HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Event-Driven

Shanghai Fosun Pharmaceutical (Group) / Event-Driven

<ul>
<li>The past “infrastructure-driven demand model” in medical devices has become “an updated model”. The future reasonable demand for medical devices may fall back to a quarter of pre anti-corruption levels.</li>
<li>Top innovative pharmaceutical companies worth investing in need to meet certain conditions. Currently, there is still a gap between Chinese pharmaceutical companies and companies like Regeneron in various aspects.</li>
<li>Henlius is of great strategic significance for Fosun Pharma, which actually increases the privatization success rate. Valuation logic of Fosun Pharma should be based on PE/VC firms not traditional pharma.</li>
</ul>


The past “infrastructure-driven demand model” in medical devices has become “an updated model”. The future reasonable demand for medical devices may fall back to a quarter of pre anti-corruption levels.
Top innovative pharmaceutical companies worth investing in need to meet certain conditions. Currently, there is still a gap between Chinese pharmaceutical companies and companies like Regeneron in various aspects.
Henlius is of great strategic significance for Fosun Pharma, which actually increases the privatization success rate. Valuation logic of Fosun Pharma should be based on PE/VC firms not traditional pharma.


China Healthcare Weekly (Sep.8) - Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria

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.

Equity Bottom-Up

Regeneron Pharmaceuticals / Equity Bottom-Up

<ul><li>Regeneron Pharmaceuticals reported substantial growth in its second quarter of 2024, with a 12% increase in total revenues to $3.55 billion.</li><li>This rise was driven significantly by the U.S. sales of EYLEA HD, which reached $304 million in its third quarter on the market.</li><li>The combined net product sales of EYLEA HD and EYLEA were $1.53 billion, marking a 2.3% year-over-year growth.</li></ul>

Regeneron Pharmaceuticals reported substantial growth in its second quarter of 2024, with a 12% increase in total revenues to $3.55 billion.This rise was driven significantly by the U.S. sales of EYLEA HD, which reached $304 million in its third quarter on the market.The combined net product sales of EYLEA HD and EYLEA were $1.53 billion, marking a 2.3% year-over-year growth.

Regeneron Pharmaceuticals: A Deep Dive Into Bear's Perspective! - Major Drivers

<ul><li>Regeneron Pharmaceuticals, Inc. reported robust financial results for first quarter of 2024, exhibiting a solid start to the year apparent in the progress made across the pipeline and on key financial performance metrics.</li><li>First quarter 2024 revenues grew by 7% year on year, primarily owing to collaboration revenues with Sanofi and Libtayo global net product sales, which increased by 14% and 45% respectively.</li><li>Dupixent global net product sales also saw a robust growth trajectory, up 24%, indicating strong growth across all approved indications.</li></ul>

Regeneron Pharmaceuticals, Inc. reported robust financial results for first quarter of 2024, exhibiting a solid start to the year apparent in the progress made across the pipeline and on key financial performance metrics.First quarter 2024 revenues grew by 7% year on year, primarily owing to collaboration revenues with Sanofi and Libtayo global net product sales, which increased by 14% and 45% respectively.Dupixent global net product sales also saw a robust growth trajectory, up 24%, indicating strong growth across all approved indications.

Regeneron Pharmaceuticals Inc.: What Is The Growth Potential For Libtayo & Other Products? - Major Drivers

<ul><li>Regeneron Pharmaceuticals Inc.'s latest earnings highlighted several critical developments and financial performance data that shape its investment appeal.</li><li>Among the company's accomplishments in 2023 were the FDA approval and successful launch of its EYLEA HD, a promising treatment for patients with wet age-related macular degeneration and diabetic eye diseases, which had strong start despite initial delays.</li><li>Additionally, the company won a notable legal battle to preserve its intellectual property related to EYLEA, which deterred infringements from a biosimilar manufacturer, potentially deterring future biosimilar launches.</li></ul>

Regeneron Pharmaceuticals Inc.'s latest earnings highlighted several critical developments and financial performance data that shape its investment appeal.Among the company's accomplishments in 2023 were the FDA approval and successful launch of its EYLEA HD, a promising treatment for patients with wet age-related macular degeneration and diabetic eye diseases, which had strong start despite initial delays.Additionally, the company won a notable legal battle to preserve its intellectual property related to EYLEA, which deterred infringements from a biosimilar manufacturer, potentially deterring future biosimilar launches.

Regeneron Pharmaceuticals: Bolstering Cell Therapy Research with 2seventy Bio Acquisition! - Major Drivers

<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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Regeneron Pharmaceuticals (REGN UW)

China Healthcare Weekly (Sep.8) - Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria

Business model of medical devices is shifting, leading to potential underperformance. There's a gap between Chinese Biotech and top players....

Xinyao (Criss) Wang

Regeneron Pharmaceuticals: A Deep Dive Into Bear's Perspective! - Major Drivers

Regeneron Pharmaceuticals reported substantial growth in its second quarter of 2024, with a 12% increase in total revenues to $3.55 billion. This...

Baptista Research

Regeneron Pharmaceuticals Inc.: What Is The Growth Potential For Libtayo & Other Products? - Major Drivers

Regeneron Pharmaceuticals, Inc. reported robust financial results for first quarter of 2024, exhibiting a solid start to the year apparent in the...

Baptista Research

Regeneron Pharmaceuticals: Bolstering Cell Therapy Research with 2seventy Bio Acquisition! - Major Drivers

Regeneron Pharmaceuticals Inc.'s latest earnings highlighted several critical developments and financial performance data that shape its...

Baptista Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Sep.8) - Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria

Business model of medical devices is shifting, leading to potential underperformance. There's a gap between Chinese Biotech and top players....

Xinyao (Criss) Wang

Regeneron Pharmaceuticals: A Deep Dive Into Bear's Perspective! - Major Drivers

Regeneron Pharmaceuticals reported substantial growth in its second quarter of 2024, with a 12% increase in total revenues to $3.55 billion. This...

Baptista Research

Regeneron Pharmaceuticals Inc.: What Is The Growth Potential For Libtayo & Other Products? - Major Drivers

Regeneron Pharmaceuticals, Inc. reported robust financial results for first quarter of 2024, exhibiting a solid start to the year apparent in the...

Baptista Research

Regeneron Pharmaceuticals: Bolstering Cell Therapy Research with 2seventy Bio Acquisition! - Major Drivers

Regeneron Pharmaceuticals Inc.'s latest earnings highlighted several critical developments and financial performance data that shape its...

Baptista Research

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

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