HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Although people acknowledged BeiGene's performance, it still makes us uneasy about a long-standing question: When will BeiGene be profitable?With current cost structure, there’s at least two years left until breakeven. </li>
<li>BeiGene’s internationalization only proves decent increase in revenue, but it doesn’t yet verify its profitability.SG&amp;A expense ratio completely deviates from the normal state of Biotech with over US$2 billion sales.</li>
<li>If BeiGene indeed has a plan to turn loss into profits, besides maintaining a high growth rate in sales, reasonable optimization in cost and expenses is the most basic “sincerity”.</li>
</ul>


Although people acknowledged BeiGene's performance, it still makes us uneasy about a long-standing question: When will BeiGene be profitable?With current cost structure, there’s at least two years left until breakeven. 
BeiGene’s internationalization only proves decent increase in revenue, but it doesn’t yet verify its profitability.SG&amp;A expense ratio completely deviates from the normal state of Biotech with over US$2 billion sales.
If BeiGene indeed has a plan to turn loss into profits, besides maintaining a high growth rate in sales, reasonable optimization in cost and expenses is the most basic “sincerity”.


BeiGene (6160.HK/​BGNE.US/688235.CH) - Pain Points Behind the High Growth

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.

Regeneron Pharmaceuticals / Equity Bottom-Up

<ul><li>Regeneron Pharmaceuticals, Inc. delivered an all-around beat in the previous quarter, witnessing a commendable 15% surge in total revenues.</li><li>The notable upswing was propelled by increased Sanofi collaboration revenues and a remarkable 62% growth in LIBTAYO global net product sales, complemented by a 50% surge in Dupixent global net product sales, totaling $3.1 billion.</li><li>In the quarter, the management highlighted the successful launch of EYLEA HD, which achieved $43 million in net product sales within the final six weeks of the quarter.</li></ul>

Regeneron Pharmaceuticals, Inc. delivered an all-around beat in the previous quarter, witnessing a commendable 15% surge in total revenues.The notable upswing was propelled by increased Sanofi collaboration revenues and a remarkable 62% growth in LIBTAYO global net product sales, complemented by a 50% surge in Dupixent global net product sales, totaling $3.1 billion.In the quarter, the management highlighted the successful launch of EYLEA HD, which achieved $43 million in net product sales within the final six weeks of the quarter.

Regeneron Pharmaceuticals Inc.: Gene Therapy Breakthrough in Hearing Loss - A Medical Revolution? - Major Drivers

<ul><li>Regeneron delivered an all-around beat in the previous quarter, demonstrating progress toward their long-term objective of business growth and revenue diversification.</li><li>Total revenues saw an 11% increase compared to the previous year's quarter, primarily driven by collaboration revenues with Sanofi and net product sales of Libtayo, which exhibited impressive growth of 39% and 49%, respectively.</li><li>Notably, non-EYLEA revenue contributions accounted for 41% of total revenues, marking a significant proportion, the highest in the last decade, excluding contributions from COVID-19 antibodies.</li></ul>

Regeneron delivered an all-around beat in the previous quarter, demonstrating progress toward their long-term objective of business growth and revenue diversification.Total revenues saw an 11% increase compared to the previous year's quarter, primarily driven by collaboration revenues with Sanofi and net product sales of Libtayo, which exhibited impressive growth of 39% and 49%, respectively.Notably, non-EYLEA revenue contributions accounted for 41% of total revenues, marking a significant proportion, the highest in the last decade, excluding contributions from COVID-19 antibodies.

Regeneron Pharmaceuticals Inc: Can The Acquisition Of Decibel Therapeutics Be A Game Changer? - Major Drivers

Equity Capital Markets

Regeneron Pharmaceuticals / Equity Capital Markets

<ul><li>Regeneron Pharmaceuticals managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>While overall revenues nearly doubled, EYLEA accounted for only 57% of total revenues in the first quarter of 2023.</li><li>We give Regeneron Pharmaceuticals, Inc. a 'Hold' rating with a revised target price.</li></ul>

Regeneron Pharmaceuticals managed to exceed analyst expectations in terms of revenue as well as earnings.While overall revenues nearly doubled, EYLEA accounted for only 57% of total revenues in the first quarter of 2023.We give Regeneron Pharmaceuticals, Inc. a 'Hold' rating with a revised target price.

