Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Gan & Lee Pharmaceuticals / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment</li>
<li>Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.</li>
<li>Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment
Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate


Upgrading China to Overweight; Europe Breaking Out

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.</li>
<li>WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.</li>
<li>Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.</li>
</ul>


Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.


APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP)</a> revenue declined 1% YoY to ¥230.7B, impacted by APAC business restructuring, reduced drug prices in Japan, despite the growth in North America and EMEA.</li>
<li>The company remains heavily dependent on Crysvita generating almost 43% of the total revenue of the company. Crysvita sales rose 10% YoY to ¥99.8B in 1H25.</li>
<li>The next big trigger to the stock price would be the FDA decision on approval of ziftomenib, due in November.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) revenue declined 1% YoY to ¥230.7B, impacted by APAC business restructuring, reduced drug prices in Japan, despite the growth in North America and EMEA.
The company remains heavily dependent on Crysvita generating almost 43% of the total revenue of the company. Crysvita sales rose 10% YoY to ¥99.8B in 1H25.
The next big trigger to the stock price would be the FDA decision on approval of ziftomenib, due in November.


Kyowa Kirin (4151 JP): 1H25 Stay Muted, Guidance Reaffirmed, Ziftomenib Approval Decision Awaited

<ul>
<li>
<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> revenue increased 5% to ¥8.6B in Q1FY26, mainly driven by Izcargo, marred to an extent by NHI price revision impact on Growject.</li>
<li>Higher SG&amp;A expenses (up 9%) on increased commission payments and increased R&amp;D expenses (up 5% as clinical development activities progressed) resulted in operating loss of ¥606M.</li>
<li>JCR’s two pipeline drugs are under Phase III trials: pabinafusp alfa (JR-141) for Hunter syndrome and JR-142, for growth hormone deficiency. Approvals not expected before late FY27 or FY28.</li>
</ul>



Jcr Pharmaceuticals (4552 JP) revenue increased 5% to ¥8.6B in Q1FY26, mainly driven by Izcargo, marred to an extent by NHI price revision impact on Growject.
Higher SG&amp;A expenses (up 9%) on increased commission payments and increased R&amp;D expenses (up 5% as clinical development activities progressed) resulted in operating loss of ¥606M.
JCR’s two pipeline drugs are under Phase III trials: pabinafusp alfa (JR-141) for Hunter syndrome and JR-142, for growth hormone deficiency. Approvals not expected before late FY27 or FY28.


JCR Pharma (4552 JP): Izcargo Holds Revenue As Price Revision Impacts Growject; Guidance Reiterated

<ul>
<li>Sino Biopharmaceutical initiated Phase 1 trial for innovative drug candidate TQB6411 targeting advanced malignant tumors in China. Wuxi Biologics announced that five manufacturing facilities passed the Pre-License Inspection by FDA.</li>
<li>FDA drug advisory committee voted against Otsuka’s indication expansion application for Rexulti. Telix Pharmaceutical received a subpoena from the SEC regarding the development of prostate cancer therapeutic candidates. </li>
<li>Lupin received FDA approval for generic versions of Liraglutide and Glucagon injections. Sun Pharmaceutical announced positive top-line results from two Phase 3 trials of Ilumya in active psoriatic arthritis.</li>
</ul>


Sino Biopharmaceutical initiated Phase 1 trial for innovative drug candidate TQB6411 targeting advanced malignant tumors in China. Wuxi Biologics announced that five manufacturing facilities passed the Pre-License Inspection by FDA.
FDA drug advisory committee voted against Otsuka’s indication expansion application for Rexulti. Telix Pharmaceutical received a subpoena from the SEC regarding the development of prostate cancer therapeutic candidates. 
Lupin received FDA approval for generic versions of Liraglutide and Glucagon injections. Sun Pharmaceutical announced positive top-line results from two Phase 3 trials of Ilumya in active psoriatic arthritis.


APAC Healthcare Weekly (July 27) – Sino Bio, Wuxi Bio, Otsuka, Telix, Lupin, Sun Pharma

Japan

Sumitomo Dainippon Pharma Co., Ltd. mainly manufactures and markets pharmaceuticals for human and veterinary use. The Company also produces and sells livestock feeds, food additives, and chemical products, as well as conducts clinical pathology tests for animals. Sumitomo Dainippon Pharma conducts businesses across worldwide.

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Sumitomo Pharma (4506 JP)

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

Kyowa Kirin (4151 JP): 1H25 Stay Muted, Guidance Reaffirmed, Ziftomenib Approval Decision Awaited

Kyowa Kirin 1H revenue declines 1% YoY to ¥230.7B, impacted by APAC restructuring and reduced drug prices in Japan. FDA decision on ziftomenib in...

Tina Banerjee

JCR Pharma (4552 JP): Izcargo Holds Revenue As Price Revision Impacts Growject; Guidance Reiterated

Jcr Pharmaceuticals Q1FY26 revenue was up 5% to ¥8.6B, driven by Izcargo. Operating loss of ¥606M was due to higher SG&A and R&D expenses. New...

Tina Banerjee

APAC Healthcare Weekly (July 27) – Sino Bio, Wuxi Bio, Otsuka, Telix, Lupin, Sun Pharma

Wuxi Bio’s manufacturing facilities passed FDA inspection. Otsuka’s label expansion plan for Rexulti is in jeopardy. Telix got SEC subpoena. Lupin...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

Kyowa Kirin (4151 JP): 1H25 Stay Muted, Guidance Reaffirmed, Ziftomenib Approval Decision Awaited

​Kyowa Kirin 1H revenue declines 1% YoY to ¥230.7B, impacted by APAC restructuring and reduced drug prices in Japan. FDA decision on ziftomenib in...

Tina Banerjee

JCR Pharma (4552 JP): Izcargo Holds Revenue As Price Revision Impacts Growject; Guidance Reiterated

​Jcr Pharmaceuticals Q1FY26 revenue was up 5% to ¥8.6B, driven by Izcargo. Operating loss of ¥606M was due to higher SG&A and R&D expenses. New...

Tina Banerjee

APAC Healthcare Weekly (July 27) – Sino Bio, Wuxi Bio, Otsuka, Telix, Lupin, Sun Pharma

Wuxi Bio’s manufacturing facilities passed FDA inspection. Otsuka’s label expansion plan for Rexulti is in jeopardy. Telix got SEC subpoena. Lupin...

Tina Banerjee

Kyowa Kirin 1H revenue declines 1% YoY to ¥230.7B, impacted by APAC restructuring and reduced drug prices in Japan. FDA decision on ziftomenib in...

Jcr Pharmaceuticals Q1FY26 revenue was up 5% to ¥8.6B, driven by Izcargo. Operating loss of ¥606M was due to higher SG&A and R&D expenses. New...