Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> reported strong financial performance for 2Q25, with revenue increasing 56% YoY and operating profit growing 150% YoY. Quarterly revenue hit new highs for nine consecutive quarters.</li>
<li>Despite significant expansion of the U.S. and Japan commercial teams, operating expenses rose modestly by 32% YoY and 15% QoQ to NT$2.1B due to tight cost control and scale expansion.</li>
<li>Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported strong financial performance for 2Q25, with revenue increasing 56% YoY and operating profit growing 150% YoY. Quarterly revenue hit new highs for nine consecutive quarters.
Despite significant expansion of the U.S. and Japan commercial teams, operating expenses rose modestly by 32% YoY and 15% QoQ to NT$2.1B due to tight cost control and scale expansion.
Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.


Pharmaessentia Corp (6446 TT): Strong 2Q25; Geography Expansion of Besremi to Drive Near-Term Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> reported 66% QoQ increase in operating profit in 3Q24. Scale expansion coupled with tight control over expenses led to such strong performance.  </li>
<li>3Q24 marks the six consecutive quarters of sequential revenue increase. Revenue for the first three quarters of 2024 already exceeded full-year 2023 revenue.</li>
<li>Geography expansion of the sole marketed drug Besremi, indication expansion, and pipeline progress will remain the main growth engines. Pharmaessentia is eyeing on Besremi’s indication expansion in US by 2026.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported 66% QoQ increase in operating profit in 3Q24. Scale expansion coupled with tight control over expenses led to such strong performance.  
3Q24 marks the six consecutive quarters of sequential revenue increase. Revenue for the first three quarters of 2024 already exceeded full-year 2023 revenue.
Geography expansion of the sole marketed drug Besremi, indication expansion, and pipeline progress will remain the main growth engines. Pharmaessentia is eyeing on Besremi’s indication expansion in US by 2026.


Pharmaessentia Corp (6446 TT): Third Consecutive Quarters for Operating Profit; Pipeline Raises Hope

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> reported record-high revenue, operating, and net profits in 1Q25. Revenue hit new highs for eight consecutive quarters, with revenue CQGR standing at 18% during 1Q23–1Q25.</li>
<li>Continued sequential improvement in profitability is one of the key highlights of 1Q25 result. Pharmaessentia has turned profitable at both operating and net level for the first time in 2024.</li>
<li>Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported record-high revenue, operating, and net profits in 1Q25. Revenue hit new highs for eight consecutive quarters, with revenue CQGR standing at 18% during 1Q23–1Q25.
Continued sequential improvement in profitability is one of the key highlights of 1Q25 result. Pharmaessentia has turned profitable at both operating and net level for the first time in 2024.
Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.


Pharmaessentia Corp (6446 TT): Strong Start of 2025; Growth Momentum to Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> shares nosedived nearly 30% since February 17 after an unfavorable ruling from the ICC regarding an arbitration with AOP Orphan Pharmaceuticals.</li>
<li>Pharmaessentia ended 2024 on a high note, with 91% YoY revenue growth to NT$9.7B and turned profitable at both operating and net level for the first time.</li>
<li>Going ahead, geography expansion of Besremi, indication expansion, and pipeline progress will remain the main growth engines. Ongoing global shortage of a competing drug should be positive for Besremi.</li>
</ul>



Pharmaessentia Corp (6446 TT) shares nosedived nearly 30% since February 17 after an unfavorable ruling from the ICC regarding an arbitration with AOP Orphan Pharmaceuticals.
Pharmaessentia ended 2024 on a high note, with 91% YoY revenue growth to NT$9.7B and turned profitable at both operating and net level for the first time.
Going ahead, geography expansion of Besremi, indication expansion, and pipeline progress will remain the main growth engines. Ongoing global shortage of a competing drug should be positive for Besremi.


Pharmaessentia Corp (6446 TT): Arbitration Reaction Is Overdone; Time to Re-Focus on Fundamentals

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - one is high probability and the other is right at the cusp.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> is being added to a global index this month, so the ETF inclusion will come hot on the heels of that.</li>
<li>The impact on the stocks is pretty big with passive trackers needing to buy between 1.3-5.5x ADV in the adds and sell between 3.4-6.4x ADV in the deletes.</li>
</ul>


There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - one is high probability and the other is right at the cusp.

King Slide Works (2059 TT) is being added to a global index this month, so the ETF inclusion will come hot on the heels of that.
The impact on the stocks is pretty big with passive trackers needing to buy between 1.3-5.5x ADV in the adds and sell between 3.4-6.4x ADV in the deletes.


Taiwan Top 50 ETF Rebalance Preview: Another Inclusion for King Slide

Taiwan

PharmaEssentia Corporation develops and distributes therapeutic products for treatment in human disease. The Company develops drugs to treat hepatitis, chronic myeloid leukemia (CML), essential thrombocythemia (ET), myeloid fibrosis (MF), polycythemia vera (PV), hepatitis and cancer.

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Pharmaessentia Corp (6446 TT)