Regeneron Pharmaceuticals Inc.: Collaboration With Sonoma Biotherapeutics & Other Major Developments

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/santen-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8602:1" rel="noopener">Santen Pharmaceutical (4536 JP)</a> is not seeing any change in competitive landscape of its key drug, Eylea, which contributes 27% of total revenue. No immediate biosimilar launch is expected.</li>
<li>Approval of bioidentical authorized generic version of Eylea in Japan, label expansion, and potential launch of high dose of the same drug will enable to combat with upcoming biosimilar competition.</li>
<li>Santen expects China market to revive in FY24. Additionally new products launch and widening geographic presence to drive mid-to-long-term growth of the company.</li>
</ul>



Santen Pharmaceutical (4536 JP) is not seeing any change in competitive landscape of its key drug, Eylea, which contributes 27% of total revenue. No immediate biosimilar launch is expected.
Approval of bioidentical authorized generic version of Eylea in Japan, label expansion, and potential launch of high dose of the same drug will enable to combat with upcoming biosimilar competition.
Santen expects China market to revive in FY24. Additionally new products launch and widening geographic presence to drive mid-to-long-term growth of the company.


Santen Pharmaceutical (4536 JP): Profit to Improve This Year; China Reopening, New Products Hold Key

United States

Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company. The Company discovers, develops, and commercializes pharmaceutical products for the treatment of serious medical conditions. Regeneron Pharmaceuticals serves the healthcare sector in the United States.

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Regeneron Pharmaceuticals (REGN UW)

BeiGene (6160.HK/BGNE.US/688235.CH) - Pain Points Behind the High Growth

Due to quick pick-up of expenses, breakeven is more challenging. BeiGene hasn't proved its profitability. If it indeed has a plan to turn loss into...

Xinyao (Criss) Wang

Regeneron Pharmaceuticals Inc.: Gene Therapy Breakthrough in Hearing Loss - A Medical Revolution? - Major Drivers

Regeneron Pharmaceuticals, Inc. delivered an all-around beat in the previous quarter, witnessing a commendable 15% surge in total revenues. The...

Baptista Research

Regeneron Pharmaceuticals Inc: Can The Acquisition Of Decibel Therapeutics Be A Game Changer? - Major Drivers

Regeneron delivered an all-around beat in the previous quarter, demonstrating progress toward their long-term objective of business growth and...

Baptista Research

Regeneron Pharmaceuticals Inc.: Collaboration With Sonoma Biotherapeutics & Other Major Developments

Regeneron Pharmaceuticals managed to exceed analyst expectations in terms of revenue as well as earnings. While overall revenues nearly doubled,...

Baptista Research

Santen Pharmaceutical (4536 JP): Profit to Improve This Year; China Reopening, New Products Hold Key

Santen is seeing no major change in the competitive landscape of its flagship drug. The company is launching multiple new products and widening...

Tina Banerjee

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BeiGene (6160.HK/​BGNE.US/688235.CH) - Pain Points Behind the High Growth

Due to quick pick-up of expenses, breakeven is more challenging. BeiGene hasn't proved its profitability. If it indeed has a plan to turn loss into...

Xinyao (Criss) Wang

Regeneron Pharmaceuticals Inc.: Gene Therapy Breakthrough in Hearing Loss - A Medical Revolution? - Major Drivers

Regeneron Pharmaceuticals, Inc. delivered an all-around beat in the previous quarter, witnessing a commendable 15% surge in total revenues. The...

Baptista Research

Regeneron Pharmaceuticals Inc: Can The Acquisition Of Decibel Therapeutics Be A Game Changer? - Major Drivers

Regeneron delivered an all-around beat in the previous quarter, demonstrating progress toward their long-term objective of business growth and...

Baptista Research

Regeneron Pharmaceuticals Inc.: Collaboration With Sonoma Biotherapeutics & Other Major Developments

Regeneron Pharmaceuticals managed to exceed analyst expectations in terms of revenue as well as earnings. While overall revenues nearly doubled,...

Baptista Research

Santen Pharmaceutical (4536 JP): Profit to Improve This Year; China Reopening, New Products Hold Key

Santen is seeing no major change in the competitive landscape of its flagship drug. The company is launching multiple new products and widening...

Tina Banerjee

BeiGene (6160.HK/BGNE.US/688235.CH) - Pain Points Behind the High Growth