Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> posted strong Q1FY27 result, with record high quarterly revenue, operating profit, and net profit, driven by TIS, GBS, and Organ Technologies business, mainly in North America.</li>
<li>While revenue outlook and earnings from business operations remain unchanged, the company has incorporated the impact of the U.S. tariff refund and one-time income, resulting in higher profit guidance.</li>
<li>Terumo’s business fundamentals continue to be solid. The company continues to witness strong global demand, with TIS and GBS serving as the main drivers.</li>
</ul>



Terumo Corp (4543 JP) posted strong Q1FY27 result, with record high quarterly revenue, operating profit, and net profit, driven by TIS, GBS, and Organ Technologies business, mainly in North America.
While revenue outlook and earnings from business operations remain unchanged, the company has incorporated the impact of the U.S. tariff refund and one-time income, resulting in higher profit guidance.
Terumo’s business fundamentals continue to be solid. The company continues to witness strong global demand, with TIS and GBS serving as the main drivers.


Terumo Corp (4543 JP): Starts FY27 on Strong Note; FY Profit Guidance Revision on Tariff Refund

Thematic (Sector/Industry)

<ul>
<li>Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.</li>
<li>Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.</li>
<li>CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.</li>
</ul>


Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.
Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.
CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.


APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises <em>and</em> outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

<ul>
<li>Hengrui outlicenses once-weekly oral obesity drug candidate HRS-1596, to Novo for total deal value of $2.6B. EC revoked the EU marketing authorization for Hansoh’s lung cancer drug aumolertinib.</li>
<li>Roche halts development of obesity drug candidate emugrobart and returns all rights to Chugai. Daiichi Sankyo has withdrawn the BLA seeking accelerated approval in the U.S. for I-DXd for ES-SCLC.</li>
<li>Otsuka initiates NDA submission to the FDA for zipalertinib for the treatment of NSCLC. Sun Pharma inlicenses hypercholesterolaemia and dyslipidaemia drug lerodalcibep from LIB Therapeutics.</li>
</ul>


Hengrui outlicenses once-weekly oral obesity drug candidate HRS-1596, to Novo for total deal value of $2.6B. EC revoked the EU marketing authorization for Hansoh’s lung cancer drug aumolertinib.
Roche halts development of obesity drug candidate emugrobart and returns all rights to Chugai. Daiichi Sankyo has withdrawn the BLA seeking accelerated approval in the U.S. for I-DXd for ES-SCLC.
Otsuka initiates NDA submission to the FDA for zipalertinib for the treatment of NSCLC. Sun Pharma inlicenses hypercholesterolaemia and dyslipidaemia drug lerodalcibep from LIB Therapeutics.


APAC Healthcare Weekly (Oct 4) – Hengrui, Hansoh, Chugai Pharma, Daiichi Sankyo, Otsuka, Sun Pharma

Zylox-Tonbridge Medical Technology / Equity Bottom-Up

Zylox-Tonbridge Medical Technology (2190 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zylox-tonbridge-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32974:1" rel="noopener">Zylox-Tonbridge Medical Technology (2190 HK)</a> achieved a revenue of RMB 1,057.5M, up 35% YoY, primarily attributable to the high sales growth of both neurovascular and peripheral vascular interventional devices segments.</li>
<li>In 2025, Zylox achieved success in international business with a revenue of RMB 48.6M, up 115.5%, primarily from Europe and Asian regions.</li>
<li>Growth momentum will keep up going forward. The price has given quite a run up, but with the positive momentum, it has still got ample room for growth, left within.</li>
</ul>



Zylox-Tonbridge Medical Technology (2190 HK) achieved a revenue of RMB 1,057.5M, up 35% YoY, primarily attributable to the high sales growth of both neurovascular and peripheral vascular interventional devices segments.
In 2025, Zylox achieved success in international business with a revenue of RMB 48.6M, up 115.5%, primarily from Europe and Asian regions.
Growth momentum will keep up going forward. The price has given quite a run up, but with the positive momentum, it has still got ample room for growth, left within.


Zylox Tonbridge (2190 HK): 2025 Good; International Presence, Product Launches Will Shape the Future

Japan

TERUMO CORPORATION is a manufacturer and supplier of pharmaceuticals and medical tools and equipment.  The Company's products include health foods, transfusion and infusion equipment, disposable medical supply, clinical testing systems, artificial organs, and electronic thermometers.  Terumo markets the products through its subsidiaries and sales offices in the US, Europe, and Asia.

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Terumo Corp (4543 JP)