revenue erosion. For FY23, Sumitomo has guided for Latuda revenue of $1,565 million, down 14% YoY.
Post Latuda, newly added drugs will not be able to fully offset the effect of Latuda revenue loss. the company is not expected to launch in-house new drug before FY25.


Sumitomo Pharma (4506 JP): Latuda To Drag Near-Term Performance; New Long-Term Growth Driver Added

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<a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a>'s cash cow Growject, recombinant human growth hormone, is reporting decelerating revenue due to insurance price revision. The drug is also facing competition.  </li>
<li>JCR’s latest marketed product Izcargo is on a strong growth trajectory. However, the drug is not big enough to compensate for the revenue loss from Growject.  </li>
<li>The company’s bottom-line is under pressure due to elevated R&amp;D expenses. Cash position has also deteriorated. No near-term product launch is anticipated.  </li>
</ul>



Jcr Pharmaceuticals (4552 JP)'s cash cow Growject, recombinant human growth hormone, is reporting decelerating revenue due to insurance price revision. The drug is also facing competition.  
JCR’s latest marketed product Izcargo is on a strong growth trajectory. However, the drug is not big enough to compensate for the revenue loss from Growject.  
The company’s bottom-line is under pressure due to elevated R&amp;D expenses. Cash position has also deteriorated. No near-term product launch is anticipated.  


Jcr Pharmaceuticals (4552 JP): Mainstay Drug Revenue Declining; High R&D Cost Worsens Profitability

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shanghai Haohai Biological Tec / Equity Bottom-Up

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<li>The General Office of the State Council issued favorable policy for TCM industry. However, TCM still has to face VBP, therefore <a href="https://www.smartkarma.com/entities/zhangzhou-pientzehuang-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:15709:1" rel="noopener">Zhangzhou Pientzehuang Pharmaceutical Co. (600436 CH)</a> and Gushengtang are our top picks..</li>
<li>Pfizer is in talks to acquire Seagen in a deal worth over US$30 billion, but we remain conservative about whether this transaction would ultimately bring expected contributions to Pfizer.</li>
<li>Haohai’s business model fails to bring ideal performance. Increasing competition/declining gross margin cast doubts on the outlook of medical aesthetics business. We’re not optimistic about its potential valuation upside.</li>
</ul>


The General Office of the State Council issued favorable policy for TCM industry. However, TCM still has to face VBP, therefore Zhangzhou Pientzehuang Pharmaceutical Co. (600436 CH) and Gushengtang are our top picks..
Pfizer is in talks to acquire Seagen in a deal worth over US$30 billion, but we remain conservative about whether this transaction would ultimately bring expected contributions to Pfizer.
Haohai’s business model fails to bring ideal performance. Increasing competition/declining gross margin cast doubts on the outlook of medical aesthetics business. We’re not optimistic about its potential valuation upside.


China Healthcare Weekly (March.3) - TCM New Policy, Pfizer to Acquire Seagen, Haohai Biological

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise around US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Mankind Pharma is looking to raise around US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


Mankind Pharma Pre-IPO - Thoughts on Valuations

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<li>
<a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> reported 13% operational revenue growth in Q4, driven by strong performance of the COVID products and ongoing launch of Prevnar 20 for adults in U.S.</li>
<li>Pfizer has provided full-year 2023 revenue guidance of $67.0–71.0B (-31% YoY at mid-point) and adjusted EPS guidance of $3.25–3.45 (-49% YoY at mid-point).</li>
<li>The company is in the midst of an 18-month period during which Pfizer expects to have up to an unprecedented 19 new products or indications in the market.</li>
</ul>



Pfizer Inc (PFE US) reported 13% operational revenue growth in Q4, driven by strong performance of the COVID products and ongoing launch of Prevnar 20 for adults in U.S.
Pfizer has provided full-year 2023 revenue guidance of $67.0–71.0B (-31% YoY at mid-point) and adjusted EPS guidance of $3.25–3.45 (-49% YoY at mid-point).
The company is in the midst of an 18-month period during which Pfizer expects to have up to an unprecedented 19 new products or indications in the market.


Pfizer Inc (PFE US): Q4 Result- In-Line Revenue & EPS Ahead of Guidance; Initiates 2023 Guidance

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Sumitomo Pharma (4506 JP): Latuda To Drag Near-Term Performance; New Long-Term Growth Driver Added

Sumitomo’s flagship drug Latuda is expected to report revenue decline of 14% YoY in FY23 due to loss of patent protection in US. New drugs cannot...

Tina Banerjee

Jcr Pharmaceuticals (4552 JP): Mainstay Drug Revenue Declining; High R&D Cost Worsens Profitability

Revenue from JCR’s flagship drug Growject declined 7% to ¥9.3B during 9MFY23, due to the negative impact of insurance price. As R&D cost is...

Tina Banerjee

China Healthcare Weekly (March.3) - TCM New Policy, Pfizer to Acquire Seagen, Haohai Biological

New favorable policy for TCM industry was released. We analyzed our top picks. Pfizer is in talks to acquire Seagen, but we're conservative about...

Xinyao (Criss) Wang

Mankind Pharma Pre-IPO - Thoughts on Valuations

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will talk about valuations.

Sumeet Singh

Pfizer Inc (PFE US): Q4 Result- In-Line Revenue & EPS Ahead of Guidance; Initiates 2023 Guidance

Pfizer’s Q4 revenue grew 13% operationally, primarily driven by Comirnaty, Paxlovid, and Prevnar 20. 2023 revenue excluding COVID-19 products is...

Tina Banerjee

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