Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; </li><li>In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. </li></ul>

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. 

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">InSilico Medicine Cayman TopCo (ISM HK)</a> shares rallied more than 200% since debut on HK stock exchange. The rally is backed by successive deals stuck with renowned pharmaceutical companies.</li>
<li>InSilico Medicine and China Medical System Holdings entered into a strategic partnership to advance a series of AI-empowered drug discovery collaborations across multiple projects in CNS and autoimmune diseases.</li>
<li>Insilico’s AI-driven platform validated by rapidly bringing multiple drug candidates to IND enabling and clinical stage and business development expertise leading to multiple out-licensing collaborations entail long-term growth prospect.</li>
</ul>



InSilico Medicine Cayman TopCo (ISM HK) shares rallied more than 200% since debut on HK stock exchange. The rally is backed by successive deals stuck with renowned pharmaceutical companies.
InSilico Medicine and China Medical System Holdings entered into a strategic partnership to advance a series of AI-empowered drug discovery collaborations across multiple projects in CNS and autoimmune diseases.
Insilico’s AI-driven platform validated by rapidly bringing multiple drug candidates to IND enabling and clinical stage and business development expertise leading to multiple out-licensing collaborations entail long-term growth prospect.


InSilico Medicine (ISM HK): Firing on Both Cylinders

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio (298380 KS)</a>'s ADC drug candidate ABL111 (givastomig) enters global Phase 2 clinical trial for metastatic gastric cancer. Top line Phase 2 results are expected in 2027.  </li>
<li>Positive Phase 1b data position givastomig to be a potential best-in-class CLDN18.2-directed therapy for gastric cancer, which has a projected $12B market opportunity by 2030.</li>
<li>Last month, FDA approved clinical trial application for a Phase 1 trial of ABL206. ABL206 is the first candidate from ABL Bio’s next-generation ADC pipeline to enter the clinical stage.</li>
</ul>



ABLBio (298380 KS)'s ADC drug candidate ABL111 (givastomig) enters global Phase 2 clinical trial for metastatic gastric cancer. Top line Phase 2 results are expected in 2027.  
Positive Phase 1b data position givastomig to be a potential best-in-class CLDN18.2-directed therapy for gastric cancer, which has a projected $12B market opportunity by 2030.
Last month, FDA approved clinical trial application for a Phase 1 trial of ABL206. ABL206 is the first candidate from ABL Bio’s next-generation ADC pipeline to enter the clinical stage.


ABLBio (298380 KS): Pipeline Is Progressing Toward Commercialization

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio (298380 KS)</a> has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.</li>
<li>ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.</li>
<li>From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.</li>
</ul>



ABLBio (298380 KS) has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.
ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.
From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.


ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> reported 14% YoY growth in net profit in Q2FY26, on 10% YoY growth in revenue. Declining contribution from North America is adversely affecting margin.</li>
<li>With lenalidomide benefit fading away, DRL’s North America business revenue has become stagnant. During Q2FY26, North America recorded revenue of INR32B, down 13% YoY and 5% QoQ.</li>
<li>NRT portfolio and domestic business cannot be strong revenue and margin drivers. DRL is relying on semaglutide and abatacept as major drivers, which will be reflected not before FY28.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) reported 14% YoY growth in net profit in Q2FY26, on 10% YoY growth in revenue. Declining contribution from North America is adversely affecting margin.
With lenalidomide benefit fading away, DRL’s North America business revenue has become stagnant. During Q2FY26, North America recorded revenue of INR32B, down 13% YoY and 5% QoQ.
NRT portfolio and domestic business cannot be strong revenue and margin drivers. DRL is relying on semaglutide and abatacept as major drivers, which will be reflected not before FY28.


Dr. Reddy's Laboratories (DRRD IN): Soft US Performance Drags Margin; New Launches to Bring Respite?

France

Sanofi operates as a pharmaceutical company. The Company manufactures prescription pharmaceuticals and vaccines. Sanofi also develops cardiovascular, thrombosis, metabolic disorder, central nervous system, and oncology medicines and drugs. Sanofi serves customers worldwide.

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Sanofi (SAN FP)

Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

InSilico Medicine (ISM HK): Firing on Both Cylinders

Insilico Medicine announced that ISM4808, an AI-driven potential best-in-class oral drug candidate for CKD-related anemia previously out-licensed...

Tina Banerjee

ABLBio (298380 KS): Pipeline Is Progressing Toward Commercialization

ABLBio's ADC candidate ABL111 enters global Phase 2 trial for gastric cancer, with $12B opportunity by 2030. FDA also approves Phase 1 trial for...

Tina Banerjee

ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

ABLBio secured equity investment of KRW22B from Eli Lilly. ABL Bio plans to use the proceeds to advance its core technologies, including bispecific...

Tina Banerjee

Dr. Reddy's Laboratories (DRRD IN): Soft US Performance Drags Margin; New Launches to Bring Respite?

Dr. Reddy's Laboratories sees 14% YoY profit growth in Q2FY26, but faces challenges with declining North America revenue impacting margins. Future...

Tina Banerjee

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Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

InSilico Medicine (ISM HK): Firing on Both Cylinders

Insilico Medicine announced that ISM4808, an AI-driven potential best-in-class oral drug candidate for CKD-related anemia previously out-licensed...

Tina Banerjee

ABLBio (298380 KS): Pipeline Is Progressing Toward Commercialization

​ABLBio's ADC candidate ABL111 enters global Phase 2 trial for gastric cancer, with $12B opportunity by 2030. FDA also approves Phase 1 trial for...

Tina Banerjee

ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

ABLBio secured equity investment of KRW22B from Eli Lilly. ABL Bio plans to use the proceeds to advance its core technologies, including bispecific...

Tina Banerjee

Dr. Reddy's Laboratories (DRRD IN): Soft US Performance Drags Margin; New Launches to Bring Respite?

​Dr. Reddy's Laboratories sees 14% YoY profit growth in Q2FY26, but faces challenges with declining North America revenue impacting margins. Future...

Tina Banerjee

ABLBio's ADC candidate ABL111 enters global Phase 2 trial for gastric cancer, with $12B opportunity by 2030. FDA also approves Phase 1 trial for...

Dr. Reddy's Laboratories sees 14% YoY profit growth in Q2FY26, but faces challenges with declining North America revenue impacting margins. Future...